Friday, May 22, 2009
Reminds me of all the UK's new build flats
Blog via Patrick.net: The Toxic Asset Base May Have Little Future Value
In the US, at least, property seen as investment has resulted in shoddy workmanship, that undermines assumptions about recently built houses regaining their former value. I can't help but wonder if we have the same problem here in the UK with recently built property.
Posted by nubbers @ 07:38 PM (499 views) Add Comment
3 Comments
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1. enuii said...
Brick skinned timber framed 3/4 storey blocks of 1/2 bed flats markete as 'luxury appartments' spring to mind, five years down the road with leaking plumbing and the ravages of rental occupation many will be no better than former communist era eastern european piles with regard to their value. Tainted by their lowest common denominator occupants many people will find out that their flat will be more of a liability than an 'investment' or tolerable place to live.
2. Mr Plumbase said...
As someone who works in construction I can confirm newbuilds are done to the minimum legal standard as far as scructure and services are concerned this saves money. As for the plumbing plasic pipe and fittings are used instead of copper and brass, it's quicker
and easier to install, but minus points are it's vulnerable to rodent damage and there is a question over the long term durability of the stuff.
The US recently banned the use of certain types of plastics, a billion dollar class action has just been settled there, it seems some plastics are suseptable to chlorene damage and after 10-15 years become brittle and leak, often with disastarous consequenses. Still legal here though.
3. crunchy said...
Many buyers bought off plan in the boom era, something I personally would never do.
Many investors now wonder why the build quality has suffered and why some others have been left high and dry.
Blind greed.