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Cornwall Sceptic

Proof Of Negative Equity In Birmingham

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Whilst looking for some info on Birmingham City prices I came across this place

http://www.rightmove.co.uk/viewdetails-643...a_n=11&tr_t=buy

They paid £225k for it in Oct 2003 (see link below)

http://www.houseprices.co.uk/e.php?q=146+Centenary+Plaza

It is obviously a reposession but look at the figures

Paid £225k in 2003 if it sells for £155k then it would be a 31% loss, for £175k a 22% loss - add onto that £10k behind on motgage payments plus solictors and EA's and court fees another £5k at least, leaving the owners with an £85k debt if they haven't gone bankrupt already - hows that for affordability (lots of bulls have been boasting about affordability not being a problem on other threads)

If you add on HPI - using rightmoves figures - the place should now be worth £269k (average for the West Midlands over the 2.5 years) that would make a loss in real terms of 42% or 35% depending upon what price it goes for

This must be being repeated all over the country where large amounts of new build is taking place - views please

CS

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hate to party poop but I've monitored auctions, most stuff sells for well above guide, I expect thsi to go for 200+

Kman

don't want to dispute your findings - some go for good money others don't I have saw some figures where Halfiax offloaded a lot of property some in Brum at very low prices - It will take me a while to find it but will post the links soon together with my thoughts of why it happened

CS

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Kman

don't want to dispute your findings - some go for good money others don't I have saw some figures where Halfiax offloaded a lot of property some in Brum at very low prices - It will take me a while to find it but will post the links soon together with my thoughts of why it happened

CS

Ok please post when you have the evidence

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Ok please post when you have the evidence

Kman

Found the post eventually

http://www.housepricecrash.co.uk/forum/ind...t=entry360222

here is the auction site see lot 154 ( you may have to click on results for the 26th April Auction)

http://www.housepricecrash.co.uk/forum/ind...t=entry360222

Look at original sale price

http://www.houseprices.co.uk/e.php?q=219+B...2C+B16+8EQ&n=10

Huge loss taken by Halifax who had about 70 lots in the auction - there were others - but nothing as bad as this - it is possible that the Halifax's exposure was limited as the buyer paid a large deposit but taking into consideration the type of property this is unlikely

The original post highlighted a 100k loss on a North london property

I know the address is slighlty different but I can't see thsi isn't the same place

Hope this is interesting

CS

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  • 336 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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