Sunday, Aug 17, 2008
I just love the word 'glut'- only four letters, ideal for subs
Observer: Property glut drives down rents
'This downward trend in average rents may well start to spread as the rental market becomes saturated with new properties,' said Daniel Lee of Globrix. 'There is a strong probability that for a significant number of new landlords the rental returns will not cover the mortgage payments.'
Posted by kagiso @ 03:08 PM (644 views) Add Comment
6 Comments
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1. scandinavian pessimist said...
"Agents, described the fall in rents as a 'temporary blip' caused by a sudden glut of new blocks of flats."
What justifies the word "temporary" here? It's not like those new-built flats are just gonna disappear off the market...
2. paul said...
Good point SP.
You can't simply eradicate that supply.
3. Kagiso said...
I seem to recall an awful lot of talk about temporary blips a year or so ago about the housing sales market.....................
big old blips................
4. nooneo said...
scandinavian pessimist @ 1
paul @ 2
Indeed. You simply can't hide oversupply. "Oh, I think I'll hide a couple thousand city centre apartments out in the green belt for a while 'till the whole thing blows over !"
5. Confused76 said...
glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut, glut
6. it_is_going_with_a_bang said...
Thats right the opinion of agents who only a year or so ago thought prices would always keep going up and are now facing financial ruin / redundancy is well worth accepting as 'gospel'. Not.