Top BTL guru, Author of "Buy To Let Bible" sells up!

Pobby

Yes I remember Corby in the early 80`s.It was very depressed.Anyone recall the ``Banana Flats``?

WTF?_2

Generali wrote: »

Hmm. 53000 people live in Corby which probably means about 18000 households. 10% of places are sold each year I think which means he's upped supply by about 0.8%. I wonder if that would have any impact on prices or not. Probably not I guess depending on how keen he is to sell and buyers are to buy.

It would be interesting to see if there are any towns where one person owns enough property that if they needed to sell they'd have a measurable impact on prices there.

A hedge fund (Amaranth) was buying up gas futures last year. They kept rising in value and they kept buying. It was only when they came to sell that they realised that they were the buy side of the market, pretty much nobody else was buying. They went bust as their 'Diversified Fund' had over 60% of its money invested in these things.

I wonder what proportion of the properties in Ashford that maths teacher owns.

It shows the weakness of expecting your asset to be worth X when you come to sell it just because another one sold at that price.

Once properties start flooding onto the market people will find out very quickly the laws of supply and demand.

It is however the first reported example I've seen of BTL dumping now the new CGT law has come into operation - long predicted by me and others here.

PasturesNew

mishmmc wrote: »

Wasn't any where near being around in the 70's so can't comment, but I would have thought that would have been the Lincoln (Kingswood) estate, half of which has been or is to be knocked down and redeveloped (so I suppose I did comment then - duh!)

No, I can't remember the name of the estate, but I know if I heard it I'd recognise it again.

MissMoneypenny

Generali wrote: »

I wonder what proportion of the properties in Ashford that maths teacher owns.

Mrs Wilson? When I was looking at houses in Hawkinge, Kent the other year, I was told by an EA that she owned half of Hawkinge.

Gorgeous_George

!!!!!!? wrote: »

It is however the first reported example I've seen of BTL dumping now the new CGT law has come into operation - long predicted by me and others here.

...and millons of others.

Doesn't mention that the new rules influenced his decision (to sell). More likely the impending world doom convinced to sell up.

GG

WTF?_2

Gorgeous_George wrote: »

...and millons of others.

Sure - but plenty on these boards were arguing otherwise. More than a few BTLers in denial that it would have any effect.

Gorgeous_George wrote: »

Doesn't mention that the new rules influenced his decision (to sell). More likely the impending world doom convinced to sell up.

GG

Ahem:

I had been used to saying to myself "never sell" but I had overlooked 2 very important things:

1. The opportunity cost of capital
2. The new capital gains tax rate of only 18%

Generali

TBH !!!!!!, I suspect that the former just as important than the latter. #2 means he can get the money out without paying as much cash. #1 means he can earn more elsewhere on that money.

amcluesent

IIRC, during the 88-92 crash it was properties in places like Corby that crashed fastest and hardest. Let's be honest, it's a hideous place to live.

mishmmc

amcluesent wrote: »

IIRC, during the 88-92 crash it was properties in places like Corby that crashed fastest and hardest. Let's be honest, it's a hideous place to live.

Er without wanting to start a slanging match there are plenty of places that are worse or just as bad as Corby to live in (ie W'boro, Rushden, large parts of N'hampton and Leics) and tbh I am fed up with the ignorance of people slagging off a place that they have most likely never visitied.

I aknowledge that the town has its problems, but it is no where NEAR as bad as people make out!!!

Besides that, at least Corby is making an effort with all the redevelopment and money being pumped in. I only hope that the problematic economic turbulance ahead does not spoil this and mean that the job is left half finished as the people who live there have been promised all this development before for years, which the people and the town thoroughly deserve after being neglected in favour of other surrounding towns historically, and it has never materialised (ie Wonder world :rolleyes: ) although they have done a fair bit already.

In terms of house prices, as Corby is an area of development and was historically cheaper to buy in than surrounding 'more desirable' areas / towns, I think prices will fall there slightly more so than surrounding areas, as alot of people have bought there not being able to afford anything elsewhere / they got more for their money there, so logically if they can afford a place / a bigger place in their preffered town then they will probably buy there insead. I am unsure if the opening of the train station in December would have any positive effect on this - although my gut feeling is if it does it will be modest as there will be no through service north bound!!

dopester

mishmmc wrote: »

Er without wanting to start a slanging match there are plenty of places that are worse or just as bad as Corby to live in (ie W'boro, Rushden, large parts of N'hampton and Leics) and tbh I am fed up with the ignorance of people slagging off a place that they have most likely never visitied.

http://www.ahuja.co.uk/property-news/ajays-blog/increase-rent/

Ajay's latest lightbulb moment, which he'll share with the landlords here for just a snip at £50, has seen him think up a system to hugely increase the rents on some of his properties.

For one of his properties in Northampton he was getting £650 per month.and now he's getting £1,422 per month ?

Maybe a nice earner for Pickles or ISTL to invest £50 for the how-to?