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  • Property-a-holics

    For those landlords selling up or selling off

    How are you finding the current sales market in your area?

    Are you having to discount to move the property on to a new owner? And who is that new owner (eg. FTB)?

    I know of several people in the SE who are struggling to sell their properties, as no-one appears to be buying unless it's a bargain (these properties are not).

    How is the sales market looking where you're selling?

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    Interesting topic.

    I normally only invest in Midlands and North, however very tempted to start considering SE as my fellow investors in SE is making killing with deals up to 27% BMV.


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    I've just sold my only rental property in Cornwall. Valued at £240k, listed for £250k, offer of £245k accepted within 3 days from a retired cash buyer.

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    Here, in East Midlands, Nottingham, there seems to be a marked difference between houses and flats.

    Flats that were first sold (new-build or warehouse-type conversion) 5-10 yrs ago have to drop the price by 20-30% what they were bought for. Including these 'Ouch' listings...

    <!--{cke_protected}%3Cmeta%20http-equiv%3D%22CONTENT-TYPE%22%20content%3D%22text%2Fhtml%3B%20charset%3Dutf-8%22%20%2F%3E--> <!--{cke_protected}%3Cmeta%20name%3D%22GENERATOR%22%20content%3D%22OpenOffice%204.1.​1%20%20(Win32)%22%20%2F%3E--><style type="text/css">
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    "9th Nov 2018 £80,000  Price reduced by £5,000 18th Sep 2018 £85,000  First listed  3rd Jul 2006  £121,995  Last sold"

     "<!--{cke_protected}%3Cmeta%20http-equiv%3D%22CONTENT-TYPE%22%20content%3D%22text%2Fhtml%3B%20charset%3Dutf-8%22%20%2F%3E--> <b style="font-size: medium; font-family: Arial, sans-serif; color: rgb(89, 89, 99);">First listed 27 April £99,950  30th Jun 2006 £130,995 Last sold"

    Houses seem to be faring better, dependent on condition and location - but still a lot of price reductions if people are desperate to sell. 


    It's a good time to buy if you're in for the long-haul - but then we don't know what the looming Brexit will do to tenant-demand do we?

    Personally I'm just keeping my powder dry, neither selling nor buying.



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    Agree re.flats

    I bought some one bed apartments for approx 85 k 12 yrs ago, now lucky to get 52k for them. As DL points out massive difference with the SE and the rest of the country.

    Plus there's the 1k a year service charge which really sticks in the throat

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    It was recently reported 3,800 properties a month were being sold ( or was it marketed ) by landlords.

    It would be interesting to note how many of those are sold to landlords and how many leave the PRS .

    Most first time buyers I know go for new build .


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     I sold 6 properties in 2018

    1  tenanted ( to a new landlord - cash buyer)

    2 to  second time buyers

    3 to first time buyer (one to a couple who were aged 18 and 19 )

    2019 off to a good start should complete on two sales short

    1 Tenanted

    1 to a first time buyer


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    which part of the country were the houses in and did you make much capital growth on them or break even etc?


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    Brighton and Peacehaven East Sussex capital gain of £120,000 since 2011

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    A small point on the perception of BMV.....

    If you purchase a property at a price, you establish Open Market Value (OMV). As long as the transaction is at arms length with two willing and able non related individuals etc etc....

    You may think you're purchasing at Below Market Value (BMV) but you're not.

    This is what the banks/bridgers/lending institutions look at, and therefore loan at a percentage of the price (OMV),

    Technically speaking, BMV doesn't exist because by definition in paying a price, you've established OMV.






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    Kev Cooper

    07771 730323


    I've bought a few properties recently were the valuation by the lenders valued the property between 5% and 10% more than the price I offered.

    So have I bought BMV or OMV?

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