Thinking of 'getting out' - let's have some views!
Only had these 3 for 2 years and have done VERY well - got around £35000 profit in each one. I know, I was in the right place at the right time!
My dilema is that, although I could be completely wrong, I feel the buy to let market is only going 1 way - down.
1. Interest rates on the up
2. Rents static (in my area)
3. First time buyers cannot buy - I alway's think this causes a house price adjustment (crash) - I was there in 1990 / 95!
4. Goverment pledge to build 000's of affordable property.
5. 'Negative' publicity regarding Landlords forcing the price of property up to ridiculous levels - could the Goverment get involved and do something crazy to force the issue like stopping BTL mortgage tax relief against rent income?
6. My Estate Agent telling me they have Lanlords selling NOW and have had for some time.
7. I think prices in the S.East have peaked.
8. I wanted to remortgage, take out £10k per property to fund another purchase or 2 but the sums mean I will be at 'break- even' assuming no void periods - dangerous ground?
Having said that these are 1 bed flats in THE perfect location and will always rent for around £550 - I have no fears here. Problem is the mortgage &maintenance is £525! It was £100 less until rates went up.
Do I sell up - pay the CGT - and sit back with the cash (is King) and wait for the crash to get back in.
What does your Crystal Ball say - am I alone in being nervous?
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