Property Price Drop

kier333

chucky wrote: »

kier - just to add when you say flat i'm assuming it's a converted flat in a terrace right?

No it a purpose built in a block of 4, 2 ground floor and 2 first floor build 1988-1990 the one i offered on is 1st floor.

kier333

And yes i agree a house is better than a small flat but remember this is London so houses will never be 150k, Fact

chucky

kier333 wrote: »

And yes i agree a house is better than a small flat but remember this is London so houses will never be 150k, Fact

i don't see anything wrong with what you're doing personally but don't forget to factor in service charges comparing it to comparable size flats in your area that aren't in an apartment block. for me i'd rather live without a high service charge, a low service charge is more attractive.

also London has a good rental market which is an option if you ever decide to let it out.

Alan_M_2

Affordability for the OP seems to be clearly not a problem.

The choice of buying or not buying in this case is not absolutely cut and dry....the most pertinent question is, exactly how secure is your job long term considering everything that's going on right now?

Can you guarantee employment for the next 5 years?

kier333

Alan_M wrote: »

Affordability for the OP seems to be clearly not a problem.

The choice of buying or not buying in this case is not absolutely cut and dry....the most pertinent question is, exactly how secure is your job long term considering everything that's going on right now.

I'm currently involved in the Olympics so as safe as could be until 2011. Plus i'm full time for one of the worlds largest construction company so again airly secure. I also hold many certs and can pick up rail managment work easy in London.

The service charge on the flat inc ground rent is 420 pa, so very resonably priced i think, no lifts etc only small garden and allocated parking.

kier333

chucky wrote: »

i don't see anything wrong with what you're doing personally but don't forget to factor in service charges comparing it to comparable size flats in your area that aren't in an apartment block. for me i'd rather live without a high service charge, a low service charge is more attractive.

also London has a good rental market which is an option if you ever decide to let it out.

Service charge is £420 pa and looked into the poss of renting if needed, it would rent for between 210-230 pw currently and worse case i could live/sleep in lounge and rent bedroom all in for 450-500pcm. There is a seperate Kitchin with room for dining table so is a possiblilty.

chucky

kier333 wrote: »

Service charge is £420 pa and looked into the poss of renting if needed, it would rent for between 210-230 pw currently and worse case i could live/sleep in lounge and rent bedroom all in for 450-500pcm. There is a seperate Kitchin with room for dining table so is a possiblilty.

that's a good service charge - i think that you've just made your mind for yourself

IveSeenTheLight

julieq wrote: »

I'm confused.

The consensus here seems to be that no-one should consider buying a house or flat at the moment, but should rent instead.

Meanwhile the consensus is also that owning properties to let is also a seriously bad idea.

Who gets to own the houses we're supposed to be renting then?

Exactly.

Many on here say BTL LL's are scum, yet they rent from these people in order to allow them to buy at their convenient oppertunity

julieq

The great trick with teaching the BTL LL scum a lesson they won't forget in a hurry will be to leave as big a gap as possible between moving out of the rental property and buying it back so the yields go down enough to make their pips squeak and the BTL LLs are panicked into selling empty properties at a BIG LOSS. Because you do wonder what would make them sell up otherwise, if the debt is being serviced by a vigorous rental market and all.

That might involve living in discarded Plasma TV packaging for a while I guess, plenty of it lying around the council estates.

dopester

IveSeenTheLight wrote: »

Exactly.

Many on here say BTL LL's are scum, yet they rent from these people in order to allow them to buy at their convenient oppertunity

Taking an average-priced house last year at around £180,000.... when the landlord who has hogged all the property is now losing more than £100 A DAY, or more than £500 a week, when averaged out over the last year alone - you'd be stupid not to take advantage of their total generosity to rent cheap and wait out the full crash.

That is all landlords exist for now. To allow tenants to rent cheaply as house prices crash hard.