Monday, March 31, 2008
Just four per cent of new build flats sold at auction over the last three years made a profit, according to shocking figures published today. The report is a major worry for Britain's army of buy-to-let investors who are watching the value of their portfolios plunge. The research, by the auction giant Allsop, looked at new-build flats sold at auction between January 2005 and February 2008. In a shocking finding, the value of the average new-build flat plunged 26%. In London, the fall was even steeper at 28%.