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The Masked Tulip

New Flats, But No Jobs

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A few days ago the Swansea paper was running a few articles about how Swansea is the BTL capital of the UK with many people buying up properties in the city without even visiting the city, HPs rising, etc, etc, - IMPO, VI hype that found itself into the paper but.... here's a letter in tonight's paper...

I Read your article on a supposed property boom in Swansea (Post, May 11). What planet are people on? You say rentals at the new Altamar development are attracting £795 per month and that the properties are worth £195,000. Your article makes it sound great, until you do the maths! At even the best two-year fixed deals the market supports, £795 per month will barely pay the interest on a £195,000 flat! What about the maintenance, taxes, voids and aren't you supposed to make a profit if you are in business?

There is also another important question that people in Swansea need to ask themselves about all this new prefabricated-looking property that is popping up all over the docks. Where are the jobs?

Swansea is full of call centres and low-skilled work, but where are the jobs for the people who want to pay £795 per month rent, it is obvious where they are in Cardiff, but where are they in Swansea?

Moreover, if you have £795 per month to spend, why would you rent in the marina when you can buy your own property within minutes of the city centre and get a garden and garage thrown in?

The market is fatally flawed at the moment and what we are seeing is simply the suckers' rally at the peak of the property boom. What we are seeing is not investment at the moment, it is all speculative gambling. Bubble, what bubble?

http://www.thisissouthwales.co.uk/displayN...e=sidebarsearch

Edited by The Masked Tulip

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A few days ago the Swansea paper was running a few articles about how Swansea is the BTL capital of the UK with many people buying up properties in the city without even visiting the city, HPs rising, etc, etc, - IMPO, VI hype that found itself into the paper but.... here's a letter in tonight's paper...

http://www.thisissouthwales.co.uk/displayN...e=sidebarsearch

Are you the author?

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Its simple, you buy a flat and live off the MEW you are able to withdraw each and every year for life due to houseprices going up for ever and ever.

If you get a little short of cash during the month, you can go an mow your neighbours lawn for him, he can reciprocate when he's a bit short.

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No, not me - another HPCer pointed me at the article. He's a bit shy. :blink:

it's very concisely and powerfully expressed though. We have some top-notch letter writers on this site, I reckon we should bring out a "best of HPC outrage" book, in time for Christmas?

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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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