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House Price Crash Forum


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About count_of_tripoli

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    HPC Newbie
  1. I live in this neck of the woods too. I remember one evening sitting at the bus stop outside ASDA Beckton with four shopping bags waiting forever for the bus to turn up. After a long day at work, surrounded by local chavs in the freezing cold I teetered on the verge of a mental breakdown. Well, maybe not, but it was a pretty soul destroying experience for sure. Nowadays I use Tesco online delivery and I recommend it to anyone who asks. The way I see it I'd rather pay £5 for delivery than have to endure ASDA Beckton and dragging shopping bags on and off the bus.
  2. How about for comedy gold? Courtesy of El Reg: http://www.theregister.co.uk/2010/03/19/loch_ness_stig/
  3. Yes, a while ago an EA told me that many places in E14 were being bought up by Chinese investors. Wasn’t sure whether to believe this or not since I take everything EAs say with a pinch of salt anyway. Between Baltimore Wharf, Indescon Court, Landmark and Lantern Court all coming on line soon, surely there’s scope for falls soon…?
  4. I believe the developers are obliged to do this as part of being given permission to build in the first place. They normally don’t finish them to as high a standard as the privately bought flats. In Whitby house the first six floors of the building, all “shared ownership”, actually have frosted glass all round! Why would you ever buy that?
  5. I've been looking to buy in E14 for over a year now and prices generally seem stubbornly resistant to falls – those nasty studios in Pan Peninsula excepted. The thing I can’t understand is how the BTL brigade are making any money on these places. The rents aren’t high enough as far as I can tell to cover the costs: mortgage + voids + maintenance + service charge, the real killer. Service charge in PP is over £340pcm for a two bed flat.
  6. E14 is going crazy right now -- several properties have come on to the market recently at peak prices, and others which had been languishing for a while have gone sold STC. I saw one place, a repo, which came on to the market at £320K. Within a couple of days it sold for £40K over asking price after the whole sealed bid shenanigans. The EA told me that it later got down-valued by the surveyor, but the guy buying it ploughed on ahead regardless. I think the predictions that 2009 prices will end up higher than at the start of the year look sound right now. It's property boom II right now.
  7. OMG, where do you begin? This country is totally skrewed -- we just cannot go on like this. It's wrong on so many levels: a woman making huge amounts of money, living in a grand country pile, all paid for by skimming off tax payers' money; a single mother with £75K of debt on credit cards and ZERO earnings; and the best new employer in Doncaster? Poundland! Once we had full employment in the industrial towns and they created wealth, now we have Poundland. We are doomed.
  8. Just like Pan Peninsula in E14 -- they wanted £340K for something just like this!
  9. Viewed a two-bed repo in E14 on Saturday, the day on which it came on to the market. It sold on Monday for £5K above asking price! They wanted £340K – still a lot of money for a two bed flat with a view over the wastes of east London. I was aghast at the BBC this morning. That business reporter was practically wetting himself with excitement that house prices were going up…
  10. I was shown five flats in this development last week, three 2-bed and a couple of 1-beds. The Estate Agent asked one of the builders to show us around the building and let us in to the flats. Judging by the size of the key-ring the builder had to drag around, there are a lot of flats still available here – I mean literally hundreds. The quality of the building was, in my view, poor. The flats had tiny rooms, the developer has clearly squeezed as many flats in to the building as possible. One 2-bed place I saw was ridiculous – the second room was so small you would struggle to get a single bed in there: for a mere £330K asking. I wouldn’t touch this place with a bargepole. There are far, far better developments around Canary Wharf than this place. The current prices are still too high when you compare these flats to existing ones in the area.
  11. I've been trying to buy a place in Canary Wharf too. Service charges are definitely an issue for the new build developments, and they're even higher in the old warehouse conversions. The more services that are offered by the management agent the more you tend to pay; so places with swimming pools and valet parking (e.g. New Providence Wharf) tend to be higher. I recently had a deal fall through (long story) and the service charge for that 2-bed with parking, was to be £2040 for 2009. Paying something like £3500 per year for a 2-bed with parking, gym, swimming pool, 24-hour concierge is not uncommon. You'll pay less for a 1-bed place than a 2-bed. Two other things to remember. Service charges always go up -- every year there's an increase, they never come down. Estate Agents always lie about how much you'll be paying -- they'll tell you the amount from two years ago or they'll just brazenly lie about it.
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