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Hi Jack,The moderator has moved your thread into the London Property Tribe where there is a wealth of information on this topic.Have a look through this category.A recent thread for example:Seeking London hotspots ... ! I am invested in London and currently have 100% occupancy across my portfolio of flats and have put the rent up on a couple recently.I agree you should perhaps seek a house in an up and coming area in zone 3 to 6, rather than a shiny new flat.
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**
It all depends on what sort of property you're looking for and where? North London has access to more tube lines, if that's important to you?
Where is your current property? Would you manage the new one yourself, so may need to be closer to where you live?
I will have sold both my London properties by 8/11/19. I've been lucky in that I've owned them for 17 and 14 years and seen the value increase. And because they were not too highly geared, the yield has also been good. One was an apartment with a share of the Freehold and I was the Company Sec. We kept the service charge 'honest' for a long time, but the work became too much and we outsourced the management 3 years ago. The agent then started to increase the charges.
I'm leaving London for York, and have several BTLs in Yorkshire. If I had not overpaid, the yield would have been better, but they manage to wash their faces!
With s.24, hits to CGT reliefs and, God forbid, a Corbyn government, I struggle to see how a new entrant to the London market can make money unless you are starting with a lot of money.
Hope you don't mind me asking, but why did you overpay for you BTL's in Yorkshire?
Did you receive bad advice?
I put my hands up. I committed the ultimate sin and was 'persuaded' to buy off-plan leasehold with the idea of building a better pension pot! It appeared the areas were ripe for expansion and there was demand, and the prices appeared reasonable (compared to London!). But I didn't do sufficient research, and like hundreds of other supposedly intelligent and successful people (accountants, barristers...) who were 'cash-rich, time-poor' and not property experts, I was conned by IAP and their tame solicitor; Powell Callen (both now conveniently defunct with no visible assets to recover!). The purchases were just before the recession, and the valuations have not recovered like London or other big cities, although I am now a little more optimistic about the Sheffield area. An expensive lesson... but I take a simple portfolio-wide view, and have done OK overall.
Thanks for your reply.
Unfortunately the most intelligent people in the world fall foul sometimes.
I admire the step you have taken to look as a whole and seem to be moving forward positively.
The used market is a little easier to compare with history but I totally understand the lure of new build.
once bitten twice shy.