shark99

Brentford - Asking Vs Repo Price

13 posts in this topic

FWIW, I've been looking at two bed flats in Brentford (West London) and the difference between asking prices and prices achieved following a reposession is huge.

For example, in "The Island" (which is a nicely done modern development as these things go) there's three basically identical properties:

On market for £399k (was £415k) since Jan 2008: (!)

http://www.rightmove.co.uk/property-for-sale/property-18512009.html

On market for £349k since June 2009:

http://www.rightmove.co.uk/property-for-sale/property-22377136.html

Reposessed Oct 2011, offered at £335k, then £300k, look like it will go for best offer of £275k so far:

http://www.rightmove.co.uk/property-for-sale/property-31817047.html

The repo one is ~33% cheaper than the first one.

In another development, Ferry Quays, there's another opportunity to compare nearly identical flats:

On market for £339k (was £350k):

http://www.rightmove.co.uk/property-for-sale/property-30404401.html

Repo job on market for £270k:

http://www.rightmove.co.uk/property-for-sale/property-21213381.html

If the repo-d flat on "The Island" goes for £275k, I reckon the Ferry Quays one could go for a lot less than £270k since the latter development is nowhere near as nice - and there's a shed load more "luxury" 2 bed flats finishing construction in the area at the moment. I reckon £240k is possible (100k less than the Foxtons one!).

Shark99.

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Thanks for posting. Interesting numbers. One assumes that original price paid was funded by liar loans and then owners cannot sell into negative equity so must wait for repossession?

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FWIW, I've been looking at two bed flats in Brentford (West London) and the difference between asking prices and prices achieved following a reposession is huge.

For example, in "The Island" (which is a nicely done modern development as these things go) there's three basically identical properties:

On market for £399k (was £415k) since Jan 2008: (!)

http://www.rightmove...y-18512009.html

On market for £349k since June 2009:

http://www.rightmove...y-22377136.html

Reposessed Oct 2011, offered at £335k, then £300k, look like it will go for best offer of £275k so far:

http://www.rightmove...y-31817047.html

The repo one is ~33% cheaper than the first one.

In another development, Ferry Quays, there's another opportunity to compare nearly identical flats:

On market for £339k (was £350k):

http://www.rightmove...y-30404401.html

Repo job on market for £270k:

http://www.rightmove...y-21213381.html

If the repo-d flat on "The Island" goes for £275k, I reckon the Ferry Quays one could go for a lot less than £270k since the latter development is nowhere near as nice - and there's a shed load more "luxury" 2 bed flats finishing construction in the area at the moment. I reckon £240k is possible (100k less than the Foxtons one!).

Shark99.

Geez, some of these 2 beds are tiny at around 700 sq ft!

I wouldn't pay any more than £250k for any of them - in fact, I wouldn't even buy unless they were on the other side of the river...

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Geez, some of these 2 beds are tiny at around 700 sq ft!

I wouldn't pay any more than £250k for any of them - in fact, I wouldn't even buy unless they were on the other side of the river...

I agree - I looked around a flat in Ferry Quays and there wasn't even room to have both a sofa and a dining table in the flat at the same time! It looks even smaller in person than in the photos. To make it worse, the architects seem to have used a large part of the limited floor space for the bathrooms. I can't even imagine buying them as an investment - I'd feel too sorry for the tenants. The ones on The Island didn't seem so bad despite only being 50 sq ft or so bigger on paper.

Shark99.

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I agree - I looked around a flat in Ferry Quays and there wasn't even room to have both a sofa and a dining table in the flat at the same time! It looks even smaller in person than in the photos. To make it worse, the architects seem to have used a large part of the limited floor space for the bathrooms. I can't even imagine buying them as an investment - I'd feel too sorry for the tenants. The ones on The Island didn't seem so bad despite only being 50 sq ft or so bigger on paper.

Shark99.

Have you looked on the other side of the river (Kew, Richmond) for something of a similar size and price?

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I've lived on both sides of the river (Brentford, Chiswick, Kew) and have always said that Brentford will be hit hard by the HPC. Problem with Brentford is it isn't very nice, it might have pockets that are ok, but generally I felt uneasy living there, might have been something to do with the skinheads, chavs and staffordshire bull terriers I had to navigate to get to my paperthin-walled, private gated, new build rental. There's a reason it had gates.

The people that bought these places new were on a suicide mission, couple that with Brentford seriously trying to compete with Kew/Chiswick prices and it's a recipe for disaster. No suprise that the auction repo's are rolling in el cheapo.

On topic I was driving home today and stopped at the traffic lights by that new development they've just built (where the travellers camp used to be). Was having a laugh to myself at the flats with balconies about 8 foot above the exhaust fumes of the south circular/Kew Bridge. Nice.

Edited by Starla

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I've lived on both sides of the river (Brentford, Chiswick, Kew) and have always said that Brentford will be hit hard by the HPC. Problem with Brentford is it isn't very nice, it might have pockets that are ok, but generally I felt uneasy living there, might have been something to do with the skinheads, chavs and staffordshire bull terriers I had to navigate to get to my paperthin-walled, private gated, new build rental. There's a reason it had gates.

The people that bought these places new were on a suicide mission, couple that with Brentford seriously trying to compete with Kew/Chiswick prices and it's a recipe for disaster. No suprise that the auction repo's are rolling in el cheapo.

On topic I was driving home today and stopped at the traffic lights by that new development they've just built (where the travellers camp used to be). Was having a laugh to myself at the flats with balconies about 8 foot above the exhaust fumes of the south circular/Kew Bridge. Nice.

Great post and couldn't have put it better myself. (Had to laugh at the bold bit as it's so true! :lol: )

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Great post and couldn't have put it better myself. (Had to laugh at the bold bit as it's so true! :lol: )

So london prices are doing ok?

There is so much BS flying around the last months. It is obvious that the market is crashing and if the IR rates go up to where they should be we would be looking now at a full market correction.

No matter how hard Mervyn tries to support the BTL's the prices will drop soon!!!!

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I've lived on both sides of the river (Brentford, Chiswick, Kew) and have always said that Brentford will be hit hard by the HPC. Problem with Brentford is it isn't very nice, it might have pockets that are ok, but generally I felt uneasy living there, might have been something to do with the skinheads, chavs and staffordshire bull terriers I had to navigate to get to my paperthin-walled, private gated, new build rental. There's a reason it had gates.

The people that bought these places new were on a suicide mission, couple that with Brentford seriously trying to compete with Kew/Chiswick prices and it's a recipe for disaster. No suprise that the auction repo's are rolling in el cheapo.

On topic I was driving home today and stopped at the traffic lights by that new development they've just built (where the travellers camp used to be). Was having a laugh to myself at the flats with balconies about 8 foot above the exhaust fumes of the south circular/Kew Bridge. Nice.

It was seriously marketed as Brentford-upon-Thames for a while. I moved there (from a shitpit HMO in chiswick) before the bulk of the luxury flats started, but moved out in 2005. You are right that you need to watch where you tread but it isn't as rough as you make out, you are more likely to get mugged in Chiswick as thats where the money is, Brentford was always its working class neighbour. I don't know where you were but the old rule was always W of boston manor road is too expensive, east of Ealing Rd is too rough, the places in between are fine.

Of course I baulked at the idea of paying over 100K for a 1 bed, but ended up paying 115, and selling at 175. The new build were always stupid though, and who pays big money for a flat overlooking the M4? The kicker is that the planned high street redevelopment ongoing for over 10 years has never laid a single brick, it still looks like a tip.

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It was seriously marketed as Brentford-upon-Thames for a while. I moved there (from a shitpit HMO in chiswick) before the bulk of the luxury flats started, but moved out in 2005. You are right that you need to watch where you tread but it isn't as rough as you make out, you are more likely to get mugged in Chiswick as thats where the money is, Brentford was always its working class neighbour. I don't know where you were but the old rule was always W of boston manor road is too expensive, east of Ealing Rd is too rough, the places in between are fine.

Of course I baulked at the idea of paying over 100K for a 1 bed, but ended up paying 115, and selling at 175. The new build were always stupid though, and who pays big money for a flat overlooking the M4? The kicker is that the planned high street redevelopment ongoing for over 10 years has never laid a single brick, it still looks like a tip.

I'm willing to bet Foxtons thought up Brentford-upon-Thames. I did your move in reverse, Brentford then out to Chiswick HMO. Ok, I admit Brentfords not exactly Toxteth, but I never felt at ease there (speaking as a girl), Had a nice rental (would never ever have paid the prices they were asking) but not a good area on reflection, Kew Bridge Station end of Green Dragon Lane and hated the short walk from the bus stop to the flat. High Street = disaster. Never felt uncomfortable in Chiswick although statistically it may not be any less dodgey. A 3-point turn is headline news in my road and there's always the danger of getting knocked unconscious by the weight of someone's wallet.

You've got to be mental to buy a flat overlooking the M4, but from what I could see a lot of the new builds (circa 2008) got built and looked to be filled with Housing Association/Benefit straight away. Double bad buy.

Good work on coming out in profit at the right time.

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So london prices are doing ok?

There is so much BS flying around the last months. It is obvious that the market is crashing and if the IR rates go up to where they should be we would be looking now at a full market correction.

No matter how hard Mervyn tries to support the BTL's the prices will drop soon!!!!

Sherwick - Thanks, in the words of Roy Walker "Say what you see, say what you see".

AC44 - Way I see it is London is it's own micro climate and within that are more microclimates. People with serious money will always want to live in the prime areas and they are holding their value and/or rising. For now. When everyone was scrambling to buy post 4 years ago, for fear of missing the boat, the sh*ttier areas inflated their prices in line with the premium areas, I don't think people are falling for it anymore and there's a price gap that's widening between premium and less desirable. I don't know South East London well, but my mate has been an estate agent around Brixton for 15 years, they sold 5/6 houses last year, no one is buying, rentals are keeping their agency afloat and they refuse to take on instructions unless people are realistic with pricing.

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Interesting posts.

I live in Ealing just the other side of the M4. Might as well be Brentford.

I never felt unsafe here...except this one attempted mugging.

I grew up in South London where it was rough.

My wife and I looked at about 60 properties before we bought. Transport wise its amazing here. Feel safe (except when I go to Shepards Bush). We chose it over Tooting, Tooting Bec, Southfields, Shepards Bush, Goldhawk Road.

Maybe I just live in a little oasis. ... .AFAIAC No where in London is safe. I've had people try to rob me in about ten different parts of town. I've had half a dozen fight in Kensington and Chelsea and I'm a pacifist. I learnt to fight young though, and my theory is that I attract trouble because of my awareness of it.

These are tough times and I suggest if you are worried about your areas safety you train in self defense. I plan on living here for at least the next four years. If prices do crash massively I might stay longer, we love it here.

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