Wednesday, Jun 25, 2008
BTL Apocalypse
Daily Mail: Hammered: What it is like to see your buy-to-let nest-egg being sold off for less than half you paid for it
A famous party venue for 140 years, the Cafe Royal is perhaps an unusual location for a wake.
But yesterday, several hundred people gathered under its crystal chandeliers to mark a further nail in the coffin of the property boom.
Posted by a_landlord @ 01:33 PM (248 views) Add Comment
2 Comments
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1. Duncan said...
The real question is
How many were actually a "nest egg" bought using peoples savings and how many were bought with extreme leverage by sub-prime speculators (using the Swiss and Dubai publics savings)?
2. quiet guy said...
This bit gave me a smile:
"Irish architect Patrick Hanley, 30, was a happy fellow. He got Lot 88, a flat in the Eastern Quay apartments on the River Thames, for £275,000.
A mortgage repossession, it had been originally sold for £340,000 in 2004.
'It's fantastic,' he said. 'And yet other identical flats in the building are still on sale for up to £400,000. How do you explain that?'
It was a rhetorical question. The answer, of course, is that the other flats are now wildly overpriced."