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Liverpool - unfinished buildings littering the city centre


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Liverpool, Manchester and also London is going to have plenty of this.

It will be like going to Greece or Spain on holiday when you drive along and there are houses all over the place where the frame work for the house has been put up and then abandoned. 

How can the low wages in the UK sustain expensive property ? 

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1 hour ago, TonyJ said:

I went to Liverpool a year or so ago, and it is a sea of very ugly new tower blocks, trying to beat the worst of London (and probably winning, since build quality will be even cheaper). Apparently, it is about to lose, or has already lost, its UNESCO World Heritage status because of this. From, what I read, Manchester is the same.

That's progress for you.

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1 hour ago, TonyJ said:

I went to Liverpool a year or so ago, and it is a sea of very ugly new tower blocks, trying to beat the worst of London (and probably winning, since build quality will be even cheaper). Apparently, it is about to lose, or has already lost, its UNESCO World Heritage status because of this. From, what I read, Manchester is the same.

Haven’t been over to Liverpool for a while but will go soon and have a look around.

Manchester has loads of new builds going up and a lot more that are projected to go up - I don’t think empty/unfinished buildings are that noticeable in Manchester yet but given the amount that are planned it could be in 12 months time.  We still have that monstrosity on the ring road that’s been half built since 2008.

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11 hours ago, Mancunian284 said:

https://www.propertytribes.com/investors-come-unstuck-in-liverpool-t-127633181.html

Interesting reading over at Property Tribes, starting to remind me of Manchester/Liverpool/Leeds in 2007/8.

I like to tell an anecdote of a couple I know who bought 2/3 off plan flats in Manc early 2007...how could they loose out....

After the divorce they were still speaking, just not to each other.

 

Edited by TheCountOfNowhere
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14 minutes ago, TheCountOfNowhere said:

I like to tell an anecdote of a couple I know who bought 2/3 off plan flats in Manc early 2007...how could they loose out....

After the divorce they were still speaking, just not to each other.

 

50k of negative equity per flat 12 months later.  That’s a life ruining amount.  Whilst I don’t have any sympathy for people like the couple you mentioned as they were trying to profit from taking a home away from someone else I do fear sorry for the FTBs that bought those flats as a home and lost out.  They were only back up to 2007 prices in 2017 and look like they have started to drop again.

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Can see this happening in Luton , council is approving more and more 1/2 bed apartment blocks far in excess of demand blocks already completed and filling rightmove with to let adverts ( reductions coming thick and fast) Another 401 apartments are due to be approved this week - council being bunged £1.5 mil in lui of no affordable housing provision on the development ...

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1 hour ago, Mancunian284 said:

50k of negative equity per flat 12 months later.  That’s a life ruining amount.  Whilst I don’t have any sympathy for people like the couple you mentioned as they were trying to profit from taking a home away from someone else I do fear sorry for the FTBs that bought those flats as a home and lost out.  They were only back up to 2007 prices in 2017 and look like they have started to drop again.

Sorry but I have no sympathy. Cue Venger.

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1 minute ago, Ah-so said:

Agreed. I have sympathy for a FTB who gets stuck in negative equity but not a BTL speculator. 

I have no sympathy for either. They are the problem, not merely victims of it.

Edited by Si1
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"The company has now run out of money to build the block and administrators from KPMG were called in. Those overseas investors now face an anxious wait to find out what will happen to their money.

The Quadrant is one of several unfinished building projects in Liverpool that have attracted overseas investment, particularly from China and Hong Kong."

https://www.liverpoolecho.co.uk/news/liverpool-news/student-flats-firm-goes-administration-14225522

No need for any sympathy. Greedy gamblers lost out. 

This is again a good example that shows how property is being built to satisfy investor demand not to meet residential demand. We have ended up with the wrong projects in the wrong places because of money that was being offered to developers by foreigners who wanted a bit of the UK property market. 

And of course tower blocks are a much easier sell in the far East - very few live near ground level in Hong Kong. That is what people think of as "housing", whereas it is still not what Brits will pay a lot for. In other words, the product is designed for the far East. A kind of Sino-fied  (Is this a word? ) version of British housing. 

Chop suey and sweet and sour pork came this way. Unbuilt apartment blocks went the other. 

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1 hour ago, dougless said:

Have to agree with this; without the buyers the prices wouldn't have held up.

How much have the house prices held up due to FTB rather than investors though?  We may have to agree to differ as I think FTB are a victim of the government promoting house price growth with various props, financial institutions handing out massive mortgages like sweets and the MSM constantly running articles on house prices going up.

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23 minutes ago, Mancunian284 said:

How much have the house prices held up due to FTB rather than investors though?  We may have to agree to differ as I think FTB are a victim of the government promoting house price growth with various props, financial institutions handing out massive mortgages like sweets and the MSM constantly running articles on house prices going up.

Well I agree to disagree then. Fair enough.

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Part of me hopes that they finish these 21st Century Lego sets tbh. 

At least it'd stop or reduce the number of Student HMO's in my street and wipe out the opportunist BTL IO Scumbag who thinks they're a Financial Genius for paying over the odds prices for [email protected] houses in Inner City Ghettos and then charging over £300 pcm for a single room in a Victorian terrace, not to mention "converting" the downstairs living room into a 4th bedroom to maximise their profit.

There's less than 30 houses in my street, roughly 25% of them are Student HMO's, at least half of the others are rented to families.  There's always at least 2 skips in the street at any one time.  At least 3 houses have sold in the past 3 months, (at least 2 of them rentals) and a greater fool has come along, put a skip outside, erected scaffolding and still believe that there's money in it. 

They don't question why these properties are being put back on the market, or care for what little community there is in the street.  They just see it as a nice little earner whilst being Super Altruistic by "providing accommodation", as if they actually built the house. 

I hope it all falls down around them.

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