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Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
(27-09-2015 06:17 PM)jacobnation Wrote: Hi everyone,
I'm now looking at buying a flat in Portsmouth with the £20k I've got saved, as it's just sitting in my account earning next to no interest, and I want to invest in a property that'll finally get money working for me.
My plan was to buy from a motivated seller who's looking for a quick sale from a first time buyer who's not in a chain, and then refurbish it to build up equity asap. I wrote a letter explaining my offer and posted it to a few houses I found on Right Move, but have received no replies.
It's not the end of the world, as an estate agent straight away said that they'd take £5k less than the asking price, and after viewing the property myself I spotted a few things in need of attention which I plan on haggling on.
After doing research on Spare Room, It seems there's a strong rental market down there. With this being my first property investment at 19 I'm very excited to finally get going after three years of saving, but I'm also trying to not be too hasty.
I work in central London and am planning on commuting into Waterloo from Portsmouth station, all in all a 2 hour commute door to door. The original plan at the start of the year was to get into BTL straight away, but I'm yet to find a lender who would give me a mortgage when I'm earning under £25k.
The plan now is to get a lodger to stay in one of the rooms paying me about £500pcm and I stay in the other.
Is there anything here you can see that might trip me up? Any advice would be much appreciated.
(27-09-2015 06:37 PM)dw3 Wrote: Where do you live currently?
Swanley in Kent has come out on top in a comprehensive new ranking of London's best commuter towns, closely followed by Bushey and Watford in Hertfordshire.
The average house price starts from £221,000 in each of the top five commuter hotspots, making them a tempting option for cash-strapped Londoners looking for more space as the average house price in the capital reaches £491,000.
TotallyMoney.com analysed 89 commuter towns to come up with its report, taking into account everything from house prices and life satisfaction to the cost of a season ticket and the time it takes to reach the capital by train. This handy interactive infographic allows buyers to narrow their options according to the factor they feel is most important.Source article and interactive map
It would appear that the Southern Rail strike is affecting property prices.What’s the latest?
It isn’t just Southern Rail bosses who are counting the cost of 12 months of industrial disruption to commuter services.
Homeowners have also been affected by strike action, as new data from Zoopla reveals that house price growth in towns located along the network has slowed by two-thirds in the past year.
The biggest plunge in average property value growth has been experienced near the Harrow and Wealdstone station – down 18.5% in year-on-year growth since industrial action began.
In a further blow, riverside town Tonbridge is the slowest Southern Rail town to go under offer, with data showing it takes over two weeks longer to receive offers than the regional average.Why is this happening?
Lawrence Hall, spokesman for Zoopla, explains: “The Southern Rail strikes have been well documented over the last year and the ongoing dispute appears to have taken its toll on property values along the line.
“While values are still rising in popular commuter belt areas, albeit at a slower rate, talk of further strikes may be exacerbating the situation.”
Although growth in home values is slowing nationwide year-on-year, the South East, and specifically locations along Southern Rail lines, are slackening off at a faster rate.Full/source article
People working in central London can save an average of £483,342 by commuting up to an hour each day because of the high cost of homes in the capital, new research has found.
Those willing to make the longer commute could pay 60% less for a property while a 40 minute commute could save £375,114 and a some minute commute some £295,075.
The research by Lloyds Bank shows that house prices in a number of towns around an hour’s train journey away from London, including Basingstoke, Crawley, Gravesend, Windsor and Northampton, are on average around £325,091, some £483,342 lower than the average of £808,434 for a property within travelcard zones 1 and 2.
Prices in these locations are also significantly lower, at £202,424 or 38%, than the average property price in zones 3 to 6 and the difference between house prices for commuters travelling approximately 60 minutes would pay for the current annual rail cost at £5,381 for 90 years.
Buyers looking for a home in towns approximately 40 minutes away, such as Billericay, Hatfield, Staines and Woking, will pay an average price of £433,320 which is still £375,114 or 46% lower than in zones 1 and 2 and with a lower average annual rail pass costing £3,775.
Even at up to 20 minutes distance away from the heart of London, commuters from towns such as New Cross and East Croydon benefit from an average house price £295,075 lower than in central London.Full/source article