Monday, Nov 17, 2008
Buy-to-Debt
BBC: Surviving the property turmoil
The article offers no hopes of "Surviving the property turmoil". The BTL bubble is truly and forever burst
Posted by confused76 @ 10:44 AM (1393 views) Add Comment
15 Comments
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1. confused76 said...
"We decided to go into buy-to-let because we thought it was just the right thing to do," says Robert Hole, a retired banker from Chiswick, west London.
"It looked like a good way in which to invest your savings and get a return. Think of it, you've got a mortgage someone else pays for. What could be better?"
"Repossessions of buy-to-let properties have soared by 52% in the last 12 months" yeesss!!
... a big laugh is in order!
2. jack c said...
Welcome back confused76 !
From the article - "We'll just try to hang on at the moment," adds Maria. "Hopefully something will change." - yes indeed things will change as the market will continue to drift down and if they encounter a few months rental voids it will make life in retirement very uncomfortable potentially forcing these people into bankruptcy. What a bunch of idiots basing their entire retirement plans on a single asset class particularly one so illiquid as property.
3. phdinbubbles said...
Mwahahahaha indeed.
Who would have thought a banker could be so financially incompetent?
4. Fjcruiser said...
what kind of return was he talking about ? the rent was barely covering the mortgage, ie ZERO return while he could have earned 5% minimum is a savings account. The guy is a retired banker ? No wonder why the banking system is where it is. NO HOPE IN SIGHT.
5. maddison said...
I have no sympathy for people that thought that a seminar and investing in an area you knew nothing about was a route to riches... If they bough one flat in Chiswick they would have been much better off...
6. last_days_of_disco said...
Hey, confused76, you are back, have been missing you lately. Give us a MWAHAHAHA, for old times sake! :-)
7. plato said...
This is why this house price correction must take place....... Doesn't matter if you've got 10 properties or 1 property or whether you rent even. You are losing wealth in different proportions. When they cost less you will lose less and rents are less. There is no easy money as the BTLers were led to believe and are finding out. Accept the loss and stupidity.You've been had by the government and VIs.
First home is your right and should be a home. Second home (unessesary) should be prohibitively expensive. No question !
8. nubbers said...
I was just going to comment that we need a good confused76 laugh for this one.
9. mark wadsworth said...
Don't forget Krusty & Phil on C4 at 9 o'clock this evening.
10. harold said...
"Who would have thought a banker could be so financially incompetent?"
Me and the rest of the UK?
11. phdinbubbles said...
Apologies for my sarcasm - doesn't come across well when written down.
12. doom&gloom said...
"The Ascent of Money", at 8pm, followed by Krusty and Phil at 9pm. An informativfe documentary followed by some hilarious comedy, Should be a good telly evening.
13. little professor said...
Give us one of your laughs, confused76 - we've earned it
14. This comment has been removed as it was found to be in breach of our Blog Policies.
15. Brynmor said...
I have refrained from commenting on anything on this website so far. But this article was too much.
"...first-time buyers struggling to get on the property ladder..."
I am a potential first-time buyer. I am delighted with the alleged turmoil. How dare this man presume so inaccurately to speak for me and others I know in a similar position?
I am not drowning, but waving.