Thursday, Oct 25, 2007
BTL: Buy To Lose!
BBC Website: Big falls in some apartment prices
Significant price falls in a number of new build apartments in Manchester, Birmingham and Leeds have been uncovered by a BBC series on property.
Posted by bloke111 @ 01:26 PM (1235 views) Add Comment
11 Comments
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1. uncle chris said...
What - the industry have been lying their socks off to us - you don't say - they have probably taken their lead from the New Liebour government. I had hoped GB may have meant what he said about getting rid of spin and cleaning up politics - but guess what ..... that was a lie too.
2. wiltshire said...
Can I just say this is ANOTHER vindication of theories posted on this site for a couple of years now by some extremely smart cookies. They said that there would be a severe correction in the prices of new build apartments in some of our major cities and lo and behold here's the proof.
Which milestone will we hit next????
3. Seanb303 said...
next milestone will be record number of reposessions feb or may 2008
4. tyrellcorporation said...
This is brilliant news, the BBC have opened Pandora's Box with this program and accompanying headline!
Watch the flight from BTL now guys. All that guff about 'being in it for the long term' will evapourate in an instant.
5. C'mon Correction said...
But, but ... i thought property prices only ever go up and up??
This has got to be wrong........ isn't it?
6. C'mon Correction said...
Yep, this has to be wrong.
Did you know with the mass influx of immigrants and sound economic fundamentals we have in this country that property prices will never, ever fall again. My mate David told me, and a guy down the pub the other night.
Why would they make up such lies and report it?!!!
7. tyrellcorporation said...
"Do I believe that some people have sold some of their investments? Yes, they have and I know that they have sold them at below some of the prices that we market them at."
He can't bring himself to say 'loss'!
8. Mark Wadsworth said...
A long term investment is a short term investment that went wrong.
9. confused76 said...
"Which milestone will we hit next????"
I expect repossessions to hit 20k per month by March 2008, or 240k on an annual base.
Remember the benchmark 470k total number of repossessions during the 90's crisis, but due to the BLTers this time it will be MUCH WORSE
10. japanese uncle said...
Others have seen the value of their apartments fall from £189,000 to £131,000 in two-and-a-half years.
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So this information (about the house price starting to fall) was hidden from the public eye for more than two years (most probably on purpose). If this had been reported two years ago, that could have worked as a brake to stop the crazy drive to the buy-to-let business. But obviously another 'incompetence defence' is avaiable for the BBC.
11. planning4acrash said...
Whatever happens to houses, as predicted here, inner city new build one bed flats will melt down relative to a correction in the wider market. I can't see any of them outside London being worth more than 100k in a few years time.