We had our 2 bed flat valued last September between tenants. It was originally an investment, with a view to getting our teenagers on the property ladder. We were told to expect in excess of £145k by 2 estate agents.There were only two other 2 bed flats for sale under £150k in the whole of Worcester.
After considerable deliberation, and having just retired and not wanting to make any major decisions, we rented it out again in November. Our tenant rang us earlier this week and he has bought a house, he said it was empty and it completed in 2.5 months. He understands that he is liable for rent until May. We are somewhat annoyed, we replaced the elderly cooker as he was a bit finicky, but for the past 4 months he has been the perfect tenant.
Having provided for the offspring, we have again considered selling. Looking at Zoopla, there are now numerous 2 bed flats for sale. One in the same block is on at £140k, although it needs an update. Several others have been reduced, many are empty. There is even a reasonable flat on the market for £110k.
I thought that the market was relatively stable at present, I was just wondering if other landlords here are selling en masse prior to the RR Act coming in?
There’s between 300-400k less rentals available than in 2020, so there’s the evidence.
I’m still buying more, but I’ve reduced the numbers I was intending on getting as shifting more to stocks and shares.
Which stocks are you looking at, Mark?
I would add that no doubt there will be even more properties for sale when inevitable horror stories start appearing on LL forums.
North Bristol where I am hardly any 2bed houses on the rental market and they fly off the shelves 3beds a little longer , my dads 3 bed took 3 weeks to rent , 2bed flats are slow and loads on the selling side
Good question. New to it so while Trump is causing mayhem I am investing is physical gold only initially, which is pretty stable, then once things have settled will consider established diverse funds.
Crypto isn’t for me as just too volatile and unpredictable. It’s a sentiment investment.
Tech industries have good gains but can be volatile. Look what happened to Nvidia. Though Alphabet may be promising with its AI innovations. China is probably the way to go.
Like I say new to it so treading cautiously….
Do you invest in stocks?
BTC - Bitcoin…20 characters
My partner invested in Bitcoin, its wore me out over the last few years with her constant “it’s going up, it’s going down” so I’m negatively biased!
We have one house at present that we rent out and we are considering selling it when our current tenant moves out. We had it valued in 2023 and got a buyer within a week at £280k. Long story but an issue came up with the land registry plans for the house our buyers were selling and the relatively small chain fell apart so we ended up renting it again. Looking online now, we would probably be aiming for £260k so not sure I’d be happy selling at that price but I just don’t know if I want to continue being a landlord.
There’s no indication from our current tenant that they may move so may well be tenants for a good few years yet and after some initial teething issues, they’ve been great tenants…pay their rent promptly every month, allow access for GSC (you wouldn’t believe how grateful I am after our last tenant wouldn’t let anyone in the house), etc but with all hassle from the government about private rentals, I just don’t know if it’s where I want to be for much longer.
Yep selling ..most of mine sold. Investing in ETF’s - tax free. A few voids, Agents, bad Tenants, consyant refurbs the numbers in property don’t make sense any more. Annoying about your tenant.. maybe sell off the cooker. As you know listing & asking price doesn’t reflect sale prices. I’d dress the property..we’ve dressed all ours you will get more attention for your efforts.
Thanks. To what extent do you dress the property? We do have some spare furniture but not beds, sofas, white goods.
Thanks,
Caroline
I am selling 2 places Leaving empty No dressing up ,so viewers can see their own plan. Not selling to landlords but to private buyers. Purpose? Money to the kids before I die
Yes we are selling steadily
Susan 25 with her etf’s i think is good advice
You may be paying cgt anyway so if you have just one flat its really not worth the grief plus trying to keep up with the rules and regs
You get one bad payer and it can eat you up. If you have 20 units and one bad payer you kind of live with it and take the hit but if thats your only one
Just sell the cooker with the flat, its small beer give it as a sweetener to the buyer
Sell property as going concern, e.g. fully furnished and with tenant
I’m considering selling up; The Mortage deal runs out next year
Ross 9 Property prices with sitting tenants are lower, and you are limiting yourself to other landlords. Not a good idea when your property is perfect for first time buyers!
Give tenant notice as selling up I had to do same with one place . She then bought a place for herself
We sold our two-bedroom flat last September, because of the implications of the new RRB.
Best to sell empty and clean you get many more potential buyers, its a no brainer really. However if you really cant afford that cash flow hit…
If tenant is clean and nice to deal with maybe sell as going concern…
if empty, clean it maybe a spruce up with magnolia where decor shabby. Dont do new kitchens etc
Oh and dont forget the entrance area, first impressions etc
Investments
Gold maybe 5% of your wealth. consider Britannias as less tax implications as they are coin of the realm. Also remember you need to store them somewhere, if you are risk averse and like to insure then check that out first. Gold is not a buy and sell they are a rainy day / heritage / contingency.
Investments go for low cost trackers. ETF s. Vanguard are a good starting point
Bitcoin is a no. Watch a YouTube from the sage of Omaha if you need further explanation. Its a glorified ponzi scheme in reality
Yes, all my personally owned BTL are currently up for sale or being renovated ready for sale.
From a cash flow perspective, it doesn’t make any sense any more.
Plus the tenants threaten you now, every time they don’t get their own way. I can’t stand the stress of it. They know the courts are screwed, and CAB and the Council just tell them to stay put until the eviction bailiffs arrive!
Please explain how ETFs are tax free (CGT and income tax). As far as I am aware, they would need to be held in a S&S ISA but how would you get all the capital from a property sale into an ISA quickly.