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Up to 1.5m new build flats may be unmortgageable due to cladding


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  • 2 weeks later...
 

I’d stop paying the mortgage. Dev should pay the bill. 

People have equity in these properties they are someone’s life savings , if this cannot be resolved which I think it cannot is going to wipe out some people total worth

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People have equity in these properties they are someone’s life savings , if this cannot be resolved which I think it cannot is going to wipe out some people total worth

And so the disfunction of the UK Tory housing market is plain for all to see.

Personally I think investing your life savings in something which is very illiquid and which another profit making agency has more control in than you, is batsh1t. But as David Cameron said, they were just trying to get ooooorn in life. Get on the ladder and so that jazz.

Now can you see what you have done govt you utter tw8ts.

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People have equity in these properties they are someone’s life savings , if this cannot be resolved which I think it cannot is going to wipe out some people total worth

How can anyone have their life savings as "equity" in a part share of a big communal building?

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How can anyone have their life savings as "equity" in a part share of a big communal building?

True. It's just a piece of paper which is itself a part share on another piece of paper which is itself a part share in yet another piece of paper that's actually, to all intents, owned by someone else. It's candy floss.

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And so the disfunction of the UK Tory housing market is plain for all to see.

Personally I think investing your life savings in something which is very illiquid and which another profit making agency has more control in than you, is batsh1t. But as David Cameron said, they were just trying to get ooooorn in life. Get on the ladder and so that jazz.

Now can you see what you have done govt you utter tw8ts.

Most people cannot spread their assets, a lot of these “poor” people will soon be poor 

Sad, nothing but sympathy 

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How can anyone have their life savings as "equity" in a part share of a big communal building?

It is how the economy has evolved, not sure if a different option was available, it is easy to call it stupid but what would you have put in its place now that system is collapsing 

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Most people cannot spread their assets, a lot of these “poor” people will soon be poor 

Sad, nothing but sympathy 

These people rubbed my face in it. It's too late for me to have sympathy.

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It is how the economy has evolved, not sure if a different option was available, it is easy to call it stupid but what would you have put in its place now that system is collapsing 

People used to rent a flat if that was where they wanted to live.

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People used to rent a flat if that was where they wanted to live.

Yes. The rented flat model makes more sense, a single owner holding liability for the whole building. Tried and true.

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London has - and still has - 1000s of flats being thrown up.

A large part of London sales have been flats sold using HTB.

London prices have been fallign since 2017, not that you here much.

 

 

 

 

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London has - and still has - 1000s of flats being thrown up.

A large part of London sales have been flats sold using HTB.

London prices have been fallign since 2017, not that you here much.

 

 

 

 

A lot of people will be losing a lot of money and not because of HPC

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Mention from the Telegraph on this today:

https://www.telegraph.co.uk/property/uk/cladding-scandal-will-derail-house-price-boom-create-catastrophe/ 

"The crisis has hit at a dangerous time for city house prices. Neal Hudson, of BuiltPlace, a housing consultancy, said new-build flats were concentrated in the built-up areas that buyers were moving away from in the wake of the pandemic. “We probably would have seen an underperformance of city-centre flats anyway, and this adds to that,” he said. “There could be a demand shock in inner London.”

More comment: https://www.telegraph.co.uk/property/uk/government-has-allowed-cladding-crisis-fester-now-needs-end/ 

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  • 433 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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