Sunday, June 1, 2008
Finally media start to admit that “investment” properties are the real timebomb
Second home sales may worsen house price drop
... but of course no, not the sacred cow BTL. "The southwest is likely to be the hardest hit because it has the highest proportion of second homes. There is already evidence that second homeowners are putting their homes on the market, but are having to let instead because there are so few buyers" that means letting oversupply and rental crash
Posted by confused76 @ 09:13 AM (473 views)
2 thoughts on “Finally media start to admit that “investment” properties are the real timebomb”
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pendulum says:
Already seen this in Wiltshire, Cornwall and Wales… was doing this circuit last week. Stacks of incomplete barn conversions and properties half-renovated going up – suggests there are a good proportion of “renovators” aren’t completing and panicking to get out. Fixed searches on rightmove are a good indicator of how these things are piling up. I can easiliy see people starting to demand the Y2K values from ‘aboutmyplace’.
dohousescrashinthewoods says:
I have to say, I can imagine Assetz and the like being comforted by an initial rental spike, but sense that the rental market will also suffer.
Apart from anything, lots of people under pressure with their mortgages will take in a lodger (I noticed a chap at work has) and young people feeling strapped for cash will take a room in a house rather than an expensive btl flat or buying.
(disclosure: I have an interest in rental prices falling because I want to move to another rented property, but everything seems too expensive right now)