Tuesday, February 26, 2008

“not so much flat, as falling”

Flat Market

Excellent article showing an understanding of the lies and half-truths told by pyramid groups in collaboration with surveyors and authorities to dupe the greedy and desperate.

Posted by bystander @ 12:39 PM (693 views)
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5 thoughts on ““not so much flat, as falling”

  • I’ll tell you what, if Evan is on board then the bandwagon is well and truly underway.

    “Another interesting piece of evidence is that housing associations are reportedly being offered new flats for social housing – at discounts of about 15%. A reversal of the principle of council house sales.”

    I think it was at least a year ago someone on here suggested that social housing would be the outcome for newbuild flats.

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  • In Falmouth at the end of the Lawson boom in the very early 90s, a luxury high spec waterside development went belly up. Those who had bought early and paid loadsamoney had to live next door to ‘social’ tenants for years. I remember seeing some of the ‘social’ children from one of the flats throwing gravel all over the boats in the luxury marina!

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  • sorry, I should have made it clear that the unsold parts of the development were let out to council tenants whilst it was all in administration

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  • @ Cornishman – same thing happening now in s east London developments like Thamesmede.

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  • All of us on here knew this was bound to happen! I sold to rent in late 2005, house shared for 6 months before renting one of these so called ‘lifestyle’ flats in Woking. The block I was in had one bedroom with a 6″ balcony! It was so tiny the bedroom was triangular in shape, I could just about fit my double bed in there but could only exit the bed from one side! The buyer apparently paid £200,000 for it, I rented it for £850 a month via an agency, so lets do the math! A 100% £200,000 interest only mortgage at 5.25% works out at £875 per month, subtract the agency fee 10% (£85), buildings management fee (£50) and the landlord is left with a monthly shortfall of around £135. The capital will still need repaying and with falling prices that looks unlikely. I moved out after 6 months because of forever being awoken by the couple next door and their nocturnal activities which could be heard through the paper thin walls!!

    I now live in a house in Basingstoke of which I am renting for £600 per month and has a massive garden and only 5 mins from the station. Last I heard from the agent who was managing the property was that the current landlords in the block are now struggling to get £750 per month! It’s going to get very depressing for this lot, with most defaulting IMOH. A lesson for all the greedy folk out there who insist on blindly following the herd through fear of being left behind. I was laughed at when I sold and although I admit I have missed out on the froth of the boom, have no regrets.

    I sleep like a baby…..

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