Buying a house (and renting)

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Lagamorph
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PostRe: Buying a house (and renting)
by Lagamorph » Fri Nov 20, 2020 12:27 pm

It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Fri Nov 20, 2020 12:31 pm

Moggy wrote:
Oblomov Boblomov wrote:Yes, more houses need to be built.


Yep. And they need to be council houses.


Need to end right to buy first.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 1:35 pm

Moggy wrote:
Oblomov Boblomov wrote:Yes, more houses need to be built.


Yep. And they need to be council houses.


Then we can snap them up for cheap and rent them out in 15 years time :datass:

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 1:43 pm

Victor Mildew wrote:
Moggy wrote:
Oblomov Boblomov wrote:Yes, more houses need to be built.


Yep. And they need to be council houses.


Then we can snap them up for cheap and rent them out in 15 years time :datass:


People think the boomers are bad? Just wait until we are in our 50s and 60s. :datass:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 1:49 pm

Moggy wrote:
Victor Mildew wrote:
Moggy wrote:
Oblomov Boblomov wrote:Yes, more houses need to be built.


Yep. And they need to be council houses.


Then we can snap them up for cheap and rent them out in 15 years time :datass:


People think the boomers are bad? Just wait until we are in our 50s and 60s. :datass:


The Groomer generation 8-)

...hang on

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Fri Nov 20, 2020 2:15 pm

Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 2:18 pm

Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!

Hexx wrote:Ad7 is older and balder than I thought.
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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Fri Nov 20, 2020 2:20 pm

Victor Mildew wrote:
Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!


Yeah it's strawberry floating insane. Home counties are gooseberry fool.

Part of me would want to move further afield, but the issue I have is my last remaining support network is here and I don't think I could afford to leave it.

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PostRe: Buying a house (and renting)
by Jenuall » Fri Nov 20, 2020 2:20 pm

Qikz wrote:
Victor Mildew wrote:
Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!


Yeah it's strawberry floating insane. Home counties are gooseberry fool.

Pro's and con's though, at least you don't have to live near bin bint!

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Fri Nov 20, 2020 2:22 pm

Victor Mildew wrote:Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!

Well now I'm definitely moving in next door.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Cuttooth
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PostRe: Buying a house (and renting)
by Cuttooth » Fri Nov 20, 2020 2:25 pm

Drumstick wrote:
Victor Mildew wrote:Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!

Well now I'm definitely moving in next door.

You could move next door to the MP down his road.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 2:25 pm

Victor Mildew wrote:
Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!


It's not just a London thing, plenty of 1 bed flats in Bristol are for sale over £275k.

https://www.rightmove.co.uk/property-fo ... &keywords=

It's nuts.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 2:26 pm

Cuttooth wrote:
Drumstick wrote:
Victor Mildew wrote:Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!

Well now I'm definitely moving in next door.

You could move next door to the MP down his road.


He lives next to leaf blower bloke :lol:

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Fri Nov 20, 2020 2:56 pm

Moggy wrote:
Victor Mildew wrote:
Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!


It's not just a London thing, plenty of 1 bed flats in Bristol are for sale over £275k.

https://www.rightmove.co.uk/property-fo ... &keywords=

It's nuts.


I've never quite understood why the prices are so high in Bristol, it's a very nice city but whilst it might have some high paying jobs (Hargreaves Lansdown is based out there), I didn't think it would have the numerous high paying finance jobs which sustain London prices.

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Nov 20, 2020 2:57 pm

End of the M4 corridor and the direct London train is super quick, that's my understanding. Pretty sure you can get no stops between Bristol and Reading

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 3:11 pm

Ecno wrote:
Moggy wrote:
Victor Mildew wrote:
Qikz wrote:
Lagamorph wrote:It'll come as no shock to anyone that my parents gave me my deposit, though it was only £8k as I bought via Help to Buy and the house itself was just shy of £150,000.

After 5 years I remortgaged to pay off the £20k Help to Buy loan but that was all based from my own salary.


150k for a house, where do you live out of interest? I live in a 1 bed flat and it cost me 275k, I couldn't get a mortgage near high enough so I had to settle for buying 40% and paying rent on the other 60 :/


What in the absolute strawberry float :dread: :lol:

Here that would get you a 5 bedroom detached house with large front and rear gardens, private driveway and a double garage!


It's not just a London thing, plenty of 1 bed flats in Bristol are for sale over £275k.

https://www.rightmove.co.uk/property-fo ... &keywords=

It's nuts.


I've never quite understood why the prices are so high in Bristol, it's a very nice city but whilst it might have some high paying jobs (Hargreaves Lansdown is based out there), I didn't think it would have the numerous high paying finance jobs which sustain London prices.


It's a major hub. We've got good links to Wales, London, the South West and the Midlands.

A lot of people from London are moving here for a better quality of life and cheaper prices. In return we are all moving to Wales for the same reasons. Eventually London will be in Dublin, Bristolians will be in Florida and the Welsh will be in Alabama. :lol:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 3:32 pm

We have the mines of Moria here in Wales. We just call it big pit to put the tourists off the scent.

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Tomous
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PostRe: Buying a house (and renting)
by Tomous » Fri Nov 20, 2020 3:39 pm

Oblomov Boblomov wrote:
Imrahil wrote:Rents are largely driven by the base house values - which have skyrocketed over the last 20 years - you'd be surprised how little gap there is between the monthly rent you pay and the monthly mortgage payment on that property, once fees/costs are also taken into account.

They make their money by having large portfolios, so the slim margins on each property can stack up over a long period of time. Plus they slowly gain capital obviously.

If you fixed the root cause of the problem - land/property overvaluation due to woefully limited supplies - the rents would equalise back down. But every government has neglected this for the last 30 years.

The supply is limited partly because the pricks are snapping them all up!

Yes, more houses need to be built. It's not too difficult to put two and two together when you realise the people required to make the decisions necessary to allow more houses to be built are made up of the landlords themselves whose asset values will reduce if it happens.


Exactly. We need heavy tax penalties on people who buy own additional properties. The extra tax raised could then be used to help new buyers with their deposit.

Obviously this will never happen because it would require the Government to care more about the people than themselves or their shitty party.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Fri Nov 20, 2020 3:56 pm

Tomous wrote:
Oblomov Boblomov wrote:
Imrahil wrote:Rents are largely driven by the base house values - which have skyrocketed over the last 20 years - you'd be surprised how little gap there is between the monthly rent you pay and the monthly mortgage payment on that property, once fees/costs are also taken into account.

They make their money by having large portfolios, so the slim margins on each property can stack up over a long period of time. Plus they slowly gain capital obviously.

If you fixed the root cause of the problem - land/property overvaluation due to woefully limited supplies - the rents would equalise back down. But every government has neglected this for the last 30 years.

The supply is limited partly because the pricks are snapping them all up!

Yes, more houses need to be built. It's not too difficult to put two and two together when you realise the people required to make the decisions necessary to allow more houses to be built are made up of the landlords themselves whose asset values will reduce if it happens.


Exactly. We need heavy tax penalties on people who buy own additional properties. The extra tax raised could then be used to help new buyers with their deposit.

Obviously this will never happen because it would require the Government to care more about the people than themselves or their shitty party.

I think some credit is due for how unattractive it has been made to take on a new mortgage-to-let, fairly recently I believe. The real problem that needs addressing is at several layers of wealth upward, with those who have the means to buy properties outright.

I don't really know how to deal with it realistically (i.e. not with the Murder Pit™ or to just outright make it illegal). How do you stop an additional tax being passed on to the tenants? How do you introduce the tax if the properties are owned by a company? How exactly does this extra revenue support new buyers? You're an accountant aren't you? You can formulate the plan and I'll take the credit for it :shifty:.

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Fri Nov 20, 2020 4:17 pm

There's nothing instinctively wrong with people/companies owning homes and renting them out. Not everybody wants to buy at every specific moment/may want to rent at that time outside of affordability issues.

What needs to happen is,

Government to make explicit that a long term reduction in real term house prices is their goal.

Build more council houses and end right to buy. The amount of housing benefit the government pays is an absolute disgrace, when it could be investing in the countries wealth & infrastructure.

Enhance tenancy protections. I.e. it just took my girlfriend's landlord six weeks to fix her oven (and she organised it all herself as her landlord picked a crap oven repairer to save money and kept cancelling appointments and she had to keep chasing to get it done). She should have after say 2 weeks (maybe less as it's an oven), been allowed to organise her own repair and deduct it from the rent (I believe this is the case in i.e. Germany but only know that anecdotally from Twitter).

Have their own housing company for non-council taxes say for when say they decide to extend the Bakerloo line the government can capture the increased land values from that opposed to private individuals.

There's people who swear by Land Value taxes etc, which I get the argument for in terms of economic efficiency etc but won't sit right with the population for various reasons.

Edit: PS the government also temporary cutting stamp duty for 2nd home owners at the same time it did for everyone else was utterly moronic.


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