Before the 'Great Recession' of 2009, there were so many people talking about investing in property as what a great idea it was. This took off in 2011, from the embers of it all. They must have been cheapskates and cut a load of corners, and look what happens?
Plebs.., the next lot of developers (from London this time), will have the shit job of tidying up first before trying again.
Ouch. It can be a tricky one. We almost bought a place in 2005 I think it was that was near on 200K. It was a new build and fancy as fuck but was over valued and our financial adviser dude was like, in a years time you would be in negative equity cos it would be worth way less. It was even worse than that, when the financial crash hit they really plummeted! So glad to escape that nonsense!
You did well, another contractor I know in 2007 bought a flat in Manchester, purely for investment reasons. Its wasn't one of these fortunately and by 2009 I had moved on... as always.
I never did find out if it was a good deal, but its unlikely.
Yeah,I think the only main winners are the ones who buy wrecks and renovate to rent them out