I am prevaricating offering on a BTL house as I can't get a nagging feeling out of my mind that as the reality of Brexit starts, once A50 is triggered, that the economy/house prices will go down, as interest rates, and inflation go up. On the other hand, there is no more land, and people will always want somewhere to live. My deposit monies are sitting in a savings account doing not very much, and I am driving myself mad, umming and arrghing.
I should add that I have form for being nervous and missing opportunties, but also for buying in 2007 and trying to sell in 2010, so I have been bitten on the bum by property once already.
whatever happens (and slashed rents/overseas owners selling out is London), BTL is getting very marginal indeed if you need a mortgage under current and definite future legislation.
you also need to be prepared for the possibility of a tenant sitting there for six months paying nothing and/or wrecking the place, while you pay out to get him evicted. Not very likely but absolutely not an unknown.
Carney wants you just to piss away your savings. When the head of the Bank of England thinks that inflation is currently zero (is it hell - petrol, broadband, utlities, council tax, insurance etc etc) then there really is no hope that anyone knows what is going on.
Estate agents round here are saying that although some people pulled out after the Brexit vote they haven't seen prices drop and the market had picked up to normal levels now. I don't know what this means for the future though. I'd say it would be a reasonable investment over the long term e.g. 20 years, but maybe risky over 5 years.
Estate agents round here are saying that although some people pulled out after the Brexit vote they haven't seen prices drop and the market had picked up to normal levels now. It's difficult to get the truth from EA, though, as they always talk the market up. I notice around us (Herts), houses are slow to sell at the moment. But then I feel they are ridiculously overpriced. I'd be interested to know the actual selling price of the houses that do sell. Except none do seem to be selling.