Blatant lies

[AtW]

Where are all the immigrants going to live? Answer houses and flats.

Yes, but they will share rooms - 5-6 adults per house, you can't be more efficient than that in terms of available real estate usage.

[MobileCheese]

Erm.

I work in credit risk in "specialised lending" and BTL going bad, especially when new build bought off-plan (normal, over supply, problem) can cause a potential for loss.

It's the joy of Basel 2. EL = PD x LGD x EAD. It's why a lot of mortgage lenders in BTL (including my current gig) have restricted offering to 80% LTV and some are removing the sub-prime BTL offering.

You work at RBOS ? Loss Given Default, bain of my life

[Troll]

Not enough immigrants. We need to move India and China into London.

What about the population of sub-saharan Africa?
or are they already here?

[pisces]

Ok, I know LTV but the others are OTT.

Flats in Manchester city centre are supposed to be a very poor buy at the moment. There are heaps of them. The BBC have finally cottoned on to what has been known(ish) for the past 6 months or so, locally at least.

So have the public. These flats are like living in a garden shed.

[beaker]

So have the public. These flats are like living in a garden shed.

The people who bought them were just speculating anyway. They wanted to sell them for a profit on completion. That didn't turn out too well. No one wants to rent them, no one wants to buy them.

The only places rising are prestige properties to the rich, who have made so much money from their businesses or investments that £10M on a house is nothing.

[Spacecadet]

Flats in Manchester city centre are supposed to be a very poor buy at the moment. There are heaps of them. The BBC have finally cottoned on to what has been known(ish) for the past 6 months or so, locally at least.

This has been known for more than 6 Months!

Flats in all manchester areas seem to have hit saturation but the city center already has a surplus. There are still at least 500 more flats being built now... Now how many of those were sold off plan?

[chasingtheaurora]

You work at RBOS ? Loss Given Default, bain of my life

Bane!

[GreenerGrass]

Did anyone watch The Truth About Property last night?

Cypriot immigrant buys council property in Hackney under right to buy for a whopping £37k, sells it for half a million and is next minute driving around in an Audi TT, having bought a new house for himself and ploughing the rest into BTL houses.

It got me thinking, how many years could you put up with living in a council estate in Hackney or Hoxton - having first married a "disabled" Somalian or Pakistani woman (the most fertile) to get up the list, then claim you only earn 10k pa (don't tell them about the dividends) if there is an easy half mil at stake.

Once you're due to sell the house, one telegram to your missus's family telling them you're not really a Muslim and she's brought shame on the family, she's history within a matter of days and you're off to buy a new 911 Turbo.

[threaded]

Ahh cynicism, I've missed that.

[wendigo100]

Yes, but they will share rooms - 5-6 adults per house, you can't be more efficient than that in terms of available real estate usage.

Not sure that 5-6 to a room is very common Alexei.