mandryka
pfm Member
I knew someone would say that, but every time someone buys a house they employ all sorts of tradesmen, who then buy a house and employ all sorts of tradesmen who . . . Something’s trickling in some direction.
Housing market
- Thread starter matt j
- Start date
I knew someone would say that, but every time someone buys a house they employ all sorts of tradesmen, who then buy a house and employ all sorts of tradesmen who . . . Something’s trickling in some direction.
Tony Lockhart
Avoiding Stress, at Every Opportunity
Out of my wallet, and then abroad at some point, it seems.
Forgive me, I’ve had a really crap week/month/two years, and I’m struggling to see anything nice in this world.
I wouldn't mind a bit of a wreck as I'd have a crack at most of it myself, but even that doesn't seemed to be priced in these days. I've seen some right snotters listed at ridiculous prices still outside of what I could afford.
I see in the states the big investment firms are hoovering up all the houses left right and centre, some within 15 minutes of being listed and then renting them out. This whole "You'll own nothing and be happy" meme really is playing out.
Mike Reed
pfm Member
Can't say I've enjoyed the last two plus years either, Tony, but more as a consequence of Covid, where the increasing trend in hassles has been met by my decreasing ability to deal with them. Plotted on a graph, the x axis met the y axis about 18 months ago.
. However, despite this country approaching economic Armageddon, it's a sunny spring and the garden's erupting with colour and edibles. It'll be another vista entirely come the late autumn, I feel.I was a whole lot younger when the situation was dire all round and the then gravity of the period passed me by. There wasn't a wholly incomprehensible invasion of Europe then, either.
Yank
Bulbous Also Tapered
hifinutt
hifinutt
agreed , have spent well in excess of 50 to 60 k on tradesmen and materials in past 3 years , probably a great deal more than that !!
Yank
Bulbous Also Tapered
In my area there are no fixer-uppers anymore. By the time a house gets listed it's already been through at least one flipper who gutted any functionally obsolescent bits to be replaced by new kitchens and bathrooms done on the cheap with jobber-grade cabinets and appliances. As long as it looks good in pictures...
Yup. The number of rent houses in neighborhoods that were once exclusively owner-occupied is sharply rising.
davidsrsb
pfm Member
My place in KL has doubled in value in 22 years. as I have spent quite a lot on it and inflation has eaten the value of the currency, I am probably well down in real terms. The reason for this is a steady flow of new properties and affordabilty. The rental return I would get on it would be pathetic, maybe 5% before expenses.
The deeper cause is the lack of safety nets for the poor.
The UK has reasonable safety nets without having the pool of rental properties to match, so demand exceeds supply
The deeper cause is the lack of safety nets for the poor.
The UK has reasonable safety nets without having the pool of rental properties to match, so demand exceeds supply
Mike Reed
pfm Member
5% gross yield isn't that bad, Matt, esp. here when interest rates on other investments have been so low for so long. Maybe a different kettle of fish in K.L., though.
I fondly remember my first Mcdonald's (Malaysian style) and my first up-market (Aiwa) Walkman, bought after much bargaining in the dingy shopping streets as was the (late 70s). Still got the Aiwa, though the case melted somehow and it's been a bit crippled since.
davidsrsb
pfm Member
By the time you take maintenance fee and local taxes out 1/3 is gone and then you have to add in wear and tear.
Then you have the minor issue of the tenants actually paying. We had a large part of the population without any income at all for two years. Many of them turned to food delivery just to survive
Then you have the minor issue of the tenants actually paying. We had a large part of the population without any income at all for two years. Many of them turned to food delivery just to survive
Ringgit up against the £ over that period isn't it ?
LecsonQuad
pfm Member
'Ringgit up against the £ over that period isn't it ?'
So what? Most Malaysians are not currency traders so everything for them is in the local currency. Like most people in most countries. Only the elite really benefit from currency trading to any useful amount.
So what? Most Malaysians are not currency traders so everything for them is in the local currency. Like most people in most countries. Only the elite really benefit from currency trading to any useful amount.
davidsrsb
pfm Member
The Ringgit has weakened against all important currencies over the years. Only the Pound and junk status like the Turkish Lira even weaker
messengerman
pfm Member
Its trickling (or flooding more like) upwards. Where do you imagine the £60k capital gain on your London flat came from? A huge f*** off mortgage most likely. Rents follow of course. Rents in the sixties consumed maybe 25% of a low wage, these days the figure is 70%. Much more in London. There's a reason property is termed a ladder.
In technical speak running house price inflation ahead of wage inflation pumps cash from the pockets of tenants and FTBs into the pockets of home owners of standing. This has actually been a far bigger driver of inequality than expanding wage differentials.
Housing is no magic money tree. Whether its a rent demand today or huge mortgage tomorrow or just a promissory note for now (equity), someone somewhere sometime must make good on the gains and do it out of taxed income. It's madness really and an epitome of not sustainable.
hifinutt
hifinutt
yes they go for too much money and not reflected in price . not too long ago i saw a place that needed huge amounts of work , all new lintels , had massive horrible metal shutters and old Dg . needed roof repair , boiler repair and ancient kitchen. a first time buyer couple came by and turned it down . cost me well over 20 k to get it in beautiful condition and mint again . fabulous . oh and the flooded garages cost another 3k to redo drainage as 15 residents out of 18 would not shell out for repairs to communal car park access . happy days .