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House Price Crash Forum


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About nw3crash

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  1. Hi BINCHY, I have never sold to these companies (neverbought in the UK), but I went to see a house which one of these companies was selling. Basically, they bought it for 625k, then they tried to sell it at auction with a reserve of 800k. Did not sell, they then sold privately for 760k. This was without doing ANY work at all. All this within two months. It is 50 Hemstal Road, NW6 if you want to look on nethouseprices.com This was in London, but wherever you are, you are much better off just reducing your price and selling it yourself. If it is priced competitively, it will sell QUICKLY even in this market. Please, don't make these people richer, they don't deserve it. N.
  2. West Hampstead, please tell me that you are joking...I am looking to buy in North London and nothing, NOTHING is selling...I only look at houses, so I don't know much about flats, but, just to give you an example, the house in Hillfield Road at 1.9m has been on the market for months (if not years). I also don't think you ever sold the one in Aldred Road (I think they have put it on the market with other agents). I want to read real anecdotes on this site, not b...s... from people like you (by the way, I think I know who you are, you should really improve your CRM skills, you get confused too often)...
  3. I guess people have different priorities. Honestly, a short commute is more important for me than having 2 acres of land. CHildren's vaccinations/meetings with teachers mean a 1 1/2 hours out of the office, not taking a day off. Also, think about the cost. Recently, I have been going to work by moped, 5 quid of petrol/week for 2 people (plus amortisation of moped cost, of course). As for renting, I really want to buy, but just at the right price. It is not a matter of how much I can afford, it is a matter of how much I think a property is worth. GOing to see one today, on the market at 1.5m, thinking of offering 1m, if I like it and if they are desperate to sell. If they say no, there will be other houses. And by the way, the plan is to repay the mortgage in 3 years, not 25 and we could afford to borrow much more, but have no intention of doing so as we don't want to spend more than 1/5th of combined basic income on interest payment. I think we are really close to the big crash (I use a "personal" indicator: when agents call me desperately every day, the crash is in full swing. I had thatin 2008, then it stopped during the "mini boom" and now it is back). One estate agent sent me a list of properties and I said "no I don't like that flat", then she replied "is there really NOTHING suitable? I could feel the desperation, I almost felt sorry for her.
  4. Many thanks to those who understand London prices. 1.3 million buys you a mansion around York, not anywhere commutable to London. Anyway, I found out that for all the houses on that terrace, the garden does not belong to the houses (I don't know who it belongs to). But the estate agent description now says "The rear garden is in two sections with the garden and steps leading to a small shrubbed area which has been used by agreement for over 20 years". This suddenly makes the house worth much less (zero to me as I want a house with a garden, no garden no deal)... SO, I guess it will be on the market for a very, very long time...
  5. No, the new vendor is not subject to the restriction. Actually, for the properties sold by Camden Council there was a positive covenant that the purchaser (developer) had to refurbish the property and sell to an owner occupier within five years. Obviously there were some unscrupolous individuals who bought and immediately put the property back at a higher price without refurbishing. I will write the exact wording when I find it...
  6. Hi Tim123, it is the same with all properties sold by councils. It has something to do with regulations (look up Local Authorities (Capital Finance and Accounting (England)) Regulation 2003 if you have time). Basically, if councils sell to anybody other than owner occupiers they get to keep 100% of the sales money. Below the exact wording from a document from Camden Council: "Properties have been sold using one of the existing general housing consents A3.2, issued by the Secretary of State in 2005, which allows Councils to sell properties that are in need of ‘substantial works of repair, improvement or conversion’. Under the Local Authorities (Capital Finance and Accounting (England)) Regulation 2003, the Council can keep 100% of the money from these sales providing that the properties are not sold to owner occupiers." I hope this helps. N.
  7. Yes, it is really lovely...Views over Hampstead Heath in the back, and over the idyllic Holly Lodge in the front...But it is really too expensive for us considering that it also needs some work to "bring it up to contemporary standards"...As you can see, I know the jargon...If my stock market recommendations are wrong, I know where to look for another job now... By the way, bazquin, I think YOU are the bitter and twisted person...It was a bit of a banter, none of us really wish any harm to these people...If you can't understand the spirit in which something is written, please don't comment at all. Many thanks.
  8. I will tell you why. It currently takes me 30 minutes door to door to go to work. In the evening I go home with my husband on the Vespa and it only takes me 15 minutes. I can go to the doctor, to all of my children's school events without having to take the day off. All this while living next to Hampstead Heath and 20 minutes away from the theatres in the West End. And, we also like the idea of being in an area where there are other foreigners rather than feeling alien in the Home Counties...So, I am afraid it will have to be 1m pounds for a terraced house. I just hope it will have to be 1.2-1.3 rather than 1.5-1.6 (which we can't afford anyway). So I am anxiously waiting for THE crash...
  9. I don't feel any "concern" for them, I am just astonished at what people do for money. I want to pay what I think is right for a property, I want to live in it and if ever the time comes that I need to sell, I would love it if prices were the same as when I bought. I hope that, when I am 80, I will be enjoying my last years, not worried about falling down the stairs. Life is not only about money: for example, I just started a new job that pays much less than I was making before but where I can have a life and it is much more relaxed. To conclude, they have now been trying to sell for 18 months (well, they withdrew it for a while) and it might take another 18 months. Is it worth it?
  10. They bought it in the Seventies, the Land Registry title does not show any price, but I would assume 100-200k... Sarah, what you said is funny as I was thinking exactly the same: the sooner one of them falls from the stairs (five floors and they are both in their eighties and with mobility problems) the sooner they will realise that life is more important than an extra 300 grand. Mind, I really don't wish them any harm, but that place is really very, very unsuitable for them and the lady of the house uses a Zimmer frame... It is crazy what greed does to people
  11. I went to see this house http://www.rightmove.co.uk/property-for-sale/property-15486738.html back in January 2009. It was then on the market at 1.3m and, in pure HPC style, I offered 1.025m. We obviously did not get it (there was another offer at 1.05m, also rejected) and the old people living there (who find it really difficult to negotiate the stairs) withdrew it from the market. In April this year, in desperation, I sent the vendors a letter saying that we would be prepared to pay the 1.3m and to give me a call if they were interested. They called me and they said that they were actually going to put it back on the market but at a higher price (1.6m) as what happened to the housing market in 2008-2009 was clearly an "aberration" and the real "value" was 1.6m. They seemed to be right: the place was under offer in a few days. However, it recently came back onto the market. These people basically prefer to be stuck inside (they are always on the second floor, where they built a kitchen and very rarely leave the house because of the stairs) rather than sell for less than what it is "worth"... Sometimes, I despair, although at least I convinced my husband to wait a bit longer before buying...
  12. Hi, I will come and have a look at it as we are looking for a house in the area. Why don't you send me your email address and I will contact you? You could save the agents fee if we cone to an agreement. Let me know...
  13. Hi, we are trying to buy in the area (NW3, NW11). All the good houses priced reasonably are going to sealed bids in a few days. Where is your property exactly? If it is on the Finchley Road (even the quiet end, NW11), I doubt it is worth anything like 1.7m. There was a huge house (3,500 sq ft) in Finchley Road (NW11) for sale at about 1m. It was on the market for a long time and it only sold recently (I don't know for how much). It is different if the house is in one of the streets off Finchley Road. My advice is look at what similar houses in the area sold for, apply a discount if the house is on Finchley Road itself and you will sell very quickly.
  14. Thanks, I am looking at West Hampstead...but prices in the streets I would want to live in are crazy...There is a house in Pandora Road with Foxtons at 1.395, a couple in Kylemore Road at 1.4, Narcissus Road at 1.35m etc...Where can you buy at 900k? To be honest, 1.4m for those is totally crazy, even if I had the money I don't think I would buy them...
  15. Well, I called this morning to pull out. The estate agent was totally Ok with it. It is now under offer again with somebody else. It is 2007 all over again, let's hope the bubble bursts soon again...Sometimes it is difficult not to lose hope...
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