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Debate House Prices
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Owner's negative equity horror
amcluesent
Posts: 9,425 Forumite
£175,000 flat I bought last year is now worth less than £100,000
A property investor who bought a flat for £175,000 at the height of the housing boom has ended up in a negative equity nightmare after its value nosedived by almost 50 per cent.
Maurice Conroy, who owns a string of buy-to-let flats, bought the studio in central London last summer. But he has just had it valued by three agents who told him it would now only sell for between £80,000 and £100,000
The property, in a Regency stucco-fronted terrace, is 120 square feet - the size of a small double bedroom.:rotfl:
A property investor who bought a flat for £175,000 at the height of the housing boom has ended up in a negative equity nightmare after its value nosedived by almost 50 per cent.
Maurice Conroy, who owns a string of buy-to-let flats, bought the studio in central London last summer. But he has just had it valued by three agents who told him it would now only sell for between £80,000 and £100,000
The property, in a Regency stucco-fronted terrace, is 120 square feet - the size of a small double bedroom.:rotfl:
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Comments
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120ft2 ?!!! :eek:
Even at £100k it's valued at £99,997.50 too much.
rob0 -
Small cruise cabins are circa 150 sq ft.Well, I think they are - what was he, the lender valuer and all the other bidders on?0
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Is it the one that was featured in the papers when it was for sale?
It was a broom cupboard in Chelsea. We all had a good laugh at it.Everything that is supposed to be in heaven is already here on earth.
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Serves him right, the big greedy gormless tw*t.
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The heart bleeds.........much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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Do you know what, I get a bit fed up of hearing people bashing BTL landlords because in my mind they are people who have managed somehow to scrape enough together to purchase a second house and are bettering themselves.
This guy however - seems to me he got what was coming to him. Spin that roulette wheel once you might get away with it. The more times you gamble the more likely you are to come unstuck and that's exactly what has happened to this guy. No more sympathy for BTL landlords from me if he is a typical example.
JD0 -
Irony: he got the valuation in order to re-mortgage, to buy a further house ...0
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As prices fall, the green-eyed monster is less likely to raise his ugly head (or her ugly head to be PC - or the foreigner's ugly head - or the dyslexic ulgy haed?).
Most BTLers did not know that property would continue to rise. They took a (calculated or not) gamble. With all gambling, some people lose.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
jammie*dodger wrote: »Do you know what, I get a bit fed up of hearing people bashing BTL landlords because in my mind they are people who have managed somehow to scrape enough together to purchase a second house and are bettering themselves.
You mean they MEWed cash out of their existing homes that had seen ludicrous gains of up to 300% on what they paid for it at the expense of others jumping on the bottom of the ladder. In most cases, I don't think any "scraping" was involved.0 -
I found one smaller
http://www.rightmove.co.uk/viewdetails-18086816.rsp?pa_n=1&tr_t=buy
Studio Room: 9'8" x 7'6" (72 sq ft)
Kitchen: 1' x 3'8" (not a typo!)
Bargain, reduced from £199 to just £175k 0
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