Sunday, Dec 09, 2007
Hard to predict the effect of the cut... what I know is that BTLers are losing money in London
Firstrung: London house prices fall by £22K since August
... and will that change? I do not think so, if you know about layoffs and bonus cuts in the City. It seems that the rental market is being affected big way and that is bad news for BTLs too. Also see one of the best pics used by Firstrung.
Posted by confused76 @ 01:17 PM (497 views) Add Comment
7 Comments
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1. Jimmy_joe said...
This is an October story. £22k in 2 months!
2. paul said...
22 grand in four months?
That's a lot. No manner of cuts from the MPC is going to put that right no matter how hard they try.
3. japanese uncle said...
Once the stream is reversed, ie. the later the cheaper mentality is embedded into the minds of the market (potential) participants now that the force in the market is an accumulated sence of suspicion that this lunacy may have lasted only too long, there is no way to go against the tide simply by cutting rate by 0.25% or 0.5% for this matter. MPC members cannot be that bloody idiots to believe that they can prevent the surge of sellers by monetary policy at this stage. So the only purpose again appears to stage a spectacular drop of GBP with the full justification again by 'incompetence defence', saying 'perfectly good intention but at the unfortunate timing'
4. Dontbuyyet said...
Same here in Bristol, the market is dead. Hundreds of flats that can't be shifted, either to sell or rent. And rents are WAY below what a mortgage would cost for a £200,000 flat that's been completed within the last six months.Sit tight, this is just the beginning, prices will drop furthere as BTL-ers panic and sell up or rent below the cost of their mortgage on the property. You know it bad - spoke to an estate agent last week who's decided to sell her two BTL rental properties in October. Guess what? No viewers yet :-)
5. jack c said...
Dontbuyyet – great post, regional factual info like this is just what we need to share on this site to help us all separate the current realities of the UK property market from the fantasy comments made in the press.
6. Greasemonkey said...
Plymouth is very slow in house sales - been like it for months. The market above 300k has been dead for ages. The bottom end is hanging in there - but still slow. Its amazing to see how many properties come on the market and sit there for months, talk about blind faith. Maybe waiting for the market to rise? Some drop the price a bit. There's not many being sold though.
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