Tuesday, Oct 30, 2007
A BTL landlord confesses his losses
BBC Radio 4: After 10 years of a housing boom, are we about to see a crash?
The IMF tell us that house prices in the UK are 40% overvalued. A BTL landlord tells us that his rents don't cover his mortgages, and that lots of his mates have it far worse. But Lombard St Research tell us that it's all gonna be OK: house prices will "stabilise". C'mon Confused76, give us a laugh...
Listen Again facility, 7:50am.
Posted by slappyrick @ 08:34 AM (554 views) Add Comment
6 Comments
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1. Bertywooster said...
The business plan, if I can call it that, of the BTL landlord in this package relied upon his income from another source to prop up the BTL. Clearly this business is not sustainable in the medium term. The pound has just hit a 26-year high against the dollar so any BTL landlords relying on an IR cut will have to wait a very long time.
2. doomwatch said...
Not sure why this is described by the women presenter as "terrible news". Why are the media STILL obsessed with
viewing house price inflation as a good thing ? Pr1cks.
3. Orwell said...
Nominal falls?????
B******* !!!!
10 - 30% at least. Is that 'nominal'?
4. Johnnyp said...
STAY UP NORTH EAST SCOTLAND , 3 BED DETACHED HOUSE ELGIN MORAY FOR SALE. NICE AREA (NOT CHAV LAND) FIRST £180 000 SECURES. EVEN UP HERE PRICES ARE STARTING TO SLIP ,IN THE LAST FEW MONTHS,BRING IT ON, A LOT OF BURNED FINGERS IN THE NEAR FUITURE UP HERE AS WELL I THINK!!!!!!!!!!!!!!!!!!!!!!!!!!!
5. Loneranger said...
I still cannot understand why a certain amount of commentators insist that 'the economy is in good shape therefore a crash is unlikely', the Lombard St woman on this interview is obviously one of them. If she is a research expert working full time in studying the economy then can she please substantiate that claim! Everyone knows that the economy of the last five years or so has been based around construction, house price inflation and MEW, if the housing market grinds to a halt then surely that will have an effect on the well being of this so called 'healthy economy'! WAKE UP!
6. wiltshire said...
Too right Doomwatch "Why are the media STILL obsessed with viewing house price inflation as a good thing?" Do the people that write/read these comments in the media even know what they are talking about or are they just saying what they hear everyone else saying? In 2 or 3 years time I think the general consensus will be that this house price boom was of benefit to none except an extremely tiny minority. The vast majority are suffering in one way or another - even those who have "won" (i.e. whose house price has increased dramatically over the last 5-10 years can't afford to move and if they MEW they're just going to eventually realise that debt will be their "prize").
I think as each day goes by more and more people start to realise it's been a massive con.