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Blatant lies

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    #1

    Blatant lies

    http://news.bbc.co.uk/1/hi/business/7061814.stm

    Significant price falls in a number of new build apartments in Manchester, Birmingham and Leeds have been uncovered by a BBC series on property.

    In one apartment block called Aspect 14, on the edge of Leeds city centre, one owner has lost as much as £85,000 on a flat in 18 months.

    Others have seen the value of their apartments fall from £189,000 to £131,000 in two-and-a-half years.

    The majority of the last 10 sales in the block have seen significant losses.


    Come on BBC, you are turning into the Sunday Sport. Falls in prices.
    Tags: None
    #2
    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.
    Have patience. In time, even grass becomes milk.

    Comment

      #3
      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.

      Comment

        #4
        I know of some flats that were bought in 2005 for 250k that are being sold for 115
        The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

        But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

        Comment

          #5
          Originally posted by Bagpuss View Post
          I know of some flats that were bought in 2005 for 250k that are being sold for 115
          You actually met sasguru?

          Comment

            #6
            The immigration will keep the prices up, apparently!?
            The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

            But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

            Comment

              #7
              Where are all the immigrants going to live? Answer houses and flats.

              That's what keeps the BTL rental market alive, immigrants renting.

              This takes the houses out of the reach of FTB's which reduces supply and so prices at the bottom end skyrocket.

              The top end (million pound gaffs) is driven by wealthy non-doms and hedge fund managers.

              Comment

                #8
                Originally posted by Bagpuss View Post
                The immigration will keep the prices up, apparently!?
                The immigrants are buying only the BTL. The current price range of property means BTL is no longer profitable and the possible capitol growth is not worth the risk.

                Doomed etc.
                Fiscal nomad it's legal.

                Comment

                  #9
                  Which does nothing to explain why prices are falling
                  The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

                  But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

                  Comment

                    #10
                    Originally posted by Bagpuss View Post
                    Which does nothing to explain why prices are falling
                    Not enough immigrants. We need to move India and China into London.

                    Comment

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