For the fourth time in as many days, my cock erupted into the pair of red satin panties wrapped around it. In my mind, it wasn't the panties I was shooting my load into, but what they normally covered. At sixteen years old, I was technically still a virgin. I'd had the odd grope of my girlfriend's tits and once, even got to feel her cunt through her panties but as far full sex was concerned I was a virgin and relied on my fist for my satisfaction. Of course I knew it all in theory, I had a good selection of hard core porn magazines, which I made good use. The only problem with magazines is that the women in them were always much older than I was hence my recent fixation with my neighbour.

I was reading a story in one of my magazines about a young lad and his escapades with his sexy older neighbour. By coincidence, or was it fate, as I finished reading the story and was about to put the magazine back in its hiding place, I glanced out of my bedroom window and noticed my neighbour, Mrs. Evans, hanging out her washing. Now I'd never thought of Mrs. Evans as anything but a neighbour, she was at least forty years older than I was and any sexual thoughts about her had never entered my mind. That was until that moment. It must have been the combination of the story that I'd just finished reading and what she was hanging on the line, but my cock, already hard from the story, got even harder as I watched her hang her washing out. She must have been washing her smalls as she a pegged out a selection of panties, bras and even a couple of suspender belts. I was then, for the first time, I began to imagine what she'd look like in them. As soon as she'd finished and gone back indoors, I got the magazine out again and re-read the story, this time glancing down at Mrs. Evans underwear as I read and soon my cock was out and in my hand and I was enjoying my first fantasy about my sexy neighbour.

It was a couple of days later that I acquired the red satin panties though. I'd watched Mrs. Evans hanging out her washing again and, about ten minutes after she'd gone back indoors, I heard her car start up and guessed she'd gone out somewhere. I sat looking at the washing line for a few minutes, then made what turned out to be, a life changing decision. I decided that I wanted a pair of those panties. After checking that she really had gone out, I nipped next door and surveyed the teenage heaven hanging on the line. As before, there was a selection of panties and bras of various colours definitely not the sort of underwear that you'd expect a lady of Mrs. Evans's age to wear. They were all silky, lacy, cock hardening sexy underwear. After carefully selecting my choice, the red satin pair, I made my way back to my bedroom, lay back on the bed and wrapped them around my cock. After just a few strokes I shot my first load into them, revelling in the feel of the soft satin around my rock solid cock.

I lay there for about half an hour, the panties lying on my stomach covering my cock until I heard Mrs. Evans return. I got off the bed, the panties still draped over my semi-erect cock, to see if she would come out to get the washing in, and, sure enough, after ten minutes or so she was at the washing line. I knew she couldn't help but notice the empty space on the line and waited to see what she'd do. Sure enough, when she got to the place where the red panties had been, she stopped and I saw her look around the garden, she must have thought they'd blown off the line or something, then she shook her head and carried on getting the rest of the washing in.

After a couple more days of coming into the red panties, the novelty began to wear off. I'd rinsed them through a couple of times but that seemed to decrease the pleasure I was getting from them so I decided they needed replacing and a couple of days later I got my chance.

Again Mrs. Evans was hanging out her washing and later when I heard her car start up and drive away I took the red panties out of their hiding place then went down stairs and into her garden. Surveying the assortment of underwear on the line, I selected a pair of black lace ones, but this time, instead of just taking of them off the line, I replaced them with the red satin pair, then went back to my bedroom to wait for Mrs. Evans to take the washing in. About half an hour later, during which time I'd wanked of into the black panties twice, Mrs. Evans returned and was out in the garden at the washing line. When she reached the red satin pair I'd left, I saw her stop dead and shake her head as she took them off the line and drop them into the laundry basket. She stood for a minute then suddenly looked round as if she knew she was being watched. Luckily I managed to step back so she didn't see that it was me that was the watcher. After placing the rest of the laundry in the basket, she looked round the garden again then, still shaking her head, went back indoors. This went on for a couple of weeks with me changing the panties each time she did any washing. I was really enjoying myself now as I used an assortment of her underwear to wank into as I sat reading my 'younger / older stories in my magazines. Then one day things changed dramatically!!!

I was off school for half term and was in the house alone, when an envelope addressed to me popped through the letter box. No stamp and the fact that it was too late for the postie meant that it had been hand delivered. Inside was a hand written note that read. "Mike call this number. I know what you've been up to." There was no signature, just a phone number. I read the number several times but didn't recognise it and eventually picked up the phone and dialled it. After a couple of rings it was answered by a female voice. "Mike?" "Yes," I replied, "who's this?" There was a slight pause then. "You might not recognise the voice Mike, but you'd definitely recognise the panties I'm wearing. They're the red satin ones." I was stunned into silence and almost dropped the phone. "Are you still there?" the voice asked. I stood dumbstruck for a moment then replied. "Y-y-yes. Is that you Mrs. Evans?" I heard her chuckle as she replied. "Well unless you've been stealing panties from other washing lines, it has to be doesn't it?"

"W-w-what do you want," I stammered. "Well," she replied, "I know you're Mother and Father are at work so the first thing I want is for you to return my panties. Bring them round now!!!" "H-h-how did you know?" I asked. "Well when you bring them back, I'll show you. I don't like being kept waiting so make it snappy."

I knew there wasn't much I could do but comply so I went to my bedroom and took the panties, a red lace pair, from their hiding place and headed next door. I hadn't had chance to rinse them out so the crotch was stiff with at least three loads of my cumm. I walked up the front path and saw Mrs. Evans standing at the window watching me. As I mounted the steps to her front door, it opened and stood there, hands on her hips. There was a slight scowl on her face but she didn't look as angry as I'd expected. "Come in Mike. I think you have something that belongs to me," she said, as she looked at the pair of panties scrunched up in my hand. As I walked through the door, she closed it behind me and grabbed the panties from my grasp. "I thought it was this pair," she said, as she ran her thumb over the crotch. "It looks like you've made good use of them Mike. Oh and thanks for washing the others before you returned them." I just stood there speechless as she fingered the cumm stiff panties then she led me into the lounge and indicated for me to take a seat on the couch. I sat there not knowing what to do or say as she took a seat opposite. She was still holding the red panties as she stared at me. "The red satin pair was the first wasn't it Mike?" she said as she sat and waited for my reaction. "Y-y-yes," I stammered. "Then the black pair but I lost track after that. Which ones did you like best Mike?" Again I was lost for words. "Come on Mike, you must have a favourite pair." I wasn't really sure what to say, they'd all felt good wrapped around my teenage cock but eventually I gave her my reply. "I t-t-think I liked the white lace ones." "Good choice," she said, "they were expensive. Wait here." With that she got up and left the room and I was tempted to get up and run but, before I could make up my mind she was back ad she wasn't empty handed. She was carrying the white lace panties. "Here you are," she said, as she tossed them to me. "If you like them so much, you can have them. I've got plenty more, as you know." Whether it was by accident or her good aim, the panties landed in my lap, covering my rapidly hardening cock. "You can keep them Mike, on one condition." "W-w-what condition?" I stammered. "I want to watch you. I want to watch what you do with them!!!"

This was something I hadn't expected and I was stunned. Wanking into her panties in the privacy of my bedroom was one thing but doing it in-front of her, well, that was a different thing all together. I was so shocked that my growing erection dwindled and my cock was now limp and lifeless. "Before you make your mind up Mike, I think you might like to see this," she said as she got up and turned the TV on. Flicking on the DVD player she sat back down. As I watched, the screen flickered into life. 'Caught In The Act'. The titles came up then a shot of her garden. I held my breath. I was pretty sure I knew what was coming next and I was right. I saw myself crossing her lawn, then removing a pair of pale blue panties and replacing them with the black pair I was carrying. Mrs. Evans stopped the DVD. "Do you need to see more?" she asked. I just sat there and shook my head. "I'm sure your parents would be shocked if they saw this wouldn't they Mike. Their son, a pantie stealing pervert!" I just nodded. "Well if you don't want them to see it, you know what to do."

I knew what she wanted and I couldn't believe my reaction. One of my fantasies was on the verge of becoming a reality and I'd lost my bottle. "What's the matter Mike," she asked, "lost your nerve? Maybe this will help." As I sat there she stood up and pulled her skirt up around her waist then sat down again. She was right, I did recognise the panties she was wearing! The red satin ones that had started all this off. "Did they feel nice Mike? Did they feel good that first time?" As she spoke, she ran her fingers over the crotch where they covered her cunt lips. The exact place where I'd deposited half a dozen loads of my teenage cumm. Now being your normal horny teenager, the sight of Mrs. Evans sitting there, her legs open wide stroking her pussy and the only thing between me and it, a thin layer of red satin, my cock began hardening again and when she slipped a finger inside them my mind was made up!!!

Without getting up, I unclipped the top of my jeans and lowered my zip. My cock was now fully hard again and as I pulled the top of my jeans apart the bulge of my erection was obvious. Not wanting to take things too fast, instead of getting my cock out, I pushed the panties down the front of my boxers and wrapped the lacy material around my cock. Mrs. Evans's eyes were locked on my crotch as I worked her panties up and down my length. I looked across at her and saw that she was now really working her fingers into her cunt and there was a definite wet patch where the red satin covered her hole. I could feel the different texture of the lace as it smoothed over my knob and knew that I was leaking pre-cum. I also knew that if I carried on at this rate I would be shooting my load soon, very soon. I needed to slow things down!!!

I pushed the front of my boxers down, exposing my lace covered cock. After unwrapping it I draped Mrs. Evans's panties over it and put my hands behind my head. I saw puzzled look cross Mrs. Evans's face, not sure what I was doing. I was about to something I'd learned while playing her panties. With my cock hidden by the white lace, I flexed my stomach muscles, causing my cock to twitch under it. I saw Mrs. Evans smile. "Ooh," she said, "there's something alive under there Mike. Do it again." I did as she asked but this time really put some effort into it and my cock jumped so much that the panties slid off it. "Mmm," she said, "you are a big boy aren't you Mike." Now I've never considered myself big, but looking back I suppose eight inches was on the well endowed size for a sixteen year old and her compliment made me feel good. I began to show off now, flexing my stomach muscles and making my cock jerk violently.

Mrs. Evans scowled across at me. "That's enough messing around Mike, show me what you do with my panties, as if I didn't know." Wrapping the panties around my cock again, I started to slide the lacy material up and down my shaft and closed my eyes to intensify the sensation. In my mind it was Mrs. Evans's fingers around my cock and I groaned softly. I worked the panties over my knob, smearing my pre-cum over it. Again it wasn't my pre-cum, it was Mrs. Evans's wet pussy on my knob. As I sat there in my own little world of fantasies, I heard Mrs. Evans groan and on opening my eyes, I was treated to the sight of her, mature cunt. Her eyes were still locked on my lace covered cock but now, she'd eased the crotch of her panties aside and I could see her slim fingers sliding in and out of her hole. I must have stopped for a moment, because she suddenly looked at me. "Who told you to stop Mike," she said, "keep going. I want to see you cumm in my panties." I resumed my stroking, this time keeping my eyes open though. Seeing the real thing was better than any fantasy. As my own orgasm got closer it was a struggle to keep them open though but I persevered and as I felt my cumm coursing up my shaft, Mrs. Evans spoke again. "Take the panties off just before you cumm Mike, I want to see your cock spurt. I want to see your cumm flying." Two minutes later Mrs. Evans got what she wanted and as I pulled the panties off my cock, it erupted, sending a jet of my cumm into the air. "Oh yes that's it Mike," she groaned and I saw her back arch up off the chair. "I'm coming Mike, I'm coming." With that she let out what was almost a howl as her whole body went rigid and I could see her cumm flooding from her pussy. For my part, I just kept pumping and pumping my fist up and down my shaft, sending spurt after spurt from the tip of my cock. As my orgasm subsided, so did Mrs. Evans's and we both sat there for over ten minutes recovering.