Reply to: Buy to let DOOM

[Troll]

I agree,

I just stopped there. Don't want to know.

[scooterscot]

I agree, ROI is not what it used to be. Better to sniff out something else.

I recommend anyone with debt pay it down now.

[ChimpMaster]

Just in the process of selling our place. Nothing to do with the change in policy, however.

So if all this property comes on the market we'll have ourselves weak demand and supply swells, rental prices collapse a little, profits fall, rates go up.

Yes, it's doom.

No doom while interest rates are so low - and I reckon they will stay low for years yet - so there will not be a house price collapse, though I expect it will moderate and (I hope) cool off a bit.

House price rises like the past 3 or 4 years don't help anyone, except big investors who are cashing out. As an investor I no longer find decent ROI, even though property is the only area in which you can still get yields of any sort. As a home owner I cannot afford to move up the ladder because the next leg up is out of reach and the stamp duty is a killer on it.

[ChimpMaster]

Was around at the wife's Aunties property at the weekend that has just finished being refurbed - looks good and while we were there the next door neighbours visited - they are an Eastern European family renting, and their landlord is selling up, so were enquiring if the maisonette was being sold or being rented as they would like to stay in the area
The owners of the maisonette above the Aunties (who had just sold theirs for a crazy amount of money) said they were a lovely family and kept the property spotless - so she told the EE's to go through the agent and it looks like a done deal

Annoyingly this is contrary to my belief that we should exit the EU which would mean no more EU migrants to fill our properties - quite a dilemma

What?! That's like a contractor finding their own gig and then calling up a random agent to give them a cut. Estate agents will do next to nothing for their 10% fee.

[scooterscot]

Was around at the wife's Aunties property at the weekend

I just stopped there. Don't want to know.

[scooterscot]

Just in the process of selling our place. Nothing to do with the change in policy, however.

So if all this property comes on the market we'll have ourselves weak demand and supply swells, rental prices collapse a little, profits fall, rates go up.

Yes, it's doom.

[Troll]

Was around at the wife's Aunties property at the weekend that has just finished being refurbed - looks good and while we were there the next door neighbours visited - they are an Eastern European family renting, and their landlord is selling up, so were enquiring if the maisonette was being sold or being rented as they would like to stay in the area
The owners of the maisonette above the Aunties (who had just sold theirs for a crazy amount of money) said they were a lovely family and kept the property spotless - so she told the EE's to go through the agent and it looks like a done deal

Annoyingly this is contrary to my belief that we should exit the EU which would mean no more EU migrants to fill our properties - quite a dilemma

[PurpleGorilla]

The pension pots have just been made available. To try to pump money into a f**ked economy.

Alas some boomers, unhappy with only 10 BTLs (and hence only f**king over 10 young people) are so greedy they want more more more.

Can't we just shoot anyone with a second property?

+1

[jamesbrown]

Blimey.. If the Doom gets any worse I'm not going to be able to afford to subscribe to read about more doom!!!

I was feeling quite upbeat before I read that, now I feel beside myself with doom. It's all completely futile. The doom has gone to 11.

[northernladuk]

More doom.

Blimey.. If the Doom gets any worse I'm not going to be able to afford to subscribe to read about more doom!!!

[jamesbrown]

More doom.

[AtW]

I don't want to evict the tenant, who hasn't caused me any hassle this past year.

Amateur.

I'd evict the tenant and sell to the young guy...

... then gazunder him by at least £20k just before exchange of contracts takes place.

HTH

MarillionFan

[vetran]

I really do have empathy for the first guy though; he's lost out on a number of properties because he keeps getting outbid.

Is he a substantial chap who is never far from a pie?

[ChimpMaster]

But not enough empathy to sell to him, eh?

I was going to until the other offer came in

But seriously, more than the money it's the hassle I'll save by selling to the investor... I don't want to evict the tenant, who hasn't caused me any hassle this past year.

[AtW]

I really do have empathy for the first guy though; he's lost out on a number of properties because he keeps getting outbid.

But not enough empathy to sell to him, eh?