Debate House Prices


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Buy to let - or to lose?

The buy-to-let property bubble is likely to have a painful ending for investors who came in at the top of the market

What we already knew - well written artice though.
For the latest wave of buy-to-let landlords, sucked in at the top of the market on the hope of overhyped and unrealistic profits, the prospects are grim. Many face growing problems in meeting their mortgages and there is likely to be a wave of repossessions and distress sales compounded by the rapid withdrawal of mortgage lenders from the BTL market.

http://commentisfree.guardian.co.uk/chris_hamnett/2008/05/buy_to_let_or_to_lose.html
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Comments

  • carolt
    carolt Posts: 8,531 Forumite
    Shame........
  • HammersFan
    HammersFan Posts: 344 Forumite
    carolt wrote: »
    Shame........

    True to form from you carolt. Any sign of property crashing in your area yet?

    "Shame" you didn't buy a few years ago eh?
    18 May 2007 (start of Mortgage):
    Coventry Offset Mortgage £220800
    Offset Savings: £0
    Mortgage Balance: £220,800

    14 Jan 08
    Coventry Offest Mortgage: 219002
    Offset Savings: 28200
    Mortage Balance: £190802

    And still chucking every spare penny into it!
  • jamescredmond
    jamescredmond Posts: 1,061 Forumite
    a guy I work with (based in E.Midlands) put together a 'portfolio' of 6 btl props.
    3 in 04/05 and 3 06/07.

    he's now attempting to off-load the 3 latest buys.

    ticktickticktick.

    4 months later and not one sale, even with reductions.

    based on all the sensible predictions - here and elsewhere - he'd be well advised to off-load all 6 and hope to walk away debt - free.

    but he's not listening.

    'it's a blip', 'things will work out', 'there's still money to be made', etc.

    I told him to come onto this site/board.

    he tells me he glanced at it and decided we're all 'losers'.

    'losers' eh?

    I don't usually indulge in schadenfreude but I will, come the day he suffers the losses that are surely on the way (and, given that I know how much he's in hoc, it shouldn't be too difficult to find out).

    anyone who has read my earlier posts will know that I've done rather well out of the boom (notionally and accidentally).

    so why should I welcome a drop?

    because my children will deserve a chance in the future; a chance of buying a home without constantly worrying about a 1/4% boe r.increase, a chance which has been recently been denied to young adults by the grasping banks and greedy b******* like this guy.

    huge choirs of angels sing me to my sleep, secure in the knowledge that the drop will be at least 25%.

    I'm going into one again, so I'd better shut up now.
    miladdo
  • jamescredmond
    jamescredmond Posts: 1,061 Forumite
    someone said carolt has been banned.

    is this true?
    miladdo
  • elona
    elona Posts: 11,806 Forumite
    10,000 Posts Combo Breaker
    Her description does not say she has been PPR'd so probably not true.
    "This site is addictive!"
    Wooligan 2 squares for smoky - 3 squares for HTA
    Preemie hats - 2.
  • elona
    elona Posts: 11,806 Forumite
    10,000 Posts Combo Breaker
    Fraudbuster

    Wow - what a bargain!:rotfl:

    Averages out at only half million a flat!

    Has it been snapped up yet?
    "This site is addictive!"
    Wooligan 2 squares for smoky - 3 squares for HTA
    Preemie hats - 2.
  • brit1234
    brit1234 Posts: 5,385 Forumite


    Most of these blocks have been on sale for ages, the last few have just been done.:cheesy:

    54583_LIVH003280_IMG_00_0000.JPG
    They are actually on the North side of Kew Bridge in Brentford. They have no character at all outside and it is just grime concrete and tarmacking with no landscaping at all. No one lives down there, it is completely soulless.

    What a complete waste of money.:exclamati
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • FraudBuster
    FraudBuster Posts: 931 Forumite
    Have a look at the Full Brochure. Agent appears bored.

    I have put more effort into selling something for £45 on eBay!
  • fc123
    fc123 Posts: 6,573 Forumite
    Perhaps the LA will buy them up with some Govt. grant help........provide some much needed social housing in the area.
    It happened in the 70's.
    #Mind tyou, I think our Govt. could be a little stretched at the moment.
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