This property sold just 2 years ago for £138,500 and is now going to auction as a repossession at £40,000, and it is probably doubtful if it will reach its reserve.
By way of update it did reach its reserve, and sold for £61,000 which makes it worth less than half of what is was.
Was it over priced before , or is it over priced now?
So are apartments in town and city centres sustainable. My advice is not to buy yet as this is the first of many that are likely to be repossessed.
The fixed rate deal is probably at an end and it is likely that they can't get a tenant due to over supply.
Firstly, if you do buy it might be a cheap but It is not a bargain, it has just lost 2/3 of its value in less than 2 years and it will drop even further my guess is maybe to about £25,000 before they will start to increase in price.
This is a picture echoed through out the UK and most towns and cities had an oversupply of this type of property I don't think that should not have been built, just the buyers should have been a bit more careful over the purchase.
Posts
No comments:
Post a Comment