19 year mortgage 8itch Posted August 12, 2012 Share Posted August 12, 2012 Feckin iPad, that's what makes copy and paste tricky. The other factor is that I have been introduced to someone willing to offload a better but similar house for 250k with an expected done up value of £350k. This house is genuine 3 bedder not the carved up 2 bed that 19 Finchley was AND has a cellar space as well as a loft space for conversion. Unless of course, the fact that Finchley is not a rat run is worth a significant wedge. This other house is not on Finchley. Even better, a terrace on Ashfield Road has cropped up, bigger, better and only £330k Quote Link to comment Share on other sites More sharing options...
R K Posted August 13, 2012 Share Posted August 13, 2012 Feckin iPad, that's what makes copy and paste tricky. The other factor is that I have been introduced to someone willing to offload a better but similar house for 250k with an expected done up value of £350k. This house is genuine 3 bedder not the carved up 2 bed that 19 Finchley was AND has a cellar space as well as a loft space for conversion. Unless of course, the fact that Finchley is not a rat run is worth a significant wedge. This other house is not on Finchley. Even better, a terrace on Ashfield Road has cropped up, bigger, better and only £330k Similar money, off road parking, only 2 beds but you could put the sprog in the 'home office' out the back . 2 minute stroll to the pubs. It's been up before I think but no furniture in it on these pics so I'd guess they need to sell. http://www.rightmove.co.uk/property-for-sale/property-38841710.html Quote Link to comment Share on other sites More sharing options...
Nomadd Posted August 13, 2012 Share Posted August 13, 2012 Therefore the market has already given me a very good idea on the value of this house and I think the owner would be veyr lucky to see anything north of £300k. To be honest at £245k I didn't see any room to make a decent profit. Tell me I'm wrong. No, I absolutely agree with you. As I said, anything north of £285k probably gets us into "profit" territory. As Venger pointed out, the longer it remains on the market, the more that profit is probably being eaten into. And, ultimately, it could be a profit so small it wasn't worth the effort (again, as Venger suggested.) But good 'ole common sense hasn't dictated the housing market so far, has it? The sub-£500k market hasn't - so far - experienced the harsher falls that the more "prime" stuff has suffered. It looks like that is about to change. But until we get the next few months of sales data I think it's going to be hard to make a definitive call. There could still be a few fools left out there yet. Of course, the realisation that there isn't much (any?) "profit" in redeveloping these smaller properties is to be welcomed. The larger stuff hasn't been worth re-developing for years now; let's hope the smaller stuff is now joining the same club. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 13, 2012 Share Posted August 13, 2012 (edited) Similar money, off road parking, only 2 beds but you could put the sprog in the 'home office' out the back . 2 minute stroll to the pubs. It's been up before I think but no furniture in it on these pics so I'd guess they need to sell. http://www.rightmove.co.uk/property-for-sale/property-38841710.html Terrible value. Now this smacks of desperation: http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=POSTCODE%5E926792&insId=1&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false Must be far fewer beeboids distorting the market this summer. Edited August 13, 2012 by SeeYouNextTuesday Quote Link to comment Share on other sites More sharing options...
Nomadd Posted August 13, 2012 Share Posted August 13, 2012 (edited) Terrible value. Agreed. How anyone in their right mind can consider a two-bed, no-gardened place like that as "value" at that sort of price is beyond me. Knock £150k off and you are getting serious (although barely.) Now this smacks of desperation: http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=POSTCODE%5E926792&insId=1&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false Must be far fewer beeboids distorting the market this summer. If it was purchased with a large mortgage - look at the insane price of the one listed above - and/or subject to MEW'ing over the years by the owners, then maybe they need that kind of money just to keep them afloat? Still, the reality is that you'd need a nearly £25k a year salary just to cover the rent and council tax on the place. God forbid you ever want to eat, have a telephone or use gas or electricity... Truly insane. Probably just more "trying it on" from the owner and a few equally gullible EAs, TBH. EDIT: Just noticed the "black theme" everywhere inside. Maybe a Goth would like it for the price? Edited August 13, 2012 by Nomadd Quote Link to comment Share on other sites More sharing options...
howarden Posted August 13, 2012 Share Posted August 13, 2012 ...If it was purchased with a large mortgage - look at the insane price of the one listed above - and/or subject to MEW'ing over the years by the owners, then maybe they need that kind of money just to keep them afloat? Still, the reality is that you'd need a nearly £25k a year salary just to cover the rent and council tax on the place. God forbid you ever want to eat, have a telephone or use gas or electricity... Truly insane. Probably just more "trying it on" from the owner and a few equally gullible EAs, TBH. EDIT: Just noticed the "black theme" everywhere inside. Maybe a Goth would like it for the price? 1495 a month is only 4.6% gross of the 2009 price paid; actual rent achieved, voids and maintenance are going to push that down to maybe 3% to 3.5% net? Can't see this being a planned landlord, I think the furnished let points to a temporary job move. Four agents would put me off, I don't mind buying from a distressed seller, but I certainly wouldn't want a distressed landlord. http://www.rightmove...country=england Land Registry sold prices 20 Albert Road East, Hale, Altrincham, Greater Manchester WA15 9AL 06 Nov 2009 £389,950 16 Jun 2006 £365,000 Quote Link to comment Share on other sites More sharing options...
R K Posted August 13, 2012 Share Posted August 13, 2012 Terrible value. Now this smacks of desperation: http://www.rightmove...FlatShare=false Must be far fewer beeboids distorting the market this summer. Knew you'd enjoy that one. That rental will only let to either a woman or Louis XIV. Perhaps that's their target market. Quote Link to comment Share on other sites More sharing options...
Nomadd Posted August 14, 2012 Share Posted August 14, 2012 1495 a month is only 4.6% gross of the 2009 price paid; actual rent achieved, voids and maintenance are going to push that down to maybe 3% to 3.5% net? Can't see this being a planned landlord, I think the furnished let points to a temporary job move. Four agents would put me off, I don't mind buying from a distressed seller, but I certainly wouldn't want a distressed landlord. http://www.rightmove...country=england Land Registry sold prices 20 Albert Road East, Hale, Altrincham, Greater Manchester WA15 9AL 06 Nov 2009 £389,950 16 Jun 2006 £365,000 Well spotted on the earlier sale. I'm not sure about the "furnished let points to a temporary job move" though. Seems more like a "reluctant landlord" - as we now know them - who has had to move out in order to try and meet mortgage payments. And the 3-3.5% return might be generous, once you consider what the Bank would ask due to the change in mortgage terms. The place looks like it will barely break even, let alone make a profit. I'd be interested to know how much of these "asking rents" are actually achievable? I've not moved in years, so I've no idea. Guy next-door to me managed to get £200 / month knocked of the price he pays, but he moved in 3 years ago when the market was much tighter. I wonder, realistically, if this place would ever fetch more than £1200 / month in rent? Market is a lot more in renter's favour today, I think, so it would be nice to hear from some folks who have been looking to rent recently. Quote Link to comment Share on other sites More sharing options...
howarden Posted August 14, 2012 Share Posted August 14, 2012 ... I'm not sure about the "furnished let points to a temporary job move" though. Seems more like a "reluctant landlord" - as we now know them - who has had to move out in order to try and meet mortgage payments. And the 3-3.5% return might be generous, once you consider what the Bank would ask due to the change in mortgage terms. The place looks like it will barely break even, let alone make a profit. ... My thinking was that if it was a more permanent move they would take the furniture with them and the house would be up for sale at the same time, I hadn't considered that they might have moved somewhere else with no room for furniture like a small flat or parental house. Yes, the 3-3.5% is my estimate of the net return on the money tied up, if their cost of money is higher than that it would be an overall loss. Quote Link to comment Share on other sites More sharing options...
howarden Posted August 16, 2012 Share Posted August 16, 2012 Change of tack by Bridgfords?? They've pulled the prices across the board on a bunch of their listings over the wkend, changed them to 'POA' and added a 'Make me an offer!!!' plea....... Sounds like they've gone wibble http://www.rightmove..._includeSSTC=on http://i49.tinypic.com/119zbkm.png Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 20, 2012 Share Posted August 20, 2012 And reduced again... http://www.rightmove.co.uk/property-for-sale/property-37397180.html Off the market? For rent? Waiting for the Autumn bounce? Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 25, 2012 Share Posted August 25, 2012 And then this just listed. A 2 bed mid terrace for 450k.... http://www.rightmove.co.uk/property-for-sale/property-37504640.html ffs. It's these listings that make people think that anything cheaper is 'a bargain'... Hmm, not selling, what shall we do? I know, another 2% off the asking price and we'll swap agents to Tonguely Grooves. Take my word for it can't even be arsed getting the new RM link any more Quote Link to comment Share on other sites More sharing options...
Nomadd Posted August 25, 2012 Share Posted August 25, 2012 Hmm, not selling, what shall we do? I know, another 2% off the asking price and we'll swap agents to Tonguely Grooves. Strange - a change of EA normally results in an increase in price. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 2, 2012 Share Posted September 2, 2012 There's a 2 bed house in Belgravia Gardens just come on the market at 285k. I really like it although its out of my range. Does anyone know much about this development? What do you think is current market value? And what's fair value? I'm thinking its not far off market value, say, goes for 275k and my fair value would be closer to the 225k mark. Mental? http://www.rightmove.co.uk/property-for-sale/property-24035655.html Quote Link to comment Share on other sites More sharing options...
Venger Posted September 2, 2012 Share Posted September 2, 2012 Does anyone know much about this development? What do you think is current market value? And what's fair value?I'm thinking its not far off market value, say, goes for 275k and my fair value would be closer to the 225k mark. Mental? http://www.rightmove...y-24035655.html Not so bad. 2 bedroom though that one so my fair value would be less. Even the conservatory isn't too bad, more like a little sun-room. I wonder if a loft extension bedroom would work with them. Constructed by Rowthorne Homes in the mid 1990’s Belgravia Gardens is a small development of about forty units comprising two, three and four bedroomed townhouses. http://www.jhilditch.com/property-HD3806.html Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 2, 2012 Share Posted September 2, 2012 (edited) Not so bad. 2 bedroom though that one so my fair value would be less. Even the conservatory isn't too bad, more like a little sun-room. I wonder if a loft extension bedroom would work with them. http://www.jhilditch.com/property-HD3806.html My thoughts on the loft and no bath is peculiar too. I recognised a car parked round there so I'm going to try and tap up the owner to find out more about those houses in general. Edit: just checked on zoopla, sold as new build in 95 for £90k. Maybe no bath was an off plan option? Leasehold though. Edited September 2, 2012 by SeeYouNextTuesday Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 6, 2012 Share Posted September 6, 2012 (edited) What's the craic? http://www.rightmove.co.uk/property-for-sale/property-39188807.html On sale for 275 with a back garden that looks like the Somme. http://www.zoopla.co.uk/property/22-hale-low-road/hale/altrincham/wa15-8bd/25439078 Previous sales, 75k in 1998 but only 65k in 2010. WTF? Seems far too cheap for a repo. Fire or similar catastrophic damage? Land registry mistake? Edited September 6, 2012 by SeeYouNextTuesday Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 6, 2012 Share Posted September 6, 2012 Not so bad. 2 bedroom though that one so my fair value would be less. Even the conservatory isn't too bad, more like a little sun-room. I wonder if a loft extension bedroom would work with them. http://www.jhilditch.com/property-HD3806.html Having zoomed out on google maps, I'm not sure if the water treatment plant at the back of Bel Gardens is a "feature" or a problem. Quote Link to comment Share on other sites More sharing options...
Nomadd Posted September 7, 2012 Share Posted September 7, 2012 What's the craic? http://www.rightmove.co.uk/property-for-sale/property-39188807.html On sale for 275 with a back garden that looks like the Somme. http://www.zoopla.co.uk/property/22-hale-low-road/hale/altrincham/wa15-8bd/25439078 Previous sales, 75k in 1998 but only 65k in 2010. WTF? Seems far too cheap for a repo. Fire or similar catastrophic damage? Land registry mistake? Well, the Zoopla link is an "estimate", and it seems out by a mile. Even has the rental value at only £250 pcm. I'd say the whole Zoopla estimate stuff is just rubbish. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 7, 2012 Share Posted September 7, 2012 Well, the Zoopla link is an "estimate", and it seems out by a mile. Even has the rental value at only £250 pcm. I'd say the whole Zoopla estimate stuff is just rubbish. Forget the estimate, its based on the last, very low looking sale price. Why only 65k in 2010? Quote Link to comment Share on other sites More sharing options...
Nomadd Posted September 7, 2012 Share Posted September 7, 2012 (edited) Forget the estimate, its based on the last, very low looking sale price. Why only 65k in 2010? Where? The link you posted only shows a Zoopla estimate. EDIT: Found it elsewhere: http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=HALE+LOW+ROAD&locality=HALE&town=ALTRINCHAM&cCode=EW&year=2010&house_style=All&house_age=All&search_radius=&outcode=WA15&incode=8BD As you say, does seem strange, as Nethouseprices average for 2010 was 175k. Typo? Still, it'll make an interesting opening line with the EA and Vendor: "Please can you tell me what has been done to the property to increase it's value by £210k in 2 years? I mean, the garden still looks like it needs work..." Edited September 7, 2012 by Nomadd Quote Link to comment Share on other sites More sharing options...
manchester50 Posted September 7, 2012 Share Posted September 7, 2012 No idea why anyone treats those automatic online valuations seriously. Surely for the biggest financial commitment of your life you are going to look into it in more detail, compare specific houses etc. Now I know that most people don't, but if you've got as far as checking Zoopla then go one step further? Quote Link to comment Share on other sites More sharing options...
monks Posted September 7, 2012 Share Posted September 7, 2012 (edited) Wife went to see this property Ashfield Rd the other day. Looks fairly upmarket and "well cared for" on the website... the reality couldn't be further from the truth! Seems a bunch of travellers / festival organisers moved in (it's a BTL) and they have completely trashed the place. Dirty stained mattresses on the floor, festering carpets, fridge door left open... she gagged on the verge of vomiting from the smell all the way round. Even the EA was apologising for the stink ! She even has her doubts an industrial clean and complete strip out could rescue it ! Here's the best bit... the landlord lives down south and has NO IDEA about the damage or the quality of the tenants!! He is coming up soon to view the property and see why it hasn't sold yet, even with two different EA's on the case ! Edited September 7, 2012 by monks Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 9, 2012 Share Posted September 9, 2012 (edited) Wife went to see this property Ashfield Rd the other day. Looks fairly upmarket and "well cared for" on the website... the reality couldn't be further from the truth! Seems a bunch of travellers / festival organisers moved in (it's a BTL) and they have completely trashed the place. Dirty stained mattresses on the floor, festering carpets, fridge door left open... she gagged on the verge of vomiting from the smell all the way round. Even the EA was apologising for the stink ! She even has her doubts an industrial clean and complete strip out could rescue it ! Here's the best bit... the landlord lives down south and has NO IDEA about the damage or the quality of the tenants!! He is coming up soon to view the property and see why it hasn't sold yet, even with two different EA's on the case ! know someone on ashfield too. Think that house is also for rent at ￡1100 pcm. Can't wait for landlord to see. I can remember something similar for one we tried to view last year. Indignant landlord was refusing viewings until it was rectified, wanted top dollar rental price. I wouldn't be a landlord out of choice. Also my mystery 2010 house price is for sale/rent too. Pictures look like house is vacant but it aint, drove up there yesterday. Another house for sale on the road. Bought early noughties and looks like its been neglected ever since. If your house is for sale how much does it cost to fix the peeling paint on the front door? Edited September 9, 2012 by SeeYouNextTuesday Quote Link to comment Share on other sites More sharing options...
Venger Posted September 10, 2012 Share Posted September 10, 2012 All grist for the mill. My urbane house is back and there's a reduction on Queens Road thats starting to ask questions. Viewed it when it was up for sale/rent last year. Don't expect it to stay long at 250k. I think there is some sort of realisation happening. If it's the one I think you're referring to, price has just been cut again. The market is so brittle imo. We'd really start to see things with more supply onto the market, from sellers who have real motivation to sell. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.