CatRyan
Striker
house prices in central London may slow down, plateau and stagnate but they don't really go down.
Housing market Lemmings
- Thread starter spitfire
- Start date
Depends on interest rates. There was a lot of negative equity when I bought my flat in the East End during the early 90s.
CatRyan
Striker
was it Central?
CatRyan
Striker
I've been a land lord a couple of times, the first was just because we didn't want to sell the family house too soon after the death of my parents, so we rented rooms out at a really low rent, which seemed to keep everyone happy.This deserves more likes than it's got.
The second time was a property I bought to flip down in Hastings. Didn't see the property and the residents until after I bought it and was distinctly uncomfortable about the whole thing the whole time and let an agent handle it but tried to improve their conditions and not evict anyone.
Swindon On Tour
Striker
A sweeping statement that.
We had HS2 virtually a few hundred yards from our old house and no compensation claim. We split the equity and rented that house out and moved again.
5 years of hell renting a property and never again.
Sold it this year and the plan to be mortgage free next year. The 5 year nightmare is over and We had no intentions of owning 2 houses a case of having to. The stress of bad tenants I would never want to go through that again.
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Winger
The joy of finally evicting a particular tenant pushes the birth of my children very close as the best day of my life.
Swindon On Tour
Striker
House prices here are incredible moving all the time.
In 5 years ours has risen by £200k!! however it was a bargain and we purchased it under the original market value as the garden was a project. Absolutely ridiculous and it can’t continue. Young people have very little chances of getting on the property ladder.
Mate the stress was awful. Couldn’t evict them without a long legal process, they couldn’t afford the rent and should never have moved in the property in the first place as the proof of funds were never there.
At least they didn’t damage it like the ones before.
Thankfully they handed in the keys and left. 3 more days and they could have sat pretty and we couldn’t have done anything as the Covid law came in.
Dodged the biggest bullet of all with that one.
Never again mate. Without doubt it ends up costing you money.
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Winger
Thought me a huge lesson, let at below market rate so you have plenty of choice of interested tenants. Then make sure you do extensive referencing, don’t ever want to go through that again.
Professor Yaffle
Central Defender
Yes, agreed. I made an apology to the original poster in which I attempted to clarify my views. My gripe is with property speculators. They are pure vermin in my view, taking an essential item of which there is an acute shortage, and hoping to make money from it. I hope any such people lose everything they have.
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Winger
No shortage of affordable houses up here
I paid 68k for my flat in Bow early 90s.
It had been bought for 86k about 6 years earlier
Professor Yaffle
Central Defender
You reckon? That's ok if you can get a mortgage on the back of a zero hours contract.
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Winger
But landlords aren’t causing that problem
R
Rustie Trombone
Guest
Houses selling within 24 hours round here - SR2 - it's mental like
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Winger
My first house was £20k wouldn’t cost much more now. The house hasn’t changed, a good solid starter house, the neighbours, however have certainly changed for the worse. Don’t know what has changed in people in the last 25 years or so, but it isn’t for the better.
My downstairs neighbours did a midnight flit. Just packed up and left. Not sure how they thought they could get away with it.
This deserves more likes than it's got.
a first