Saturday, July 12, 2008
Ouch the BTL have been buying over priced rubbish
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.