own experience: appartment prices fall in Leeds 17

Last month I was offered a part share in the purchase of twelve luxury appartments on one of the best streets in affluent North Leeds LS17 discounted from circa 300k each to about 215k each. I asked why such a discount to hear an investor had lost his initial investment because he was unable to raise the required mortgage for personal reasons and thus the builder was now looking for a swift disposal at the discount rate. The Banks valuation came in at 309 pounds psq ft at approx 1000 sq ft each the figures add up hence 300k each value, but the rental valuation only came in at 900 pounds per month, hence there is to be a hefty monthly shortfall if expecting these properties to wash their own faces i.e min 1,500 pounds per month re-payment per month based on 6% interest only.