I do not know if you have read my book Beating The Property Clock At 12 o clock in my theoretical cycle of how the UK buy to let market operates it means that: but it could be approaching 12 o clock.
No one is buying except you!
Back in 2000 I visited a town called Corby. There were 3 estate agents and they had a whole load of ex-council properties from £9,000 upwards which they could not shift.
I would come along and get treated like a king (I am sure they thought I was a mug buying all their rubbish) as they had actually found someone who wanted to buy this stuff they could not sell. I spoke about this in My Story.
Well I actually think we are nearing the 12 o clock chime! I have my eye on a few locations where just about buying has ceased.
When it appears to have completely stopped I will be taking a trip up there. I reckon I will pick up ex-new build properties (around 10 years old) for less than £20,000.
“In the teens” me and one of my friends call these i.e. thirTEEN thousand and upwards. And do believe me, they will come along. They are not for everyone as the areas are pretty bad to say the least but you double, triple and quadruple your money quick enough.
The cheapest properties I have ever bought are:
and then the rest were £20,000 upwards. If you do manage to get a property in its “teens” you can expect 1 week’s rent to cover 1 MONTH’S mortgage.
Now that should get you salivating…….