Wednesday, November 18, 2009

New builds, slums of the future…

New flats lose popularity

"Prior to the credit crunch, property developers built too many brand new apartment blocks, particularly in city centres in the North of England. Many of these now lie unsold or empty and unrented, in many cases worth less than the mortgages lent on them to homeowners and buy-to-let investors. In some instances apartments have lost 50% of their value over the course of the past two years."

Posted by rumble @ 12:50 PM (857 views)
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2 thoughts on “New builds, slums of the future…

  • It seems like the market is well and truly FLAT!

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  • These will be the next target for our QE cash, bought from the banks to save them from disaster in another bail-out, thinly disguised as the government doing everything it can to reduce repo’s, but actually being done to put a solid floor under house prices. We’ll be told they’ll be sold at some point in the future for handsome taxpayer profits, but actually we’ll be paying the price in massive tax hikes once the new government gets in.

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