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moshmonsta

Chat With My Neighbour

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I was having a chat with my neighbour about how we were contemplating moving out but had put our plans of buying on hold because of the market jitters and asked what he thought of the current situation.

His answers were very bearish. He said that the market is very unstable and he knows a lot of Speculators under the gise of BTL who had got their fingers burned. He is currently warring with another agent because he is charging £600pcm for a 1 bed flat in London as opposed to the agent which is charging about £800pcm.

He also said that at the moment alot of estate agents he knows have NOTHING do do and are literally sitting down all day, and that the guy who pulled his money out of Foxtons in the US just before it went under has done so with foxtons UK.

He said prices will probably be coming down, and the next three months will say alot - but he told me to sit and wait - which we are doing anyway. Either way he said it's all overvalued and that the greedy BTLers will be the ones to get their fingers burned first - which is already happening

He also told me to keep reading everything - not just from one source - and that the telegraph are particularly good and relatively unbiased.

I realised today that not all landlords are arseholes out to make a quick buck. This one says he charges less because it means he gets to keep good tennants, hates foxtons, and greedy BTL speculators that are making it so difficult for the younger generation.

All not looking peachy in the rental market by any means.

Edited by moshmonsta

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This is what i like to hear of- Professional Landlords that know what they're doing.

Rather than the herd-following zombified Masses of Amateur-Hour Johnny-come-lately Landlords Speculators who dont have the foggiest.

Edited by A Fool & His Borrowed Money

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I was having a chat with my neighbour about how we were contemplating moving out but had put our plans of buying on hold because of the market jitters ...

... - but he told me to sit and wait - which we are doing anyway.

Do I interpret this in the right way that you want to sit on an investment prone to fall because you hope it possibly won't? If so, I'd say sell asap. But it's possibly to late already anyway.

Sorry, but I think the UK property market died 09/08/07. What you see is merely a Zombie.

Edited by Goldfinger

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Earlier this year I was renting in a s*****y new apartment complex on the banks of the Thames in West London. My landlord was an experienced investor who has been active in property all over the world for many years.

He was selling up as he thought it was no longer possible to make money in the UK, and this was back in February! He also said that he'd owned similar property in a luxury apartment development in Australia and he'd seen how new build apartments could fall very fast very quickly. And when they did a vicious circle set in where landlords wouldn't or couldn't pay the service charges, the services were then scaled back, the development started to look shabby, so rents fell and voids grew, thus adding to the non-payment of service charges.

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Do I interpret this in the right way that you want to sit on an investment prone to fall because you hope it possibly won't? If so, I'd say sell asap. But it's possibly to late already anyway.

Sorry, but I think the UK property market died 09/08/07. What you see is merely a Zombie.

You interpret wrong. We are potential FTB's currently living at parents.

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