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Property/DIY

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Original poster

Buy to lets seem to be back with a vengance and how would you take this feedback?

21 replies

twinsetandpearls · 05/04/2009 14:35

We have had 3 viewings this weekend all cash buyers who want to buy to let, I thought that buy to let investors would be thin on the ground but they seem to there.

Every single viewer who has come to look at ours with a view to buy to let has said, actually we like this house so much we are going to buy it to live in and let our own house out! I know we are underpriced and dont really care but dp is worried that we are loosing too much money.

I am thinking that they cant be that successful in their investments if they are so tempted by our nice but quite average home. So is the bubble inflating again?

OP posts:

StripeyKnickersSpottySocks · 05/04/2009 14:37

I think the market is picking up. With interest rates been so low people are jumping in, prices seems to be creeping up again round here.

noddyholder · 05/04/2009 14:38

the return on savings is so bad that they are hoping to get a really cheap deal and cash in later on.even if the rises are only in line with inflation its better than any bank!

Original poster

twinsetandpearls · 05/04/2009 14:38

Another cash buyer viewing later this afternoon, not sure if this is another buy to let person.

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Original poster

twinsetandpearls · 05/04/2009 14:39

I had not thought of that noddy. We were planning to sell and then save the money hoping for a good interest rate but that does not seem such a good plan now.

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noddyholder · 05/04/2009 16:40

There are still some good deals if you can leave the money in for a while

Original poster

twinsetandpearls · 05/04/2009 18:38

We are speaking to a financial advisor about what to do.

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noddyholder · 05/04/2009 18:51

Thats a good idea Good luck!We spoke to one and are staying put for the foreseeable

Original poster

twinsetandpearls · 05/04/2009 19:05

It isnt often I have good ideas when it comes to money. I am sure a FA would have advised us not to move in the first place but sometimes happiness is more important than money.

You have given invaluable advice BTW Noddy as I have been trying to sell. Thanks.

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ickletickle · 05/04/2009 19:58

dont you mean they are letting to buy... ie they dont want to sell their own house at what they perceive to be under market value, so will let it out, waiting until market picks up and sell, but believe they are buying a house at undermarket themselves, iyswim..

Original poster

twinsetandpearls · 05/04/2009 21:25

No we did that for a while, these sellers want to buy my house and let it out to tenants. Rather risky at the moment as the rentals market is flooded

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wannaBe · 05/04/2009 21:28

I think that it's inevitable the buy to let market will pick up.

In the current climate it's harder to get a mortgage, and lots of people who would only have qualified for 125% mortgages etc are no longer able to buy, so those who have money are cashing in by buying and letting the properties to those who are unable to get a mortgage.

FiveGoMadInDorset · 05/04/2009 21:30

I am so pleased you are getting some interest. If you want to meet up at all over the holidays then email me.

ickletickle · 05/04/2009 21:31

sorry twinset, i misread your post. if you have cash or can take advantage of low interest rates then its probably a reasonably sensible move.

Original poster

twinsetandpearls · 05/04/2009 21:32

Will do I was thinking about you today actually 5gomad.

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FiveGoMadInDorset · 05/04/2009 21:34

DH can pick up DS so can come up with dog to see you.

Original poster

twinsetandpearls · 05/04/2009 22:02

That would be lovely, dd is away with her dad for a few days so would be better later in the week or next week if you were bringing your dd.

I will email you

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JimmyMcNulty · 06/04/2009 10:36

Great that you are having more interest twinset. As for the bubble re-inflating I hugely doubt it. Re-inflate how?! The recession is already worse than Darling predicted (quel surprise) and to last longer. The credit is simply not there.

Your viewers are people who don't need a mortgage (unlike most) and who are expecting a bargain, not immediate capital gains (how bubbles take off). Spring also gets people irrationally exuberant - there is always, always, always a bounce in a crash before the realisation hits that actually nothing fundamental has changed, in fact things are looking worse, and downward momentum resumes. If one of these people puts in an offer you can accept, bite their hand off!

Original poster

twinsetandpearls · 06/04/2009 19:15

What I meant by reinflating the bubble is that they cant be particularly successful investors of they are so tempted by my very average suburban semi. They are viewing it with a view to let it out but are now saying they want to move in themselves. But then again I suppose if they are cashbuyers they must be quite successful.

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MintyyAeroEgg · 06/04/2009 19:34

Its great that you've had some interest at last. You might have a bidding war!

Original poster

twinsetandpearls · 06/04/2009 19:37

Fingers crossed Minty.

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lalalonglegs · 14/04/2009 14:26

Twinset - I hardly dare ask but... any news?

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