Jump to content
House Price Crash Forum
Sign in to follow this  
philip979

Madness In Newcastle!

Recommended Posts

Hi

Have been an avid lurker on this site for about two years now, but this is only my second post (or so). I have been based in Newcastle for several years, and I rent. I am very bearish about property however I cannot understand what is going on in my immediate area.

Four houses have been snapped up on my street within the last four weeks or so, in a middle-of-the-road area that is Heaton (NE6). These are all terraced properties, popular with landlords to rent to the students. I can't understand who would have bought them, as I believe the market is way overheated and ready for a fall (although I've been saying this for at least two years, and I'm starting to wonder). I can't believe they are viable as BTL: one 3 bed was asking for offers over 170k and would probably only make £650-£780 pcm, sold promptly but it was/is a dump - prob needs 20k spending on it. I see so many "for sale" signs in the area and very quickly they become "sold" or "under offer". One recently sold property had loads of rubbish in the front garden FFS! I know nothing is strictly sold until contracts are exchanged, however I am yet to see one come back on the market. None are on Nethouseprices yet btw.

I simply can't work it out. It seems as if the market (at least in this neighbourhood!) is buoyant. Who is buying them? Can't help thinking they are perhaps the "last fools" but I really can't see any of this ending. I really hope I'm right (that there will be a "crash"). Why should a house that was well under £100k five years ago be approaching £200k now?!

It is all the more frustrating for me as (like many) I am a would-be FTB. I have a seven month old son and my partner is sick of hearing my rants about the property market. She of course is a typical female with "nesting" instincts (no offence to the better informed females on here!) and I can't blame her for that. She would buy a property right now if we knew exactly what our position would be in the short term (location etc.) but there is no way I would but money into this overheated market. It would go against my financial sense. If there is no sign of a correction in the next couple years, then there is a distinct possibility "we disillusioned graduates plus child" will leave this crazy place.

Anyway, had to get that out of my system! Also, the reason I don't post is because I spend long enough reading posts - I'd spend twice as long on here if I wrote posts - they tend to be long!

Philip

Share this post


Link to post
Share on other sites

The secret is to rent a house you couldn't possibly afford to buy. Make sure it's got a nice room for the kid. Get it on a 12 months lease - none of this we'll buy in 6 months or else. Once the 12 months is up you'll find it hard to move into something smaller.

T&T

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 336 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.