Sunday, Oct 19, 2008
This crash will be worse than the last one.
Daily Mail: Two million set to enter negative equity as Docklands development has 82 of its 84 flats repossessed
Up to 2 million households will enter negative equity by 2010, outstripping the 1.8 million affected in the last housing slump, it has been claimed.
Posted by supermike @ 07:45 PM (246 views) Add Comment
3 Comments
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1. Crown said...
that is a shocking story
2. crown said...
that is a shocking story
3. inbreda said...
"However, today all but two of the flats have been repossessed and the development has become neglected and overgrown, attracting vermin, squatters, drug addicts and vandals.
The 76 two-bedroom, two-bathroom flats which went for £250,000 are now worth just £115,000, while the development's "
Now, correct me if I am wrong, but I would pay good money NOT to live amongst vermin, drug addicts and vandals. That makes the places worth a lot less than £115k. The sad thing is that the 82 repo'd properties were probably bought by BTL investors who deserve to get stung and have probably just handed the keys back in expecting the hardworking taxpayer to bail them out. The 2 that aren't repo'd are probably owner occupiers, forced to pay over the odds in competitioon with the BTL brigade, and who are now stuck with 50% negative equity and scum for neighbours.
Blood on the streets within 6 months IMO. Hopefully it will be BTLers and Neu Liebour scum being strung up.