Woking

[Stevewho]

Hello,

I'm thinking of Woking, Surrey for a possible future buy. I've checked on the web and it does look as if house prices have not really fallen in this area. Do any of you have any idea why or do you predict future falls in Woking?

Many thanks for your help!

Steve

[worried1]

Hello,

I'm thinking of Woking, Surrey for a possible future buy. I've checked on the web and it does look as if house prices have not really fallen in this area. Do any of you have any idea why or do you predict future falls in Woking?

Many thanks for your help!

Steve

I don't know the area that well, but I would be surprised if it hasn't fallen yet. Guildford just down the road has been really tanking of late.

Woking itself is a bit of a strange area. It has got a hideous 1960s concrete town centre and lots of problem kids hanging around at all times of the day. It is also the social security centre of Surrey - take a walk around the Peacocks centre at lunchtime and marvel at the dexterity shown by the teenage mums eating fast food while grappling with their quadruple seat pushchairs.

That said, the surrounding areas are nice, and the town centre has everything you need, even if it is uninspiring. The train service is the main selling point for Woking, and it is a fast and frequent service that takes under 30 minutes to get into Waterloo. The problem is that Woking is so far out that the ticket prices are absolutely crazy. For a couple both working in London, it would pay to move a bit closer in and save £4k pa (after tax!) on travel.

Prices in Woking will be governed by those in the more desirable surrounding areas. Guildford, Weybridge and Walton are all coming down fast, Surbiton and Kingston even more so. Woking will have to come down to maintain some sort of parity.

[cardinal3]

I don't know the area that well, but I would be surprised if it hasn't fallen yet. Guildford just down the road has been really tanking of late.

Woking itself is a bit of a strange area. It has got a hideous 1960s concrete town centre and lots of problem kids hanging around at all times of the day. It is also the social security centre of Surrey - take a walk around the Peacocks centre at lunchtime and marvel at the dexterity shown by the teenage mums eating fast food while grappling with their quadruple seat pushchairs.

That said, the surrounding areas are nice, and the town centre has everything you need, even if it is uninspiring. The train service is the main selling point for Woking, and it is a fast and frequent service that takes under 30 minutes to get into Waterloo. The problem is that Woking is so far out that the ticket prices are absolutely crazy. For a couple both working in London, it would pay to move a bit closer in and save £4k pa (after tax!) on travel.

Prices in Woking will be governed by those in the more desirable surrounding areas. Guildford, Weybridge and Walton are all coming down fast, Surbiton and Kingston even more so. Woking will have to come down to maintain some sort of parity.

Worried

You are right to say you don't know Woking well, given the claptrap in your post.

As for "deprivation" to which you are alluding in your crude reference to social disadvantage you ought to look up the statistics before you make sweeping statements. Out of the top "ie most deprived" 20 areas in Surrey, Guildford has three- 2-Westborough, 9-Stoke and 18-Ash Wharf, whereas Woking has two- 3-Maybury and 7 Goldsworth East. As for social security/benefits the story is the same.

You have a downer on Woking for your own reasons and that is your right but much of your comment is your own value judgment. For example you won't get anyone disagreeing that parts of the town centre need knocking down but all of it? You forget - or conveniently ignore- the huge Peacocks centre is 1980s and houses the most popular theatres in the South East (yes I appreciate the Yvonne Arnaud in Guildford has been given a kicking and has lost its funding - sad eh?).Then there is in the town centre the year old Lightbox, an innovative arts and museum centre facility if ever there was one, the other week won the national Art Fund prize of £100,000. What's happened to the Civic in Guildford lately?

As for the original poster's query..well yes prices have fallen, but it rather depends what you want. Two friends of mine have sold subject to contract in the last week, both are 4 bed houses, built in the last 4 years, one in near the town centre, one not. Both have taken big hits. Both cost £400K and are selling for £350K. The interesting anecdote from one of the agents was that he advised my friend to take the offer because prices are going to drop a lot more. We have a lot of flats in Woking, especially in the centre, and many have been bought as btls and occupied (if at all) by young professionals - sorry worried1 but thats the way it is- but are now coming on the market. Some developments have either not started (Barratts) or have stopped after being part built (Wimpey) in the last few weeks. I know one new build of 2 bed flats where offers are definitely in order and the prices on the doors are what I would call "indicative". I know of another block where at least 6 flats which were btl have been repossessed (Metro, Goldsworth Road).

On balance I think like everywhere prices are dropping as people have to sell and are becoming more realistic. At least one estate agent has closed and even Foxtons doesn't seem to have many people popping in to sample what they think are its drinks cabinets and have what appears to be a smaller workforce than hitherto. There is a way to go yet though. Depends what you want, but the good thing in Woking is that there is a wide variety of property around. Personally I love the place, but then I would, as I live here, next to Horsell Common, where the Martians of HG Wells' War of the Worlds landed. Even so I can walk to the station in 10 minutes, past the Martian artwork, installed in 1997 to celebrate 100 years since the book was written. Yet another post 1960s development! Did I mention Woking's international reputation for environmental action?

Where is Guildford?

Edited September 14, 2008 by cardinal3

[worried1]

Personally I love the place, but then I would, as I live here, next to Horsell Common, where the Martians of HG Wells' War of the Worlds landed. Even so I can walk to the station in 10 minutes, past the Martian artwork, installed in 1997 to celebrate 100 years since the book was written. Yet another post 1960s development! Did I mention Woking's international reputation for environmental action?

As always, it depends on exactly where you live. As with any large town these days, if you can live in a nice suburban area on the outskirts, but still walk in to benefit from the facilities, then you have the best of both worlds. As I mentioned before, the areas surrounding Woking are generally excellent.

My original post was not questioning the presence of arts and other facilities in the town, merely saying that the town centre is not the most pleasant place to be during the day time. Guildford takes the award for most intimidating town centre at night, but Woking is worse during the day.

The mass of flat building in Woking could also cause problems. The train service is excellent, but the high price of tickets combined with the relatively high rental prices in these new blocks could make it more advantageous for London commuters to move elsewhere.

I apologies if my post came across as overly negative, as that was not my intention. I was just trying to point out a few factors to the OP that may or may not be important to him when he is choosing a place to live.

Edited September 15, 2008 by worried1

[Flopsy]

I went out to Woking to visit a friend a few weeks ago and noticed all the new blocks of apartment buildings. These are taking some very big hits in price. An increasing number of them are appearing on auction lists due to repossessions. I don't know if the owners (I am presuming BTL) will also live in Woking and have to sell their main residences as well.

Here's a few examples

Three flats together

http://www.rightmove.co.uk/viewdetails-213...p;mam_disp=true

Full description:

An opportunity has arisen to purchase 3-two bedroom apartments with en-suite to master bedroom in Centruim, Station Approach, Woking. All with-in the same building and on the doorstep of Woking train station and town centre. The properties are currently tenanted and could be sold with or without tenants. Further benefits include on-site gymnasium and sauna including Jacuzzi. Lifts to all floors and carpeted communal areas. Lobby with 24-hour concierge. The vendor is looking for a quick sale. For more details please call now on 01932 56 77 56.

http://www.rightmove.co.uk/viewdetails-213...p;mam_disp=true

How much would you offer for this property? Call 01932 56 77 56 right now and make us an offer or arrange a viewing

and from other newish developments

http://*******.com/5a4k8z

http://*******.com/5au4pn

Edited September 15, 2008 by Flopsy

[worried1]

I went out to Woking to visit a friend a few weeks ago and noticed all the new blocks of apartment buildings. These are taking some very big hits in price. An increasing number of them are appearing on auction lists due to repossessions. I don't know if the owners (I am presuming BTL) will also live in Woking and have to sell their main residences as well.

I can't understand why the flats in Centrium are so much more expensive than the others. Do you know how much they were originally?

Woking has got a great train connection, and has always been popular as a place for people to move to when they move out of London and want a bigger house to have a family without a massive commute.

It only makes sense for young professionals to move as far out of Woking if the price is right. For £290k, they could buy a 2 bed flat in Wimbledon/Tooting etc and cut their commuting time and costs in half. A flat in Woking has to be a lot cheaper than that to make any sense.

The other flats that you link to are a bit more sensible - £150k represents a good discount from what you would pay in outer London, and are therefore a reasonable alternative.

This has been one of the problems in recent years, greedy developers putting massive amounts of flats in the wrong places. Kingston is another good example - many hundreds of new flats built in a town which has 4 trains an hour going into central London that take almost 30 minutes to get there. There is next to no work locally(apart from retail), so the developers are clearly planning that London commuters will buy their £350k flats. Those commuters are taking their £350k and buying a flat in zone 2/3, or staying in Kingston and buying a house instead!

[ablondon]

I can't understand why the flats in Centrium are so much more expensive than the others. Do you know how much they were originally?

Woking has got a great train connection, and has always been popular as a place for people to move to when they move out of London and want a bigger house to have a family without a massive commute.

It only makes sense for young professionals to move as far out of Woking if the price is right. For £290k, they could buy a 2 bed flat in Wimbledon/Tooting etc and cut their commuting time and costs in half. A flat in Woking has to be a lot cheaper than that to make any sense.

The other flats that you link to are a bit more sensible - £150k represents a good discount from what you would pay in outer London, and are therefore a reasonable alternative.

This has been one of the problems in recent years, greedy developers putting massive amounts of flats in the wrong places. Kingston is another good example - many hundreds of new flats built in a town which has 4 trains an hour going into central London that take almost 30 minutes to get there. There is next to no work locally(apart from retail), so the developers are clearly planning that London commuters will buy their £350k flats. Those commuters are taking their £350k and buying a flat in zone 2/3, or staying in Kingston and buying a house instead!

Im sure everyone who reads this post must be thinking that £290,000 for a two bed is way off the mark. I live in zone 2 London, Bromley by Bow and 2 beds for sale here are at the most at £290,000 (PS thats foxton prices!. others at £275,000... ending up at completing at "£265,000ish) We dont have any shared facilities but they do overlook the canal and river and not the train station or town centre, no road noise and are the same size/specification.

[cardinal3]

The Centrium flats started at £200K for a ground floor 1 bed I believe and each level up was £5K extra. I thought the penthouse properties were around £499k (2 bed-15th floor). Centrium was completed about 3 years ago. The views from the upper reaches are stupendous- London Eye, Wembley etc. A lot are btls.

As for the other two properties they are both auction prices so that will be interesting- one is in the block Metro I mentioned earlier as a repo. There are quite a lot of 2 bed flats near the town centre which are not so expensive- around the £200K mark and less. I think the newer ones are more expensive in the market as buyers from new try to re-coup their outlay.

[Flopsy]

Here's a Centrium one at a cheaper price.

http://www.primelocation.com/uk-property-f.../GPBO_WKG080380

My guess is that the LL's survived a little better there as the developer guaranteed rent for a period after they were build. The other flats by the canal didn't have that and I think that the market was saturated by the time they were built.

Edited September 15, 2008 by Flopsy

[cardinal3]

Here's a Centrium one at a cheaper price.

http://www.primelocation.com/uk-property-f.../GPBO_WKG080380

My guess is that the LL's survived a little better there as the developer guaranteed rent for a period after they were build. The other flats by the canal didn't have that and I think that the market was saturated by the time they were built.

Good point about the incentives- they appeared quite late into the process but in essence you are right.

As to the property you have attached this is not strictly Centrium but a nearby building next to the station entrance and is, I am confident you will find, affordable housing- ie part ownership in this case. The block is managed by a housing association, Hyde Housing, and includes a mix of part ownership- for essential workers and renting with nominations from the council.

[bambam]

I can't understand why the flats in Centrium are so much more expensive than the others. Do you know how much they were originally?

Woking has got a great train connection, and has always been popular as a place for people to move to when they move out of London and want a bigger house to have a family without a massive commute.

It only makes sense for young professionals to move as far out of Woking if the price is right. For £290k, they could buy a 2 bed flat in Wimbledon/Tooting etc and cut their commuting time and costs in half. A flat in Woking has to be a lot cheaper than that to make any sense.

The new flats will fall dramatically in price.

A friend rented one at Centrium (I think?) which was repossessed with a few weeks' notice

Buying this 1-bed at £240k is crazy: http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true

If you were going to spend £290k you'd go for something like this

http://www.rightmove.co.uk/viewdetails-166...p;mam_disp=true

Or move up to something like this

http://www.rightmove.co.uk/viewdetails-180...p;mam_disp=true

Far cheaper than Wimbledon.

Woking is for young professionals + first child, not really for a couple.

I know a family in Wimbledon, husband (who is as meek and mild as they come) was out with his two young children on the Common and was racially attacked. Woking is very much safer, crime is much lower in Surrey than Wimbledon.

[bambam]

As always, it depends on exactly where you live. As with any large town these days, if you can live in a nice suburban area on the outskirts, but still walk in to benefit from the facilities, then you have the best of both worlds. As I mentioned before, the areas surrounding Woking are generally excellent.

My original post was not questioning the presence of arts and other facilities in the town, merely saying that the town centre is not the most pleasant place to be during the day time. Guildford takes the award for most intimidating town centre at night, but Woking is worse during the day.

I can assure you that the town centres of even an outer London borough are much worse, let alone the freaks and weirdos you'll find wandering around somewhere like Islington.

[bambam]

I don't know the area that well, but I would be surprised if it hasn't fallen yet. Guildford just down the road has been really tanking of late.

Woking itself is a bit of a strange area. It has got a hideous 1960s concrete town centre and lots of problem kids hanging around at all times of the day. It is also the social security centre of Surrey - take a walk around the Peacocks centre at lunchtime and marvel at the dexterity shown by the teenage mums eating fast food while grappling with their quadruple seat pushchairs.

They are not that bad really.

That said, the surrounding areas are nice

There are indeed some nice areas: Horsell, Hook Heath, The Hockering spring to mind, the latter two small, established and exclusive and very much premium priced.

The problem is that Woking is so far out that the ticket prices are absolutely crazy. For a couple both working in London, it would pay to move a bit closer in and save £4k pa (after tax!) on travel.

You'd have to move in quite a long way. A 1-2 travel card is £968, a woking s/t+1-6 is £2892.

Prices in Woking will be governed by those in the more desirable surrounding areas. Guildford, Weybridge and Walton are all coming down fast, Surbiton and Kingston even more so. Woking will have to come down to maintain some sort of parity.

I hope so.

I think however prices have risen much slower in Woking than elsewhere. My rented 4-bed detached, worth £525k last September was purchased for £280k in April 2000. This is I believe a smaller rise than in neighbouring boroughs.

From looking on property snake and rightmove I'm not seeing any of £800k properties that I'd like to be buying moving into the £600k range (or even £700k if it comes to that), that's for sure.

Here's a Hockering property at £800k http://www.rightmove.co.uk/viewdetails-192...p;mam_disp=true with 2200 sq ft.

And here's a Orchard Drive house on for £825k http://www.rightmove.co.uk/viewdetails-221...p;mam_disp=true with 2250 sq ft.

Will be interested to see selling prices and to revisit in a year to see what these are going for.

Edited September 16, 2008 by bambam

[bambam]

Worried

You are right to say you don't know Woking well, given the claptrap in your post.

As for "deprivation" to which you are alluding in your crude reference to social disadvantage you ought to look up the statistics before you make sweeping statements. Out of the top "ie most deprived" 20 areas in Surrey, Guildford has three- 2-Westborough, 9-Stoke and 18-Ash Wharf, whereas Woking has two- 3-Maybury and 7 Goldsworth East. As for social security/benefits the story is the same.

Maybury is certainly to be avoided. It has acquired its predominant ethnic minority due to proximity to Britain's mosque, and they are certainly never going to do much for property prices, not to mention that the properties are pretty grotty in this area. No idea about Goldsworth East though, Goldsworth Park seems a relatively successful 1970s development from what I can see.

Then there is in the town centre the year old Lightbox, an innovative arts and museum centre facility if ever there was one, the other week won the national Art Fund prize of £100,000. What's happened to the Civic in Guildford lately?

The Lightbox doesn't have that much in it, but there's so many well-educated middle class young professionals in Woking that it seems to do ok. They've built arts facilities in working class areas and basically the residents don't give a toss.

As for the original poster's query..well yes prices have fallen, but it rather depends what you want. Two friends of mine have sold subject to contract in the last week, both are 4 bed houses, built in the last 4 years, one in near the town centre, one not. Both have taken big hits. Both cost £400K and are selling for £350K. The interesting anecdote from one of the agents was that he advised my friend to take the offer because prices are going to drop a lot more.

Well yes, but he would do wouldn't he.

A sale at £350k is still a hefty commission.

That said, sounds like new-build shoeboxes with no garden for the price. I'm personally on the lookout for better quality, but

At least one estate agent has closed and even Foxtons doesn't seem to have many people popping in to sample what they think are its drinks cabinets and have what appears to be a smaller workforce than hitherto.

I thought they were drinks cabinets?

There is a way to go yet though. Depends what you want, but the good thing in Woking is that there is a wide variety of property around. Personally I love the place, but then I would, as I live here, next to Horsell Common, where the Martians of HG Wells' War of the Worlds landed.

Which road are you on?

Did I mention Woking's international reputation for environmental action?

Oh please don't.

Are we talking about the white elephant fuel cell in the park, or the utterly ridiculous solar canopy over the station?

I don't want my council developing a reputation for international activism, it's of no benefit to me.

[worried1]

Thanks Bambam, some very useful replies there. It reinforces a lot of what I thought about the Woking market - these flats are totally out of place at nearly £300k when you can buy adequate 3 bed houses also within walking distance of the station for roughly the same money. In a lot of places I have looked at a flat near the station is often the same price as a semi a couple of miles out, but these are the same cost as houses within a few hundred metres!

I still think that the £3k cost of a travelcard is prohibitive if there are two commuters in the household, though. That £4k extra cost per year could do quite a lot of damage to the mortgage/rent bill on a zone 2 flat. You are right that the houses are much cheaper - I dread to think how much that £330k semi would be on the market for in Wimbledon.

[bambam]

You are right that the houses are much cheaper - I dread to think how much that £330k semi would be on the market for in Wimbledon.

This is a less appealing property at £390k in Colliers Wood. There's nothing similar near to Wimbledon station.

http://www.rightmove.co.uk/viewdetails-213...p;mam_disp=true

Realistically, in the family market one's choice is between an attractive period terrace with 1800 sq ft but tiny garden and probably horrible parking

http://www.rightmove.co.uk/viewdetails-107...p;mam_disp=true

and something like this

http://212.50.188.108/cgi-win/vebra.cgi?de...2/ASTON/12240/1

http://212.50.188.106/cgi-win/vebra.cgi?de...2/KILBY/12082/2

i.e. slightly larger but with a bigger garden, detached and so on

[bambam]

Local agent just pushed through an A4 colour page boasting that they have sold a house!

'Keelans have just agreed a sale on the above property in your area within one week of it being on the market, achieving 98% of the asking price! This proves that realistic prices are still being achieved despite the doom and gloom portrayed by the press.'

complete with large photo.

The house in question:

http://www.rightmove.co.uk/viewdetails-193...p;mam_disp=true

Price: £475k

(so it is under offer at £465k)

To me that price is very much down on what would have been achievable this time last year. A house on the next street sold for £525k last year (100% of asking), similarly 3/4 bedroom, but with garage at the front rather than separate, and no side extension, so that looks to me like 15% off. (I would however like to see square footages for the properties, it may be that £525k last year is simply £465k this year, but I suspect this would have been more last year)

Nice.

And they're boasting about it!

[worried1]

The house in question:

http://www.rightmove.co.uk/viewdetails-193...p;mam_disp=true

Price: £475k

(so it is under offer at £465k)

To me that price is very much down on what would have been achievable this time last year. A house on the next street sold for £525k last year (100% of asking), similarly 3/4 bedroom, but with garage at the front rather than separate, and no side extension, so that looks to me like 15% off. (I would however like to see square footages for the properties, it may be that £525k last year is simply £465k this year, but I suspect this would have been more last year)

Nice.

And they're boasting about it!

This certainly looks a good deal, although the comment that it is 'offered for sale for the first time by its original vendor', combined with the 1970's living room and the lack of any other internal pictures may suggest that this place needs quite a lot spent on it.

[bambam]

This certainly looks a good deal, although the comment that it is 'offered for sale for the first time by its original vendor', combined with the 1970's living room and the lack of any other internal pictures may suggest that this place needs quite a lot spent on it.

So did the one on the next road, the buyers spent several months doing it up from its similar 'in need of modernisation' state. Bit odd/risky to be boasting about a sale that isn't actually complete yet. Someone should go in with £470k and then pull out at the last minute months down the line to spite the agent.

We went to have a nosy at the house, 89 Orchard Drive, the next dor sold for £490k in 2004 though the houses tend to vary in terms of their extensions and so on, it's definitely larger than the one that sold for £525k at peak of market in September 2007.

[bambam]

Another day, another estate agent flyer. This time Lynch and Company boasting they are now the only estate agent in Horsell (translation: the other(s) went bust, and we won't be far behind), and with offices in both Woking and Horsell, they are best-placed to sell houses.

Can't help thinking that they'd be best off closing down their Horsell office as well. A high street without an estate agent - bliss.

They have an amusing article on their website:

http://www.housesinwoking.com/pages/property-crash.htm

"The truth about the property crash"

"With all the negative reporting around the state of the property market, what should you believe and who should you ask for advice?"

Er, anyone other than a bloody estate agent?

"All the economic factors that normally contribute to a strong market are still evident; people want to buy homes, the UK has a low unemployment rate, banks are still making money and interest rates remain low. Although economic growth has slowed, it has not stopped."

Banks still making money? Not sure about that? Unemployment? Rising, especially for City workers buying pricey properties in Woking. Economic growth?

http://www.statistics.gov.uk/cci/nugget.asp?id=192

GDP growth was 0.0 per cent in the second quarter of 2008, revised down from 0.2 per cent in the previous estimate

So the truth about the property crash would be...... 'Don't buy now!'

Nice to hear from the horse's mouth.

[cardinal3]

This certainly looks a good deal, although the comment that it is 'offered for sale for the first time by its original vendor', combined with the 1970's living room and the lack of any other internal pictures may suggest that this place needs quite a lot spent on it.

This is likely. The houses in Orchard Drive and Wheatsheaf Close were mostly built in the mid 1930s and often have small kitchens. I live in one and happen to know such trivia. An agent friend told me around 3-4 years back at the height of the boom that mine was worth £600K and I didn't believe it then. They are decent size homes though and usually have very good size gardens.

[worried1]

This is likely. The houses in Orchard Drive and Wheatsheaf Close were mostly built in the mid 1930s and often have small kitchens. I live in one and happen to know such trivia. An agent friend told me around 3-4 years back at the height of the boom that mine was worth £600K and I didn't believe it then. They are decent size homes though and usually have very good size gardens.

I would not be suprised to be honest. Things went very mad in 2006/7, so if something is selling now in poor condition at £465k, one in better condition could have touched £600k 18 months ago.

Where I am, there is a road of near identical houses that were selling quickly for £700k at the beginning of last year. I will be interested when one comes on next, as the indications are they would struggle to get much more than £500k now.

[bambam]

This is likely. The houses in Orchard Drive and Wheatsheaf Close were mostly built in the mid 1930s and often have small kitchens. I live in one and happen to know such trivia. An agent friend told me around 3-4 years back at the height of the boom that mine was worth £600K and I didn't believe it then. They are decent size homes though and usually have very good size gardens.

There's a fair degree of variation in the houses. One of the fairly standard 1930s houses with the large back garden was the one that sold for 100% of asking for £525k in April 2007. Madness, because of the modernisation it required, and also the small living space (due to the standard integral garage, and sloped roof) to go over the stamp duty threshold at £500k.

THe next house to sell on Wheatsheaf Close was number 55, for £605k. This is a larger, but characterless more modern house, sold in September 2007.

And brand new on the registry within the last few days is 48 Wheatsheaf Close, at what sounds very cheap comparatively - £420,000, sold 14th August 2008. I remember looking at it on rightmove when it was on sale, but I don't recall if it's smaller, I'm sure it has a shorter garden though, due to its position perpendicular to most of the other houses.

A look at older sales shows next-door 36 and 38 going for £250k and then £348,500 in February and then June 2001, the former figure seeming very cheap. Other than that, number 32 sold for £380 in July 2001, then £510k in May 2006.

Orchard Drive shows a resale (number 66) from £430k (November 2006) to £780k (March 2008), presumably a redevelopment, and a curiously tiny in January 2008 £104,200 for number 53, a detached house that sold for £400k in January 2005. Is this some kind of scam or fraud?

Edited September 29, 2008 by bambam

[worried1]

Orchard Drive shows a resale (number 66) from £430k (November 2006) to £780k (March 2008), presumably a redevelopment, and a curiously tiny in January 2008 £104,200 for number 53, a detached house that sold for £400k in January 2005. Is this some kind of scam or fraud?

I posted about a similar situation a couple of months ago - a street where all of the houses were selling for £650-£750k and suddenly one sold for £300k. The consensus of opinion was that it was likely to be a divorce with one half buying out the other. In the case you have highlighted, perhaps they only had to buy 25% of the equity.

[bambam]

I'm curious to know what has happened here

23/02/2006 £860,000 Det. F No Map Brynmead, Knowl Hill, Woking, Surrey, GU22 7HL

24/04/2007 £1,060,000 Det. F No Map Brynmead, Knowl Hill, Woking, Surrey, GU22 7HL

Now £1.575m

"A wonderful family house that has recently been comprehensively extended and refurbished to a very high standard and now provides excellent accommodation on three levels, set in the heart of this private estate"

http://www.rightmove.co.uk/viewdetails-223...p;mam_disp=true

Sounds like expensive renovations on this type of property, house is empty, is it a repossession, or is the developer about to lose his shirt?