Rents soar to (another) record high

wotsthat

Crashy_Time wrote: »

£400 p.m gets you a one bed flat, and the landlord sets the rent to keep good (working) tenants. The dilemma for the landlord is that although the benefit rate is slightly higher, it comes attached with someone they don`t want in the flat, surely even you can work that out, the benefits person doesn`t care where they live because they are on free money, the worker will get a deal or go elsewhere or share (because they are a sought after tenant)

Your landlord might prefer you to a benefits claimant but let's not kid ourselves that your £400 flat couldn't be mistaken as anything other than a c£400 flat within about 30 seconds of pulling up outside.

Your negotiating skills and knowledge about where to find cheap digs are legendary but there's no point trying to big up a £400 place in central Edinburgh. You can't polish a turd.

westernpromise

I make it I've paid £112k on the mortgage on my rental flat since it became a rental flat in 2004, charged £362k in rent, and it's appreciated about £500k.

Clearly I am a mug.

Jack_Johnson_the_acorn

Crashy_Time wrote: »

If there hadn`t been a bankers rigged property bubble you would have been able to afford a much nicer home, secretly I think that makes you a bit sick.

Would have been very hard to get a mortgage if there was such a crash.... clearly you have no idea about buying houses or the reason for "government props". I'm thoroughly enjoying being a young homeowner with spectacularly low interest rates. Nothing too feel sick about.... your BCR on the other must make you gag.

cashbackproblems

westernpromise wrote: »

I make it I've paid £112k on the mortgage on my rental flat since it became a rental flat in 2004, charged £362k in rent, and it's appreciated about £500k.

Clearly I am a mug.

Its sad you have lost so much when you could have paid off chunk of a mortgage

People in this situation where its looking like theres no way of getting on the ladder where they live, need to early on move to cheaper cities/try getting something so this doesn't happen.

Crashy_Time

mwpt wrote: »

Hand waving. I didn't expect anything else, but it's is fun to get you to think a little more about your position.

Fun sticking your head in the sand as well isn`t it, until it isn`t. As I see it I am paying next to nothing in rent, and saving far more every month, you took out a mortgage at the peak of the biggest property bubble in history with historically low emergency interest rates and you come on here hoping to get people to agree with your decision? :rotfl:


Hope you didn`t "buy" BTL`s as well?


http://www.telegraph.co.uk/personal-banking/mortgages/buy-to-let-investors-face-mortgage-crisis-as-lenders-introduce-b/

Crashy_Time

cashbackproblems wrote: »

Its sad you have lost so much when you could have paid off chunk of a mortgage

People in this situation where its looking like theres no way of getting on the ladder where they live, need to early on move to cheaper cities/try getting something so this doesn't happen.

Cheaper cities where, Cambodia? Try slapping yourself awake before you come on and post this nonsense please.

westernpromise

Crashy_Time wrote: »

As I see it I am paying next to nothing in rent, and saving far more every month

In the time you've been paying that rent you could have owned two flats outright.

Crashy_Time

westernpromise wrote: »

In the time you've been paying that rent you could have owned two flats outright.

I prefer being "liquid" mate, you can`t spend a flat when times are tough.

westernpromise

And once cash is spent it's spent.

Crashy_Time

westernpromise wrote: »

And once cash is spent it's spent.

All the more reason to keep and invest it. Most people blow everything they get, which is why many people will struggle to sell houses and flats now that the credit flow is being checked.


http://henrypryor.com/blog/2016/04/housing-market-on-the-edge/