London Property Investors
All London property investors I would like toncreate a group where we can all talk and share knowledge.
I'd love to join. @Jennifer S.
Sounds good. Were people thinking a forum / chat here, a Zoom, an in person meet up? (I know in person may not be that easy for Tiffany).
Here are things I'm currently researching:
-AirBnB rules in London generally as well as specific block of flat AirBnB rules
-Do blocks of flats have the same complex dynamics like condo associations in the US (e.g. harder to get mortgages if a certain percent of the building is rented out as opposed to owner occupied)
-Are flats above shops really such bad investments?
-How hard is it in practice to get permission from the freeholder to do an extension to a flat
-Auction documents reviewing/legal advice
(I already know the part of London I'm targeting and have worked out the US/UK tax impact of buy to let)
Quote from @Jennifer S.:
Sounds good. Were people thinking a forum / chat here, a Zoom, an in person meet up? (I know in person may not be that easy for Tiffany).
Here are things I'm currently researching:
-AirBnB rules in London generally as well as specific block of flat AirBnB rules
-Do blocks of flats have the same complex dynamics like condo associations in the US (e.g. harder to get mortgages if a certain percent of the building is rented out as opposed to owner occupied)
-Are flats above shops really such bad investments?
-How hard is it in practice to get permission from the freeholder to do an extension to a flat
-Auction documents reviewing/legal advice
(I already know the part of London I'm targeting and have worked out the US/UK tax impact of buy to let)
@Jennifer S. thanks for the invite. Happy to be part of this group.
I'd love to join as well. @Jennifer S.
That sounds good. How do people want to proceed? Zoom? Chatting on here?
Ok starting to get a bit of motion on a possible Zoom. Looking to target
Feb (my school has Feb break a week earlier than most US schools so
looking at end of Feb). Seems like I'm hearing a bit more from people in
the US with UK properties. Therefore I'm going to tailor towards US
time zone. Giving a heads up that I will be setting up a Zoom last week
of Feb (e.g. 27th onwards). Looking forward!
Hi again, I'm going to do a UK focussed property market zoom on Wed 15 March at 8pm London time. Message me for the Zoom details. Looking forward!
Here is some market info I can bring to the meeting from recent conversations:
1. An early retiree who built up his multi unit portfolio mainly in the 2000-2007 period (mainly Manchester). Hasn't gotten a new mortgage since the end of that time and running now around 50% LTV. Does mix of AirBnB and longer term rentals. Rent roll doubled over 20 years. Thinks permitted development plays are a bit overcrowded (maybe in Manchester this is the case). Doesn't think it's a great time and has counselled me against it for now. We agreed we are at different points in our investing cycle though.
2. A late 30s/early 40s successful professional with own home plus a buy to let in central London and further units in a university town. He said rentals are going fine, with the caveat that the Central London flat has had more capital appreciation as opposed to rental yield (this is probably pretty common). He told me he has bought things off of rightmove/zoopla and getting to know estate agents. Meaning it sounds like he didn't need to do crazy off market transactions.
4. Work from home trends (London specific): financial services seems back in office 3 days a week. Thursday night is the going out night, pubs are packed.
5. UK Pension Funds: corporate pensions are now much better funded and starting to sell off property holdings to prepare for running off their fund or transferring to an insurer. This will take time but something to be aware of. Mixed views on who will buy these offices, supermarkets etc. Probably won't hit residential housing as much is the view I'm hearing.
This is just info on top of whatever you can learn on Youtube sites like Property Hub
Quote from @Jennifer S.:
Hi again, I'm going to do a UK focussed property market zoom on Wed 15 March at 8pm London time. Message me for the Zoom details. Looking forward!
Hi Jennifer are you still going ahead with your zoom meeting?
Yes I'll send you details now
Here are the top picks in the UK for 2023 according to Property Hub (podcast and Youtube channel):
1. Derby: shortage of quality rental accomodation, university, connectivity to rest of UK, good employers (hiring some of the grads who want to stay local). One of the higher wage areas outside of London but with relatively affordable property prices2. Nottingham: similar themes to Derby
3. Leeds: similar themes as above, with the additional note that there was a building boom in the last crisis and so new builds lagged since then (until recently)
4. Manchester and Greater Manchester: lots of new development, the headlines called for a crash, it didn't happen as rent growth continued. Greater Manchester set to absorb spillover. Many call London the "Manchester of the South", strong loyalty, great nightlife/culture. Keep an eye on overbuilding risk.
5. Liverpool: regeneration, nightlife, young people
Next tier
a) Newcastle: Legal and General investing GBP 60m in 300 build to rent flats
b) Belfast: one of the few markets still below its 2007 peak, starting to move
c) Cardiff: a further 200m investment by L&G to build 700 flats. L&G has invested 1 billion in Cardiff to date
"For the brave" list:
-London (!!) London had a great run after GFC, yields are low, it's vulnerable, a LT view is required. But a great long term investment if you can get a good deal (forced sellers?)
-Glasgow: political risk and turning anti landlord. Great city though
So our 8pm Zoom will be 4pm New York time.
Also, apologies to be having a Zoom during a bank run ;(
ok feeling like a tech newbie here, this part of the text keeps getting cut off.
Hi all, that was a great call last night. We're now trying to create a group chat for faster communication. Some on the call mentioned LinkedIn. If you'd like to do that please send me your LinkedIn address. Or if you prefer whatsapp or telegram let me know. We are going to target 3rd Wednesday of the month at 8pm London time, for now. Mainly Zoom but a London pub meet up was also mentioned ;)
Good call last night. looking fwd to next one!
www.linkedin.com/lloyd-preece
Hi all, in case there are new people who are interested in joining just posting the topic for this month's Zoom call:
UK US Monthly Property Call 3rd Wednesday 1500 UK TIME THIS MONTH and a focus on UK Company Structures
Wednesday, 17 May⋅3:00 – 4:00pm (UK time, BST)