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Chasing Interest


ATTAK Z

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Russian banks are offering 10% on fixed term savings and the ruble has bottomed out at 80 rubles to the pound. Just a thought.

 

Hmmmm.... Think the stock market might be safer 'bet'. :surrender:

 

Bricks and mortar are the safest investment long term (it has been for me), and if you have the savings so little or no mortgage is necessary it is a no brainer in my experience and particularly buying new or relatively new property that is unlikely to have on-going maintenance. And if you are up for managing the letting(s) yourself better still, or as I have done and negotiate a reduced fee so they just find the tenants and deal with any rent/legal issues with me to instruct any 'trades' or replacement purchases that can otherwise be top dollar if arranged by agents direct.

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Leave your money in the bank and watch it loss value as the £ weakens and inflation goes up, or spend it and than worry about having no savings. Great situation the Chancellor Vote Leave voters have put people in.

 

Fixed that for you ;):lol:

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Has it been mentioned, pay off mortgage? That's tax free and massive saving over the term of mortgage. I've just started paying lump sums off, it's boring, feels like you dont receive the benefit from it but worth doing. Think my mortgage is around 3.25% so more than I'd get in most banks.

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Its a good shout, although its useful to have cash liquidity I guess. And not everyone has a mortgage ;)

 

Was looking at houses to buy earlier today actually, a few down the road, terraced, driveway for one car, 3 beds, only £800k for the cheaper ones...

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Its a good shout, although its useful to have cash liquidity I guess. And not everyone has a mortgage ;)

 

Was looking at houses to buy earlier today actually, a few down the road, terraced, driveway for one car, 3 beds, only £800k for the cheaper ones...

 

That's a snip in Richmond!

 

Google says:

Search for House Prices. Last year most property sales in Richmond Upon Thames involved flats which sold for on average £504,424. Terraced properties sold for an average price of £846,923, while semi-detached properties fetched £1,077,089.

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I feel for our younger generation stepping into the property market. Will our future children only afford to live in houses left to them through the family and the remainder have only the option to rent.

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Not even Richmond, that's in Sheen! The terraced two bed with no drive I rent is £1m+ :lol:

That's horrendous. I know OT but I often wonder how on earth the service industry workers afford to live close to where they work, I'm thinking postal, refuse even teachers/nurses etc especially with young children requiring child care etc.

 

Mind you I once spent an evening in a London pub on my own contemplating how those sort of workers get to their jobs in central London if they start before the tube is open.... especially tube station staff :lol:

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I guess they do somehow. I know in the past people like nurses etc could have much reduced property to rent near to where they were working to make it doable. Not sure if that still happens.

 

But I know lots of house owners on my road are now effectively millionaires based on the property as they bought it for £80k 30 years ago. One of my neighbours has owned his house 40 years and is a builder with an old little knackered van. He worked on construction of the M25! Saved up when younger and 'invested' in his terraced house in Richmond, now a millionaire due to property value but has probably never earned more than 50k a year in his life...

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We met a receptionist in San Francisco who was probably in her early 50's, she said that the house she bought for $50K 15/20 years ago is now worth $1.5m ....... shes a millionaire and has never worked as anything other than a receptionist, thats crazy.

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I think thats also a bit of luck and also taking a punt when others around you might not have. I know my parents bought a council house in Dagenham when the government made them available to buy in the early 80s. A fair few of our neighbours said he was mad to risk buying a house for £12.5k when rents were so low. He sold it 8 years later for £73k, I think many of our neighbours still live in Dagenham paying their rents...!

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Sell up, move up north, buy a nice 3 bed house for 200k with garage plus driveway and get a couple Lambos to put there. :thumbs:

 

That might be part of my retirement plan. It's just a bit grim up there. Or might just go to Thai land :)

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Its a good shout, although its useful to have cash liquidity I guess. And not everyone has a mortgage ;)

 

Was looking at houses to buy earlier today actually, a few down the road, terraced, driveway for one car, 3 beds, only £800k for the cheaper ones...

 

Really gald we don't live in London, cannot see how any normal people can afford a house there. Parents run down end terrace in zone 3 is worth stilly figures now. I keep on telling them to cash in and go enjoy their retirement but London is the only place he wants to live in the Uk.

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I guess it is what it is. Cons mostly are cost. Plenty of pros though so much within a few minutes walk of where I live.

 

But also, if you grow up somewhere, or spend a lot of time there, its harder to leave as you have a network and friends there also.

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I guess it is what it is. Cons mostly are cost. Plenty of pros though so much within a few minutes walk of where I live.

Don't forget the crap Fish & Chips...

 

And there's plenty of places outside of London with everything you need within walking distance.

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Yeah I know, but I have a 15 minute rail commute to central London with its thousands of jobs in areas I can work in, probably more than the rest of the UK put together in terms of what I could do. High street with main brands and independents, 6 screen cinema, richmond park, 30 odd pubs bars and restaurants, m4 and m3 access (roads not the cars!) rail into london, south and south west of England, 5 ofsted outstanding schools so on and so forth - all less than 5 mins walk (ok the M roads are 5 mins drive).

 

Im not being big headed at all, but there is usually strong reasons why places are more expensive than others. I have lived in 5 different counties in the UK, and couldnt settle in any other ones, I guess you either get used to living in larger cities or you don't. I get it from my parents, they batter me for paying higher costs in London, but there is no way I am spending 3 hours a day on public transport just to go to and get back from work.

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Just sold our 1 bed flat in Crystal Palace, we were only there for a year and in that time it had gone up in value by £45k.

 

The smart thing investment wise would have been to keep it but in the end the whole thing felt untenable. For example we were given 3 months notice of an impending £9k bill for communal repairs to the building which were originally meant to cost us just over £1k, I'm sure nobody in those flats had that kind of money sitting around. Add to that the fact that outside of London we'd be considered as being on decent money but even in zone 3 we couldn't afford a second bedroom, it's a joke. Renting it out was an option but wouldn't give us enough to cover the mortgage.

 

We both absolutely love London and it's the best place to be as Graphic Designers, but it's got to the point where we simply can't afford to live the kind of life we want to there. So the plan now is to use the money from the sale and for less than the price of our 1 bed flat in London we can get a 4 bed detached house with country views up north.

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