Sunday, Mar 30, 2008
Consistency? What's that?
Sunday Express: BUY TO LET EXODUS TO SPARK COLLAPSE
DESPERATE landlords are about to flood the fragile property market with buy-to-let homes.
Half a million owners have been badly hit by rising interest rates and are struggling to make a profit on their investment. Experts predict they will want to cash in.
The mass dumping that results could send house prices plummeting to levels not seen since the recession of the early Nineties.
Posted by little professor @ 12:51 AM (983 views) Add Comment
17 Comments
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1. Wired01 said...
Oh what a shame this is. As I'm fairly new to this I'm going to restrain myself to this
Mwa ha ha ha.
Sorry I may have got it wrong.
2. japanese uncle said...
Given this schizophrenic discrepancy between the front page and its contents, this newspaper cannot blame none but itself for the recent pathetic circulation, although I personally believe that the Daily Mail's overwhelming commercial sucess and resultant excessive dominance is not quite sound for this sector of media. More sustainable competition is badly needed here.
3. Fed Up said...
And Thursday's Daily Express headline will be CUT INTEREST RATES NOW!
Dickie Desmond should stick to writing about ladies with inflated assets in his top self magazines.
4. Orwell said...
Well this is what we predicited. Where are all the 'proper economists' like David Smith (Economist Laureate) , and also the others like Greenbay etc...?
5. Orwell said...
"...One buy-to-let investor, who wished to remain anonymous, told the Sunday Express that she had bought a new-build flat in Jesmond, Newcastle upon Tyne, for £230,000 a couple of years ago.†
She was promised great returns on her investment by the developer but the flat is lying empty, its value has plummeted to £170,000 and the investor is trapped in negative equity. ..."
Let me say this slowly if I may (to understand fully):
One... hundred .... and .... seventy ... thousand?
I mean, what is the average salary there? people down here in say Bristol couldn't afford that.
Oh dear oh dear .... average salary say £15000? therefore apartment value £45000?
Oh dear oh dear ....
6. Nmarks said...
Recently Express Newspapers were sued for making false allegations regarding the McCanns.
Should anyone really be suprised by this rag's inability to tell get the story right?
7. planning4acrash said...
The transparency of the lies are incredible. I bet Murdoch is having a giggle about the idiocy of his readership. He really has an easy job. Any idea of how to make it harder for him? I had an idea this morning of setting up stands in places like Canary Wharf and Oxford Street, to express a couple of facts to sheeple, to show the extent to which bankers, politicians and the media are duping them.
8. dohousescrashinthewoods said...
My wife and I drove to Clapham from Guildford up the A3 last night and we were stunned by the number of houses and flats for sale or rent.
In places it seemed like every other building had a at least one board on it, in some places it was entire rows. It was very striking.
9. planning4acrash said...
At least it would be better than the Jehovah's witness nonsense.
10. mark wadsworth said...
That's what i call balanced reporting!
11. uncle tom said...
An incredible lack of editorial consistency between the Daily and the Sunday!!
P4C - these are not Murdoch's rags - it's run by the porn baron, Richard Desmond
12. confused76 said...
What can I say...
AHA HAHHAHHAH HAHAHHAHAHAH
AHA HAHHAHHAH HAHAHHAHAHAH
AHA HAHHAHHAH HAHAHHAHAHAH
AHA HAHHAHHAH HAHAHHAHAHAH
AHA HAHHAHHAH HAHAHHAHAHAH
13. confused76 said...
DHCITW
interesting observation
by this summer you will start seeing rows of houses with boarded windows
US style scenery
14. uncle tom said...
'by this summer you will start seeing rows of houses with boarded windows'
I hope not. I hate seeing property standing empty when their are young people struggling to find somewhere to live.
There's a huge standoff taking place at the moment - the BTL camp has swung rapidly from buying 20k properties a month last summer to a position where I suspect they are now attempting to offload as many (if not more) each month. Meanwhile the FTB's struggling to save a deposit are having to save more than they previously thought necessary, and many of those who have saved enough already will be thinking 'well, let's hang fire and see what happens'
Meanwhile, what is the typical parent with grown-up kids doing now? Are they urging them to get out and buy somewhere - 'get on the ladder' - I doubt it now.
And can you see many parents re-mortgaging their homes to raise a deposit for their kids? It was rife last year, but there's probably very few doing that now.
And for those who would like a larger home - will they make their move this spring? most, I think, will play a game of wait and see.
Against this background, prices will drift down, but until there are forced sales - or vendor panic - it is unlikely that prices will fall by more than 1% per month.
However, both those factors are likely to play as the year proceeds. Repo's are on the rise, and with more media interest, auction prices will get good publicity. Those BTLers who have decided to get out will probably start getting very nervous if they havn't had a serious offer after three months (the continuing mortgage payments, without a rental income to offset it will also weigh heavily)
Finally, when the YoY indexes all show a fall (and a growing fall at that) vendor patience is likely to shorten, giving way to a mood of 'sell before the price goes any lower'
It's a fast moving story now!
15. techieman said...
House Prices Still on the Rise? Daily Express Journalists still on the p*ss.
16. confused76 said...
"Lisa Barge, a partner at property lawyers Eversheds, said the Government was about to make matters worse by introducing new codes of conduct which will add to the costs of running a buy-to-let portfolio.
She said: ́In June the Government is set to propose self-regulating landlord schemes to which buy-to-let investors will have to sign up.
́This will increase the burden on investors so much that many may just want to exit the sector.î "
YEEEEEEEEEEEEEEEEEESSSSSSSSSSSSSSSSSSSSSSS
This is f@**ng FANTASTIK
17. planning4acrash said...
Confused. If that is the case, then we need to resurect the squatting movement. That is a serious proposition.