Melboy Posted June 25 Report Share Posted June 25 As good a place as any to mention this: I spoke to a landlord that I know this past weekend who is selling up and getting out of the business for all the reasons we are probably aware of. He has been renting out 2 properties over a 20 year period but has decided to call it a day due to the up and coming uncertainty of a future Labour government and for other reasons. Like the many he regrets not doing this 3 years ago when the annual Capital Gains tax allowance was £12,300 per person and not the £3,000 it is now. Will Labour do away with the CG tax allowance completely I wonder? He will invest the sale proceeds into the high interest rates on offer right now and before they go down, probably in August, which is what a lot of selling up landlords have done. It would be interesting to know if anybody is actually buying BtL property right now. With the high property prices in the Southern area of the UK is it worthwhile anymore? Quote Link to comment Share on other sites More sharing options...
Richlist Posted June 26 Report Share Posted June 26 In spite of all my critical comments over the past few years I have to say if the right property, in the right place, at the right price were to present itself I would most likely buy it. But I'm not expecting that to happen. Quote Link to comment Share on other sites More sharing options...
Melboy Posted June 26 Report Share Posted June 26 I was dipping in and out of the London based Barnard Marcus live viewing property auctions yesterday. The first thing that became apparent to me was that the Southern area property on offer were just not really selling and way off the auction reserve prices whereas the Northern area were but that's not surprising as most of the Northern properties were selling at well below the 100 thousand pounds and the properties looked to be very good value as well. So I would imagine there is still a market for BtL in the North of the UK. Quote Link to comment Share on other sites More sharing options...
Richlist Posted June 26 Report Share Posted June 26 Yes I think you're right. I was watching the 'Homes Under the Hammer' tv program a few days ago. A couple of guys bought a property quite close to where I live in Essex, which caught my attention. They had gone to the auction to buy something else but had got out bid so, they bid and won this other property without seeing it. It was a wreck, needed a lot of work and they paid over the top for it. They spent £30K+ refurbishing it to a good standard and expected to do well. It got valued and pretty much what they had spent. The reason ?.......they didn't know the area, didn't know what properties there sold for, had unrealistic expectations, hadn't done their homework etc......and that's the issue. Everywhere has good and not so good areas. As locals we all know where is good or not so good or to avoid where we live. But up North, with no knowledge of the areas I wouldn't feel comfortable buying anywhere. Quote Link to comment Share on other sites More sharing options...
Grampa Posted June 27 Report Share Posted June 27 I've had the opportunity to buy cheap properties up north a few times but I am just not comfortable buying in a area I'm familiar with and not within a 30 min drive away. Quote Link to comment Share on other sites More sharing options...
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