Wednesday, Nov 26, 2008
BBC BTLs bleeting at losses and over valuation.
BBC Inside Out: Buy-to-let
Was on telly tonight (see iplayer) ...
But with property prices crashing all around him, Bill’s worried about the value of his investment.
So he went to see Tony McKeon, the director of Residential Lettings Group, to find out about the state of the market:
He told Bill: "Your honeymoon period is over… so obviously you’re forking out of your pocket to cover the mortgage on the property that you had bought.
"The rental income coming in is a lot less than you originally thought you’d achieve on your property."
Tony also gave Bill a valuation on his flat. He believes it's worth £215,000. So in just one year Bill has lost £60,000!
But Bill isn't the only buy-to-let landlord that has lost money.
Posted by doomwatch @ 09:47 PM (882 views) Add Comment
10 Comments
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1. gone-to-colombia said...
Interesting posting.
Complete with a slick haired 'expert' and a has been TV presenter.
The best laught was saved till last
'the former Mint in Birmingham which closed in 2003 is now being redeveloped into hundreds of flats and office space.
Sean Gaynham the managing surveyor from The Mint says he believes that the market will pick up:
"I don’t think people are optimistic because its going to get better but there are 6m homes which are needed in this country straight away"
Hard to imagine where the buyers will come from!?
2. little professor said...
Got an iplayer link? Can't find it on the website
3. Highland Propety Bubble said...
This doesn't really come as a surprise. I didn't feel sorry in the least for Buckley the property speculator until I came across his additional problems.
http://www.dailymail.co.uk/health/article-1037100/Man-boobs-Former-TV-presenter-Bill-Buckley-talks-frankly-problem-sinister-cause.html
It's such a shame really, but I'd rather have a pair of manboobs than a pair of buy to let properties any day!!
4. jackas said...
Some real belly laughs in that one.
Strange to see a BTLer arguing that we should stop building flats.
Oh and all that stuff about surveyors overvaluing property? They are the dogs you chose to sleep with so stop complaining. MUG.
5. Redcellar said...
Funnniest thing in a while. You just can't write this stuff. Greed and stupidity followed by a good old fashioned sueing. Go for it fella and lose the shirt off your back too.
6. little professor said...
A must see - 15 minutes in
http://www.bbc.co.uk/iplayer/episode/b00fqnxn/Inside_Out_London_26112008/
7. Alan Lubin said...
'i could end up another victim of the property crash' - victim of greed and stupidity more like mate. £280k for a 2 bed flat in Birmingham - what could go wrong?
8. bilko said...
Poor old Christopher Miller, he 'lost' three million pounds, except of course HE didn't and probably neither did his lender because the likelihood is that the loss now sits proudly with the tax payer while the pyramid of debt sellors who lent him the dosh are still spending their commission. But of course, none of this was Gordon or Alistair's fault as they ride to our rescue carrying baskets of our cash!
9. it_is_going_with_a_bang said...
The surveyor talking to Bill was unconvincing to say the least. He's juts been told there are 3 thousand empty flats in Birmingham and his answer is that the country needs 6 million homes.
Firstly, I for one wouldnt want to call what he is likely to build a 'home'. Secondly it is clear that people do want somewhere to live but ... they don't have the money to pay for it.
10. Not Amewsed said...
Proof for the claim so often touted on HPC that BBC journalists are up to their necks in BTL