BTL Anecdote - prices plumeting

mystic_trev

teabelly wrote: »

You want nearly 200k for a flat? Flat prices are dropping due to the over supply of new build tat. If the new builds are cheaper then you have no chance. Flats rise faster in good times and fall faster in bad times so you have to expect that.

Keep it and carry on renting it out as flats aren't really selling anywhere. Assuming the rent actually covers the mortgage of course...

Agreed - It's not new build, and in a highly desirable area with previous sellers selling within days! Just shows how sticky the market is.

I think the market will continue to collapse,but even if it halces I'm still quids in. All my properties are owned i.e. no mortgages!

neverdespairgirl

mystic_trev wrote: »

One offer £170,000 rejected, even the EA laughed!

Why laughter?

teabelly

Availability of mortgages is probably some of the reason. Banks don't have enough cash to lend to meet the demand, people know this so they are stopping looking as they are starting to assume they are wasting their time as there won't be an affordable mortgage once they have found what they want. Lenders withdrawing offers willy nilly doesn't help either. Putting people off with higher rates and being more fussy about who they lend to still hasn't dropped demand to coincide with the money they have available which is why they are dropping ltvs so hopefully people will go away and save up and stop asking to borrow!

Once liquidity returns, hopefully in the next month or three if the BOE pulls its finger out of its bottom, buyers will return as they know they can actually get a mortgage and keep it.

A few banks are offering 10% isas so they must be short of money

chappers

Benefits_Blagger wrote: »

this thread sums up the greed of a typical BTLer, they dont mind buying a property and selling it for a higher price but its a different story when the market is tumbling.

Rather than the greed of the lazy good for nothing that claims he has £100k stashed away but is claiming benefits.

It always seems to me that those without investment properties always see those with as greedy, in my mind those with that attitude are probably suffering more from jealousy rather than a desire for an eglitarian state.
I suspect very few out there have such conviction of conscience that they would pass up the oppertunity to make afew extra quid because they thought it unfair on someone else.

Investment in property is no better or worse than investment in stocks and shares or investment in a bank in the form of savings.Why is having a second
property more greedy than having £300K or whatever in the bank earning interest.
We all like to see how our investments are doing from time to time and keep our money in abroad range of places.
Putting a property on the market with a view to maybe putting the money somewhere else, but then realising you can't get what you want for it so leaving it invested where it is, isn't greed it's common sense, particularly if you are in it for the long haul.

Dylanwing

It always seems to me that those without investment properties always see those with as greedy, in my mind those with that attitude are probably suffering more from jealousy rather than a desire for an eglitarian state.

Some of us have rented from them, and I have nothing but loathing and contempt for the bas**rd who was my Landlord. I think it does not help when a lot of the BTL articles concentrate on returns and capital gains and never mention providing a service to the tenant.

Turnbull2000

chappers wrote: »

Investment in property is no better or worse than investment in stocks and shares or investment in a bank in the form of savings.

Does investing in stocks, shares and savings have a direct and negative influence on social cohesion and the qualify of life of another, rather large section of society? Don't make me laugh.

And...

Please help re flat deposit

MASSIVE problem with rented apartment

Landlord selling up

The 'my LL has withhel my deposit' thread

Arhh.. what to do with my landlord

Suing Landlady

chappers

So we make it the law that no one is allowed to own more than one house, if we take out private rentals where do those that want/need to rent live.
For every bad LL there are 10 good ones, a few bad LL dont make the whole industry corrupt and full of greed.
I have a rental property that I bought with the intention of developing and due to planning delays have rented it out , I fitted a new kitchen and bathroom, bought new curtains, recarpeted the down stairs and redecorated. I took no deposit from my tenants, I fix things promptly and even gave them a weeks rent free when the boiler needed repairing and have a mortgage shortfall that has risen to nearly £800 pcm.
Now that I would consider niether greedy nor acting anything like the links you have used as examples of having a "negative influence on social cohesion and the qualify of life of another".

Yes I will eventually make aprofit on the property and as Dylanwing says most BTL articles will concentrate on yeilds returns and capital gains as that is the whole point, if service to tenants was the only criteria then we would be renting out our properties for free.

Bf109

neverdespairgirl wrote: »

Why laughter?

Nerves?


.

Generali

chappers wrote: »

So we make it the law that no one is allowed to own more than one house, if we take out private rentals where do those that want/need to rent live.
For every bad LL there are 10 good ones, a few bad LL dont make the whole industry corrupt and full of greed.
I have a rental property that I bought with the intention of developing and due to planning delays have rented it out , I fitted a new kitchen and bathroom, bought new curtains, recarpeted the down stairs and redecorated. I took no deposit from my tenants, I fix things promptly and even gave them a weeks rent free when the boiler needed repairing and have a mortgage shortfall that has risen to nearly £800 pcm.
Now that I would consider niether greedy nor acting anything like the links you have used as examples of having a "negative influence on social cohesion and the qualify of life of another".

Yes I will eventually make aprofit on the property and as Dylanwing says most BTL articles will concentrate on yeilds returns and capital gains as that is the whole point, if service to tenants was the only criteria then we would be renting out our properties for free.

Fair point. OOI, what timescale are you looking at to hold the property(ies)?

Bf109

chappers wrote: »

It always seems to me that those without investment properties always see those with as greedy, in my mind those with that attitude are probably suffering more from jealousy rather than a desire for an eglitarian state.

Perhaps its not just those "without investment properties" but those who have been priced out of the property market entirely, those whose only choice now is to abandon hope of ever having a family or emmigrating.

Those who have borrowed large sums from their family or seriously overstreched themselves just to get a foot on the "property ladder" in the form of some disgusting pokey box above a kebab shop.

Those mothers who have to work all day and put their kids into child care at great expense rather than stay home and bring up their children.

Those children who never see a parent other than at weekends because their mother and father must work to pay the mortgage or their slumlord's rents.

These are the people who might view speculators like yourself as worse than rats, the scum that are destroying the very fabric of our society. To be stompped on like the plague ridden avaricuous vermin that you are.