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Would you buy up north

Discussion in 'Teaching overseas' started by okmohito, Nov 7, 2017.

  1. okmohito

    okmohito New commenter

    The prices of houses in the UK are becoming out of reach of a lot of working people I feel. A decent house will cost over 250k nowadays in any decent town south of Bham. That is cheap compared to some towns in the south. However, properties in the north are still affordable to a lot of people. If you wanted a buy to let, would you buy up north? I am talking of less than 100k for a semi detached house or terraced house. Or is it the fact that these houses are less likely to go up much in price that would put you off buying them.I know someone from the pub many years ago who used to buy cheap northern/mids properties with a 5% deposit and he used to rent them all out. You cant get a 95% mortgage though as an expat or even if you were UK resident for a B2L though I dont think nowadays. But I just wondered the cost to secure a home if much much cheaper but weighing it up against the capital growth achievable to be able to move later on. WHy are houses so cheap just a few hundred miles north of London with a population of 60million anyway?
     
  2. february31st

    february31st Occasional commenter

    I would only buy a property in a city you wanted to live in. I am from the North East so will most likely buy a place in Leeds or Sheffield.

    But there are reasons why cities or towns have cheap housing, none of them good. You can buy a house in Blackhall Colliery for under 50K but ask yourself why?
     
  3. makhnovite

    makhnovite Occasional commenter

    There lots of nicer places in the north east, why go south to Leeds or Sheffield. Or are you just a big city dweller feb?
     
    576 likes this.
  4. february31st

    february31st Occasional commenter

    Big cities have, big hospitals, big schools, big shopping malls, big tesco, big boots. Big cities have train stations that connects directly with London. Sod changing at Thornaby and Doncaster to use a train service ti London.

    Leeds and Sheffield are in the top cities in England to live for work lifestyle balance.
     
  5. hs9981

    hs9981 Occasional commenter

  6. lindenlea

    lindenlea Star commenter

    If it's for investment go for the furthest south you can afford. A few years ago we considered it and were told the most rentable were small, easily maintained two or three bed homes that were suitable for single divorced parents with children, particularly men having the kids at weekends. So, a neat small semi or terrace near amenities in a pleasant, secure area. There's no point getting a buy to let that no one wants to rent. Flats near a university have a ready market of course. £100K doesn't get much though.
     
  7. ejclibrarian

    ejclibrarian Established commenter Community helper

    Wow..... that’s so depressing.
     
  8. topquark

    topquark New commenter

    This is a very good question. If you want to buy to let and gain a high rental yield then a cheaper mortgage up north would be the answer, however many northern cities have a high number of flats/small houses available to rent. If you find your property empty for a couple of months every few years (competing for prospective new tenants), this rental yield will be lost. If you stretch yourself further and purchase a property further down south, the monthly rental and capital repayment you gain each month will be more (a flat in Surrey gains say twice as much rent as a flat in Sunderland). The best way to plan is long term, ok you might go into negative equity in the short term, but somebody else is paying the mortgage and after 21 years it's a fair investment. The big problem at the moment is brexit; who really knows what's going to happen to house prices (and where?). If you plan to buy property for the long term and have savings to ride out any storms, you should be ok. But for many, it'll be a wait and see scenario and house prices will probably slump before brexit really happens.
     
  9. the hippo

    the hippo Established commenter Community helper

    Property for an investment? What is so wrong with a property that you actually want to live in? This is the view from the balcony of our home. It looks even better when you are sipping a well-chilled glass of white wine.

    balcony.JPG
     
    topgirl1 likes this.
  10. 576

    576 Occasional commenter

    I bought in the NE when living there and would again.
    Who wouldn't want to live there?
    Cheaper rents / mortgages leaving money free to enjoy the yorkshire dales, lake district, northumbrian coast. For city folks there's Newcastle, with Edinburgh only an hour from Newcastle by train. The North East has many many beautiful natural attractions, along with Roman heritage (Hadrian's Wall), museums, shops - everything the south has without the inflated prices.
     
    Alice K and new13sue like this.
  11. lindenlea

    lindenlea Star commenter

    I thought it was honest good advice . Wouldn't have thought about it myself.
     
  12. okmohito

    okmohito New commenter

    Would it be better to just save 25000 per year for 2 or 3 years and just go and buy a house up north for 50-60k cash? If you have a mortgage, it's just paying interest off for 10 odd years. And houses up north don't go up in value....this is what I am on about. Forget Surrey. What can you buy in Surrey for 60k? Nout probably. I mean a house for 50-60k. I don't WANT to spend 250k on a blooming house. Maybe 100k tops. That's all you need is a roof over your head isn't it?
     
  13. makhnovite

    makhnovite Occasional commenter

    Yes, I was thinking along the lines of 576, Walking in the Cheviots, strolls along the beach at Seahouses to Bamburgh (stay out of the sea it's very, very cold) Lindisfarne, maybe somewhere like Alnwick or Warkworth. Maybe the odd visit to Newcastle but not too often!

    No nights out at Yates Wine Lodge but less fights!

    PS: Hippo, I prefer the picture of the town walls from the other side!

    PPS: Musicman, its not ALL about the money!!!
     
    576 likes this.
  14. SPC2

    SPC2 Occasional commenter

    For 100K I would expect to buy the North. All of it.

    ;)
     
    makhnovite and dumbbells66 like this.
  15. frangipani123

    frangipani123 Senior commenter

    I think it is wise to buy an investment property, a university town is a good bet as students tend to pay high rents. You need to be able to deal with the hassle though. Who can say what property prices will do, but over the long term - by that I mean 20-30 years - I would say they'd increase. With property you have an asset where people are paying you money. Do lots of online research as then when you spot what seems a good deal, you will recognise it.
     
  16. hs9981

    hs9981 Occasional commenter

    Yes and a crack ***** outside your door and an 'aspirational' school for any children you may or may not have later on in life....
     
  17. miketribe

    miketribe Occasional commenter

    We bought our house in the lovely Lancashire village of Trawden. Even after we put an extra bedroom in the loft space, it still came to less than 100,000 total...
     
  18. the hippo

    the hippo Established commenter Community helper

    The weather is awful and yes, there is still something called Council Tax. Great!
     
  19. topgirl1

    topgirl1 Occasional commenter

    I rent out my house near Sheffield and find high unemployment in the area. Even though I completely refurbished my house, there is a limit to how much.people are willing to pay in rent. My current rent does not cover my mortgage payment. As for resale, it is difficult. Mine has been on.the market on and off for 3 years with no offers around the asking price.
     
  20. drvs

    drvs Lead commenter

    Sure, but why would you want to :D
     
    SPC2, dumbbells66 and topgirl1 like this.

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