Jump to content
House Price Crash Forum

Recommended Posts

Just saw a cheeky little story on News 24 about how flats haven't really been making any money since 2005- there was a girl in Surrey who has had her flat on the market for 18 months (she bought the place, a new build, 4 years ago)- can't sell it- has no equity in it as its not worth what she paid for it and is now having to let it at a loss while she moves into a house! Apparently in wales, the average price of a flat has rise just 1.0% in the last 2 years.

The story then had man from national homebuilders org saying that too many flats have been built, enough already and ooops, its all going wrong.

All this on the back of potential interest rise tomorrow- title of story was that in one sector of the housing market (flats), the boom is well and truly over.

I am just going to get a stiff drink - very interesting stuff! :P

Share this post


Link to post
Share on other sites
Guest Winnie

What has happened with this report is very pivotal - all the VI spin has been exposed...all that "not enough houses, Polish immigrants, City bonuses, scarcity of land, supplydemand, foreign investors, London capital of the world" bullS***t stuff is going to start being seen as what it is EMPEROR'S EA CLOTHES. Wily Coyote that's a long way to fall BTW................ :blink:

Share this post


Link to post
Share on other sites
Apologies, noticed its already been posted! Got a bit carried away there in all that excitment!

It's getting very interesting. It's good to be excited and things are continuing on track.

Share this post


Link to post
Share on other sites
Apologies, noticed its already been posted! Got a bit carried away there in all that excitment!

Sure you didn't have the stiff drink first? ;)

Share this post


Link to post
Share on other sites
on BBC1 now!

bugger I missed it but got the tag line at the end...something like 'its all gone flat'. nice one Evan :lol:

Share this post


Link to post
Share on other sites
Just saw a cheeky little story on News 24 about how flats haven't really been making any money since 2005- there was a girl in Surrey who has had her flat on the market for 18 months (she bought the place, a new build, 4 years ago)- can't sell it- has no equity in it as its not worth what she paid for it and is now having to let it at a loss while she moves into a house! Apparently in wales, the average price of a flat has rise just 1.0% in the last 2 years.

The story then had man from national homebuilders org saying that too many flats have been built, enough already and ooops, its all going wrong.

All this on the back of potential interest rise tomorrow- title of story was that in one sector of the housing market (flats), the boom is well and truly over.

I am just going to get a stiff drink - very interesting stuff! :P

I saw it too.

I don't know the girl so maybe I'm wrong, but she used the magic word* about 8 times in the interview.

* = properdee

My view is that the only people who use this word instead of "house", "flat" or "home" is one of the Beeney brigade and deserve everything coming to them. Like Alexei Sayle once said "Anyone who uses the word 'workshop' to describe something that hasn;t got a lathe in it is a tw4t"

GAH! IPS ERRORS! Buy some RAM!

Share this post


Link to post
Share on other sites
Just saw a cheeky little story on News 24 about how flats haven't really been making any money since 2005- there was a girl in Surrey who has had her flat on the market for 18 months (she bought the place, a new build, 4 years ago)- can't sell it- has no equity in it as its not worth what she paid for it and is now having to let it at a loss while she moves into a house! Apparently in wales, the average price of a flat has rise just 1.0% in the last 2 years.

The story then had man from national homebuilders org saying that too many flats have been built, enough already and ooops, its all going wrong.

All this on the back of potential interest rise tomorrow- title of story was that in one sector of the housing market (flats), the boom is well and truly over.

I am just going to get a stiff drink - very interesting stuff! :P

Its looks as though people are pulling out of deals left right and centre. I knw of 3 people who had offers on their places, one was 2 months into and suddenly the buyers have pulled out. No explanation, these were all owneship type residential not your BTL tin box type stuff. I think the bearish press has got to them.

I think the sentiment on the street is getting alot bearish.

Dot.Property coming soon.

Share this post


Link to post
Share on other sites

Flat downstairs from the one I rent, bought in 2005 for £209,000.

Was repossessed in 2006 and has been on the market since. Currently priced at £170,000.

Share this post


Link to post
Share on other sites

A friend of mine purchased a Shepards Home new build flat for £115k last year. He put it up for sale for £117k around 6 months ago, he's had two offers for the asking price and both of them have since pulled out. I have tried explaining to him that with each increase in IRs the window of oppertunity for selling his flat for the price he wants wil get smaller and smaller. I think his opinion is that the market may be cooling "but house prices can only go up in the long term" :rolleyes:

Share this post


Link to post
Share on other sites
Its looks as though people are pulling out of deals left right and centre. I knw of 3 people who had offers on their places, one was 2 months into and suddenly the buyers have pulled out. No explanation, these were all owneship type residential not your BTL tin box type stuff. I think the bearish press has got to them.

I think the sentiment on the street is getting alot bearish.

Dot.Property coming soon.

Flat above me was sale agreed for a month and now says for sale - just noticed it this week ! Ha Ha!

Share this post


Link to post
Share on other sites
Flat downstairs from the one I rent, bought in 2005 for £209,000.

Was repossessed in 2006 and has been on the market since. Currently priced at £170,000.

So it does appear that 2005 was the top of the market and is pulling back from those prices. Hence 2003 could be a support line. Likewise was looking at place in jan price 199K bought for 195K 2005. Price dropped to 174K and I believe there is an offer in for it now, so could have dropped 25K below 2005 price. This was Upton, Notts a nice village, 2 bed cottage lovely back garden with a mixture of 300K - 400K in the same street.

In effect is the latecomer speculators have just been propping up the market.

I think we can now see through the emperor's coat.

Share this post


Link to post
Share on other sites

I made a 35% return on my flat since 2005, sale price to sale price. I was definitely selling with the expectation that flats are not going to do well in the coming years.

Far, far, far too many flats have been built. Okay, mine was a lot larger than normal, well laid out, some character, nice outlook etc so it wasn't going to do as badly, but there's so many flats that are just one of hundreds with no personality at all and a massive oversupply. Time to move into big / character flats or houses.

I think someone on here made an excellent point in a thread a while back . . . the whole housing policy is absolutely fvcked, house prices climb out of reach so way more people move into flats than houses, so the government thinks we want small households and loads of flats and predominantly builds flats, then even more people are forced to settle for a flat rather than get a house, so things spiral even further . . .

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 355 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.