- This topic has 21 replies, 10 voices, and was last updated 15 years, 11 months ago by
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British buyers do not use their house as piggy banks anymore. If there is no housing equity withdrawal, very few will have disposable income to purchase holiday homes.
In what concerns the ones who want to move to Spain, they need to first sell their UK houses, which is quite impossible at the moment. The 20%-30% decrease in the UK prices coupled to the weakness of pound will easily translate into a huge cut in holiday home prices through Euro countries.
http://uk.reuters.com/article/businessNews/idUKTRE4922CY20081003
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NAIL IN THE COFFIN
Typical British attitude in thinking the world revolves around them.
So no other country than Great Britain buys properties in Spain then.?
Never mind that they will not be buying much of anything from any Euro country at the moment because the £ has a pretty crap exchange rate.
Property in Spain/U.K/France/America almost anywhere are not selling as is well reported that prices are falling.
Cant get credit from ours or Euro Banks at the moment so they cant buy even if they wanted too
Forget that this is a big world and lets say that if the Brits are not buying then its the NAIL IN THE COFFIN.
Talk about narrow mind.
Just about to rent my apartment to someone from Germany.
The rental company advised to stay away from the Brits as they were by far the worst tenants ,are arrogant and no respect for others.
Bit like the reputation we get when we go abroad on holiday and think the world owes us a living.Just Frank 8)
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“Typical British attitude in thinking the world revolves around them.”
Sorry Frank, British almost single-handedly extended the Spanish property stupidity after 2002. Germans are very smart with their finances and did not have access to easy money.
Besides, Germany and France are already in recession so those buyers won’t think about purchasing in France.
So yes, the fall of British buyers is a BIG nail in the coffin of Spanish market.
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Couldn’t agree more with what has been said. Its sad enough also when some of today’s UK papers are running stories about the over 50’s in the UK being the most irresponsible when it comes to debt trail, having numerous credits up at their spending limits and living, apparantly, on the never never.
It’s surprising, to me at least, that its this age group which fared worst.
I would have thought the culprits would have been at least 20-30 years younger!
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flosmicheal
So the Brits single handed bought most of the property and now because they are not then thats the final is it.
Now they signed up for many but the thing is they were sold off plan multi units by Brits to Brits and what they failed to take into account is that one day they would have to pay for them and then problems started as the roundabout stopped.
The Spanish fault ?Yep but in the main it was a Brit that advised and sold the property in the first place after selling cars or time share the week before.
The days of spinning the contract gone and no money to complete as that was never the intention.
Then who do the Brits blame? Everyone but themselves.
Brits sold crap property to even family and friends for that big commission
Now so called buyers/agents like this are as good as having no hole in yer arse and now you say Spain is dead without us with the final nail in the coffin.
I have to accept your statement the the French and German are in recession because I am not an expert but as I mentioned a German is renting mine as they tend to rent anyway and only lately have been buyers
I may be wrong but havent noticed that many French buying in the past.
So we have
Some Germans
Some Scandinavians
Gosh Silly me the ole Spanish do buy property in their own Country and nearly forgot that. 😯
Damn ,better throw in the rest of the World
Now we have Countries like Russia,China starting to mop the the good deals being cash rich they dont need the mortgage and Brits need to sell.
Remember a builder will only build to supply a buying market and were building to order or what they understood was an order.
There is no doupt that many real genuine people have been caught up in the mess that followed and laws should have been in place to protect them including a legally binding Bank guarantee we signed up for.
I am sure that many developers and hotels would be happy if they didnt see many Brits again.
THIS IS THE REAL NAIL IN THE COFFIN NOW ?
NO THE BRITS DID THAT LONG AGO WITH NO INTENTION OF OWNING,ONLY TO MAKE MONEY.
THE GREEDY AND MANY CORRUPT SPANISH DID THAT LONG AGO
WE ARE NOW SEEING THE FALLOUT.
Will I miss Brits on my development ?
Bugger no and hope they keep well away and leave apartments to Countries that show respect for others and not themselves
With the greedy Brits out of the way alongside greedy developers, corrupt solicitors and judges then in time the nails may be pulled out of the coffin and Spain will live again
Spain will one day be a place for a Brit to buy a property because thats what they want and Spain will hopefully welcome the genuine ones as wellJust Frank 8)
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If you think the Brits are bad try renting a property to the Spanish, I speak from personal experience. I was also warned by a Spaniard not to do it. There are a few Germans, Scandinavians, Spanish in the market. They do not go for the British off-plan enclaves.
I saw an ad’ today (could be a catch to it!) 250M2 built house in over 2000M2 land in Mijas. Bank valuation 900,000, on sale at 300,000. I also know a couple in their seventies who are keen to sell. Great house and views, bank valuation 815,000 advertised at 595,000 or any offer! Not one punter, not even a phone call..yup, well and truly dead 🙁
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Yep
Truly dead in most parts of the U.K to 🙄
Nope wouldnt rent to a Spanish person either and in particular an agent/solicitor/developer or Judge.
Wouldnt know which to trust any many Joe Public probably know a bent solicitor that would screw you in the end abusing the legal systems loopholes.Just Frank 8)
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Oh Bugger Claire you have grassed me up. 😯
Hoped no one would notice as not only doesnt it have an LFO its an illegal build.
Not supposed to have stayed there either.
What am I going to do as I have been doing something illegal in the Spanish property market.
Well if they take me to court I suppose I can appeal that should hold them off for about 10 years 😉Just Frank 8)
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Oh Bugger Claire you have grassed me up.
Oh s***! 😳 Do you think anyone important reads these threads?
Well if they take me to court I suppose I can appeal that should hold them off for about 10 years
Nah. Knowing your luck you’ll get a Judge that applies the letter of the law ( have you seen the flying pigs in the CDS?) and it’ll get pulled down. 😉
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charlie
as some who have completed on not so good property, have probably lost as much if not more on paper, than those who just walked away from a lost deposit, i think there will much talking up prices and false confidence, in a desperate attempt to get things moving again.
I din’t think many on here will fall for it though?
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“With the greedy Brits out of the way alongside greedy developers, corrupt solicitors and judges then in time the nails may be pulled out of the coffin and Spain will live again
Spain will one day be a place for a Brit to buy a property because thats what they want and Spain will hopefully welcome the genuine ones as well”Some Brits will always be attracted to flipping properties in Spain and wherever. The only difference will be that the banks won’t lend easy money in the next at least 10 years.
And hopefully that the stupid stories about property ladder and buy-to-let craziness will remain a thing of the past as a MEMENTO MORI for the
younger people. -
Flosmicmichael
Yep agree. Many simply looked at some that were making mega money through easy credit on the property market and it all looked so easy.
Having said that similar can be said about stock market , savings and pensions for those more prudent and even there many have been badly burnt.
I am not the sort that condemns anyone for wishing to look to better themselves and that so often means taking a calculated gamble.
Sadly there are winners and loosers.
People shouldnt beat themselves up when it goes wrong as look how bad the big institutions called it.
However like prevous downturns memories are short and one day it will kick off again albeit not to the levels seen in the past few years.
Now if figures are to be believed planning approval is around 5O/60% down and sales are 25%ish down and thats still alot of property sales.
Those that bought because they wanted a home/holiday home hopefully wil enjoy a different type of investment in buying what they wanted.Just Dan
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frank, calm down man.
@Just Frank wrote:
flosmicheal
So the Brits single handed bought most of the property and now because they are not then thats the final is it.
Now they signed up for many but the thing is they were sold off plan multi units by Brits to Brits and what they failed to take into account is that one day they would have to pay for them and then problems started as the roundabout stopped.
The Spanish fault ?Yep but in the main it was a Brit that advised and sold the property in the first place after selling cars or time share the week before.
The days of spinning the contract gone and no money to complete as that was never the intention.
Then who do the Brits blame? Everyone but themselves.
Brits sold crap property to even family and friends for that big commission
Now so called buyers/agents like this are as good as having no hole in yer arse and now you say Spain is dead without us with the final nail in the coffin.
I have to accept your statement the the French and German are in recession because I am not an expert but as I mentioned a German is renting mine as they tend to rent anyway and only lately have been buyers
I may be wrong but havent noticed that many French buying in the past.
So we have
Some Germans
Some Scandinavians
Gosh Silly me the ole Spanish do buy property in their own Country and nearly forgot that. 😯
Damn ,better throw in the rest of the World
Now we have Countries like Russia,China starting to mop the the good deals being cash rich they dont need the mortgage and Brits need to sell.
Remember a builder will only build to supply a buying market and were building to order or what they understood was an order.
There is no doupt that many real genuine people have been caught up in the mess that followed and laws should have been in place to protect them including a legally binding Bank guarantee we signed up for.
I am sure that many developers and hotels would be happy if they didnt see many Brits again.
THIS IS THE REAL NAIL IN THE COFFIN NOW ?
NO THE BRITS DID THAT LONG AGO WITH NO INTENTION OF OWNING,ONLY TO MAKE MONEY.
THE GREEDY AND MANY CORRUPT SPANISH DID THAT LONG AGO
WE ARE NOW SEEING THE FALLOUT.
Will I miss Brits on my development ?
Bugger no and hope they keep well away and leave apartments to Countries that show respect for others and not themselves
With the greedy Brits out of the way alongside greedy developers, corrupt solicitors and judges then in time the nails may be pulled out of the coffin and Spain will live again
Spain will one day be a place for a Brit to buy a property because thats what they want and Spain will hopefully welcome the genuine ones as wellJust Frank 8)
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@katy wrote:
I saw an ad’ today (could be a catch to it!) 250M2 built house in over 2000M2 land in Mijas. Bank valuation 900,000, on sale at 300,000. I also know a couple in their seventies who are keen to sell. Great house and views, bank valuation 815,000 advertised at 595,000 or any offer! Not one punter, not even a phone call..yup, well and truly dead 🙁
But are those bank valuations from the time of lets give a 120%+ mortgage. A property is worth what someone will/can pay for it and until then it’s just bricks and mortar.
Here the Spanish who have bought property after property and made some nice tidy sums over the years are now feeling the pinch. Every lamp post has an amazing offer for an atico etc at 20million pts (120k), these owners wouldn’t sell for 35million a year ago. Add on to that the ones who rented out a crappy apt for a ridiculous high amount during summer and then wanted a teacher to rent from Sept-May.
Now with the over build and more apt’s available the locals are felling the pinch, but does it stop some of them still wanting more for a 3 bed 80m2 apt, than a 4 bed town house of 120m2, garage, pool & trastero> Well NO it doesn’t.
Soon the real world will hit home.
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“Every lamp post has an amazing offer for an atico etc at 20million pts (120k), these owners wouldn’t sell for 35million a year ago.”
They have forgotten which is the real value of 120K Euros i.e. at least 6 year salary.
They will be reminded soon when easy money won’t be available anymore and people will need to save a lot in order to afford luxuries like holiday homes. -
Hay Kingy 🙄
I am cool man 😀
Like a little rant once in a while then I sod off and go bother someone else.
You guys carry on kicking the crap out of Spain.
Spain like the rest in the Euro have it coming big style but thats only my opinion.Just Dan 8)
Prices will bottom out in 2030 or maybe 2090 havent a frigging clue . 8)
Leave that one to the forum British experts.
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