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kanrent

Newcastle upon Tyne

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Hi just wondered if anyone here has a buy to let in Newcastle upon Tyne, I'm interested in buying a property there and am wondering which would be the best type of property to buy and which area, also interested in a good letting agent to manage the property. 

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Depends on your present location and how you plan to administer looking after your new purchase.

Troubling times ahead for the property market if we are to believe the economic and employment news flooding the TV and radio news right now.

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I can't offer any specific insight into letting property in Newcastle........although I have been there and I love the place.  But I can provide a very lengthy list of reasons to be cautious about buying and letting property generally at the moment . Many items on the list have been there for a long time and individually wouldn't normally create a reason to be overly carefull. But we have what I would call an almost perfect storm......

Covid 19 with no end in sight, unemployment, economy in trouble, Gov not doing very well, Brexit at end of year with all the uncertainty it brings, potential civil unrest, general lack of optimism, freeze on evictions/court action, increased legislation, tenants not having to pay rent, etc etc etc......I could go on all morning.

I would recommend caution.......put your money (or at least some of it) into electric scooters......you might do a little better.   Good luck.

 

 

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5 hours ago, Richlist said:

I can't offer any specific insight into letting property in Newcastle........although I have been there and I love the place.  But I can provide a very lengthy list of reasons to be cautious about buying and letting property generally at the moment . Many items on the list have been there for a long time and individually wouldn't normally create a reason to be overly carefull. But we have what I would call an almost perfect storm......

Covid 19 with no end in sight, unemployment, economy in trouble, Gov not doing very well, Brexit at end of year with all the uncertainty it brings, potential civil unrest, general lack of optimism, freeze on evictions/court action, increased legislation, tenants not having to pay rent, etc etc etc......I could go on all morning.

I would recommend caution.......put your money (or at least some of it) into electric scooters......you might do a little better.   Good luck.

 

 

Thanks on that note I think I will wait and see what happens the uk seems to be in a complete mess at the moment 

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         Meanwhile the property Vultures are circling............😀

     "Timing is everything. If it's meant to happen, it will, at the right time for the right reasons".

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Exactly.......

House prices fall for first time in 8 years so say Nationwide. No point buying at the top of the market if we are likely to see some downward movement. I can't see prices rising short term even though there is a massive shortage of everything property except empty shops on our high streets.

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I might have to cancel all my previous suggestions.......there is talk of Mr Sunak introducing a stamp duty holiday (to boost the market) for properties up to £500K......If it's open to investors, it might be an opportunity to good to miss.

Keep an eye on the media the next couple of days.

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Yes, spotted as well RL.  Will it help anyone except 1st time buyer's though? That's the question. If he does what has been suggested then you will see a rise in asking prices perhaps?

There is no doubt in my mind that the additional stamp duty for people buying 2nd properties is far too high and even I paid a gross extra amount 2-1/2 years ago but I had my reasons for doing so but I would say your average buyer would wince at having to pay this extra 3% on top of SDLT.  

I have always maintained and always will that the continuing roll over of property sales is the biggest job employer AND cash into the treasury coffers that you can ever have.

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Also housing benefit rates have shot up in my area. A 2 bed  property limit was £728pcm and has just increased to £822pcm. Not good for the poor taxpayer but the landlord with HB tenants has just had a result.

Mmmmmmmm do I kick out my retired couple tenants paying 740pcm from their pension and put in a single mum on full benefit of 822pcm. That was tongue in cheek and i wouldnt do that but there will be a lot of landlords that would seriously consider that and would.

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Mmmm!  food for thought Grampa..........😇

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This thread has gone a bit off track.....I'm as guilty as anyone for that but......the future might be looking a bit sweeter ;

Potentially included in the summer statement from Rishi Sunak tomorrow is......

* Temporary SDLT reduction.

* £500 voucher for adults, £250 voucher for children to boost spending.

* Short term VAT cut.

* Green homes grants for improving insulation.

 

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