Buying Cheaper Than Renting Everywhere except London

nollag2006

Oh dear - hormones at you again carolt ?

Plenty of people want to rent in Ealing at £1k - £1.1k per month, not just idiots as you and the appositely named stonethrower call them (or STRs as I prefer):
http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=REGION%5E87504&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=1000&maxPrice=1250&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&includeLetAgreed=true&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&oldSecondaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false&x=64&y=19

328 properties there in the £1 to £1.25k monthly rent range. It wont let me set £1.1k as the peak for monthly rents.

As for the value of the flats, they were £230k each on the market in Feb and we completed for £220k in May, probably up to about £250 - 260 now looking at other stuff near the station.


Never mind - if you had bought that flat for £220k in 2003, it'd be worth about £50 - 60k more now according to the Nationwide:

"A property located in Greater London which was valued at £220000 in Q3 of 2003, would be worth approximately £277137 in Q3 of 2009.
This is equivalent to a change of 25.97%."

Wow !! Imagine all the rent you could have saved, if you'd bought then rather than throwing more and more money away on rent? I think this might be the real source of your anger carolt.

Jealousy is such an ugly emotion. Still the market has only just started to correct again, so you've got plenty of time to buy now, if you're quick

mewbie_2

nollag2006 wrote: »

Still the market has only just started to correct again, so you've got plenty of time to buy now, if you're quick

I'm definitely planning to expand my portfolio over the winter months. Pick up a few at auctions probably, drop a few k's here and there and sniff out some nice little earners. Reckon if I turn enough tricks between now and January I should be looking at retiring in a couple more years. Spend the rest of my life living on Snow mountain with a couple of Brazilian imports.

BTL has been good to me.

nollag2006

stonethrower wrote: »

just had a look in rigthmove very few flats over 1000 and as you say these are 3 bedroom flats which would cost way more than £220k

Flats are 2 beds

Plenty in the 240 - 280 range:
http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=REGION%5E87504&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=1000&maxPrice=1250&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&includeLetAgreed=true&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&oldSecondaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false&x=64&y=19

You should get one yourself stonethrower, its a lovely area and prices are likely to really pump up once the Crossrail comes in (if ever !!)

:money:

carolt

nollag2006 wrote: »

Oh dear - hormones at you again carolt ?

Plenty of people want to rent in Ealing at £1k - £1.1k per month, not just idiots as you and the appositely named stonethrower call them (or STRs as I prefer):
http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=REGION%5E87504&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=1000&maxPrice=1250&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&includeLetAgreed=true&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&oldSecondaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false&x=64&y=19

328 properties there in the £1 to £1.25k monthly rent range. It wont let me set £1.1k as the peak for monthly rents.

As for the value of the flats, they were £230k each on the market in Feb and we completed for £220k in May, probably up to about £250 - 260 now looking at other stuff near the station.


Never mind - if you had bought that flat for £220k in 2003, it'd be worth about £50 - 60k more now according to the Nationwide:

"A property located in Greater London which was valued at £220000 in Q3 of 2003, would be worth approximately £277137 in Q3 of 2009.
This is equivalent to a change of 25.97%."

Wow !! Imagine all the rent you could have saved, if you'd bought then rather than throwing more and more money away on rent? I think this might be the real source of your anger carolt.

Jealousy is such an ugly emotion. Still the market has only just started to correct again, so you've got plenty of time to buy now, if you're quick

Ooh yes, I'm heartbroken, because I'd much rather be living in a really nasty 2 bed flat in Ealing with 3 kids, rather than living in a large house in a lovely village nowhere near Ealing, where my kids go to school....

Or not. :rolleyes:

Cleaver

Sorry to press you Nollag, but have you invested around £180,000 in property this year and are getting a return of 3.5% as my previous post suggested, or have I got my figures wrong?

nollag2006

Oh dear - sour grapes anyone?

carolt

What, are we all "jealous" of your 3.5% return?

Hmmm.

Thrugelmir

Cleaver wrote: »

Sorry to press you Nollag, but have you invested around £180,000 in property this year and are getting a return of 3.5% as my previous post suggested, or have I got my figures wrong?

Apparently 2 flats. So thats £440k in total.

Couldn't figure why invest on a 5% yield return.

Though since May there is already a £80k capital gain. :rolleyes:

Mind you despite being in finance for many years I shouldn't be surprised that people believe they've found a gold mine. Fools gold of course.

Cleaver

Thrugelmir wrote: »

Apparently 2 flats. So thats £440k in total.

Couldn't figure why invest on a 5% yield return.

Though since May there is already a £80k capital gain. :rolleyes:

Mind you despite being in finance for many years I shouldn't be surprised that people believe they've found a gold mine. Fools gold of course.

I was assuming that he'd put in a 40% deposit plus fees, so has pumped in £180k and borrowed the rest.

I'm not trying to be cocky or anything like that as we rented out our old house thinking we might make some money and we broke even each month (just). We've sold it now, and were accidental landlords for one reason or another. But it really taught me that looking at a pruchase price and a rental income and comparing the the two is not the full story.

Thrugelmir

Cleaver wrote: »

I was assuming that he'd put in a 40% deposit plus fees, so has pumped in £180k and borrowed the rest.

I'm not trying to be cocky or anything like that as we rented out our old house thinking we might make some money and we broke even each month (just). We've sold it now, and were accidental landlords for one reason or another. But it really taught me that looking at a pruchase price and a rental income and comparing the the two is not the full story.

Ah ok.

Whilst a few people are lucky. I'm always disbelieving when its too good to be true.

I hate to see people heading for a fall but that life.