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Debate House Prices


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Price of new build flats 'set to crash'

Zammo
Zammo Posts: 724 Forumite
in Debate House Prices & the Economy
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xml

The price of new build flats are heading for a "full scale crash", causing misery for tens of thousands of buy-to-let landlords who gambled on an ongoing property boom, writes Paul Farrow

:beer:
«1

Comments

  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They must write exceedingly slow if it's taken them this long to complete the article, so long after it's been bloomin' obvious.

    Was it a one fingered journalist writing with a big fat crayon on bog roll?
  • Thomas99
    Thomas99 Posts: 322 Forumite
    Zammo wrote: »
    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xml




    :beer:

    I think this has been on the cards for ages (years) now. Every where i looked in my town centre, there were new flats being built, yet most were empty months (and years) after completion.

    An old article from 2005, worth a read...http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=405635&in_page_id=8
    Founder member MSE Jet Airways Mile High Club
    Member #1     :love:
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Great article, I love all this talk of mortgage fraud. Its all going to come to light with the end of 100% mortgages and they have to renew.
    :beer::D
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Markyt
    Markyt Posts: 11,864 Forumite
    PasturesNew wrote: »
    They must write exceedingly slow if it's taken them this long to complete the article, so long after it's been bloomin' obvious.

    I know that 18 months / 2 years ago northern rock were refusing mortgages on new build flats in certain cities as there were already far too many even then ...
  • sarkin
    sarkin Posts: 785 Forumite
    This is old news, lots of new builds going to the hammer with 50% hair cuts
  • birduk
    birduk Posts: 466 Forumite
    Personal experience from me dictates this is all true, but also old news.

    We rent an 'apartment' one of about ten owned by a lettings company. There is only one other that has been rented. The others in the block (about ten more) remain unsold (bar the 'penthouse'). They have been on the market now since October last year.

    As a (future) FTB I would never buy a flat masquerading as an appartment, I think we are more old-fashioned and reluctant to change than the developers give us credit for. Secretly we all want that three bedroom semi with off-road parking in suburbia, rather than :rolleyes2 another 'converted mill/developed warehouse/insert generic large building here'.
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    I agree birduk, especially if you have kids. If you live in flat where are you going to put a trampoline ?
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    I know this isn't MSE doctrine, but we have a 2 year old son, and like living in a flat!
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    Fair enough neverdespairgirl but you wait until he gets older, i lived in a flat when my kids where toddlers and that was fine but it would be hell now, thats why we moved to a house. Thats not any MSE doctrine just personal experience
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Outdoor space is a little pricey in central London, so unless a few million quid comes our way, we'll be in a flat for the foreseeable future (-:
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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