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'Squaring the house price circle' blog discussion
in Martin's blogs & appearances & MoneySavingExpert in the news
25 replies 4.3K views
Former_MSE_Lawrence Former MSE
This is the discussion to link on the back of Martin's "Squaring the house price circle" blog. Please read the blog first, as this discussion follows it.
Read Martin's "Squaring the house price circle" Blog.
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Which is the right thing to do, why overstretch when you don't need to? We're in a society which wants everything now and not wait until the time is right.
:ABeing Thrifty Gifty again this year:A
If first time buyers don't buy, the value of FTB properties will fall. This will make your second-time buyer properties cheaper as well, because people won't have the equity to pay the asking prices.
Good news all round.
This marketing campaign against property prices has been on going for the past 3 years. I have continually seen friends sell there property to capitalise on any crash that may happen in the future and then seen the property prices increase.
What has happened is they now rent a home where a growing market is now occurring. Rental prices are increasing faster than mortgage costs and inflation locally. Landlords who invested wisely over the past 3 years are capitalalising by raising the rents every time a contract renews as they know they have 3 other potential tenants wanting to rent.
Being the skeptic I am and listening to the Machines of Doom and Gloom (News Channels) I have to ask the question "How many people who control the content of these channels own more than 1 home and rent the second?" As these are the people how have the most to gain, They win with increasing rental income and they also win when the market recovers by increasing the asset value of the property.
we want to sell up and move into rented the 4 bed bungalow we have been offered(not advertised to rent)is £400pcm inc except water rates not sure about council tax as its a religious proprty ie a vicarage although we are not vicars(any clarification welcomed)
We estimate that we would save about £400 pcm by doing this and have 100k to invest
This would enable us to retire from mainstream work and try our hand at self sufficiency
Biggest prob at the moment is we can't sell our house!
Think a lot of people are watching and waiting our house is on at £140k so in the 1st time buyer bracket
Can't help thinking that way lies madness. Suppose you managed to get, say, 6% on your $100k AND you managed to get the £6k paid GROSS, then after rent of £4800 you will be left with £1200. If you have (very likely) to pay council tax - probably in Band D which is likely to be about £1400 then you are already out by £200.
Then consider that you will have to pay for water, and with 2 kids - if you were on a meter you would likely be paying about £250 in a year, more if not on a meter.
What are you going to live on whilst your crops grow because family allowance won't cover it!
Do like your way of thinking BUT....Darling Buds of May it aint!