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DotCotton

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  • Location
    London / Asia
  • Areas I invest in
    London / East Manchester

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  1. Seems like a sensible course of action. It’s not going to be popular though
  2. Hey Sam, I'm a long term investor in Gorton and have lived there for a while myself back in 2010ish. Whilst some bits are a bit sketchy and certain streets contain 'characters', this is something you'll find throughout all of Manchester - it's a diverse city and diversity takes all sorts. The biggest issues I've encountered whilst there are bored teenagers, unemployment, kids zipping about on stolen motorbikes, and just a general feeling of a lack of policing. I'm glad to say that, at least from my perspective, things have improved since then. Police presence still isn't huge, and there's still a lot more the council could do for the area, but its a lot better than it was. Several volunteer-run initiatives are having a positive effect on the community including the freshly opened Hideout Youth Zone, the Oasis Centre on Hyde Road and several others. As a landlord of over 10 years in Gorton my experience has been on the whole positive. Typical tenants include young families, single parents, co-habiting workers, and those seeking to save money whilst saving for a deposit on their first purchase. It's possible that I've been lucky but my properties have always been quickly occupied and well maintained as I employ a local managing agent who keeps on top of things. In terms of recommendations I really like the area between Ryder Brow train station & Sunnybrow Park. There's 4-5 well kept streets with a nice community feel to them, but there's several other areas on both sides of Hyde Road which I wouldn't mind living in. My best advice it to go visit and spend some time there yourself, you'll quickly discover if it's suited to you, or indeed if you are suited to it. Hope this helps Dot
  3. Hi Daniel, A lot of this will depend upon your personal circumstances and aptitude to risk but if it were me, I'd want to lock into the currently available low interest rates for as long as possible (i.e. 5 years +). If you're savvy regarding your choice of lender then this should buy you flexibility - the option to make overpayments every year, and perhaps the option to put your home on the rental market if you decide to buy somewhere bigger during the fixed term. They key to getting this right is to choose a lender who is willing to work with you as your personal housing preferences evolve. By this I mean you should research the lender regarding their acceptance criteria for consent to let, the switching fee structure (if any) , and the consent renewal procedure as this will be important for any longer term products. The above option over an 18-year term should also allow you to accumulate more savings, which will put you in a better position to buy the bigger place when you are ready. You'd have the luxury of building up a substantial deposit so that you are ready to move quickly when the circumstances are right - who knows, if this coincides with the next market dip you could land yourself a bargain.
  4. I’m aware of a few lenders who have a 0.1% value restriction on ground rent but yes, it does seem that they might have got their maths wrong here. Alternatively could your broker have put the figure in the wrong column ?
  5. Is it £150 per month or per annum, if it's per month then yes, it is very high .. In fact higher than the cost of a mortgage on 75% of the value of he property !
  6. Do you mind if I ask who you Bank with ? Ive not heard of a bank intervening with a transfer like that before
  7. Hi Jagdip - there's no stats to be had here, it's just my opinion developed from the political chaos and corporate strategies expressed since last July last year. To be clear, I'm not saying that northern cities like Manchester / Leeds / Liverpool etc don't have sound investment fundamentals because they do. What I'm saying is that the implied significant economic boost to northern cities that was hyped by George Osborne and the 2010-15 coalition pre-Brexit will now never happen (for the next 20 years at least) because the circumstances around which these intentions were initially configured have now been thrown of course dramatically. Unfortunately in property terms, many developers put the wheels in motion to construct huge residential units in some of these cities prior to the referendum, and the majority were sold off-plan to overseas investors on the promise that the government had a committed strategy to invest heavily in these areas to propel growth / industry / jobs etc and thus make here investments seem like a good bet. I strongly believe that this government commitment has now gone out the window - we have far bigger problems to address and far bigger demands for government funds that will take precedent such as the financing the huge EU divorce bill, putting more resources into national defence, the intelligence services and policing, and developing strategies to prevent what big business we do currently have in the UK from uprooting to more progressive areas like Brussels, Paris, or Berlin. The northern powerhouse cannot work without combined substantial government & corporate investment, and both are no longer a feasible possibility. I therefore think we'll see a flatlining of property prices in the coming years as expectations shift to meet the new reality, followed by a dip. Not a complete disaster but it's a million miles away from what could have been.
  8. On a positive note, the chief executive of Weatherspoons seems to think Brexit will cut the supply cost of his largers by 0.5p a pint. So every cloud
  9. In short, yes. The northern powerhouse could have been an exciting economic dynamo over the next 10-20 years offering an atmosphere for growth and entrerprise that London had become too elitist and overdeveloped to provide ... But then Brexit happened. Pragmatists now realise that the economic future of the U.K. is so bleak that the big plans for northern development will have to be scaled back or scrapped all together. From a property perspective I get calls every week from sales agents trying to flog unbuilt apartments at "2016 off plan prices" because their original Chinese buyers have pulled out. They try to market this as a lucky opportunity but it's a sign that the tides have turned.
  10. Afternoon all ! I've spent the last hour browsing updates on this forum so I thought I'd update my progress whilst I'm here (it's been a while!) So I returned to the UK last summer and moved back into my London flat (not great for the yields but this was counterbalanced by a promotion so I've justified it that way). I've actually started to really enjoy my new position so the ambition of becoming a full time property investor has been booted out of the ballpark (for the time being at least) I completed on my 4th property in September 2015, and my 5th April 2016. All are now tenanted and fully managed by local agents in Manchester. I've got to say I've been taken aback by the surge in Manchester rents/ values over the last 3 years - I've always liked the city but I'd not anticipated prices to drive up quite as high as they have, here's hoping they now start to settle a bit (the low cost of living in Manchester is one of its main draws and it'd be a real shame if it turned into the London of the north) I suppose my strategy for the the next few months is to sit and watch the market - the political scene is a complete mess, London markets have taken a real dip, and I'm expecting uncertainty to manifest further across the rest of the U.K... so I'd like to take it all in and reassess before even thinking about committing to new purchases. Having said that I've got a backlog of podcasts to get through & I'm hoping that once I've caught up I'll have a better idea of themes / options / other people's strategies etc that I might decide to borrow to put me in good stead for the future. All the best Dot
  11. Anybody got wisdom to share regarding this ? I've heard a few conflicting views
  12. Evening all ;-) Just wondering whether anybody had any thoughts on claiming car travel & maintenance costs on their self assessment tax return ? I somehow managed to get to the ripe old age of 34 without ever owning one, but last year I took the plunge to allow me to get to and from my properties / builders / agents etc more easily. The cars a bit of a heap so I wasn't planning to claim anything for the initial purchase, but would petrol / motorway toll / insurance / repairs etc be fair game for trips up north (from London) when those trips were specifically for property-related business ?. I'd be interested to know your thoughts ? Many thanks DC
  13. Hi James, I'm a little bit weary of all Investor hype around Manchester at the moment - there are new builds springing up literally everywhere and I'm forever getting un-solicited sales calls from agents who don't seem to have a great understanding of the product or even the area in which that they are selling ! I'm aware big things have been promised regarding development in the vicinity of Salford, but I'm also aware that the government will be forced to make some pretty serious cutbacks in the wake of the Brexit debacle, so I wouldn't rely on any previous commitments being exempt from review in the near future. It might be worth having a read of this article that was written during the last crash - quite a lot of people lost a lot of money when the bottom fell out of the apartment market in 2008 because developers pushed supply way in excess of demand. https://www.theguardian.com/money/2008/mar/25/houseprices.housingmarket On a positive note, quite a few property investors seem to ne hedging their bets by gradually selling off tenanted apartments in he city centre. If I were you I'd negotiate a deal on one of those - at least then you can see what your getting and will be able to make an accurate appraisal of current and future tenant demand in the area.
  14. I've never been to one of these before but I have the 21st of June off work and was thinking of going along - are any other London-based property hubbers thinking of attending ? If so, it would be good to meet up before or after to digest and compare notes ...
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