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Why will conveyancers -especially? - have to watch their backs?

Peter.

In Colchester, one surveyor told the latest RICS lettings survey that there are signs buy-to-let investors failed to do their homework; they believed unrealistic valuations. Investment clubs have been a problem, and surveyors acting for them had better watch their backs, he said.

Surveyors, actually.

Liked the hints that new-build flats will end up as social housing!

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Hmm, HAs getting 15% discounts? Off artificially inflated asking prices (of around 15%) no doubt. HAs probably think they're getting bargains, but they'll need bailing out with taxpayer money too, I shouldn't wonder.

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Liked the hints that new-build flats will end up as social housing!

.....and in an ironic twist of fate it's the people that bought them in the first place that will end up living in them. :lol:

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Liked the hints that new-build flats will end up as social housing!

There goes the neighbourhood. Its a good idea though - housing associations and LA's will be able to pick them up for cheap and fill em with Council tenants.

The news just keeps getting better and better.

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Surveyors, actually.

Liked the hints that new-build flats will end up as social housing!

Long predicted on here and seen the 1990's HPC especially in London's Docklands. History repeating etc....

Expect plenty of sob stories in the media from people who have bought "exclusive executive appartments" or Buy-To-Letters being unable to offload property when all the neighbouring flats are now housing the desperate from the Local Authority Housing List :lol:

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Guest DissipatedYouthIsValuable

And there was me just about to buy a luxury executive apartment for the young professional at a reassuringly expensive price. I'm not buying if they're not fashionable any more.

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.....and in an ironic twist of fate it's the people that bought them in the first place that will end up living in them. :lol:

Really easy to achieve the transition, simply stop buying Lavazza Arabica and switch to Tesco Value Instant. Hey Presto!

For my next trick I shall convert "my pension" into a nasty letter from the lender asking me to make good the previously agreed LTV ratio.

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For my next trick I shall convert "my pension" into a nasty letter from the lender asking me to make good the previously agreed LTV ratio.

I do love this sort of Tommy Cooper magic :lol::lol::lol:

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Guest DissipatedYouthIsValuable
Really easy to achieve the transition, simply stop buying Lavazza Arabica and switch to Tesco Value Instant. Hey Presto!

For my next trick I shall convert "my pension" into a nasty letter from the lender asking me to make good the previously agreed LTV ratio.

Haha. Just like that.

tommy.jpg

Edited by DissipatedYouthIsValuable

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http://manchester.gumtree.com/manchester/17/17076217.html

Things must be getting desperate for some 'investors' to resort to Gumtree......

Valued at £162K? By whom and when I wonder .....

I'm feeling particularly uncharitable at the moment, so I replied to her;

---------------------------------------------

Is this the block where Evan Davis says there are 50 similar properties for sale?

http://www.bbc.co.uk/blogs/thereporters/evandavis/

If so, I can scrape up £40,000 in cash and am prepared to buy it immediately.

It'll save you the bother and expense of having to pay the mortgage for 9 months before accepting that price anyway.

Regards

Paddles

----------------------------------------------

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If so, I can scrape up £40,000 in cash and am prepared to buy it immediately.

£40 grand is fair value I suppose for a BTL'er looking to invest in 'social' housing.

Assuming a 7% gross yield, this gives a monthly rent of £233 - about right I reckon for a one-bedroom council flat in a high rise building in Manchester.

Like junk CDO's, it needs to be priced to market ......... :lol:

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£40 grand is fair value I suppose for a BTL'er looking to invest in 'social' housing.

Assuming a 7% gross yield, this gives a monthly rent of £233 - about right I reckon for a one-bedroom council flat in a high rise building in Manchester.

Like junk CDO's, it needs to be priced to market ......... :lol:

Seriously, these places aren't worth much more, regardless of the "high spec" of the finish. It's a pokey zero bedroom flat in a tower block in Manchester for chrissake.

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£40 grand is fair value I suppose for a BTL'er looking to invest in 'social' housing.

Assuming a 7% gross yield, this gives a monthly rent of £233 - about right I reckon for a one-bedroom council flat in a high rise building in Manchester.

Like junk CDO's, it needs to be priced to market ......... :lol:

My grandmother, who was a property developer for most of her adult life, maintained that a multiple of the potential annual rental stream was the only true metric for valuing house prices. She used a multiple of 12 as the maximum she would ever pay for a property and generally looked for around 10. A mutiple of 12 will deliver a yield of just over 8% which my grandmother considered was the minimum to make it worth while and to accomodate the cost of voids and maintenance.

In the above example lets assume a reasonable rent is £400 per month, thats £4.8K annually. Mutiply by 12 and the value of that property can never be more than £58K. It's an indication of just how far property values have removed themselves from reality that the Buy To Lose brigade are prepared to accept yields of less than 3% in some cases.

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Seriously, these places aren't worth much more, regardless of the "high spec" of the finish. It's a pokey zero bedroom flat in a tower block in Manchester for chrissake.

Agree. The potential negative equity must run into tenths of millions judging by the reported sale prices.....

http://www.houseprices.co.uk/e.php?q=m3+4lq&n=10

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It's an indication of just how far property values have removed themselves from reality that the Buy To Lose brigade are prepared to accept yields of less than 3% in some cases.

Its the return of the yuppie causing this.

Mr and Mrs Doe, both pen pushers in Browns monolith Government with £1000 spare monthly income, buying a house, painting the door and wanting £1100 rent. They feel richer, because they know nowt about business and don't understand profit, margins, assets, etc.

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Surveyors, actually.

Liked the hints that new-build flats will end up as social housing!

new builds are ending up as social housing, i have seen it, with my own eyes in fulham...

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  • 297 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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