Buy to let - or to lose?

carolt

jamescredmond wrote: »

someone said carolt has been banned.

is this true?

NO.

Obviously!! :rotfl:

But as I said elsewhere today, I do feel my work here is largely done.

As a would-be FTB I felt a strong responsibility to advise those with less time to spend reading the financial pages than I, not to make a decision that would cripple them financially for many years to come. As one old enough to well remember the last crash, and its terrible effects, I didn't want to see the most vulnerable buyers - FTB's - buying into the market just before it went down the pan.

Now that year-on-year falls have been reported by both Halifax and Nationwide, and that every front page across the land has been splashed with 'Prices will fall!!!!' headlines, the need for me to add my tuppennyworth has been greatly reduced, not to say negated.

Of course, I could post just to say 'I told you so!' but have better things to do with my time. I won't deny that the daily news of falling prices, rising repossessions, etc etc bring me the satisfaction of knowing I was right, but I don't feel the need to gloat; particularly as I am well aware that the recession these bring in their wake affects all, and that behind every story of repossession is a story of individual misery.

I feel that a certain individual who seems to have a bit of a crush on me has been posting nasty rumours about me...maybe in an effort to draw a response? I don't know or care. Better things to do...

Spring is here, the sun is out....

Who gives a **** about house prices anyway?!

carolt

HammersFan wrote: »

True to form from you carolt. Any sign of property crashing in your area yet?

"Shame" you didn't buy a few years ago eh?

Answers are:

(a) Yes, thank you - lots of reductions where I live.

(b) Yes, obviously. Shame I didn't buy last year/this year? Absolutely no!

IveSeenTheLight

carolt wrote: »

Answers are:

(b) Yes, obviously. Shame I didn't buy last year/this year? Absolutely no!

What about the last 6 years, did you forget about them?

HammersFan

carolt wrote: »

Answers are:

(a) Yes, thank you - lots of reductions where I live.

(b) Yes, obviously. Shame I didn't buy last year/this year? Absolutely no!

There's lots of reductions, more or less anywhere, at any time. Problem is the big reductions dont tend to be for the places you (or most people) would want (?) A crash yet though? I don't think its good to see people relying on others' misfortune in order to get on / make up for their own errors.

carolt

HammersFan wrote: »

There's lots of reductions, more or less anywhere, at any time. Problem is the big reductions dont tend to be for the places you (or most people) would want (?) A crash yet though? I don't think its good to see people relying on others' misfortune in order to get on / make up for their own errors.

Absolutely, couldn't agree more. So presumably you'd hate property prices to rise because that would be my 'misfortune', right? And you'd never want to do anything as nasty as benefit from others' misfortune, would you?

Tosh. You've done very nicely out of house prices rising. You don't like the fact that the tide has turned and now you're going to have to work for a living, like the rest of us. Tough. Price rises had 'victims' every bit as much as prices falling will do. All those families having to live in too small, unsuitable accommodation, the size of the UK debt mountain as people struggled to pay for essentials on top of huge mortgages. Just because you personally didn't lose out, you couldn't care less about those who did.

And by the way, the reductions in my area are across the board - not less desirable houses - all houses. I posted elsewhere about a local agent who advertised over half his properties on a 'Spring Sale' basis; that's not just the odd house reduced, that's a wholesale culling.

Today's news from RICS shows what we all know - you included - and that is that prices are expected to continue to fall across the board. The worst figures from RICs since records began in 1978 - not a pretty sight for those relying on HPI.

You can post till you're blue in the face here, but if you think that's going to make the blindest bit of difference to which way the wind is blowing, you are seriously deluded.

carolt

IveSeenTheLight wrote: »

What about the last 6 years, did you forget about them?

You need to get some glasses dear - reread my post. Of course I'd be financially better off if I'd bought years ago. But a lot worse off if I'd bought last year, this year or was about to buy now.

Along with all sensible buyers, I'm sitting this one out - I'll wait until prices have fallen to affordable levels before I would even consider buying.

What about you up in Scotland? Are you planning to keep on your buy-to-lets in the light of today's news from RICS that prices are predicted to fall there too?

pickles110564

carolt wrote: »

You need to get some glasses dear - reread my post. Of course I'd be financially better off if I'd bought years ago. But a lot worse off if I'd bought last year, this year or was about to buy now.

Along with all sensible buyers, I'm sitting this one out - I'll wait until prices have fallen to affordable levels before I would even consider buying.

What about you up in Scotland? Are you planning to keep on your buy-to-lets in the light of today's news from RICS that prices are predicted to fall there too?

You still with not have a scooby doo when they will have hit rock bottom or are on the turn.
Why not find the home you want at a comfortable price that you can afford and be happy for the rest of your days.All this worry will just eat you up.

carolt

What worry? If I could buy affordably now, I would, as I can't I rent affordably instead thanks to my landlord subsidizing my rent, and will buy when buy prices are reasonable.

I've never liked Scooby Doo much. Not sure where he comes into it...;)

neas

pickles I'm waiting to buy one of your (sorry the banks) Properties when you they are reclaimed by the bank.

I'll be buying them for 30% less than they worth now ... Itll be like pure heaven .

chappers

Its got nothing to do with buying at the top of the market where investment properties are concerned , if the investment is meant as a long term one.
Its about rash investment and BTL when the actual rental incomes and expenditures don't add up.
Bad investment is bad investment whenever it is made, and has nothing to do with any housing crash.