Homes go for £800 - could it happen here?

mewbie_2

When I look at most new build inner city flats I keep thinking of those flats / estates that they pulled down years ago. Called regeneration at the time I think. These look the same to me, except I assume their room sizes are smaller. Now they are associated with failure I am assuming no one would aspire to buying one. Question is, were there really ever enough people who wanted to rent one? Especially as it would seem at least a few 'young professionals' will be jobless and returning to Mum and Dad in the next few years.

But even with no tenants, and no demand, they still need services and security - especially security in an empty tower block in the middle of the city.

If are you watching the auctions I would hang on for a good while yet, and have a close look at the whole development before parting with any money.

Tomorrow's slums.

chewmylegoff

This has to be seen in context - £800 on a two bed in Detroit is going to buy you a horrible shack made out of wood that has probably been half eaten by termites in a horrible area riddled with crime and gangs and surrounded by other empty houses the banks are trying to sell.

I remember a story about houses in Salford changing hands for £100, that was within the last 10 years. They were semi derelict and in an empty street, and I think they needed £15k of work doing to them to make them habitable or something - but it's really only the same thing.

dad-of-4

they will go s low as supply and demand dictates, and unfortunalty there is an oversupply and no demand in many places. just look at the flat situation in manchester 40% unoccupied in excess of 700 flats. where is the demand going to come from? probably no where for a long time yet, and the only answer is for landlrds to undercut each other to the death to make sure they dont end up on the list of unoccupied flats, by poching tenats off each other by lowering price.

as the rents get lower the values of thoes properites become less, it wouldnt take much for someone with a lot of cash, to crash the rental prices and reap the rewards of the fall in sale values.

StevieJ

mewbie wrote: »

Question is, were there really ever enough people who wanted to rent one? Especially as it would seem at least a few 'young professionals' will be jobless and returning to Mum and Dad in the next few years.

Dopesters house is gonna get busy.

amcluesent

The dynamic we don't talk about is that traditionally 'distressed' areas of Barnsley, Bradford, Burnley etc. are now essentially Muslim enclaves. Their very large families, cash culture and 'closed' society means we don't have any clue about the properties being traded there. You can be sure they don't trouble the tax-man by going through EAs and the like, they do whatever Shariah Law says about recording property.

The Islamic fifth-column in England (8,000,000m?) hides what is apparent in the black ghettos of Detroit and similar rust-belt towns in USA. IIRC on the TV this week they features some Asian lads who had 20 properties out for rent bought with money from 'friends'.

Generali

amcluesent wrote: »

The dynamic we don't talk about is that traditionally 'distressed' areas of Barnsley, Bradford, Burnley etc. are now essentially Muslim enclaves. Their very large families, cash culture and 'closed' society means we don't have any clue about the properties being traded there. You can be sure they don't trouble the tax-man by going through EAs and the like, they do whatever Shariah Law says about recording property.

The Islamic fifth-column in England (8,000,000m?) hides what is apparent in the black ghettos of Detroit and similar rust-belt towns in USA. IIRC on the TV this week they features some Asian lads who had 20 properties out for rent bought with money from 'friends'.

Where do you get 8,000,000 from? That's about 16% of the English population.

amcluesent

>Where do you get 8,000,000 from?<

Complete loss of control over our borders over the last decade by NuLabour, failure to eject illegals after their visa expires and the exceptionally high birth-rate of Muslims. It's one of the reasons that NuLabour wanted to weasel out of performing another census which would reveal the true extend of immigrants swamping England while NuLabour were asleep at the wheel.

GDB2222

amcluesent wrote: »

>Where do you get 8,000,000 from?<

Complete loss of control over our borders over the last decade by NuLabour, failure to eject illegals after their visa expires and the exceptionally high birth-rate of Muslims. It's one of the reasons that NuLabour wanted to weasel out of performing another census which would reveal the true extend of immigrants swamping England while NuLabour were asleep at the wheel.

Isn't there a difference between being a bit sceptical about things and being completely paranoid? You come across as a raving loony about this, to be frank, although from your other posts I don't think you are.

mr_magoo_5

I remember the last recession and a builder friend brought several building plots from a local receiver for 10% value of what an insolvent builder paid.
So expect the same and cheaper, as this recession is going to deeper.
Keep your guns loaded folks, plenty of house builders really struggling right now, banks will start calling them in soon.
Ones to look for are small local guys who build a few a year and finished building recently with a small land bank of individual plots. Unless they take a big hit on price, sell at cost or just less, they will have a job shifting them. Winters coming and market will totally die for these guys.

Mandark

Was just listening to a Detroit estate agent on BBC News channel. She said 3 bed houses are now going for $1000 with garage and basement. Presenter had to ask her to repeat it to make sure he was hearing it correctly! But purchasing taxes are $5-6000. House strippers are a problem too, nicking all the wiring and heating systems.

She said people are losing their jobs and abandoning their homes in Detroit and taking their kids with them so school attendance is falling dramatically.

I remember reading that another old industrial town, Cleveland, is suffering like this too. So those big northern American cities which were already in industrial and population decline but trying to fight back with new economic development initiatives over the last 20 years, are now in serious decline yet again.

Is this our urban future as well?