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MadLuka

So Who Is Buying?

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Hi all, this is my first post so I'll briefly introduce myself here and then get on with my post...

I bought my first place in May 2000 for 45k when house prices were pretty sensible and then when they rose sharply I sold up in 2003 for 70k (made a little pocket money) and moved into share an nice apartment renting with a friend for 18months, it was OK but didn't work out as best as it could have so we both went back to live with parents as the house prices had gone silly over that time - same property now 110k!

So I'm looking at renting now whilst keeping hopeful eyes on the housing market; as much as it might put many people who have bought recently into a bad situation I really, really want the prices to fall drastically. Call me selfish, sorry.

I read that one of the indicators in the last house price crash of the late 80's/early 90's was the lack of property available, something which I can't imagine is the case at the moment? I see new town houses, family homes and apartments being built all over the place, which dis-heartens me somewhat as it just makes me wonder who is buying them? Even people with something to sell - who's buying their old property?

I suspect the majority of house sales now must surely be some kind of investors, who have plenty of cash so are snapping up these properties on a buy-to-rent basis to then charge more for rent than their mortgage amount?

I'm making over 25k a year, nearly 10k more than I was in 2000, but boy it is really frustrating to have had the goal posts moved! Am I being stubborn in simply refusing to spend more money on the same bricks and mortar?

I am looking to rent and there are so many properties available for rent in the area I want to be in, landlords must be losing a fortune by having them empty - does anyone know if it's possible to approach the landlord directly? I suspect the company who manages that property for the landlord would simply refuse to let me contact the potential landlord in case they lose out on their fees? I also suspect the management company simply wouldn't contact the landlord for me for the same reason.

I've already realised that it is possible to negotiate substancial reductions in what the landlord would prepare to accept for renting, but then I find myself arguing with greedy middle-management agencies about their crazy administration charges for what I see as providing a service to somebody else? One management company wanted £65 Credit Check Fee, £70 Agreement Fee, £90 Check In Fee! Some properties I have seen I feel really sorry for whoever owns it, as I suspect most would simply not be prepared to put up around £500 for renting a broom cupboard (inward facing, dark box apartment next to the main entrance!)

I was thinking of putting an advert in the local free-press advertising myself (and my money!) and for landlords to get in touch if they need a tenant, NO AGENCIES and no silly fees. A bond and a short but clear contract signed by us both and witnessed - as a landlord would you go for that?

Thanks for listening to my babble, good to get a few things off my chest - I'm sure there are many others in the same boat as me.

Andy

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This might be better moved to the all about renting forum.

Expect a few unproductive comments from the "you sold at the wrong time, now you are permanently locked out" brigade.

Have you tried the local free ads for property? Also local company bulletin boards and education institutions can provide some real gems.

btp

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This might be better moved to the all about renting forum.

Expect a few unproductive comments from the "you sold at the wrong time, now you are permanently locked out" brigade.

Have you tried the local free ads for property? Also local company bulletin boards and education institutions can provide some real gems.

btp

Oh I'm well aware I sold at the wrong time, but some you win, some you lose eh? At least I can maybe console myself a little in that I haven't just bought a 110k property and sit biting my fingernails hoping it doesn't fall to 60k. Now that REALLY, would annoy me if that happened.

If some admins want to move this to the renting section it's probably more appropriate for bulk of the topic, but still I am astonished that so many new homes are popping up in a market with a severely reduced availability of first time buyers.

Cheers

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  • 301 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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