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Si1

I think we have a bubble in the North

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I have a friend who has made large BTL investments in Nottingham and they have been a catalogue of disasters, bought at auction sight unseen and needed a lot of structural work, tenants will not pay the rent, one has not paid for over a year, he refuses to give me anymore information as he feels like a complete idiot.

PS he has been taken in by the boiler room scam twice, and got done buying wine as an investment, and lost £10k on a fine art investment.

 

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Oh for the quieter life, some are gluttons for punishment...there are other ways.

Only have to look to see what it has done to furgus.😉

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1 hour ago, prozac said:

I have a friend who has made large BTL investments in Nottingham and they have been a catalogue of disasters, bought at auction sight unseen and needed a lot of structural work, tenants will not pay the rent, one has not paid for over a year, he refuses to give me anymore information as he feels like a complete idiot.

PS he has been taken in by the boiler room scam twice, and got done buying wine as an investment, and lost £10k on a fine art investment.

 

Hahaha

Sometimes it best to do nothing.

Nottingham has a history of taking from the rich.😉

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7 minutes ago, longgone said:

Hahaha

Sometimes it best to do nothing.

Nottingham has a history of taking from the rich.😉

Lol

that is hilarious, I am going to use that on him, the Robin Hood joke

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14 minutes ago, prozac said:

Lol

that is hilarious, I am going to use that on him, the Robin Hood joke

Was the contact from the boiler room scam marion by any chance.😆

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7 minutes ago, longgone said:

Was the contact from the boiler room scam marion by any chance.😆

Probably not, he falls for scams if it is a person is in a suit and has a glossy catalogue and charts.

I think in the case of the boiler room scams if they get money out of you, they keep your details for the next scam

He was gifted about 10/20 houses in London but he is so leveraged it is ridiculous, he asked me for a loan of £270k last month, I think BTL is over except in the cases if you purchased the house about 15 years ago

 

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1 minute ago, prozac said:

Probably not, he falls for scams if it is a person is in a suit and has a glossy catalogue and charts.

 

Sounds like typical IFAs

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The article is misleading in my opinion. Liverpool salford buy to let are making money off university students. If you wanted to buy a two bed terrace, move in condition within half an hour commute of manchester by train, tram or bus, for around 80 grand, you could. Surrounding towns of oldham, bolton, stalybridge would have such properties. Obviously not desirable areas, but perfectly livable. My point is, you could not buy a bedsit in even the worst place for 80 grand within commuting distance of london."Northern powerhouse" is a soundbite or more accurately icing on a hollow cake

 The economies dont provide anywhere near the well paid jobs across the board as london does, overly reliant on public sector. There isnt a shortage of housing as there is in the South. 

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3 hours ago, nothernsoul said:

The article is misleading in my opinion. Liverpool salford buy to let are making money off university students. If you wanted to buy a two bed terrace, move in condition within half an hour commute of manchester by train, tram or bus, for around 80 grand, you could. Surrounding towns of oldham, bolton, stalybridge would have such properties. Obviously not desirable areas, but perfectly livable. My point is, you could not buy a bedsit in even the worst place for 80 grand within commuting distance of london."Northern powerhouse" is a soundbite or more accurately icing on a hollow cake

 The economies dont provide anywhere near the well paid jobs across the board as london does, overly reliant on public sector. There isnt a shortage of housing as there is in the South. 

?

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53 minutes ago, longgone said:

Secret millionaire??

Not sure why he asked me for such a strange number, maybe he did a financial check on me and that number popped up.

i did mention to him that I have my money in current accounts, and he invests in colourful schemes in which he loses his entire investment, I told him instead of investing any more money in stupid money making schemes he should spend £60k on a new Mercedes at least he would get respect 

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6 hours ago, prozac said:

Not sure why he asked me for such a strange number, maybe he did a financial check on me and that number popped up.

i did mention to him that I have my money in current accounts, and he invests in colourful schemes in which he loses his entire investment, I told him instead of investing any more money in stupid money making schemes he should spend £60k on a new Mercedes at least he would get respect 

Maybe the man has inherited delusions ? Inherited 20 houses and takes on debt really sounds like a phucking retard.

How do I do this financial check ?

 

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16 hours ago, prozac said:

Probably not, he falls for scams if it is a person is in a suit and has a glossy catalogue and charts.

I think in the case of the boiler room scams if they get money out of you, they keep your details for the next scam

He was gifted about 10/20 houses in London but he is so leveraged it is ridiculous, he asked me for a loan of £270k last month, I think BTL is over except in the cases if you purchased the house about 15 years ago

 

He was gifted 10+ houses in London?! Yet he's still in debt? Wtf.

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Of course there is a bubble in the North. London falls, it ripples out to the North in about a year. Did it the last 3 crashes at least, will do it again this time. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

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11 minutes ago, bear.getting.old said:

. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

Eh?

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2 hours ago, bear.getting.old said:

Of course there is a bubble in the North. London falls, it ripples out to the North in about a year. Did it the last 3 crashes at least, will do it again this time. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

London ZOne 1 is fun, with all the bar eateries, foreign girlies etc etc.

Outside of Zone 1, the rest of the South, where 90% of the south pp live, is pretty fing boring.

Seriously.

I only managed to live in the South by going out to London at the WE. All the towns within ~100mile of London are boring.

Bar the odd shithole. the North has a much better developed social/going out culture.

As far as salaries, the London/South median salary is really not that much higher than the rest of the country. Not high enoyugh to make living there wothwhile for ~98% of the population.

 

 

 

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2 hours ago, bear.getting.old said:

Of course there is a bubble in the North. London falls, it ripples out to the North in about a year. Did it the last 3 crashes at least, will do it again this time. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

Id add that, bar the very odd Londoner, the London bubble mainly affects town within a 90 minute commute. And Devon/Dorset/Cornwall.

We get the very odd Londoner - and I mean odd - turning up in North Yorks.

Pretty standard routine - turn up, buy big house. The odd one will have a hubby who's commuting/staying down during the week. Most look to bring their 'hard work and drive' to quote a recent arrival.

Then, after a few years of failing to make much in the way of money, they leave as it always turns out that their house did the hard work; their input was minimal.

A few make it and survive but,in the main, Londoners are trading an environment where its easy to get a job but hard to get a well paying job/life, for one where they need to by much more skilled and adaptable.

I should add that the job isutation in London/Se has deteriorated  as the finsec decimates.

 

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10 hours ago, Si1 said:

Kevin Lasitz and Jose Dias, both 55, decided to create a retirement fund based on five new-builds in the Woolwich Arsenal Riverside development in southeast London, but have also put money into a personal pension.

The couple have been buying properties in the Berkeley Homes’ scheme since 2014 to create a pension investment they can “see, own and manage”.

“Property gives you an asset that has capital appreciation potential and, rather than waiting for retirement, you can access the funds as soon as you rent it. I know prices have stagnated because of Brexit, but the pattern of property prices over decades suggests that they will rebound and this is a long-term choice that we made after careful consideration.”

They say the flats’ value has increased 35 per cent, from £1.9 million to £2.56 million and that they are achieving an annual yield of 3 to 5 per cent. Kevin, who is from Canada and works in IT, also has a workplace pension pot of £175,000, into which he says he puts 25 per cent of his salary each month: “It’s important to spread your investments.”

Well ..... where do I start on this.

The saying all eggs in one basket comes to mind.

The normal 10% new build boost has been boosted by HTB to 30%.  That 'gone up 35%' is more likely to be gone down 35%.

5 @ ~2m = ~400k/flat

London is *flooded* with shiny new build flats.

London prices, never mind flats, are falling. A lot.

https://houseprices.io/?q=SE18+6FR

They dont appear to have a lot of money - that pension is tiny. He ahs a pension of 175k but carrying ~2m of leverage on some crappy new builds.

Im guessing theres a lot of leverage involved, which is insane as HMRC S24 will take 50% of their rental income.

The other thing is Id guess both are not UK ciitzens. How on earth did they get mortgages?

https://uk.linkedin.com/in/kevinlasitz?trk=people-guest_profile-result-card_result-card_full-click

His job does not seem that secure or remunerated. Hes rocked up in London at 50yo.

 

 

 

 

 

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2 hours ago, bear.getting.old said:

Of course there is a bubble in the North. London falls, it ripples out to the North in about a year. Did it the last 3 crashes at least, will do it again this time. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

Don’t forget the drugs gangs and stabbings we’re missing out on.

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11 hours ago, Si1 said:

Theres a nelement of trying to drum the last few idiots in

Take this fro m the express, which is incoherent babble.

https://www.express.co.uk/life-style/property/1198922/brexit-news-property-latest-uk-invest-buy-to-let

BTL is not holiday let. You need different, expensive mortgages.

Now experts are claiming investors should look to holiday homes to cash in.

Holiday lettings specialists report the government is discouraging buy-to-let investments.

However, one agency claims it’s worth considering is purchasing a property to use as a holiday rental property here in the UK.

Theres no boom in UK holiday - its a miserable market to be in.

“Holiday lets are treated as a business rather than an investment - as is the case with a buy-to-let - which means that they enjoy generous tax breaks on normal business expenses incurred in the running your property, including insurance, repairs, furnishing, cleaning and management,” the firm claims.

They are. And it looks like the loophole is going to be closed, so youll be liable for paying business rates on holiday lets.

 

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3 hours ago, bear.getting.old said:

Of course there is a bubble in the North. London falls, it ripples out to the North in about a year. Did it the last 3 crashes at least, will do it again this time. What do you want to live in the North for with the low salaries, crap weather, lack of jobs and facilities, social life etc, while houses in the south are falling

I live in a small northern town. We have no immigrants, no stabbings, strong communities, well paying manufacturing jobs, and much more realistic house prices.

I would not live in London if offered free housing. Looks like a hell hole to me.

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  • 298 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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