Friday, Oct 10, 2008
How about a bit of house price news for a change?
Yahoo news: BTL owners worst hit
'Owners of buy-to-let properties are among the worst hit by falls in housing prices. Researchers compiling a top 10 list of places suffering the largest price drops discovered it was dominated by regeneration sites in Northern city centres, which have proved popular with buy-to-let investors. Many buyers of such properties, often in new developments on old brownfield or industrial sites alongside canals or rivers, have since seen their investments lose thousands in value.'
Posted by montesquieu @ 04:23 PM (877 views) Add Comment
16 Comments
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1. Welshie said...
Cue the sound of the world's smallest violin.....
2. montesquieu said...
Actually the percentage falls shown in the stats to date pale into insigificance given the events of recent days. The rented place I moved out of nearly three months ago is still on sale, after 461 days on the market according to propertysnake, at £400k which is 20% down from its initial £500k asking price (though in reality that asking price is probably still only a small amount down from what was an achivable £420k-ish price back then).
I think to sell in this market he'd have to go almost to £250k - only 40% down on the achievable figure 18 months ago, but 50% down on the ridiculously greedy initial asking price (serves him right too, if he'd asked sensible money at the beginning he wouldn't have lost out so badly).
Anyway, the statistics just don't reflect reality (yet ...). You'd have to be completely mad to buy a house right now.
3. pelethar said...
These figures were all over BBC Breakfast this morning - incidentally BBC News (on the TV at least) has got markedly more bearish of late. They covered the Halifax figures on the 10-o'clock news last week in a very direct and factual way, and didn't include any kind of a VI rebuttal, which they always used to do. The mood is shifting in a really profound way at the moment.
Agree though that these figures seem to drastically understate reality - we have seen hundreds of examples of BTL new-build city centre flats dropping by 60%+ so how can 17% be the worst in the country?
4. Landedgentry said...
From Landlords to tenants haha. I bet a lot of these idiots remortgaged their principal homes to acquire more BTL's. I know a few that have been given their notice to quit. haha.
5. bellwether said...
Problem is there is no real news on housing now. What pretty much everyone predicted on this site (except Greenbay) has happened or is happening. We will see something like a 50% decrease in real terms with buying opportunities at auction within 2 years.
6. bellwether said...
Problem is there is no real news on housing now. What pretty much everyone predicted on this site (except Greenbay) has happened or is happening. We will see something like a 50% decrease in real terms with buying opportunities at auction within 2 years.
7. mark said...
i think job losses will force people into selling now
8. letthemfall said...
bellwether:
As you say. This site has pretty much run its course now; many of the earlier contributors seem much quieter, though I don't have any stats. Bit of a mixed bag of financial and crash talk these days, with a bit of posturing thrown in. Still, I'm sure I will continue to divert my attention here from doing some work.
9. Its Happened said...
i agree bellwether but if this site is to be renamed.what could it be, any ideas ?????
10. Rick said...
there still out performing shares and landlords I have spoke to say there profits have never been better. does not make sense.
also what is vi
11. This comment has been removed as it was found to be in breach of our Blog Policies.
12. bellwether said...
Seems almost a bit sad but then there's always schadenfreude to keep us going meantime
13. afrobaggie said...
Whatever happened to Glorious Sunshine?
14. braindeed said...
This site has still got a place. What are we all (taxpayers) paying to rescue? 'Normal' times? Scumbags earning thousands for doing £eck all again 'selling' 'ouses? No-one in any of the goggle-box or printed media is asking the question of how we can return to 'normal'..ie rampantly inflationary increases year on year, with our income taxed to the hilt on bail-out reparations?
15. Eternal Sceptic said...
I regard this site as a forum where the analysis is generally more objective and analytical than the mainstream media. I look on it as the Al Jazeera equivalent of the BBC.
Perhaps if the site need renaming just call it "crash uk"
16. bidin'matime said...
Letthemfall - I think you're right - I copy most of my contributions to a word doc and since Jan 06 I've got 121 pages of A4, but the last contribution was 9 September, then before that hardly anything since June/July. Not much more we can say really, although this fright with Icesave made me think I probably would have been warned of the split guarantee thing if I'd been reading this site a bit more.