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greenalien

Unwanted Flats Legacy Of Buy-to-let Boom

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Link to thisismoney.co.uk article

People thought they were going to make some easy money. But the blip has happened very quickly and now a lot of people have found themselves caught in a financial vice. Repossessions are rising and we are seeing a sometimes terrifying drop in price at the subsequent auctions.
What amazes the experts about these people is how few of them have done their homework before plunging in.

fools...money...etc

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Link to thisismoney.co.uk article

People thought they were going to make some easy money. But the blip has happened very quickly and now a lot of people have found themselves caught in a financial vice. Repossessions are rising and we are seeing a sometimes terrifying drop in price at the subsequent auctions.

What amazes the experts about these people is how few of them have done their homework before plunging in.

fools...money...etc

ARS3HOLES

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thx: some choice quotes: The Ipswich apt:

"When it was first sold in June 2006, it went for £268,000. " Well, someone made from it.

and:

"...a lot of dinner party peer pressure to follow suit and get into buy-to-let. Your friends are making a mint - why shouldn't you? "

I always make important financial decisions after listening to fellow guests' chat at dinner.

I mean, its the only way! :)

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"...a lot of dinner party peer pressure to follow suit and get into buy-to-let. Your friends are making a mint - why shouldn't you? "

I always make important financial decisions after listening to fellow guests' chat at dinner.

......it's the best contra-indicator that there is. :lol:

Edited by scott666

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thx: some choice quotes: The Ipswich apt:

"When it was first sold in June 2006, it went for £268,000. " Well, someone made from it.

and:

"...a lot of dinner party peer pressure to follow suit and get into buy-to-let. Your friends are making a mint - why shouldn't you? "

I always make important financial decisions after listening to fellow guests' chat at dinner.

I mean, its the only way! :)

Its the lack of common sense that gets me. Paid £268k for a flat in Ipswich. Whats the average salary there? Same in Leicester. There was a puff piece by the Telegraph this morning about £200k apartments in a former BT exchange, in a city where you can still pick up a house for less than £150k.

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Its the lack of common sense that gets me. Paid £268k for a flat in Ipswich. Whats the average salary there?

My dad's been on the site, and he says it's in some sort of Docklands-style development. Oh, and that £130k is about right ;)

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knowing the area, there are thousands of new flats down there its ridiculous trying to turn a Suffolk back water into the Docklands, its just too far to commute to London although some fools do.

Heres the maths;

Two bed new build after negotiation and agent fees about £600/mth = £7200/yr

Based on old landlord maths of an 8% yield minimum, true value = £90000

And that my friends is roughly where these flats will be in a year or so.

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Guest Bart of Darkness
tI always make important financial decisions after listening to fellow guests' chat at dinner.

I mean, its the only way! :)

The closest I've come to that is someone begging for money from me in the queue at MacDonalds.

Strangely enough, I've never been in a McChavs since.

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  • 292 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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