Wednesday, July 29, 2009

At last a thumping great loss

Property Snakes and Ladders

This is essential viewing for anyone who missed it last night. You get to listen to a real life 'Tim nice but Dim' and get to enjoy Sarah at her best stating the obvious which is falling on deaf ears. My favorite quote : Don't make it too trendy as by the time you sell it for what you want in about 10 years it may well have gone out of fashion. Great stuff Sarah - keep it up.

Posted by str 2007 @ 11:30 AM (2060 views)
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19 thoughts on “At last a thumping great loss

  • Great TV – If you like this kind of thing, which I do.

    The question is, does she deliver?

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  • I think Sarah is terrific (Denzil writes, whilst being very doe-eyed).

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  • bidin'matime says:

    wbeast – is that a reference to her delicate state..?

    But seriously, it’s great to hear her spelling this out. At risk of spoiling it for those who like suspense, the prog ends in July 09, with them still not having sold anything and looking firmly down the barrel of half a million loss.. and counting…

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  • Thoroughly enjoyed the prog. Even found myself ‘punching the air’ in a victory stylie on several occasions!!

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  • I only caught the end of the programme.

    If they lost 1/2 a million they must have borrowed what ? Nearly 2 million?
    Who the hell leant them the money ?

    I have mixed feelings about property developers. We have a shortage of houses yet many houses lying empty. Property developers take these houses and make them habitatable. So property developers are a good thing? The market at work, yes?

    On the other hand most of the people on Property Ladder have made an awful lot of money for doing very little.

    Hmm.

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  • Greed is finally being rewarded.

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  • Although I liked the outcome, couldn’t stop thinking that we are paying for their mistake with the bail out…

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  • luckyjim

    That was my question which wasn’t really answered. They seemed to be able to up their original budget by £400k despite the market falling apart.

    Just goes to show a fool and their money ……………..

    Makes you wonder how they got hold of that much in the first place – the deposit I mean never mind what they borrowed.

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  • Crashtestdummy says:

    I live just near the place in Rotherhithe and I can tell you that particular location is not a great one – there are many more in that area which are much nicer and for which people would be willing to part with more cash for.
    I think those supplements must have deleterious side effects…

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  • And now comes the sick part. Having used someone elses money (the banks) to fund the “make me a millionaire overnight” venture, they will – when it is clear that they will not become rich – simply go bankrupt.

    The banks makes a loss. Or rather, in the bigger scale, the banks will recapitalise by getting bailouts from the government or offering worse savings rates.

    So essentially, prudent savers are paying tax on their interest which is below the artificially low frigged rate of inflation, in order to give these puss sucking morons a win-or-quit ticket to riches.

    Makes me sick.

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  • Waitingtobuy says:

    The best part is the so called penthouse is still for sale/rent as an “office space”–see forum

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  • inbreda
    – Ah, the beauty of the capitalist model; allow risk takers to be automatically backed the risk averse!

    ( it works when there is perfect due dilligence; but with perfect due dilligence would there be any credit? )

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  • bidin'matime says:

    Have C4 pulled the link, or is it just my computer not wanting to find the episode again? All I’m getting now is Series 4 – from ‘the good old days’, when prices were forever upwards…

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  • clockslinger says:

    Inbreda, how right you are…and the other sick part is the concreting over large swathes of the country in the name of a ‘housing shortage’ actually created by greed, speculation and irresponsible lending policies.

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  • bidin matime

    Yes the link seems to have changed, it did work earlier.

    Click the Watch 4oD Tab and you’ll find last nights episode about 1/2 way down.

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  • greenshootsandleaves says:

    Meanwhile, the price (currently circa £420k) of what looks suspiciously like one of the properties featured in an earlier programme in the current series is drifting down, down down. The location? Why, Leatherhead, in the purportedly 2007 price time warp county of Surrey, of course! Another one the savvy equity-rich market-bottom callers (whose ranks now apparently include an HPC correspondent or two) in that neck of the woods failed to spot!

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  • There was some scuttlebutt on the Forum that this was some kind of set up by Channel 4. i.e. the developers were fake. I hope not. That woman deserves to be stacking shelves in Lidl. Didn’t she look like Marge Simpson in profile?

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  • I just think it’s a shame Sarah is even involved. They should just film them in their natural environment, drowning in debt, without any sage advice from Beeny saving them thousands. That would be a brilliant show!

    I liked the bit where the Tim-Nice-But-Dim bloke suggested that they might sell in about a year when the price had increased from the 800k the estate agents suggested to the 1.1million he wanted. 30+% in 12 months! What is this, 2007???

    I thoroughly recommend last night’s show to anyone though cos you won’t believe the place. A back alley in south London, no parking, zebra skin kitchen island – it had the lot. Also, they’re going to end up trying to sell apartments in the place whilst other bits are still being built. Classic bubble idealism!

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  • Treat yourself to a little look at the area on google streetview (Rotherhithe tube station finds is next door).

    This was clearly a mistake from the start…

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