The Price of Property (part 3) : tonite C4 @ 9 pm

jamescredmond

I was going to resist the temptation to rip the p1ss.

that was, until, the 7 apt. woman revealed how much she'd paid for the furniture as a package, without even clapping eyes on it.

and then went on to admit she'd probably paid twice its net worth.

(10 times too much, IMO).

making such a basic error tells me that this woman should never have been allowed anywhere near the market.

are some people so gullible that they believe the banks?

'fraid so, my friends. 'fraid so.

wolfman

Yeah I couldn't believe she invested 1 million in 7 flats she hadn't properly seen, and clearly didn't know much about.

It's that sort of stupidity and irresponsibility that has put us in this situation. From what she said she bought them virtually on impulse. I can't even comprehend spending 1 million like that, and now look where it has left her.

If you want to make big money, it's possible. Just don't be shocked if you lose big. It's the risk you take when you step out of the "hamster wheel"

myhooose

What surprised me was that 40% of the Manchester flats are standing empty!! I knew quite a few were but did not appreciate quite how many.

Also did you see the entrances and communal areas for these "luxury" flats. I bet insides of prisons have a better finish.

jamescredmond

myhooose wrote: »

What surprised me was that 40% of the Manchester flats are standing empty!! I knew quite a few were but did not appreciate quite how many.

Also did you see the entrances and communal areas for these "luxury" flats. I bet insides of prisons have a better finish.

last week I stood on a Leeds railway platform and looked across to the numerous apt. developments. those finished looked like vertical ghost towns.

no offence to anyone from leeds, but you really could've done well without these warsaw-type blocks.

sarkin

lynzpower wrote: »

i did psml at the guy who said hed got the house at auction due to watching homes under the hammer.
unfortunately that goon is going to end upsomeones landlord! :eek:

That was the funniest thing, the presenter did not bat an eye lid. It s like me watching Ready Steady Cook and then saying I want to open a restaurant.

Sir_Humphrey

I thought it was interesting in showing the human motivations behind property.

But overall it was unfocussed, he was confused in his message about whether property was actually a good investment.

D+

lostinrates

sarkin wrote: »

That was the funniest thing, the presenter did not bat an eye lid. It s like me watching Ready Steady Cook and then saying I want to open a restaurant.

But this is happening too, someone told me a about a programme called The Restaurant, which TBF I haven't seen, but sounds like just this is happening. Because of the very strong heirachy in kitchens though, the generation inspired by food tv has at least culinary school and apprenticeships etc to go through for actual educaton.

Jorgan_2

baby_boomer wrote: »

Now where did I put that spare £8 million ?

Keep up, the guy at the seminar said to use your credit card if you didn't have the money.


Frightening how some people get drawn in so easily. I was in Manchester last year for the first time in about 12 years, came out of the station so all the new apartments & thought 'oh dear'.

fatpig_2

What about the BTLetter spiv in the program with the personalised number plate AVE IT. You can't buy class obviously

PasturesNew

The cards were stacked against FTBs and pro-BTL.

BTL had big deposits as they usually had an existing property to borrow against.
A lot of the new properties were only sold through the Investment Clubs and were at higher prices than they were 'worth'.
Auction properties you need a big cash deposit and ability to move fast.

This left just "normal houses for sale", but the normal houses for sale were priced based on the price of the new builds selling - and the prices of the tarted up ex-auctiorn properties, which were priced in line with the new builds.

So all the valuations/prices were in La La Land and it was difficult for the FTBs to move fast enough to buy anything.

If you were an FTB even viewing a bit of a doer-upper, a BTL wannabe will have viewed it at the same time. Both put in the same bid and the EA would have recommended the seller sold to the BTL/developer as their finances were in place/seemed more secure to get the sale through.