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worried1

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  1. worried1

    Kingston Upon Thames

    If ALL support was removed then prices would have to go down, I guess. Whether we would ever see them go that low is debatable. I think not because the biggest housing bubble of all time has engulfed a whole generation who now believe houses prices only ever go up. Even a sharp crash probably wouldn't put a lot of them off - they'd just buy in expecting the market to start going up again next year. I don't think that the support will be removed anyway. If rates do go up meaningfully, we'll see more schemes like HTB and increasingly ridiculous fractional ownership. The developers wield a lot of power, just look at their shameless claims that HTB has been a great help to buyers and the economy, when it is totally obvious to all concerned that they themselves are the only real beneficiaries.
  2. worried1

    Kingston Upon Thames

    I have been on this thread for years. It is really interesting to see what was considered crazy in 2013 actually seems like a very reasonable price now! That is the problem with HPC. I believe that we are definitely 'right', in that prices have been far too high for a very long time, but if I hadn't heeded the advice and bought a house in 2013 and sold it in 2017, I'd have made a lot of money for doing nothing at all! The local thread is one of the most interesting to me because prices are so variable between different areas. A small terraced house for £500k would look good value in most of Kingston, a complete steal in Richmond, but far too expensive in most places outside of the M25. That house you linked to is definitely a crazy price in my opinion. I notice that Foxtons have put a lot of interior photos before the shot of the outside of the house, presumably thinking they are tricking potential buyers into thinking that this is a much grander house as opposed to an extended workers cottage. The trouble is that Foxtons (and others) tend to value on sqft rather than house type. That can't be right - I'd much rather have a 1,200sqft detached house with room to extend sensibly in the future than something like this. The problem is compounded by the fact that the Foxtons view of what each sqft is worth is very high as well.
  3. worried1

    Kingston Upon Thames

    It's an awful location. Right on the main road with constant traffic noise/jams, but too far to walk to Esher or Surbiton stations, so you'd have to go to Thames Ditton and either change at Surbiton or sit on the slow one. It is really handy if you like to spend your weekends looking around car dealerships or self-storage facilities, though. I'd definitely not want to live there, but I bet someone will still offer near £1m for this. If the developer rejects that, I can see it staying on the market a very long time. Awful.
  4. worried1

    Kingston Upon Thames

    I have started to notice a few more lower prices creeping in - terraced houses with prices starting with a 4 in ok parts of town rather than just the rough ones, similarly located 2 bed flats back below £300k which we haven't seen for a while. Still far too much, but the direction of travel is good. Nothing seems to have fed through to prices for river road houses though. There is currently a 3 bed on for £1.35m and a couple of semis for not much less. Flat prices are coming down in those roads, but still lagging - 2 bed flats in blocks that were £450k last year are now under £400k and I'd expect the maisonettes with garden/garage to be nearer £500k than almost £600k like they were previously. All asking prices, of course, it would be interesting to see what actually sells.
  5. worried1

    Kingston Upon Thames

    Not only that, but they are still losing. I assume that this isn't being rented out, so there's £1,000 a month they are losing out on in addition to how much the flat is (currently) losing in value. I'd put it on at 'offers in excess' of £250k and get my money out.
  6. worried1

    Kingston Upon Thames

    That is what needs to happen if the market is going to change. For too long, it's been possible to buy a flat in this type of area, give it a refurb and then sell it on making more in profit than they would have done in a reasonably 9-5 job. Where's the encouragement NOT to do it if the rewards are that big?
  7. worried1

    Kingston Upon Thames

    The delusion still remains in pockets, even though prices generally seem to be coming down. This is one of my favourite examples at the moment: https://www.rightmove.co.uk/property-for-sale/property-74773160.html They spent ages refurbishing this building. It looks great from the outside, but really isn't suited to residential. Surbiton is one of the busiest stations in the country which is great if you live a few roads away, but not if you right on top of it. It just gives you noise and low level crime 18 hours a day. Then there are the bus stops, Wetherspoons and the Blue Orchid bar to add to the problems. If someone really wanted to live in that location, then this very similarly sized flat is available for almost half the price: https://www.rightmove.co.uk/property-for-sale/property-73761548.html Not quite as flash perhaps, but still brand new inside. Neither of them are worth anything to me in that location.
  8. worried1

    Kingston Upon Thames

    This one stood out to me: https://www.rightmove.co.uk/property-for-sale/property-55829994.html 1 bed flat for £275k in central Surbiton is nothing new, but this is a particularly bad example: 1. A 52 year lease could cost anything up to £100k to sort out 2. Extensive refurb required that won't be cheap. 3. Only 419sqft. 4. Third floor, no lift. 5. Squeezed between the railway line and a major road. The total price of this flat once it has the lease and renovated is likely to be over £400k and for that you could get a much bigger flat in a much bigger location and save all the time and hassle involved in renovation and legal work.
  9. worried1

    Young Londoners Leaving

    It depends where you are coming in from, I suppose. Salaries in the suburbs seem to be about the same as central London, but the difference is that there are a lot more jobs in the 'above average' salary range, so it should be easier to get one. There are relatively few £50k jobs in Kingston for example, so it is probably worth commuting into London to get one that pays that and quicker progression to higher levels. Much further out (and therefore much higher travel costs), it is probably less worth it.
  10. worried1

    Kingston Upon Thames

    Just clicked the links again, and both appear to be ‘sold’ already. If they actually are sold, it certainly shows that the madness is still continuing apace.
  11. There should be very little attraction to Surbiton at that type of price. The whole idea is that it is significantly cheaper than areas like Wimbledon whilst still providing a good commute into central London. Once prices get to this level, it makes no sense at all. I’m not saying it doesn’t have some advantages over more central areas for some people - probably lower crime rates, a bit quieter, river access, easier to get out of town etc, but the price differential has always been the main one.
  12. This is the worst I’ve ever seen as well. I’ve documented quite a few ridiculous ones on the Kingston thread over the years, but this one beats them all hands down. Even if this was on one of the most sought after roads it would be worth nothing like £900k, but it isn’t, it is on a council estate half a mile away. Even at silly, peak bubble priciing, I wouldn’t have seen this at more than £500k with the real value being much less of course.
  13. worried1

    Kingston Upon Thames

    I think this is the highest price I have ever seen in Kingston: http://www.rightmove.co.uk/property-for-sale/property-73664894.html £1,123 per sqft and that doesn't even have a new-build premium included. It's got a nice view and a good location in general, but are people really going to pay this much to live in Kingston?
  14. worried1

    Kingston Upon Thames

    On one hand, it is refreshing to see something in the centre of Surbiton on the market for less than £200k for the first time in a while. On the other, it is only 215sqft, so still works out at a toppy £930 per sqft: http://www.rightmove.co.uk/property-for-sale/property-73098284.html The worst thing is that a price of £199,950 actually makes me do a double-take now...
  15. worried1

    Guildford

    Perhaps you're right for the other places mentioned, but I do the Surbiton to Waterloo commute every day and it takes 20 minutes to get in and 15 minutes to get back (provided SWR are playing ball!). Guildford seems to take at least twice that, has less frequent trains, and costs twice as much for the annual season ticket. I'd definitely agree Guildford provides a better escape from London, though - better family housing stock, marginally cheaper prices, but mainly a self-contained town with good access to open countryside and other places apart from London. Some places do get extraordinarily different treatment in terms of trains services. Isleworth is in zone 4, but the trains from there take 40 minutes to get to London. Woking is comparatively in the middle of nowhere and trains can be under half an hour.
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