House prices....

x12yhp

Roughly what area are you in Ace?

warmhands.coldheart

We're planning to complete in the next few weeks on a house in belfast which needs about £30,000 total spent to bring up to good living standard including some structural building work, new kithen and all new carpets etc

Asking Price £220,000
LPS Rateable Value £240,000.
Agreed Price £175,000

qwert_yuiop

A.L.D.A wrote: »

SaverBuyer do you think the government has properly thought through the proposed cuts in housing benefit? Whilst I support the aim I believe we are going to end up paying through the nose for emergency housing. Secondly this is a UK wide policy and it will lead to many more people being homeless and a reduction in the private rented sector, but with no possibility of the public sector filling the gap.

Can't see that happening. If the HB is lowered, the owner is just going to have to accept that bit less, like it or lump it. Who else is going to move in and pay the old rent? It's not as if the increasingly elusive "young professionals" are going to be queued up outside, waving wodges of notes.

How will this cause any homelessness or any change in public/private rentals?

tara747

fredy34 wrote: »

Thanks yes this is my view. Saving are pretty much useless as an investment thanks to inflation. I can get a house i can rent for £450 at about £380 a month repayment. So in 25 years when i retire i would have the house paid off and could sell it for a decent profit. - er, what about rates, insurance, maintenance, voids etc?

I guess my worry is that if/when interest rates go up we dont know how much they will go up. I dont mind having to pay a little into the hosue for the long term gain but i wouldnt like to be losing £200 a month on a 60k house.

I guess waiting till next year isnt a bad idea.

F

Ps thanks to the idiot slagging people off for their views from 2007 (which i shared with aprox 99% of the population). Have you really got nothing better to do than look up 4 year old posts! - ???? On the contrary, it is extremely interesting to have a historical perspective on the housing market. The 'groupthink' and the utter conviction among certain people that house prices could never fall is fascinating. And even after the crash started, there were still those who said that the falls wouldn't continue/that they had 'bottomed out'. :cool:

Oh, and there's no need to call anyone an 'idiot' just because you were wrong and they were right. Try to play nice.

A.L.D.A wrote: »

SaverBuyer do you think the government has properly thought through the proposed cuts in housing benefit? Whilst I support the aim I believe we are going to end up paying through the nose for emergency housing. Secondly this is a UK wide policy and it will lead to many more people being homeless and a reduction in the private rented sector, but with no possibility of the public sector filling the gap.

I was hoping that it would kill of the grunge sector, but it may instead reduce the number of better quality houses for rent to social housing. It will be interesting to see how it does eventually play out, the savings may prove disappointing.

What qwert yuiop said. Unless LLs are happy to have indefinite voids, they will *have* to lower their rents. LLs will have two choices:

1. Take it.
2. Leave it.

qwert_yuiop

fredy34 wrote: »

Thanks yes this is my view. Saving are pretty much useless as an investment thanks to inflation. I can get a house i can rent for £450 at about £380 a month repayment. So in 25 years when i retire i would have the house paid off and could sell it for a decent profit.

Rough rule of thumb - rates approx 2 months' rent, insurance 1 month's. So scratch 3 months from your annual rent before you start. Don't forget maintenance.

The sad truth is this game depends on capital appreciation. Remember the old days when we were young?

A.L.D.A

qwert_yuiop wrote: »

Can't see that happening. If the HB is lowered, the owner is just going to have to accept that bit less, like it or lump it. Who else is going to move in and pay the old rent? It's not as if the increasingly elusive "young professionals" are going to be queued up outside, waving wodges of notes.

How will this cause any homelessness or any change in public/private rentals?

Some may reduce rent, some may not and there are other options. Some may decide to sell, some may decide to switch to say holiday lets or possibly another use. What percentage would it take, of those on benefits currently renting, ending up in emergency accommodation for it to wipe out all savings? Also this is a UK policy and there are areas where there is strong demand for accommodation.

Originally, without much thought, I hoped that the pain would fall on the grunge end of the market, but that is unlikely as the initial unit costs there are low or the property has been bought years ago.

Be interesting to see how this plays out. I think it will tend to increase the number homeless, particularly those under 35.

wanchai_2

Holiday lets? In your typical HB area? :rotfl:

x12yhp

A.L.D.A wrote: »

Be interesting to see how this plays out. I think it will tend to increase the number homeless, particularly those under 35.

Meaning that, inspite of any blustering otherwise, it will not only be the government who is unwilling to keep forking out!

qwert_yuiop

A.L.D.A wrote: »

Some may reduce rent, some may not and there are other options. Some may decide to sell

AT A MUCH REDUCED PRICE, SINCE THERE WILL BE A GENERAL WAVE OF FEAR PASSING THROUGH THE LANDLORD "COMMUNITY", CAUSING MANY TO THROW IN THE TOWEL

some may decide to switch to say holiday lets

NOT A HOPE - HOLS ON THE ORMEAU ROAD, ANYONE?

What percentage would it take, of those on benefits currently renting, ending up in emergency accommodation for it to wipe out all savings?

THIS IS NOT GOING TO HAPPEN. I'M WILLING TO BET MY HOUSE ON IT

I think it will tend to increase the number homeless, particularly those under 35.

NO. SAME BET AVAILABLE IF YOU LIKE

.....................

qwert_yuiop

A.L.D.A wrote: »

Some may reduce rent, some may not and there are other options. Some may decide to sell, some may decide to switch to say holiday lets or possibly another use. What percentage would it take, of those on benefits currently renting, ending up in emergency accommodation for it to wipe out all savings? Also this is a UK policy and there are areas where there is strong demand for accommodation.

Originally, without much thought, I hoped that the pain would fall on the grunge end of the market, but that is unlikely as the initial unit costs there are low or the property has been bought years ago.

Be interesting to see how this plays out. I think it will tend to increase the number homeless, particularly those under 35.

Where is your buy to let and when did you buy it?