Friday, Jun 27, 2008
Newbie BTLers face major pwnage.
Telegraph: New buildflat prices getting hammered
New-build flats have been hardest hit by the property downturn. Over-building in some areas, leading to a glut of properties competing for buyers, and tenants, has sent values and rents spiralling downwards.
"There is no such thing as a free deposit," says Mr Sandeman. "The lucky ones are those who got repossessed last year. Those who are being repossessed now, at current auction prices, will still owe vast sums to their lender."
The low prices these flats are getting at auction are due to the market softening, but if you add in fraud or overoptimistic valuations that is going to cause big drops in the value.
Posted by little professor @ 07:33 PM (700 views) Add Comment
7 Comments
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1. quiet guy said...
"his estate agent, Bairstow Eves in Harwich, admits he hasn't a hope of achieving that price - more than double the level that other Phoenix Pavilions flats are asking at auction."
Those who are familiar with the Phoenix Pavilions flats know they do not have to buy now. They are just waiting for the amateur BTLers to fail. A bit like vultures. I almost feel sorry for them. Almost.
2. i-cld-murder-a-blt said...
I feel compelled to post.
Should that not be sledge hammered??
Oh not quite yet.........
These buy to let chavs are gonna fel some pain!!!!
3. little professor said...
4. The Close said...
about time
5. Davip said...
Extraordinary, isn't it? Apparently BTL investors face having to"...sit it out and fund the rental gap between their income and mortgage".
Heaven forbid they should have to make some financial contribution to the house they will own at the renter's and the taxpayer's expense (i.e., the tax break on their mortgage interest)
Isn't there something more we can do for these poor unfortunates?
The carnival is over parasites -- welcome to the world you have made.
6. i-cld-murder-a-blt said...
Thanks LP
Looking at the data, you would think that there is a serious problem with FLATS??? hehehe
Poor British folk, who have to resort to living in FLATS(I bloody hate them)!
7. Woodworm said...
HPC FTW!!!