UK Landlord Forum / Life

Once seen as a sure-fire way of making a small fortune, newly-built flats have become the worst victims of the housing market meltdown.

Prices of new-builds in city centres have collapsed, with many sold at auction for a fraction of their value only two years ago.

In one case, a three-bedroom flat in Kelso Heights, a development on Belle Vue Road in Leeds, was bought for £237,999 in March 2006 but has just sold for £71,000 – a fall of £166,999, which is 70.17 per cent.



full article here with more examples. 60 odd people have already commited on the issue.

Don't be alarmed though, I don't think it reflects the national pattern- it's just the media, well, being the media. Without trying to state the obvious, i think it boils down to stupid purchases, as opposed to the direction of the market. The properties were probably well overpriced initially.

The place was probibly full of crap and in need of major work.
I saw a 2 bed flat in a very des re3s part of Southampton for 155k the other day, in fact i nearly brought the place 3 years ago for 150k.
The good thing about town flats are, they are easy to rent out to young managers and the like.

Roll on the good times