Any views about what might happen with house prices in the next 12 months?

Vikki55555

I know this is a bit of a finger in the air question but all the same, I am interested to hear views as I am about to offer on a BTL.

Thanks

mbga9pgf

ha ha! BTL!

http://www.singingpig.co.uk/forums/25/ShowForum.aspx

Car crash waiting to happen! Wait till the BTL pariahs go bankrupt (the Wilsons) and watch the rest of them head for the exits!

Cannon_Fodder

Your business plan should not be influenced by fluctuations in house prices.

mbga9pgf

Cannon_Fodder wrote: »

Your business plan should not be influenced by fluctuations in house prices.

I think she is buying a former BTL, not somewhere to BTL.



Personally, I think we will see prices lower at the end of the year than where they are at the moment.

Estate_Agent

Ok, BTL has caught some people with their pants down.

But, why does the market matter in the next 12 months unless you are trying to buy at the lowest possible price?

Depending on the size of your deposit, the mortgage payment vs rental income, upkeep and desirability of the property as well as void periods, only then should you start to look at BTL. BTL is a long term investment, not a way to make a quick buck. You should really be looking at it holding it over at least ten years. Preferably it should form part of your pension/inheritance to kids/paying for healthcare plan.

Cannon_Fodder

Not so sure; http://forums.moneysavingexpert.com/showthread.html?t=2369865&highlight

mbga9pgf

Where do you live/looking to buy Vikki?

poppysarah

there's a quo song I like ,.... but the bbc said HP went up 0.7% counteracting the 0.8% drop last month.

mbga9pgf

Dont you mean the 1.0% drop?

http://www.nationwide.co.uk/hpi/historical/Feb_2010.pdf

Vikki55555

mbga9pgf wrote: »

Where do you live/looking to buy Vikki?

North London, Tufnell Park. The flat is currently wholly owned and let out. The seller wants to get some equity out and I would be looking to buy it as a long term investment over the next 20 or so years.

The flat is above my own flat and has never been empty in the past 5 years so letting it shouldn't be a problem.

I ask because I am wondering what kind of offer I can make, whether I can hold off a while (and chance that nobody else buys it), etc.

I have the required (massive - eek!) deposit but any amount I can save will mean I can do more in terms of decorating and refurbishing (eventually building an outside balcony).

Thanks for everybody's comments - v helpful

mbga9pgf

I personally would wait. However, the fact the flat is in london changes things slightly.