Saturday, July 12, 2008

Ouch the BTL have been buying over priced rubbish

Housing market crash: Is there a silver lining?

The flats were attractive to investors who, tellingly, rarely intended to live in them. Many were bought by people who couldn't point to their properties on a map. As those investors have faded away, the builders have been left with a high amount of stock that no one wants at any price. This might seem like a disaster yet the new-build meltdown may turn out to be one of the few silver linings in this sorry saga of conjecture gone awry. "Builders are going to have to look at established residential areas more closely, and at the quality of what they are building. They need to be thinking about building for owner-occupiers rather than selling to landlords, because that product wasn't always of the best quality." In future we may get homes of better quality that meets our needs.

Posted by who stole my pension? @ 07:34 AM (564 views)
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One thought on “Ouch the BTL have been buying over priced rubbish

  • Sir-francis-basset says:

    One of the main problems with buy to let is that most lenders will not allow social tenures, ie: those where the tenant is in receipt of benefits. It is RIDICULOUS because you are more likely to get paid if the council is paying rent, or a proportion of rent direct to you! The oher thing is many working people on low incomes are in receipt of some benefits so it does not necessarily follow that a social tenant is a drongo no hoper drug abuser or something. the CML needs to address this with lenders. Then many of these empty flats owned by buy to letters who are struggling to make mortgage payments could start to be utilised in the lower income rental sector.

    What will be next? The Governement buy up loads of repo’s and rent thenm to social tenants? perhaps they will be the fist to trial having camera’s in their homes and other invasive things to further undermine us in the New World Order. This whole house price/ equity building and spending nightmare, which labour has encouraged, all seems to me like a great way of effectively asset stripping the middle classes. The very people the Tories, in the 80’s, encouraged into home ownership.

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