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gruffydd

First 80% Price Drop I've Seen So Far - Wales

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Talking to an EA this morning. About some plots in Pembrokeshire. Sold at 100k each at market peak. They failed to sell one at auction for the 20k reserve. Jeepers.

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Talking to an EA this morning. About some plots in Pembrokeshire. Sold at 100k each at market peak. They failed to sell one at auction for the 20k reserve. Jeepers.

Strange. Those plots were not featured on "Homes under Hammer" who reliably inform me that property is a sound investment.

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Did the plots have any planning permission?

They sure did. Outline pp for a nice residential property, or so I'm told.

Edited by gruffydd

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Guest KingCharles1st

Forgive me for saying this- but id this is true- then someone who DID buy for the 100K price is now doomed to a LIFETIME of negative equity.

Unless the government step in and we get a FINANCIAL RESET.

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Forgive me for saying this- but id this is true- then someone who DID buy for the 100K price is now doomed to a LIFETIME of negative equity.

Unless the government step in and we get a FINANCIAL RESET.

Not neccessarily - They may well have paid 100k Cash for the land (and given we're talking about land, this is more likely I'd have thought). Doesn't stop it being a bad investment certainly, but not neccessarily negative equity implications.

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Land always falls by home than houses during a crash. Most of the costs of building a house- bricks, beams, blocks etc are fixed and when properties fall in value, the only variable can be the cost of the land on which the houses sit.

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Land always falls by home than houses during a crash. Most of the costs of building a house- bricks, beams, blocks etc are fixed and when properties fall in value, the only variable can be the cost of the land on which the houses sit.

Uh? What you on then?

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Forgive me for saying this- but id this is true- then someone who DID buy for the 100K price is now doomed to a LIFETIME of negative equity.

Probably bought with borrowed money, so they'll go bankrupt, the bank will write off the debt and then the taxpayer will fill the hole in the bank's balance sheet with money borrowed by the government to be repaid from the taxes of our children.

Super.

Then... somewhere down the line.... the land will be sold by the bank to a wealthy spiv at a knock down price, he'll throw up a second rate home and our children will buy it with a nice big mortgage from the bank, to be paid off with what's left of their wages after being taxed to pay back the money the government borrowed in the first place.

Have a nice weekend.

Edited by Sceptical

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Wasnt there a rather attractive looking apartment in north wales that sold for £13k, down from £120k or something. I remember someone posting the article from NoTW a while back.

Either way, Wales seems to be leading the pack as a nation.

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Probably bought with borrowed money, so they'll go bankrupt, the bank will write off the debt and then the taxpayer will fill the hole in the bank's balance sheet with money borrowed by the government to be repaid from the taxes of our children.

Super.

Then... somewhere down the line.... the land will be sold by the bank to a wealthy spiv at a knock down price, he'll throw up a second rate home and our children will buy it with a nice big mortgage from the bank, to be paid off with what's left of their wages after being taxed to pay back the money the government borrowed in the first place.

Have a nice weekend.

You made my day :ph34r:

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Guest KingCharles1st
Probably bought with borrowed money, so they'll go bankrupt, the bank will write off the debt and then the taxpayer will fill the hole in the bank's balance sheet with money borrowed by the government to be repaid from the taxes of our children.

Super.

Then... somewhere down the line.... the land will be sold by the bank to a wealthy spiv at a knock down price, he'll throw up a second rate home and our children will buy it with a nice big mortgage from the bank, to be paid off with what's left of their wages after being taxed to pay back the money the government borrowed in the first place.

Have a nice weekend.

I think this is one of the best HPC posts- EVER ;)

Should be pinned

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Talking to an EA this morning. About some plots in Pembrokeshire. Sold at 100k each at market peak. They failed to sell one at auction for the 20k reserve. Jeepers.

Quick. What is the Hamish for Welsh?

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Sorry gruffydd, seems my thread-killing touch still functions :(

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''Probably bought with borrowed money, so they'll go bankrupt, the bank will write off the debt and then the taxpayer will fill the hole in the bank's balance sheet with money borrowed by the government to be repaid from the taxes of our children.

Super.

Then... somewhere down the line.... the land will be sold by the bank to a wealthy spiv at a knock down price, he'll throw up a second rate home and our children will buy it with a nice big mortgage from the bank, to be paid off with what's left of their wages after being taxed to pay back the money the government borrowed in the first place.

Have a nice weekend.''

I think this is one of the best HPC posts- EVER ;)

Should be pinned

Ditto...Sceptical's post says it all...nice one.

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Daffyd

He's the only EA in his village.

oh come on that was worth at least one :lol:

my talent is wasted on you people

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well alright

tough crowd

It's the death of a prancing turd Lambie. It's affected the whole world.

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oh come on that was worth at least one :lol:

my talent is wasted on you people

You are about to be targeted by a hit-squad of highly trained gay Welsh-speaking sheep!

You have been warned!

:ph34r:

(Hurry up and buy a house so that they can burn it down!)

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Quick. What is the Hamish for Welsh?

C0ck :lol:

Edited by superdez

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