Thursday, Jun 26, 2008
Title says it all really ....
thisismoney.co.uk: Hammered! Buy-to-let unravels
Want a cut-price, new-build dream apartment (albeit one overlooking a canal and the roof of the local B&Q store)? Looking to pay £100,000 less than the estate agent price of an identical duplex on the Thames? Then the Dauphin Suite of the Cafe Royal was the place to be. The losses on such former 'investments' were often dizzying - if they did sell at all.
Posted by uncle chris @ 11:53 AM (527 views) Add Comment
5 Comments
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1. debtfree said...
a true reflection of what is going on behind the scenes.
thanks uncle chris, great read that post.
2. Arsebuger said...
Barnard Marcus, results may be on http://www.barnardmarcusauctions.co.uk/Auction-Results.html
3. A_landlord said...
I posted the same story under "BTL Apocalypse" yesterday.
There are going to be some 'investors' crippled for years to come if they have taken out very large LTV and now have to repay the remainder of their mortgage on a house that has been repo'd and resold for 40% or 50% of their original purchase price.
4. Davros said...
I'm amazed at how astute the people buying these apartments think they're being. Barely 6 months into the housing crash this is what they're going for. Who's to say if they sold them on again in a years time, what they'll be worth? Don't try and catch a falling knife.
5. i remember the 90`s said...
I agree, a good read and the crash has barely started ,imo these flats in two years time will be on sale at 50k max.