UmBongo's property search 2023

[UmBongo]

Yes, I know. It isn't a great time to start looking to buy a home with an impending 'house price crash' but I am really really fed up with where I currently live.

I currently live in a 1 bedroomed council flat in the west of Norwich, Norfolk. I could very easily do the Right To Buy but as mentioned above I dislike the estate. The block I live in is very noisy with crap soundproofing and the most echo-y (spl?) communal block. It serves 9 flats and boy - you can hear the doors open and close whenever someone ventures in or out. Usually at stupid o'clock. I'm in my mid 40s and I really need a bit of peace and quiet. The flat is on an estate with one road in and out and it's a right fucking pain to get in and out of their due to the parked cars on one side of the road. There are en bloc garages but they are very narrow for today's cars. And even 53 reg cars. I rented this garage in 2018 for a year but gave up as it was a struggle getting in and out of the car from inside the garage!

I left my job of 10 years last spring. The current flat was handy for that workplace. My new job is situated to the east of Norwich (where I grew up) and I would like to move to that general direction. Would also be closer to where my sister lives and a couple of friends too, so it should be a 'win win' situation.

I have a budget of £140,000 to spend. Decent deposit to put down, so a mortgage of less than £100k. Should hopefully buy a 2 bedroomed leasehold flat. Some flats that have piqued my interest are around the £145-160k so I'm certain that a deal can be done to dampen down high asking prices.

[spunko]

How long can you hang on for? 1/2 bedroom flats, particularly leasehold flats, are likely to be most adversely affected by price falls. It'd make sense to wait another 4-6 months or , I'd say, and see where prices are. Given that you are effectively chain-free and have a sizeable deposit, that should put you above a lot of other potential buyers.

[Frank Hovis]

Have you thought of advertising a house swap for somewhere closer to your work, and away from an estate which you don't like?

To me a lifetime social housing tenancy on a nice flat or house in a nice area is absolutely golden.

And if you are so inclined it preserves your RtB as well as those lifetime tenancy rights.

Reading your post I'm thinking that that £140k may be burning a hole in your pocket, you don't need to spend it on a house but can invest it instead.

[UmBongo]

38 minutes ago, spunko said:

How long can you hang on for? 1/2 bedroom flats, particularly leasehold flats, are likely to be most adversely affected by price falls. 

I have already hung on for 18 months. Just getting fed up now. I may inadvertently hang on for another 6 if those vendors aren't willing to come down on price. 

[Wight Flight]

18 minutes ago, UmBongo said:

I have already hung on for 18 months. Just getting fed up now. I may inadvertently hang on for another 6 if those vendors aren't willing to come down on price. 

Given how you can never know what flats are like until you live there, would it be worth renting one that you would consider buying, with a hope of making the landlord an offer at some point / being in the right place if another in the block comes up for sale?

[UmBongo]

56 minutes ago, Frank Hovis said:

Have you thought of advertising a house swap for somewhere closer to your work, and away from an estate which you don't like?

To me a lifetime social housing tenancy on a nice flat or house in a nice area is absolutely golden.

I did register for an exchange last year. Many of the other offers I got were in location I wasn't interested in. Very nearly went ahead with one until I came to my senses and realised that the other flat, albeit in a better location, was just not up to scratch. It was in a square block of 50 other flats and just had electric heating. 

@Wight Flight that sounds like a decent idea. However, not too many landlords are open to the idea of selling their properties to tenants. Unless the price was right. 

[BurntBread]

4 minutes ago, UmBongo said:

@Wight Flight that sounds like a decent idea. However, not too many landlords are open to the idea of selling their properties to tenants. Unless the price was right. 

Missing word here might be "yet".

[Frank Hovis]

Just now, UmBongo said:

I did register for an exchange last year. Many of the other offers I got were in location I wasn't interested in. Very nearly went ahead with one until I came to my senses and realised that the other flat, albeit in a better location, was just not up to scratch. It was in a square block of 50 other flats and just had electric heating. 

@Wight Flight that sounds like a decent idea. However, not too many landlords are open to the idea of selling their properties to tenants. Unless the price was right. 

 

I bought my flat very cheaply  from my landlord back in the nineties (the mortagge being literally half of the rent I had been paying).  When I first rented it she said she was keen to sell and reminded me each year whilst dropping the price until I finally did.

This was an "accidental landlord" who had moved for work (artsy job) but was having to rent in her new city because she couldn't sell the flat for enough to clear the mortage (my guess, she didn't actually tell me this) and buy somewhere new.

Now obviously the trick is in identifying the accidental landlord / motivated seller (which I didn't, I was only interested in renting it initially) and a good flag would be anything that is on for sale or rent.  Though you would have to cross refer on Rightmove to find such.

[Calcutta]

My situation is different but when I really started breaking down the numbers I figured renting a flat at full market rate only worked out about 5k PA more expensive than buying, and depending on how much of a deposit you've got it might be worth investing that to cover the difference rather than tying money up in property that may or may not crash or be sellable when you want rid of it.

Although as has been said, giving up a social tenancy is crazy imo. Even if it takes a while to find a trade or the estate is shit, it's like being paid £100 a week to live there.

[steppensheep]

Putting up heavy curtains including in front of the door might help with noise. Probably quite cheap from home bargains / b&m etc. 

[AlfredTheLittle]

With your budget you could probably get something like this, on for £160k but I reckon you could offer 130k on anything on for 150/160/170 in the current market:  https://www.rightmove.co.uk/properties/130231406#/?channel=RES_BUY. I'm looking around Norwich as well, asking prices there look too high to me (still around peak bubble, but with not much selling because obviously those prices are stupid).

That place does look better than your description of your current place. I don't really know much about council tenancies - do you currently rent at a big discount to market rate? If not, I can't see why there would be any particular value in it if the option is keep paying rent for life. If you do get a decent discount, then of course things might be different, but if you don't like your current place and can afford to buy somewhere better, then go for it.

[UmBongo]

36 minutes ago, AlfredTheLittle said:

With your budget you could probably get something like this, on for £160k but I reckon you could offer 130k on anything on for 150/160/170 in the current market:  https://www.rightmove.co.uk/properties/130231406#/?channel=RES_BUY. I'm looking around Norwich as well, asking prices there look too high to me (still around peak bubble, but with not much selling because obviously those prices are stupid)

I do like that one. No communal doors - separate door and floorplan is pretty big. Right area. Not too keen on the shower cubicle only - I do like a soak in the bath at least once a week.  So I'd have to budget a few grand to remodel the bathroom. On street parking only by the look of it. 

My favourite so far is this one in Old Catton. £160k. Buying it would mean kicking out the private tenant. Ceiling asking price is around £140k for this development. 2 bedroom, old Catton nr6

Re: council tenancies. Yes rent is much cheaper but you have to join a housing register and bid on suitable properties. More effort needed to make habitable as they are a shell when you pick the keys up. Also need your own white goods too. At least with private rentals you get more convenience but therein lies the cost. 

[AlfredTheLittle]

1 hour ago, UmBongo said:

I do like that one. No communal doors - separate door and floorplan is pretty big. Right area. Not too keen on the shower cubicle only - I do like a soak in the bath at least once a week.  So I'd have to budget a few grand to remodel the bathroom. On street parking only by the look of it. 

My favourite so far is this one in Old Catton. £160k. Buying it would mean kicking out the private tenant. Ceiling asking price is around £140k for this development. 2 bedroom, old Catton nr6

Re: council tenancies. Yes rent is much cheaper but you have to join a housing register and bid on suitable properties. More effort needed to make habitable as they are a shell when you pick the keys up. Also need your own white goods too. At least with private rentals you get more convenience but therein lies the cost. 

That one looks nice, I reckon you should be able to pick up something pretty decent as more will come on the market in the next couple of months, and I think things will have to start to reduce.

Council tenancy does sound good though if it gives you cheap rent for life! On the other hand, not so great if the only places you can live are places you don't want.....

[nirvana]

8 hours ago, UmBongo said:

I'm in my mid 40s and I really need a bit of peace and quiet.

Thailand is for you bruv, do you cycle??

[UmBongo]

4 hours ago, steppensheep said:

Putting up heavy curtains including in front of the door might help with noise. Probably quite cheap from home bargains / b&m etc. 

Unfortunately it will take more than heavy curtains to dampen down the noise made by the visiting cunt of the downstairs tenant slamming the fucking doors like he's been doing for the last half an hour. It causes vibrations into my flat. I'd rather move.

(I don't think it's the tenant herself. Always seem to happen when the dopey chap visits her) 

[MrXxxx]

9 hours ago, Frank Hovis said:

Have you thought of advertising a house swap for somewhere closer to your work, and away from an estate which you don't like?

To me a lifetime social housing tenancy on a nice flat or house in a nice area is absolutely golden.

And if you are so inclined it preserves your RtB as well as those lifetime tenancy rights.

Reading your post I'm thinking that that £140k may be burning a hole in your pocket, you don't need to spend it on a house but can invest it instead.

Agree 100%...and if I was going to leave the security of a council flat it wouldn't be to buy a Leasehold property where you would now be liable for the repairs/maintenance [AND paying for it 'through the nose' with a management agency/committee}, but to buy a Freehold property where you would be in control of these.

[MrXxxx]

36 minutes ago, UmBongo said:

Unfortunately it will take more than heavy curtains to dampen down the noise made by the visiting cunt of the downstairs tenant slamming the fucking doors like he's been doing for the last half an hour. It causes vibrations into my flat. I'd rather move.

(I don't think it's the tenant herself. Always seem to happen when the dopey chap visits her) 

Simple solution, 'get her on board' by offering her a shagathon so that she loses interest in Mr 'Noisy'!

[UmBongo]

@MrXxxx Naturally I'd prefer freehold to leasehold but these are out of budget, or they sell quickly at the lower end of the market. 

[UmBongo]

2 minutes ago, MrXxxx said:

Simple solution, 'get her on board' by offering her a shagathon so that she loses interest in Mr 'Noisy'!

She ain't quite my type  size - if you get my drift.  Besides, I think she has mental health issues and is a vulnerable adult. 

[MrXxxx]

22 minutes ago, UmBongo said:

She ain't quite my type  size - if you get my drift.  Besides, I think she has mental health issues and is a vulnerable adult. 

Well you know what they say "There is no free lunch"...or "Beggars can't be choosers"....or "Better the devil you know"...and I am sure the Dosbods community will be along soon with some more 'pearlers'! :-)))

[CVG]

Doctor your birth certificate and get yourself into retirement housing.

[apples]

15 hours ago, UmBongo said:

More effort needed to make habitable as they are a shell when you pick the keys up. Also need your own white goods too. At least with private rentals you get more convenience but therein lies the cost. 

Every private rental I've rented, I've wished it was a shell, and not "furnished" (= "stuffed with old appliances, furniture and other crap that belongs in a bin but needs to be stored, taking space"). Grass is always greener, I guess.

I'm currently paying good money for a cooker you can literally rent as a 70s prop:

[UmBongo]

3 hours ago, CVG said:

Doctor your birth certificate and get yourself into retirement housing.

There is a 15 storey brutal block in Norwich called 'Winchester Tower' . Tenants need to be at least 50 years old to live there so I only need to doctor mine by 5 years to live there.

[Frank Hovis]

21 minutes ago, UmBongo said:

There is a 15 storey brutal block in Norwich called 'Winchester Tower' . Tenants need to be at least 50 years old to live there so I only need to doctor mine by 5 years to live there.

 

The older person's accommodation, where you do not have RtB, is 55 and over.  Hey I can move in

I think it's 50 to go on a SAGA holiday.

You'#re old before you know it these days.

Have you an equivalent website like the below, Devon Home Choice?  They often have social housing for which you neither need to tick any boxes nor bid though you do need to register with DCH.

All three of the properties listed for Devon are like this, two flats in Plymouth and one in Exmouth.  The social landlords just want someone  in and paying the rent.

https://www.devonhomechoice.com/my-cbl/property-search?area=select&housingcategory=999&radios=Y&ahoflag=8&checkbox=

[UmBongo]

Thanks @Frank Hovis I'm going to revisit the council exchange option again.

My financial advisor got back to me. Hoped that my direct employment employment would be OK but no. As my employment history between June to September 2022 is a bit spotty mortgage companies are unlikely to offer me any products. I replied to say that's OK and that the market might crash anyway!