A first-time buyer's story

[tim123]

I think that in retrospect, when this is all over, those who sold in 05 and 06 will trun out to have done a good thing.

I sold in 06. 11 Flats in the complex have been sold since then, all at no more than 10% more than I got.

I think I got a good deal.

(The money's in the Bank wating for prices to 'bottom'!)

tim

[Bumfluff]

Housing market is f*cked in my area and to be honest I never thought it would be as bad as it is, a three bedroom round the corner from me went up at £469k and sold for £405k, even at £469k I thought it was cheap. Estate agent said he recons its going to get worse as well.

My place has been on market for a week and not one viewing and my gaff isn't a dump and needs no work.

[mrdonuts]

oh a teacher , that explains it. can they even write their own name ?

[Moscow Mule]

oh a teacher , that explains it. can they even write their own name ?

Probably. They can usually capitalise and punctuate sentences correctly as well.

[Ardesco]

Teacher hey, first time buyer.... What about the key workers scheme. They could have had the government pay for half of it...

What a load of old tosh, you could have got something quite decent for £177,000 if you had shopped around. Not to mention the whine about electricity bills... were mummy and daddy paying for it all before? Would cost just as much in rented accommodation....

IMHO buying is all about what you got for your money, I bought a 4 bed detached 2 years ago and am very happy with it. The price went up and now it's going down again but at the end of the day who cares. A house valuation only has meaning if you are trying to sell. If you can afford your mortgage and the bills it really doesn't matter. In the long term (25 years) i'll have made money. But then it's money that is locked up anyway unless I want to be homeless

[Cyberman]

An interesting article in the Mail on Sunday today arguing that BTLs are becoming a good investment again due to price drops and demand for rented accommodation increasing. Rents are increasing and returns are not much less than from cash in the bank.

If returns, which are now 6.4% on average, can match or even better returns on cash, then the market will start to improve, and thus all this 'crash' nonsense will prove to be overdone.

[NickFitz]

An interesting article in the Mail on Sunday today arguing that BTLs are becoming a good investment again due to price drops and demand for rented accommodation increasing. Rents are increasing and returns are not much less than from cash in the bank.

If returns, which are now 6.4% on average, can match or even better returns on cash, then the market will start to improve, and thus all this 'crash' nonsense will prove to be overdone.

Yet another reason to not believe what you read in the Mail.

It may possibly be the case that, in the small towns in Surrey and Hampshire where Mail readers live, there is a case for investing in BTL properties, but in all cities there is a glut of rental properties and you'll be very lucky to cover the cost of the mortgage.

Rents are in fact plummeting, and returns after the cost of ownership are taken into account are tending towards the negative.

[bobhope]

Daily Mail is about a good a contrarian indicator as you can get, apart from Gordon Brown of course.

[DimPrawn]

Brother in law is a property developer (Property Ladder stylee). He's just converted a house into flats in central Swindon.

No chance of selling at a profit now, so he's renting them out.

Be interesting to see if he can get tenants and if the rent covers the debt he has on buying the property, converting it and doing it up to a high std.

Somehow I doubt it, be interesting to see.

[ratewhore]

It's all a moot point anyway. As contractors, surely we all pay cash?