Friday, October 10, 2008

Bigget UK estate losers, again the flippers like Florida

Permalink: Birmingham’s buy-to-let market worst hit by falling property prices
by Lin Freestone

Birmingham’s buy-to-let market worst hit by falling property prices

A survey has been carried out to identify the ten areas in England and Wales which have experienced the greatest fall in annual property prices.

Conducted by property website, the study found that owners of buy-to-let properties are among the worst hit by falls in housing prices, with canalside flats in Birmingham suffering the most.

Properties west of the city centre of Birmingham, mostly new-build flats, have fallen in price to an average value of £153,500, a drop of 17.3%.

The research discovered that price falls have not discriminated according to how much a property cost in the first place or how desirable an area was considered to be. These areas attracted the most buy-to-let investors during the boom and have recently suffered due to supply outstripping demand.

The survey was based on Land Registry sale price statistics, updated with valuation data gathered from surveyors. Average values were narrowed down to postcode level using an automated system. Streets where the highest number of properties sold at a loss were then identified within these areas.

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