@ TDW

Have you considered the possibility of buying a flat, I know a few older people that are downsizing and have bought really nice appartments, some really nice ones out there and you can get a lot for your money if you buy right, also some good locations to be had still.

A nice 2/3 bed apartment with good views over the city is something I definitely consider if I had a pile of cash, much better than a terraced or semi in a slightly dodgy area IMO.

 

Maybe he doesn't want to?

Having savings doesn't automatically mean you have to blow them on a house.

 

And given the deflationary pressures out there interest rates aren't going to rise anytime soon. I very often get it wrong but I called it right in terms of ir not rising despite what Carney was trying to hint at all last year.

The MPC voted unanimously for the first time in ages to keep rates on hold. You can now get a 10 year fixed mortgage for 3.5%.


http://www.theguardian.com/money/201...mortgage-deals


So ir are not going to discourage btl, quite the opposite. It can only be 'discouraged' by more stringent lending criteria and/or some kind of additional tax. I suspect that if Labour gets into power they will indeed introduce some kind of tax on btl.

 

Nope much better to let the bankers use it to gamble on the stock market, make a fortune and give him a pittance in return.

Playing Devils Advocate today are we?

He's been looking for some time and freely admits in an earlier post that he'd be better off buying than renting.

 

Yeah! I mean, why blow your savings on an appreciating asset when you can watch its real world value go down in a savings account.

Anyway, keep renting folks, cos by the time i'm 50 i'll be sipping a cocktail in the sun on your money

 

It is scary that a two up two down here is £550-600k. People have no hope. Where is it all going to end?

 

There are those who rent, some who see the benefits of home ownership and those who see property as a nice little earner. I am in the last category, I will be increasing my portfolio by a third this year. At that point I will no longer need to worry financially, well hopefully.

 

I missed this snide comment.

I never entered into home ownership to "Make" money per say, it was as a means of saving money as far as I was concerned at the time. It was basic economics, rent and give my money away or buy and get a percentage of it back or at very least have something to show for it after 25yrs.

As things panned out the housing market went mental and I realised if I cashed in at that point I could set myself and my family up quite nicely, so that's exactly what I did by doing what I mentioned previously.

Nothing to do with being able to see the future or being a hero, although I did to a degree see a future where it would become impossible for normal working folk to own their own home.

All I did was have the courage of my convictions, looked at the local market, then made a decision based on the information of where would be a good up and coming place to buy, something I have done 3 times and the formula has been successful thus far, but it aint rocket science, decent schools, decent local shops and good public transport, then find a house in budget. Simple.

 

In the UK going bankrupt due to the greed of many of its inhabitants!

 

Good on you fella...
I do like a success story..
Unfortunately some others on here get a little jealous....
But you have taken some risk and been rewarded...

 

Yeah but those that have property and no real cash (like me when I sold my first one) see it as an opportunity to get their hands on some cash and put it to good use, (money begats money) tbh I never had more than £2k in the bank prior to selling the first house, simply because I didn't earn enough to be able to save, if there was something left over at the end of the month it was a ******* miracle.

The house I sold got turned into 3 flats so 2 more dwellings created and the people I bought off were both very grateful for a cash windfall as was I. So in effect my act created a chain reaction which touched and enhanced the lives of quite a few people as well as my family.

Sure some people experience the bad side of property but it's usually those that overstretch themselves and have ideas above their station, personally I'm a glass is half full kind of person and "Always look on the bright side of life"

A lesson you could do well to pay attention to, as in instead of bitching all the time be happy you have the money in the bank to buy outright as opposed to complaining that you can't get a mansion for £100k Maybe you should try lowering your sights a little.

 

Cheers

But like I said I didn't do it for money, I needed somewhere to live and buying just made more sense.

 

People are obsessed with houses because they don't like living in tents or caves.