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eric pebble

Unwanted Flats Legacy Of Buy-to-let Boom

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Unwanted flats legacy of buy-to-let boom

When it was first sold in June 2006, it went for £268,000. Three months ago, it was back on the market as a mortgage repossession. The hammer price was £133,000.

http://www.thisismoney.co.uk/mortgages/buy...p;in_page_id=56

Yep, instead of building homes for real people, couples and family the UK has churned out millions of playthings for idle property speculators. Now the greed-goggles have off they can't give away the typical 'Travelodge room' BTL-fodder flat with a cooker in the living room thick with the farty smell of last week's chilli.

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Yep, instead of building homes for real people, couples and family the UK has churned out millions of playthings for idle property speculators. Now the greed-goggles have off they can't give away the typical 'Travelodge room' BTL-fodder flat with a cooker in the living room thick with the farty smell of last week's chilli.

:P So badly built - go into these places - and you'd think you were in a children's playhouse....

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Luxury Flat is an oxymoron.

The new city centre flats will be chav filled slums and in the end will be cleared just like the 1960's ones were.

The word Luxury seems have replaced the term "freshly painted" for flats apartments.

crude.

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

The list goes on, these are just a few "outcomes".

Total finance, total fraud, total ineptitude, total failure.

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

The list goes on, these are just a few "outcomes".

Total finance, total fraud, total ineptitude, total failure.

OnlyMe, you have my vote. :rolleyes:

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

The list goes on, these are just a few "outcomes".

Total finance, total fraud, total ineptitude, total failure.

You get my vote to - an excellent summary of the situation we're in. I weep over the loss of our manufacturing base, and of the truly stupid levels of debt. Plus the sale of strategic industries, such as water and energy, to foreign companies (what David Smith in the Sunday Times would glibly describe as necessary capital inflows to cover the trade deficit).

On the subject of flats; these have just been built out in the sticks near to sheffield that I pass on the way to work http://www.rightmove.co.uk/viewdetails-172...=1&tr_t=buy (I'll post it to the 'where you live' forum); that's 12 flats marketed at the top of the market, going for 4 bed house prices circa 2004. The place seems empty since they went up for sale 4 months ago. They're asking a fixed price of 165k - it'll be interesting to see what they eventually get for them.

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When they built the 1960s flats they were hailed great things at the time - great views, no garden, community spirit etc

I've lived in a couple of flats built in the 60's. They can be really nice with everyone knowing everyone else and looking out for each other. Or they can be hell in a handbasket.

Some designs have long balaconies and these make great little gardens. Some of the communities of older people seem very settled in them.

I think the acres of cheap flats thrown up over the last few years will sit empty and rot. some housing associations have already said they don't want to buy them - perhaps they'll accept them when they're free?

If HA get them for nothing it would redress a little of the social unbalance and they could be rented out to people at (nearly) sensible prices. Needn't be all chavy dolites in them - could have nice working people who don't want to buy a flat but want to live close the town centres.

So which major towns haven't had bursts of flats?

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I've lived in a couple of flats built in the 60's. They can be really nice with everyone knowing everyone else and looking out for each other. Or they can be hell in a handbasket.

Some designs have long balaconies and these make great little gardens. Some of the communities of older people seem very settled in them.

I think the acres of cheap flats thrown up over the last few years will sit empty and rot. some housing associations have already said they don't want to buy them - perhaps they'll accept them when they're free?

If HA get them for nothing it would redress a little of the social unbalance and they could be rented out to people at (nearly) sensible prices. Needn't be all chavy dolites in them - could have nice working people who don't want to buy a flat but want to live close the town centres.

So which major towns haven't had bursts of flats?

There is at least one housing association in Swansea that is building houses and flats which are, IMPO, not only bigger than private builds but also much better built. Frieds of mine are in one of their new 3 storey townshouses that, if it was on the market here in Swansea, would easily be in the 350 - 400K mark. Whether such housing associations will want such privately build flats is a good question.

Edited by The Masked Tulip

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Whether such housing associations will want such privately build flats is a good question.

I've been into a flat at india House on Whitworth street. A horrendous concersion of a wonderful building. It was a HA flat and it was so pokey and horrid. I don't see how it can be worse than a new build. (Although I've not been in a new build flat)

I can see how living in a bigger flat or house is a better option for 99.9% of the population though, so perhaps tiny flats will be left to rot.

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

My vote too. If only there was a party that addressed these issues.

Nevermind, let's draw comfort from what our politicians think of as the greatest financial centre, that is, The City of London, for creating the schemes, approved by the FSA, that got us here.

Me, I call it fraud.

Edited by Knut

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

The list goes on, these are just a few "outcomes".

Total finance, total fraud, total ineptitude, total failure.

Totally agree OM...

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The results of total financial manipulation by Broon and the Bankrupt of England.

We have:

The biggest bubble in housing EVER, almost without parallel anywhere in the world - WITHOUT delivery of more housing.

Money thrown at public services that don't delivery better services.

Turgid growth based on nothing but the inflation of the money supply and debt.

Lack of real investment - productivity going nowhere, investment not being made in facilities and plant and machinery but collecting the cheapest labour from anywhere in the world that it can be fetched to undermine working conditions and living standards of the existing population.

Huge takeovers of functioning companies, turning them into debt-loaded zombie outfits, utterly incapable now of sustaining themselves through lean tims, let alone growing.

The destruction of real saving, the wiping out of millions of functional and working pension plans via taxation and skewing the financial system.

The list goes on, these are just a few "outcomes".

Total finance, total fraud, total ineptitude, total failure.

get a grip. Its not all gloom and doom .At least flat screen tellies are dropping in price.

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One of the responses at the bottom of the page.

my advice would be to make sure that you have a 100% deposit and be prepared to loose half of it. You will end up paying someone's rent.

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Quoting the article

"Apartment 502 in a 'luxury' new-build block in Ipswich's Anchor Street is something of a legend in the UK property auction world. When it was first sold in June 2006, it went for £268,000. Three months ago, it was back on the market as a mortgage repossession. The hammer price was £133,000. "

Hmmm - Apartment 502 - sounds rather Orwellian to me. Perhaps "Room 101" spun by an estate agent into an apartment and then with a bit of room number inflation on top.

"Apartment 502 -No! Anthing but apartment 502! The place where property VIs confront their worst nightmares."

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totally agree with onlyme .

some random thoughts :

I think that the fact that most of the HAs dont want the city centre flats indicates

a disconnect between what they think people need , and what the planning system

thinks people need ie minimum standard for flats or houses.

Years back bought our first house in loughboro , and there was a huge area of land

being built on by various builders , and also some council houses .

Went to look at the council houses when in state of no floors etc , but much bigger

with more storage space than our tiddly house ... could I have afforded more ?

Simly got a few months in a council house in bracknell , and this was well planned with

loadsa storage .

Simly an ex council house that I rent out - has small room/cupboard for meters/cloaks

plus small 'room' under stairs ... both very useful for storage .

This seems lacking for the small houses/flats built now.

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  • 297 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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