200,000 buy-to-let investors lose up to 90% of their cash

Snooze

tomstickland wrote: »

No, no, no that's so outdated. It's:

Brought Too Late Buy To Letter.

What did they bring too late?

Rob

PasturesNew

lewt wrote: »

i agree with that..... if people can afford to hold on to their propertys then they will be no loss in the long run. is that what your saying ?

No, I was 110% taking the mick.

tomstickland

Snooze wrote: »

What did they bring too late?

Rob

You need to keep up.

michaels

Lots of people have (at various times) put their pensions into stocks and shares, gold, commodities etc at the wrong time - why are we singling out those who chose property?

WTF?_2

Generali wrote: »

The most annoying thing about the bubble has been that at least 50% of the people that have bought a house to live in (or even 2 or 3 to rent out to students or 'professional sharers') seem to think they're the next Warren Buffet, the Sage of Godalming or something presumably.

The most annoying thing about the bust is going to be bankrupted landlords bleating on about how hard effing done by they are, how it's all someone elses fault that they didn't realise that they were risking more than their deposit and how they want me to pay their losses.

You remember those 2 bed terraced houses in I]Northern Hell Hole[/I that were going for £5k in 1997, !!!!!! old fruit? The ones that are now selling for £90 or £100k? Yup those ones. Well guess what? They're still not worth any money because they're horrible houses in horrible places, it's just that people in their madness have bid up the price 20x. Well those same idiots are going to be clogging up the message boards and Watchdog on the TV moaning about how nobody told them that I]Northern Hell Hole[/I was a Hell Hole.

Did they never see that graffiti on the A1? A stark warning to all Southerners about what faced them.

"It's Grim Up North"

Yep - the 'property magnates' who happened to get lucky by buying at the right time and then remortgaging a domino-string of properties are about to get their comeuppance bigtime.

Unfortunately, we'll all be paying for the inevitable consequences of their stupidity (and that of the greedy fools who loaned the cash). We already have had hefty inflation as a legacy of the boom now we are going to end up paying with general gloom and our job security via the recession which marks the hangover stage of the party.

Right now, I'd say we're at the stage where the buzz has just worn off and we're starting to feel a little queasy and dizzy..too late to sleep it off so it's going to be a rough night...._pale_

WTF?_2

michaels wrote: »

Lots of people have (at various times) put their pensions into stocks and shares, gold, commodities etc at the wrong time - why are we singling out those who chose property?

Because it denied many people the ability to own a house when the time would otherwise have been right for them to buy.

Because many others naively made a huge financial mistake and over-borrowed to 'get on the ladder'.

Because it has lead to what is probably going to be one of the worst recessions in modern history.

That's three for starters.

Had people simply stuck to buying houses as homes and banks to lending sensibly, we'd all be a lot better off today.

IveSeenTheLight

carolt wrote: »

I look forward to hearing the shrieks of denial from the resident BTL landlords on here. Yes, I've Seen The Light - we all know you were sensible and will be fine.... :rolleyes:

So you only want to hear from non sensible BTL LL's.
very balanced, I must say

kennyboy66_2

michaels wrote: »

Lots of people have (at various times) put their pensions into stocks and shares, gold, commodities etc at the wrong time - why are we singling out those who chose property?

Because although BTL was only about 10% of the market, it competed with 1st time buyers in about 90% of areas, either keeping those 1st time buyers out of the market or vastly increasing the price they paid.
Even worse - some investors kept the properties empty for 12 or 18 months & then sold just to enjoy the capital gain.

There are not many people who buy other asset classes with borrowed money, unless they are extremely rich or like gambling.

They also enjoyed a riduculously favourable tax regime to buy what is an unproductive asset.

Finally, there is nothing more boring than hearing about how much someone elses house or "property empire" is worth.

Gorgeous_George

kennyboy66 wrote: »

Because although BTL was only about 10% of the market, it competed with 1st time buyers in about 90% of areas, either keeping those 1st time buyers out of the market or vastly increasing the price they paid.

Fair point.

kennyboy66 wrote: »

Even worse - some investors kept the properties empty for 12 or 18 months & then sold just to enjoy the capital gain.

That is not BTL (Buy to Let).

kennyboy66 wrote: »

They also enjoyed a riduculously favourable tax regime to buy what is an unproductive asset.

No, they did not (and still do not).

kennyboy66 wrote: »

Finally, there is nothing more boring than hearing about how much someone elses house or "property empire" is worth.

Agreed. The same applies to those gloating about how much others may lose in the crash... but the form is called 'House prices'.

GG

carolt

IveSeenTheLight wrote: »

So you only want to hear from non sensible BTL LL's.
very balanced, I must say

No at all, IveSeenTheLight - always lovely to hear your opinion. All I meant was that the article did not refer to you and those like you; not that your opinions were any less interesting or desired.