Category: 
05/10/2008
the credit crunch
I’ve been really lame and haven’t blogged in ages, not blogging regularily since I got married really.
Is married life really such a drain on me?
or is it the credit crunch, has it affected me that badly?
To be honest its a combination with many things but mainly due to me being really busy with my work. Many tenants are in arrears, and the refurbishment of my house is just taking too long. The house is nearly ready now, just the kitchen and office left to do. The extension was finished some time ago, but we haven’t yet had the completion certificate from the council.
The house has been a great learning experience, I have done many light home refurbishments before, but this one was the most ambitious project I have undertaken to date. I’m lucky to have some good help and a very supportive wife.
In terms of the finance world many things have been going on that I should have blogged about and hopefully i;ll have time in the near future to ramble about them soon.
We have the nationalisation of Bradford and Bingley who own one of my favourite mortgage lenders Mortgage Express. Did they get in trouble by being too aggresive in their Buy to Let lending? too many instant remortgages?
Then we have the merger of the HBOS group with Lloyds TSB, which may spell the end of Birmingham Midshires my other favourite mortgage lender. Could they have been a little too keen to lend too?
Things are not looking good for the property investor at the moment. Property values sliding, Mortgage approvals dropping, house sales declining. Is it all going to be doom and gloom?
One things for sure, things can’t really get much worse can they??
Well hopefully the situation for the UK property market will improve in the next 6-12 months, until then hold on as its going to be a rough ride!!
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There are 15 comments
…a sign of the credit crunch…nah more like a sign of married life!!!
One of the headaches of owning a rental property is overdue payments from renters. Hold on right there, Dave. Though the market is not so encouraging these days, since you’re in it for the long term, you’re on the right track.
Mate do not really know you, however, you sound like you have got matters in hand and are merely being way too hard on yourself
I am sure the property market will recover over the next 6-12 months. With interest rates coming down and property bargains around, investors will pile in and others will follow, until the next correction. So the cycle goes… on and on. Happy bargain hunting!
Things are tough all over. Here in Myrtle Beach we are dealing almost exclusively with short-sales and foreclosures these days. Hopefully, things will take a turn for the better soon. Something’s got to give.
Just discovered your passive income real estate site and I must say it is amusing. It is interesting to see that the plight of real estate investors in the current economic climate is the same no matter the country. The global downturn is hitting landlords twice - first with tighter lenders and second with defaulting tenants. I’ll continue to read your blog with interest. Keep up the good work.
So how are things now? I’m sure you’ve gotten to completing everything you needed to do.
I have to say that I things can get definately worse. Here in the US there are mortgage companies shutting down left,and right. Married life can definately keep you from blogging if you are with someone worth having!
I feel blessed to be in Austin, Texas USA, where we have a relatively stable Real Estate market, no “bubble” to burst. Although we have more inventory than usual- things are still moving- just a little slower. I blog in spurts but am fairly consistent if I don’t have to stick to one exact subject!
Your blog is a great light hearted reprieve from the norm. I hope things have improved for you since you wrote this blog. Best of luck in the New Year!
Even though it seems like doom, the markets will recover; this is or will be a good opportunity to buy not only investment properties but also stocks.
nah, its definitely married life mate. haha! where’re my ads?
I wonder if the market will ever come back like it was before?
It will. It will! we are seeing the other exstream of the market from the boom. Its all cycles.
I see this as Nasdaq, buy now for low prices and then (not 12 months, but 5 years) sell for better prices.