From the SBP, a story which will become more common as the fallout from the huge splurge on property unravels.
Solicitors, doctors, teachers, electricians, name any profession or trade, saw what they thought were easy pickings in an ever-increasing market.
People with little or no development or property experience became overnight experts as their gamble (they always classed it as an “investment”) rode the property boom.
Unfortunately, the game of “pass the parcel” ended sooner than some thought it would and left many in a very precarious position.
Expect to see some surprising, though nonetheless sad, bankruptcies over the next 12-18 months.
And some wonder why land and house prices ended up so expensive. By the time the development got built land had changed hands 2,3,4 or several times.
ReplyDeleteUnfortunately, its not only those with little development experience that will fall many so called experienced developers ran away with themselves also.