Sharp Decline Posted November 5, 2009 Share Posted November 5, 2009 The Hub is a new development in Birmingham City Centre that they say has not sold well. Just noticed this ad on the internet which says they're flogging them at 50% of the market rate: http://www.findanewhome.com/west-midlands/birmingham/birmingham-city-centre/2-bed-flat-for-sale/89ae3b8c-18d8-4307-8c0f-fb5bcd3b7752.fap The £68,420 tag for a 2-bedder is a lot less than what the developer was asking for (is asking for) on their website: http://www.crosbyhomes.co.uk/index.php?u=263 I viewed a couple of flats to let there in the summer. Seemed alright. I wonder if other Brum flats are going to go the same way???? Quote Link to comment Share on other sites More sharing options...
dothemaths Posted November 5, 2009 Share Posted November 5, 2009 The Hub is a new development in Birmingham City Centre that they say has not sold well. Just noticed this ad on the internet which says they're flogging them at 50% of the market rate: http://www.findanewhome.com/west-midlands/birmingham/birmingham-city-centre/2-bed-flat-for-sale/89ae3b8c-18d8-4307-8c0f-fb5bcd3b7752.fap The £68,420 tag for a 2-bedder is a lot less than what the developer was asking for (is asking for) on their website: http://www.crosbyhomes.co.uk/index.php?u=263 I viewed a couple of flats to let there in the summer. Seemed alright. I wonder if other Brum flats are going to go the same way???? I think this is this 50% homebuy scheme where you buy half and pay rent on the rest. Only for mugs imho - why would you pay rent AND a mortgage for a city centre flat that is probably going to drop in value. Quote Link to comment Share on other sites More sharing options...
SurgeonGeneral Posted November 13, 2009 Share Posted November 13, 2009 (edited) The Hub is a new development in Birmingham City Centre that they say has not sold well. Just noticed this ad on the internet which says they're flogging them at 50% of the market rate: http://www.findanewhome.com/west-midlands/birmingham/birmingham-city-centre/2-bed-flat-for-sale/89ae3b8c-18d8-4307-8c0f-fb5bcd3b7752.fap The £68,420 tag for a 2-bedder is a lot less than what the developer was asking for (is asking for) on their website: http://www.crosbyhomes.co.uk/index.php?u=263 I viewed a couple of flats to let there in the summer. Seemed alright. I wonder if other Brum flats are going to go the same way???? Copied for bragging rights..... HPC Regular Group: Members Posts: 466 Joined: 28-October 07 Bull or Bear?BearPosted 19 July 2009 - 08:37 PM jersey1501, on Jul 14 2009, 01:38 AM, said: I am thinking of buying a two bed flat in Birmingham City Centre to use as a base for trade shows at the NEC. As I won't be using it as a permanent home I need something secure and near to New St station if possible. The price swings do look alarming, does anyone have an idea of a specific block or price range I should be paying? I have looked at price sites extensively but there does seem to be some conflicting information! Many Thanks to all in advance for their help! ............................... Mate, the level of oversupply is horrific. Prices will halve so you are looking at a 50-100k loss. What is it about renting- and rolling it over on a monthly basis you don't fancy? No risk, and if things get really bad-walk away with all your hard earned cash intact. Please don't do this to yourself and your family. Whole blocks are empty. Offer 500 a month. Nick ------------------------------------------------------------------------------- I think this oversupply of flats could tank the whole market. Two bed flat for 60k, or three bed semi for 150-200k? Hmmmm think it through.....yes.....I'll offer 90k for the house! Nick Edited November 13, 2009 by SurgeonGeneral Quote Link to comment Share on other sites More sharing options...
AteMoose Posted November 26, 2009 Share Posted November 26, 2009 That's home buy scheme, you buy 50% and pay a massively reduced/token rent on the remainder. Your only owning half the flat Quote Link to comment Share on other sites More sharing options...
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