Ebized Posted January 5, 2017 Share Posted January 5, 2017 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'. 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. 2 Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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 1 Quote Link to comment Share on other sites More sharing options...
Flex Posted January 5, 2017 Share Posted January 5, 2017 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. 1 Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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... Quote Link to comment Share on other sites More sharing options...
Ebized Posted January 5, 2017 Share Posted January 5, 2017 (edited) 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. Edited January 5, 2017 by Ebized Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 Not even Richmond, that's in Sheen! The terraced two bed with no drive I rent is £1m+ Quote Link to comment Share on other sites More sharing options...
Payco Posted January 5, 2017 Share Posted January 5, 2017 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. Quote Link to comment Share on other sites More sharing options...
Fodder Posted January 5, 2017 Share Posted January 5, 2017 Not even Richmond, that's in Sheen! The terraced two bed with no drive I rent is £1m+ 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 Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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... Quote Link to comment Share on other sites More sharing options...
docwra Posted January 5, 2017 Share Posted January 5, 2017 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. Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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...! Quote Link to comment Share on other sites More sharing options...
Strudul Posted January 5, 2017 Share Posted January 5, 2017 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. 1 Quote Link to comment Share on other sites More sharing options...
Flex Posted January 5, 2017 Share Posted January 5, 2017 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. That might be part of my retirement plan. It's just a bit grim up there. Or might just go to Thai land Quote Link to comment Share on other sites More sharing options...
Strudul Posted January 5, 2017 Share Posted January 5, 2017 That might be part of my retirement plan. It's just a bit grim up there. Or might just go to Thai land It's not grim, it's just cold, wet and miserable.... but we have hills Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 Would love to move to Scotland, do the NC500 every weekend. Unfortunately not many jobs in what I do up there...actually not many outside of London so a bit stuck with it! Quote Link to comment Share on other sites More sharing options...
gangzoom Posted January 5, 2017 Share Posted January 5, 2017 (edited) 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. Edited January 5, 2017 by gangzoom Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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. Quote Link to comment Share on other sites More sharing options...
Strudul Posted January 5, 2017 Share Posted January 5, 2017 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. 1 Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted January 5, 2017 Author Share Posted January 5, 2017 I, for one, have no wish to visit, never mind live in, London or any other city for that matter TBH; I'm quite happy living and working in the sticks 1 Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 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. Quote Link to comment Share on other sites More sharing options...
nimz Posted January 5, 2017 Share Posted January 5, 2017 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. Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted January 5, 2017 Author Share Posted January 5, 2017 (edited) Anyone care to inform the yokels (me included) what Zone 3 is ? Edited January 5, 2017 by ATTAK Z Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2017 Share Posted January 5, 2017 Ha! It basically gives a view on how far from centre you are based on the tube map! Quote Link to comment Share on other sites More sharing options...
nimz Posted January 5, 2017 Share Posted January 5, 2017 Sorry, for the purposes of Tube charges London is split in to zones, zone 1 being the centre and therefore most expensive, zone 2 slightly less expensive etc etc. Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted January 5, 2017 Author Share Posted January 5, 2017 (edited) OK thanks I guess I live in Zone 142 then Edited January 5, 2017 by ATTAK Z 2 Quote Link to comment Share on other sites More sharing options...
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