Invest in London or Elsewhere...

Doozergirl

No New Build!

Never adds up. Check the rent with local letting agents and not the developers.

master_ian

NO new build! That's crystal clear anyway...
Will check with local agents and the Council for Lynz's idea.

lynzpower

master_ian wrote:

Cheers Lynz...seen you around on my visits to this site. You're quite a regular here. I think I really need to do some legwork on viewing some properties, just to see what's expected in certain areas.
The plans were straightforward last year...buy a new/newish property in an undervalued location but within easy reach of the city/docklands and let to professional people. (another reason to buy a build) Doh! Reality check!! Now, at my budget, might have to tweak the 'plans'...
Will look at those locations, pretty good transport links too.
Will target developers with end-of-financial year budgets - and try to get those 15% discounts I read so freely about here and in the papers...there are some interesting ones in the greenwich peninsula and thames gateway with decent rental prospects apparently. So much to research!!!!!

Ian where is "thames gateway"
I wonder if its the same as woolwich/ thamesmead.
If it is then normal properties are plentiful & very cheap. However, this is reflected in the area itself. You need to go. Personally, and no offence to anyone who lives there, but I wouldnt live in woolwich if YOU paid me let alone the other way around. Transports rubbish as well IMHO

Personally Im pretty sceptical of these sort of regeneration programmes. Apparetnly stratfords had millions spent on it ( consultancy swallowed up the lions share I bet) hackney has too, as has allegedly woolwich.

Ive been to greenwich peninsula too ( for shopping theres a B&Q there adn had a drive round, I dont think much of it TBH, bit soulless. Im not sure who lives there theres shed loads of new builds but the whole development (s) feel pretty deserted.

You do need to go and have a really good look around and think "would I want to live here" if not why not, let that influence where you look next.

prudryden

Doozergirl wrote:

lol!

I think Lynzpower has taken up the mantle as our resident Kirsty Allsop.. I bet she won't be able to resist this thread tomorrow morning. It has the word London in it

Good one!!! LOL

prudryden

Acton in the West. Lots of talk about regenrating. Still less expensive then its neighbours. Buying a new build is like buying a new car - as soon as you drive it off the lot, you've lost value.

lynzpower

itgirlinuk wrote:

Who do you talk to when you ring up the Council? I am looking at a similar idea and a guy I knew had let his flat out with the council and he is happy about it. But, I have heard you dont get market value with letting it out with the council? Is that true?

Hiya

Each council will have a private lettings officer.

Market value, well I dont know about that.

What youll be referring to ( i guess) is the rent assessment for housing benefit.

http://www.therentservice.gov.uk/

basically before any housing benefit is awarded for a property, the rent service makes an assessment of the area and whether the rent is good VFM to ensure the taxpayer isnt ripped off.

I do know some people have had this experience where the amount that HB agee is less than the rent. Sometimes they have appealed this ( i had one cleint who found a studio flat for 110 a week in london zone one and the rent service said it wasnt worth that, she appealed it was upheld and the HB paid it) sometimes clients make up the shortfall themselves ( actually this is quite common)

Your best bet is to speak with the private lettings officer in the local council who will be able to give you a ballpark figure on what rent service say in various postcodes/wards.

I dont know where you are but one scheme is here for your perusal, councils have various schemes and they all differ somewhat AFAIK,
http://www.westminster.gov.uk/housing/privatelandlords.cfm

master_ian

Hey Lynz, Thames gateway covers woolwich/thamesmead, but is a much larger earmarked area from Newham/Greenwich (covers Olympic village) along the Thames stretching to ebbsfleet and south essex.
Check out: http://www.thamesgateway.gov.uk/
Also: http://en.wikipedia.org/wiki/Thames_Gateway

It is dubbed as the biggest regeneration area in Europe. Supposedly.
As for Woolwich, I've been, and ...can't say it inspired. I'm ideally looking a nice community even if a bit rugged, with excellent transport links to Docklands/City. Yeah, I know what you're saying---everyone's looking for that!

lynzpower

where abouts in the hamlets are you?

master_ian

Aldgate East, Whitechapel. Been for 5 years. Suits me just fine--10 min to the river and a few mins to Spitalfields.
What about you?

PoorDave

As a "not getting off your bottom" way of finding rental prices, why not use the rental properties listed on rightmove? Keep in mind that if they're still listed on there as "To Let", then that might be because nobody wants them as the rent is too much!