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North London Rent Girl

Family Update

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I posted on here a couple of weeks ago about my cousin's hubby losing his job and their having to sell the lovely place they bought last year. Just a quick update on that because it's a bit of a glass of chilled water in the face for those of us convinced that people are cottoning on. I spoke to my cousin (I love her, she's absolutely terrific, so's her husband - just for the record) and it turns out that they're selling the place for over 30 grand more than they bought it for last year and intending to buy a smaller place for themselves plus a BTL flat as her husband's pension.

This means that property prices are still going up in that part of the world (SW). The price of their property has risen by, I make it, 8.65% over the past year. It also means that (intelligent) people out there are still seeing BTL as a good investment because pension provision is so appallingly unlreliable if you're outside the public sector/top echelons of business.

The new people have just taken out a 6-month lease on a place down the road but have said that they're willing to pay rent and mortgage if necessary. I suggested that my cousin and her husband sell the house to them straight away to secure the sale for each of them then rent from them on a monthly basis until they find somewhere else - plenty of certainty that way and would suit both parties. She replied that she didn't think she could do that because it would mean not owning a place for a while and she always thinks of owning as providing such security.

I couldn't bring myself, during this conversation, to express any of my views about the property market, apart from saying when I suggested that they go through with the sale right away, in self-deprecating fashion, 'well, you know me, I'm always saying the market will go down, hasn't yet but what if it did during the next few months, you should make the most of this high offer'. When she said they were getting a BTL I did my utmost to sound positive about it, despite all of my very strong views about the evil of casually owning other people's homes.

For heaven's sake don't think I've gone bull - absolutely not. In a way, actually, it's my exceeding bearishness that means I can post this with equanimity: rises in property prices stopped making a difference to me since they first went absolutely beyond my reach at the end of 1999. It makes no difference to me whether these attitudes continue to prevail for a few more years and prices continue to rise because I am so far beyond being stampeded into buying a place. I think it's important to be realistic about people's attitudes towards home ownership. It's easy for someone like me, who's lived abroad - in the FSU, for heaven's sake, where the whole institution of private property rights is still very much under construction - to forget the quasi-religious import that people attach to owning a home. It's a talisman that wards off evil spirits. And, to really face the facts, it has provided a tremendous buffer following my cousin's husband's losing his job.

So, no bull sentiment here, I am still convinced that the whole thing's barmy-so's-its-army, but intelligent people out there still have a long way to go before they start factoring minor details like macro-economic indicators into their decisions about property! I'm temporarily putting the popcorn back in the cupboard and switching the TV off - thinking of taking up a project like learning another foreign language or maybe getting a piano. Am feeling like it's going to be a while before I get to worry about what shade of laminate flooring goes best with that nice DHS low-quality, cruelty-full leather sofa. ;)

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When she said they were getting a BTL I did my utmost to sound positive about it, despite all of my very strong views about the evil of casually owning other people's homes.

Hahaha. Did you ask her what the yield was? Did she say "what's that?"?

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No sane person would invest in housing over 25 years if they go to google and type

ONS

Take the first link

http://www.statistics.gov.uk/CCI/nugget.asp?ID=6

Think okay, this is the office of national statistics.. I want to buy over 25 years for my pension...

Hmmmnn Housing... Population....

Okay population link..

http://www.statistics.gov.uk/CCI/nugget.asp?ID=6

There is a graph.. something is happening to the population.. add 25 years...

no one will invest in property... boomers and the war generation..

They sway what appears to most to be happening to the population..

but.. ouch........

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Same link!!!

Really.. that is because I am an ****... but the point is valid.

we stand at 1.6 people per home right now..

There are a million (ish) people at 40 years old.. less then half that are getting born...

when the boomers start shuffling of... replacing the massivly depleted war years whose (hopefully happy and full) lives are coming to an end now.. the population will crash...

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I posted on here a couple of weeks ago about my cousin's hubby losing his job and their having to sell the lovely place they bought last year. Just a quick update on that because it's a bit of a glass of chilled water in the face for those of us convinced that people are cottoning on. I spoke to my cousin (I love her, she's absolutely terrific, so's her husband - just for the record) and it turns out that they're selling the place for over 30 grand more than they bought it for last year and intending to buy a smaller place for themselves plus a BTL flat as her husband's pension.

This means that property prices are still going up in that part of the world (SW). The price of their property has risen by, I make it, 8.65% over the past year. It also means that (intelligent) people out there are still seeing BTL as a good investment because pension provision is so appallingly unlreliable if you're outside the public sector/top echelons of business.

The new people have just taken out a 6-month lease on a place down the road but have said that they're willing to pay rent and mortgage if necessary. I suggested that my cousin and her husband sell the house to them straight away to secure the sale for each of them then rent from them on a monthly basis until they find somewhere else - plenty of certainty that way and would suit both parties. She replied that she didn't think she could do that because it would mean not owning a place for a while and she always thinks of owning as providing such security.

I couldn't bring myself, during this conversation, to express any of my views about the property market, apart from saying when I suggested that they go through with the sale right away, in self-deprecating fashion, 'well, you know me, I'm always saying the market will go down, hasn't yet but what if it did during the next few months, you should make the most of this high offer'. When she said they were getting a BTL I did my utmost to sound positive about it, despite all of my very strong views about the evil of casually owning other people's homes.

For heaven's sake don't think I've gone bull - absolutely not. In a way, actually, it's my exceeding bearishness that means I can post this with equanimity: rises in property prices stopped making a difference to me since they first went absolutely beyond my reach at the end of 1999. It makes no difference to me whether these attitudes continue to prevail for a few more years and prices continue to rise because I am so far beyond being stampeded into buying a place. I think it's important to be realistic about people's attitudes towards home ownership. It's easy for someone like me, who's lived abroad - in the FSU, for heaven's sake, where the whole institution of private property rights is still very much under construction - to forget the quasi-religious import that people attach to owning a home. It's a talisman that wards off evil spirits. And, to really face the facts, it has provided a tremendous buffer following my cousin's husband's losing his job.

So, no bull sentiment here, I am still convinced that the whole thing's barmy-so's-its-army, but intelligent people out there still have a long way to go before they start factoring minor details like macro-economic indicators into their decisions about property! I'm temporarily putting the popcorn back in the cupboard and switching the TV off - thinking of taking up a project like learning another foreign language or maybe getting a piano. Am feeling like it's going to be a while before I get to worry about what shade of laminate flooring goes best with that nice DHS low-quality, cruelty-full leather sofa. ;)

I'm a would be ftb......could you please tell me what relevance your post has for me? ok so you have an imbecile as a relative....yes?......now what?.....am I shafted forever?

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I posted on here a couple of weeks ago (I love her, she's absolutely terrific, so's her husband - just for the record)

I couldn't bring myself, during this conversation, to express any of my views about the property market,

When she said they were getting a BTL I did my utmost to sound positive about it, despite all of my very strong views about the evil of casually owning other people's homes.

I read your earlier piece and it nstacked up but not this one.

And if you hated her what would you do.

Sorry, but those who profess to love others should be straight with them then let them decide.

fp :angry:

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I'm a would be ftb......could you please tell me what relevance your post has for me? ok so you have an imbecile as a relative....yes?......now what?.....am I shafted forever?

Yes, I think along with a few others around here (myself included) - if things keep going as they are then yes we truely are shafted - thanks Tony and Gordon you are doing a fantastic job. :angry:

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I'm a would be ftb......could you please tell me what relevance your post has for me? ok so you have an imbecile as a relative....yes?......now what?.....am I shafted forever?

It's an anecdotal about bullish market sentiment, and yes, it means that you're shafted forever ;)

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I'm not worried I just look at the links on CharlieTheTramps postings.

Companies going bust, and individuals going bust, sad but puts the Vested Interest reports in to their rightful contexts :D

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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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