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Lumsden

Leeds Blt Disaster!

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This link was posted in the "House Prices In Your Area" Yorkshire threads but Is such a great read I thought it needed to be enjoyed by all.

Thanks for the link "Scooby", its a great find!

http://www.bbc.co.uk/insideout/content/art...4_feature.shtml

As a Leeds fan I'm glad that this guy didn't get involved in the club he has Peter Ridsdale written all over him

Backs up some of the "Money Programmes" ideas too, the small fry will fry and the Morris's & Hoogstraten's of this world hoover up the remains of the carcass.

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Guest Bart of Darkness
"I don't think in any one month the rents covered the mortgages on any one of the properties so I was making a loss from day one."

Now that's bad.

But also good. :)

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What kind of muppet relies on a valuation undertaken by the developers valuer?

Connells was obviously getting an awful lot of valuation work from the developer - hardly arms length.

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There was an interesting piece in the Yorkshire Evening Post earlier this week with the SFO arresting two people in connection with BTL fraud in the Leeds area - wonder if there is a connection?

SB

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Not only have they fallen prey to the Vulture of the property world but Headingley is seeing competition from new spanking developements which include swimming pools and free internet and free summer rent. Usually cheaper too. Oops! Looks like they really was sold the dream that became the nightmare. This is what you get with inexperienced investors jumping on the bandwagon!

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There was an interesting piece in the Yorkshire Evening Post earlier this week with the SFO arresting two people in connection with BTL fraud in the Leeds area - wonder if there is a connection?

SB

Yes I remember that, someone called Johnette, quite old, bought £1.3m worth of property and is now bankrupt. Ouch!

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Yes I remember that, someone called Johnette, quite old, bought £1.3m worth of property and is now bankrupt. Ouch!

Ah - here is the link

http://www.yorkshireeveningpost.co.uk/news...sses.3364876.jp

Losses of millions of pounds in the Leeds buy-to-let market are being investigated by the Serious Fraud Office.

Today West Yorkshire Police said two men, both from Leeds, had been arrested and bailed yesterday pending further inquiries.

The investigation of the market in which investors buy up property to rent at a profit, focuses on the roles of property valuers, surveyors and lawyers involved in the deals.

The YEP has discovered that many investors ended up having properties repossessed because they had been overvalued and investors could not charge enough rent to meet mortgage repayments.

The investigation is being led by the government Serious Fraud Office, backed by West Yorkshire Police economic crime unit, the successor to the force's fraud squad.

Enjoy

SB

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Oh, was hoping for something about sandwich prices crashing :P

If you're looking for decent sandwiches Leeds is the wrong place to look - Greggs is the local "boulangerie of choice" and they're pretty poor - can I suggest you look elsewhere for culinary jokes

Regards

SB

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Behold the wonder of city centre living

for anyone who hasn't sample the delights of Leeds city living, or even the number of flats for sale, please follow the link, select property type 'Flat' and Leeds Centre and region, 'Leeds Centre'.

TEIN

Thanks for that - been keeping an eye on propertysnake but LS1 / LS2 doesn;t seem to be being hit as I'd expected - not sure if propertysnake isn't reflective of the area (its lost most of its feeder sites) or if its not falling as we expect . . . . . only kidding its the feeder sites. Look around the city centre and its new prices all the way.

Regards

SB

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Oh, was hoping for something about sandwich prices crashing :P

lettuce please try to get bacon topic

ta m8 (o)

Edited by Sledgehead

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If you're looking for decent sandwiches Leeds is the wrong place to look - Greggs is the local "boulangerie of choice" and they're pretty poor - can I suggest you look elsewhere for culinary jokes

Regards

SB

M & S do a good one. :lol::lol:

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