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It's grim oop north
baby_boomer
Posts: 3,883 Forumite
And it's coming to a street near you.
Neil Collins in the Evening Standard
"....Alastair Stewart........With his Dresdner Kleinwort colleagues, he's been touring new urban apartments in the north of England, and describes much of what he's seen with a single, four-letter word. [I think one MSE member may have recently used the same word to describe off plan flats
, but I couldn't find the link.]
Sale prices have almost halved, development land is worthless and those few people who want to buy can't raise the money....
He's not alone. Alex Potter at Collins Stewart talks of the forthcoming "dumping of buy-to-let properties.."
Neil Collins in the Evening Standard
"....Alastair Stewart........With his Dresdner Kleinwort colleagues, he's been touring new urban apartments in the north of England, and describes much of what he's seen with a single, four-letter word. [I think one MSE member may have recently used the same word to describe off plan flats
, but I couldn't find the link.]Sale prices have almost halved, development land is worthless and those few people who want to buy can't raise the money....
He's not alone. Alex Potter at Collins Stewart talks of the forthcoming "dumping of buy-to-let properties.."
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Comments
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baby_boomer wrote: »
Sale prices have almost halved, development land is worthless and those few people who want to buy can't raise the money....
Or is that transactions? I dont think any surveys have reported neary 50% drops yet have they?0 -
Rather than argue over the finer points, let's agree it was a very interesting article (thanks OP!), and that it is indeed grim oop north, and likely to get grimmer. It will also become grim down south, or whatever the appropriate southern terms would be, perhaps moribund is more appropriate.0
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No I don’t debate some flats are, but the OP was a bit more general than that.
I would class nearly 50% drops as all properties from like for like sales peak 07.
OP was quoting from the article. The journalist is pretty clear about what he means even if the quote used is slightly misleading.
It is an interesting article IMO. The analyst from Collins Stewart agrees with my thought which is that rents are rising now but those rises will reverse as the economy hits tough times.0 -
"This last is what passes for good news in the residential property market today; only 32,000 mortgages were approved last month, but frustrated buyers will be grateful, in due course, for being prevented from buying an asset which is falling in value, and still has a long way to go."
Dont think I could have put it better myself!!0 -
OP was quoting from the article. The journalist is pretty clear about what he means even if the quote used is slightly misleading.
It is an interesting article IMO. The analyst from Collins Stewart agrees with my thought which is that rents are rising now but those rises will reverse as the economy hits tough times.
Good article, just being a naughty boy again.;)0 -
When I think very-expensive-apartments-that-become-half-price-sh*thole, I always think The Bar, Newcastle-upon-Tyne. For your £190,000 you get a delightful two bedroom, partitioned shoebox, with morning views of the city traffic and evening views of young men cavorting each other and vomiting outside the gay bars, admiring the Freddy Mercury-esque mannequins in the sex shop window as they hit the next joint. The huge void on the ground floor corner was destined to become a gym and useful building facilities (to complete the savvy, compact city-centre lifestyle), has instead evolved into an NHS Walk-in Centre for the broon-aled and junkies.
That £190,000 flat you bought in 2005 is now selling for £90,000... at best :eek:Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »When I think very-expensive-apartments-that-become-half-price-sh*thole, I always think The Bar, Newcastle-upon-Tyne. For your £190,000 you get a delightful two bedroom, partitioned shoebox,.........
What's the average earned household wage for FTBs (presumably the sort of people that a 2 bed flat would be aimed at) in Newcastle excluding benefits and tax credits? £190k has to be pretty toppy for them I would think.0
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