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The Masked Tulip

Swansea Fud!

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co-incidentally my g/f (who is sympathetic to my bearish ways) was just telling me about her two friends who are buying a pair of properties in Swansea with a view to "developing" them. They are both 80k and require 20k of work - i.e. delipidated sh1tholes.

She is on benefits, he has just started his own business which has generated no income so far and has poor prospects. They have a little baby. Needless to say the mortgage is I/O self-cert.

My g/f made cursory attempt to dissuade them but was met with the usual "gotta do it now" stuff... and get this... "but this is Wales though!" Now we accept that these people aren't the brightest sparks but this is some crazy 2004 talk that most of my bullish chums now accept as unlikely (having swallowed the post-election stagnation line)... there's one born every minute I suppose.

I'd have though even the banks would recoil from this kind of lending now, but I guess not. Another pair of young lives ruined. :rolleyes:

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co-incidentally my g/f (who is sympathetic to my bearish ways) was just telling me about her two friends who are buying a pair of properties in Swansea with a view to "developing" them. They are both 80k and require 20k of work - i.e. delipidated sh1tholes.

She is on benefits, he has just started his own business which has generated no income so far and has poor prospects. They have a little baby. Needless to say the mortgage is I/O self-cert.

My g/f made cursory attempt to dissuade them but was met with the usual "gotta do it now" stuff... and get this... "but this is Wales though!" Now we accept that these people aren't the brightest sparks but this is some crazy 2004 talk that most of my bullish chums now accept as unlikely (having swallowed the post-election stagnation line)... there's one born every minute I suppose.

I'd have though even the banks would recoil from this kind of lending now, but I guess not. Another pair of young lives ruined.  :rolleyes:

Room for another two (and a baby) on the good ship HMS Property Development.

Sorry no lifeboats here (it reduces our ships turnover) but free arm bands for the baby.

Enjoy the cruise, we expect no storms nor ice bergs ahead.

Edited by shakerbaby

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Guest Bart of Darkness
She is on benefits, he has just started his own business which has generated no income so far and has poor prospects. They have a little baby. Needless to say the mortgage is I/O self-cert.

WTF?

Pity they weren't self-certified as they are clearly bonkers.

They'll fit right into the modern housing market! ;)

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IMPO even the most terrible dumps in Swansea are now 100K plus - I would advise them to look at all the 150K o 500K properties available to let in the city before considering getting into the property business.

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IMPO even the most terrible dumps in Swansea are now 100K plus - I would advise them to look at all the 150K o 500K properties available to let in the city before considering getting into the property business.

Mr Tulip, I couldn't agree with you more... but at this late stage in the game (although I acknowledge that Swansea must be running late in the game compared to London), it is only the most idiotic who are still plunging in. There's none so deaf to reason as the idiotic!

Another friend of mine lives out there, round the Marina way, and I get to visit him about once a year. I'm sure that some of the building round there hasn't progressed since 2004. I also noticed a few places near the Town Hall that had "auction" signs on them

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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