Tuesday, Oct 10, 2006

Poor Build Quality - Low Yield - Row over lack of luxury at apartments..

ICBirmingham: Row over lack of luxury at apartments

Muppets are today reported to be up in arms becuase they were told they could make a mint from Birminghams plushest and tallest residential block. Recently completed Beethem Tower has been hit by a number of complaints such as poor build quality, and claims that investers were misled. At least six people who signed contracts to buy flats in 400ft Beetham Tower say the standard of the completed accommodation does not match claims in sales literature. David Turley is considering legal action to recover the 27,700 deposit he paid for a two-bedroom flat which had he had intended to rent out.He said he was told by sales agents to expect a monthly income of 1,200, but two-bedroom flats at Beetham Tower are currently available for 850 a month. Hard not to laugh.

Posted by doggadogdog @ 09:36 AM (497 views)
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3 Comments

1. japanese uncle said...

This is a silly story developed throughout the UK.

Apparently spacious luxurious flats can only command unexpectedly low rent yield. But, tenants, be warned! You must check the council tax payable for these newly developed flats, as they are invariably much higher than in the case of old properties, for obvious reason, ie. countil tax is primarily based on the book value. New flats are subject unreasonable C/T which reflects recent crazy price hike. Tiny single bed flat can cost band E council tax. Silly!

Tuesday, October 10, 2006 11:40AM Report Comment
 

2. magnifico said...

JU said: New flats are subject unreasonable C/T which reflects recent crazy price hike. Tiny single bed flat can cost band E council tax. Silly!

Sorry JU I don't understand whether you think this is a negative feature. In my view, it's only right that these juppies dwellings, (which have reached silly prices on the strength of consideration such as prestige, address, lack of riff-raff) should be taxed accordingly.Let's not forget that there are people out there with enormous amounts of disposable income ( a report on yesterday's Working Lunch was talking about 87k GBP per year on average in London) who will not be hurt by the payment.It's only right that they should pay more, in the same way as a Ferrari driver has to pay for the privilege of being a show-off.
CT is one of the last factors regulating house prices and in my view a welcome one too.

Tuesday, October 10, 2006 01:10PM Report Comment
 

3. japanese uncle said...

Sorry. What I mean 'unreasonable C/T' is unreasonable from tenants' point of view. Those BTLers ought to be penalized by higher than normal C/T of course. Double standard for justice sake applies here.

Tuesday, October 10, 2006 01:23PM Report Comment
 

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