Saturday, Mar 06, 2010
How screwed are the flat dominated city centres?
The Times: Can Leeds lead a property revival in the North?
Leeds is not in my area, but whenever I visit, I get the feeling that in 5 years time the BTL flats will be social housing.
The same goes for Birmingham, Manchester and many others.
Posted by wdbeast @ 11:58 AM (1454 views) Add Comment
8 Comments
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1. paul said...
The Times is going into property ramping overdrive mode on the back of the catastrophic falls in the market last month.
Expect more drivel tomorrow from David Smith on how inflation should let rip unchecked, QE should restart and public money thrown at BTL developers.
2. mr g said...
"I get the feeling that in 5 years time the BTL flats will be social housing."
Leeds is in my area and I can confidently say that those apartments near the city centre will be social housing in 5 years or less.
This is a city that has been over hyped when in truth it has a high rate of deprivation and post industrial neglect. You don't hear about Chapeltown, Harehills, Beeston and several other areas which might as well be on Mars as in a "a leading financial services centre"
Add to that, a string of areas with mediocre private housing, where in one street for example, 3 houses have sold for £115K, £130K and £135K in order of sale since October 2009 and, IMO you have a city going t*ts up and therefore the question "Can Leeds lead a property revival in the North?" is blatant VI ramping.
3. wdbeast said...
From the comment below;
"Leeds Mum wrote:
Can Leeds lead a Northern property revival? No, definitely not, not in a million years. Having a large amount of cash to invest I have spent some time researching the Leeds property market and come to the conclusion that the 'bargains' on offer - some less than £50k - are not bargains at all. Jayne has interviewed a number of estate agents who of course have no vested interest in talking up the market (!). Mr Morgan has become rich selling the densley packed shoe boxes he now condemns. The article states that around 10,000 units have been built with another 10,000 having been approved. Hence, as soon as the market begins to pick up (no time soon) the developers will start on the other 10,000 units which will simply remove any potential price rise due to lack of supply. As for high levels of occupancy at the current time..... I have been driving home at around 7.30pm and pass great swathes of these flats with practically every one unlit. It seems the agents forgot to mention these blocks at all. Two bedroom flat equals rent of £450, if you can let it at all. The planners of Leeds have done our city a great disservice, allowing mile upon mile of ugly blocks with no green space or proper infrastructure, having visited the beautiful Barcelona and seen the low rise flats arranged round gardens with shops and cafes it makes me very upset. So Jayne do your research, ask real people what is going on not just the agents or just look at them, would you live there with your family? I doubt it, so why would anyone else want to."
4. enuii said...
Leeds mum is a typical shrewd and sensible Yorkshire Lass.
5. Jimmylad said...
maybe the plan is for the housing market to collapse so that the banks / governments can repossess/claim all these flats in their 1000's for council use
6. Brave New World said...
Leeds is an architectural tram-smash. You drive down the M621 and it is a rash of typical Yorkshire developers chucking anything up with no coherence in design etc.
Love the VI'd angle of the article, are jornos not taught about balance in their articles anymore.
And as for:
Bradford
Work on City Park and Southgate, an office and hotel scheme, completes this year. The £750 million Learning Quarter is happening, and New Victoria Place, with 36 homes, plus bars and cafés, has planning permission. Verdict Needs to get its shops sorted out... er no it needs divine intervention. The place is on its knees.
7. little professor said...
The situation in Leeds is already ridiculous. Blocks of "luxury executive apartments" have been built literally next door to high-rise council housing towers. People I know have to dodge knife-wielding chavs to get to the door of their property, despite having paid £200,000+ for their shoebox. Meanwhile the folk next door are paying £250pcm rent - or rather the housing benefit is paying the rent. Completely crazy. These 'luxury' block will inevitably become additional social housing once all the suckers finally realize its not worth holding on to their expensive prison pen.
8. little professor said...
Bollocks. As Leeds Mum points out, a simple drive part these tower blocks shows that the vast majority of flats are completely unlit. Having ventured in to one of the crappiest and formerly most expensive (Aspect 14) it was like a ghost town, the only people around were prostitutes from the IK brothel.
Also bollocks. City centre rental prices are down 15-20% across the board, and a quick rightmove search reveals zillions of 2 bed apartments for well under £750.