Sunday, July 29, 2007

Essex btl start to feel the pain

homes is this crisis point?

Here we go its started.I loved the comments from the estate agent "not to put them on the market at the moment because the value is not what it was" I expect to see many more articles like this over the next few years. Colchester could be about to hit a repossessions crisis,it has been claimed.Warning bells began to sound as six repossessed flats in a prestigious town centre developement were sold at auction for up to £70,000 less than buyers originally paid.

Posted by sold out @ 10:51 AM (724 views)
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8 thoughts on “Essex btl start to feel the pain

  • This is great! Yyyyeesss!!

    “Warning bells began to sound as six repossessed flats in a prestigious town centre development were sold at auction for up to £70,000 less than buyers originally paid.”
    It means they were worth 70k less that what the BTL genius paid for, dude!

    “h i knew a person who had 4 properties he has just left the country. Told me he is not paying the mortgage anymore and has given up on british property. So i gues another 4 will be on the market soon.”

    ahahahhhhhahhahhhhhaahhhaahahahahh

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  • confused76, you are on a roll today, and finally so are the property prices!
    Perhaps my home town of Stoke-on-Trent is the sanest in the UK. There has not been a property boom there and so they may avoid a crash. High unemployment, high teenage pregnancy and a BNP council may have played a part in this.

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  • uncle chris says:

    I love this quote …. “In another case, he said an investor bought a two-bedroomed flat in Henry Laver Court to rent out. However, the rental payment of about £700 a month did not cover the mortgage repayment of more than £1,200 a month and the flat was repossessed.” ….. Look, I know we are talking about Essex, but even then I cannot believe how such stupid idiots are allowed to borrow so much money. Perhaps the banks strategy is to take advantage of these prize village idiots.

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  • Mmmmmmmmmmmm:

    “…but it is happening all over the country…”The number of repossessions has built steadily in the last two years.”…”

    Need we say anything more?

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  • Crash Bandicoot says:

    Two years ago these folks could justify their investment as we had a new paradigm of perpetualy low interest rates and ever rising house prices. Most people on this blog doubted its existance and are continuing to be proved right. The real worrying thing is that some people are still trying to justify housing as an investment with the curent economic conditions.

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  • I can tell you that I was at that auction, and the 1 flat that did sell on the day was for 15k less than the 180K quoted!

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  • ‘banks strategy is to take advantage’

    I don’t think it can be that. Why would they lend him X, then go through hassle of reposessing him and selling the property at auction for “X minus £70k”? My guess is that the really prize village idiots here are the banks.

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  • The mortgage providers are not idiots. Sure, they have to take a few losses at the end of the cycle as the market turns, but what have they enjoyed in the meantime?

    People have been falling over themselves to bid up prices and sign over ever more of their working lives to their mortgage provider in exchange for a home. Make no mistake, it’s been milk and honey time for the mortgage finance industry over the last 10 years.

    They will remain the big winners when the dust has settled.

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