[thecrashingisles]

http://www.dailymail...iny-garden.html

Quote

With its white stucco-fronted facade and neatly-trimmed rows of box trees, it is certainly an address that’s easy on the eye.

But the properties on Egerton Crescent, SW3, are most definitely not easy on the pocket.

In fact the terrace in the Royal Borough of Kensington and Chelsea in London has just been named the most expensive street in Britain.

The average price of a house there is more than £8million - with one four-bedroom family home recently selling for a massive £12million.

That’s more than 74 times the price of the average home in the UK, which currently sells for just £160,879.

A typical house on Egerton Crescent would cost £8,136,000 to buy, according to a report by Lloyds TSB.

Decent-sized gardens are a luxury Egerton Crescent home-owners can’t enjoy though. Fortunately, if they want to sample the great outdoors, there is a communal garden and Hyde Park is not far away.

The prices on the road have rocketed over the past decade – one five-bedroom house sold for just £430,000 in 1998, before making £5,130,000 in 2006 and £10,500,000 in 2011.

[Executive Sadman]

And London was probably a nicer place back in 1998 too...

[Fromage Frais]

thecrashingisles, on 28 December 2012 - 01:16 AM, said:

http://www.dailymail...iny-garden.html

What a stunning bubble from under 500k to 12,000,000 or so

There cannot be any justification for that price rise I wonder how the rental has developed there in that time.

No wonder they dot want to raise rates as on those figures whats stopping it going back down to 2,00,000 which would still be a crazy increase yet ten million pounds off!

[Ah-so]

Fromage Frais, on 28 December 2012 - 08:33 AM, said:

What a stunning bubble from under 500k to 12,000,000 or so

There cannot be any justification for that price rise I wonder how the rental has developed there in that time.

No wonder they dot want to raise rates as on those figures whats stopping it going back down to 2,00,000 which would still be a crazy increase yet ten million pounds off!

That is not typical at all. The bigger houses in Fulham were going for £500,000 back in 1998, and for over £1m for the very smart Parson's Green houses.

Looking at sold prices, I can see one going for £442,000 in 1999, but in the same year, one went for £2.4m.

Prices in this range can be odd, suspicious even:

Quote

41 Egerton Crescent, London, Greater London SW3 2EB
£11,500,000 Terraced, Freehold 02 Dec 2009
£1,000,000 Terraced, Freehold 29 Sep 2000
£3,185,000 Terraced, Leasehold 14 Jan 2000

So a property was sold for over £3m in Jan 2000 and sold again for a mere £1m later the same year...? Obviously some kind of tax fiddle going on, but clearly the real value was £3m in 2000 and £11.5m in 2009. In other words, the price quadrupled in the decade, which is more reasonable.

[satch]

Ah-so, on 28 December 2012 - 09:28 AM, said:

That is not typical at all. The bigger houses in Fulham were going for £500,000 back in 1998, and for over £1m for the very smart Parson's Green houses.

Looking at sold prices, I can see one going for £442,000 in 1999, but in the same year, one went for £2.4m.

Prices in this range can be odd, suspicious even:



So a property was sold for over £3m in Jan 2000 and sold again for a mere £1m later the same year...? Obviously some kind of tax fiddle going on, but clearly the real value was £3m in 2000 and £11.5m in 2009. In other words, the price quadrupled in the decade, which is more reasonable.

I am sure HMRC investigated why a leasehold property was worth £3m and fell grew negatively to £1m as a freehold property in less than a year. Perhaps the Mail would run a story on this rather than ramp house prices.

This post has been edited by satch: 28 December 2012 - 10:04 AM

[assetrichcashpoor]

Ah-so, on 28 December 2012 - 09:28 AM, said:

That is not typical at all. The bigger houses in Fulham were going for £500,000 back in 1998, and for over £1m for the very smart Parson's Green houses.

Looking at sold prices, I can see one going for £442,000 in 1999, but in the same year, one went for £2.4m.

Prices in this range can be odd, suspicious even:



So a property was sold for over £3m in Jan 2000 and sold again for a mere £1m later the same year...?

Could that perhaps be due to a divorce and one partner buying the other one's share? The land registry shouldn't publish this data at all but I've come across it before with people I know, when one person bought out their partner's share and the land registry published the price paid for the share as the total sale price of the house.

I've seen it a few times on Zoopla when a house paid price has gone down dramatically and then gone up for no obvious reason and I've always assumed it be one person buying the other out which the land registry has incorrectly published.

[cobbett]

Did they buy the leasehold for 3,185,000 and then pay £1,000,000 later that year to buy the freehold?