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Help Advice needed. Luxery apartment dropped 25K in price, in just over a year!

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Comments

  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    The shared ownership new-buld housing association flats near where I live could not be sold as nobody could afford them

    They are now being rented out.
  • SquatNow
    SquatNow Posts: 2,285 Forumite
    SouthCoast wrote: »
    The shared ownership new-buld housing association flats near where I live could not be sold as nobody could afford them

    They are now being rented out.

    If you're reading this in August, they are no longer being rented out, they are now being sold at auction.

    :rotfl:
    Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.
  • ollyshaw
    ollyshaw Posts: 704 Forumite
    Part of the Furniture Combo Breaker
    OP,

    Watch " Bursting the House Price Bubble" on this page and be thankful.

    http://news.bbc.co.uk/1/programmes/panorama/default.stm

    Olly
    ## No signature by order of the management ##
  • bryanb
    bryanb Posts: 5,034 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Property is worth what a buyer will pay -Exactly!!
    This is an open forum, anyone can post and I just did !
  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    they are now being sold at auction.

    That will be in the "super luxury" part of the development where a 2 bed new-build flat costs the same as a very nice secondhand detached 3 bed bungalow situated on a private estate.
  • scratchthecat
    scratchthecat Posts: 9 Forumite
    Tough luck OP's girlfriend. When prices were going up I bet you both thought she couldn't lose out. Now it's going the other way you think it's unfair. You're right, it is unfair but that'll teach her to take the advice of salesmen rather than use her own mind.
  • enigmam
    enigmam Posts: 58 Forumite
    Part of the Furniture Combo Breaker
    SquatNow wrote: »
    If you're reading this in August, they are no longer being rented out, they are now being sold at auction.

    :rotfl:

    Housing Associations value all their stock at cost, i.e around £60k for a 3 bed house. They won't be in any trouble
  • Bf109
    Bf109 Posts: 634 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Phil1k wrote: »
    Hi,

    I don't see how its possible to lose so much money over a short period of time.

    It hasnt lost that much value. It just wasnt worth that much when your girlfriend bought it.
    [FONT=Arial, Helvetica, sans-serif]Rise like Lions after slumber
    In unvanquishable number -
    Shake your chains to earth like dew
    Which in sleep had fallen on you -
    Ye are many - they are few.    [/FONT]
  • nelly_2
    nelly_2 Posts: 17,863 Forumite
    10,000 Posts Combo Breaker
    This is why people should not buy at the moment, or forseeable future.

    prices are dropping so you may as well wait, cos it may well save you a few grand.......which would be nice :)
  • TTMCMschine
    TTMCMschine Posts: 684 Forumite
    m00m00 wrote: »
    my initial thoughts when seeing this ?

    only 25k you are lucky


    'luxury apartments' here are regularly losing 50% of their value or more.

    157k one year, 65k the next.

    But they haven't even had an offer yet, it's just been valued at £22,500 less than when she bought it. Wait until it goes onto the market, they'll be lucky if they can get £100K for it.
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