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gmang

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Posts posted by gmang

  1. My partner and I have been searching off and on around London for our first house for a couple of years and have even made a few offers, usually £250k for £280-£300k houses, but have been laughed off every time. So we've decided to wait until after the olympics to see if that changes anything.

    What are people's views on this? Surely if nothing else it will flood East London with new flats in the olympic village, instantly making the 5+ yr old new builds around Stratford cheaper, plus the lack of incentive for B2L to rent out at high rates to tourists or competitors during the games. I always say change is just around the corner, but I think the best hope is waiting until Q4 this year. I've waited long enough!!

    -G

  2. This reminds me of another EA trick I managed to rumble them on. My partner and I were viewing a property with a local EA that had been on the market for a couple of months. We were very flexible about viewing times as the place is just round the corner but the EA insisted on us being there at 10.30am a few days later. Of course, that was when he had lined up others to view the place at the same time. We ended up not taking the place but a few weeks later we arranged to view another place but I rang rather than the missus. Lo and behold, one of the same couples were viewing the other place at the same time too! Maybe it was just a coincidence, but I couldn't help thinking the other couple were plants to make us think there was interest in the place.

  3. Phone the estate agent and ask for details of which deposit protection scheme your deposit is protected by, then make it clear that you will be starting a dispute with them. This alone was enough to make my last LL cough up the "standard deduction". Better still, if your deposit has not been protected then it's time to cash in - submit a N208 claim for deposit non-protection and you are entitled to 3 x your deposit amount regardless of any dispute on deductions. If the LL doesn't pay up then you could end up with their house (see: http://www.housepricecrash.co.uk/forum/index.php?showtopic=146492).

    Good luck, and let us know how you get on.

  4. With the proportion of cash sales being around 40% now, almost double the norm, the regionally-biased mortgage provider indices are becoming even less representative of real house prices than they were before. I'm thinking that the land registry is the only thing left that means anything. The Haliwide indices are little more than an advertising ploy for their financial services.

    -G

  5. This property was on the forum before but I can't find it. Just noticed the change in the EA discription:

    OLD:

    BUSY BUSY ROAD. TURNED DOWN FOR PLANNING TO CONVERT INTO 2 FLATS. VIEWING NOT RECOMMENDED IF YOU HAVE A CAR AS NO PARKING. NOT VERY ATTRACTIVE FROM THE OUTSIDE. STUD PARTITIONS EVERYWHERE. USED TO BE PART OF A SHOP. COULD DO WITH A GOOD PAINT JOB BUYER BEWARE HARD TO SELL IN A TOUGH MARKET

    NEW:

    We are delighted to offer this 4 bedroom 3 storey flat with many original features, with 2 bathrooms, gas central heating, let on a A.S.T but can be brought with vacant possession, no chain view early to avoid disappointment, close to local amenities and transport including rectory road British rail

    Proof that EAs are full of sh1t?

    http://www.rightmove.co.uk/property-for-sale/property-29188177.html

  6. However, what is seen as normal in France, Germany or the US is here stigmatised.

    Just to make the point - the UK and US home ownership percentage is pretty much the same, and the UK is pretty much in the middle of the list:

    http://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate

    Why not single out Spain, Italy or Norway, all developed countries with higher home ownership rates?

    I find the argument of far eastern or Arab investors influencing the market a little hard to believe. There are no oil-rich Qatarians buying up the overpriced terraces in Walthamstow! Maybe they explain the price of town houses in Mayfair but that is a market that has always been out of reach of 99% of Londoners.

    What annoys me most, as a member of this priced-out generation, is that if I held my public sector job in any other town or city in the country then I'd probably be able to afford a nice house but in London I feel like I am in the 25th percentile renting an overpriced 1-bed flat for a £k a month in Z2. Truth is, there are plenty of lower earners that me and I have no idea how they survive.

  7. So the place got another reduction, down to £350k before going SSTC. It briefly made the front page on PropertySnake due to the 26% reduction. I'd be interested to see what it went for, if it doesn't come back on the market that is.

    The flipper paid £260k, spent who knows what on renovations then probably sells for £90k more at the very most. Factoring in all the charges involved in selling, I'm not even sure if they would break even. The place looked pretty derelict on the Streetview so they would have had to spend substantial time and money refurbishing it.

    Bet it comes back in a few weeks!

    -G

    http://www.rightmove.co.uk/property-for-sale/property-30837425.html

  8. Love the EA description, perfect starter home!!!! At the bargain price of £400,000.

    That's the problem with so many places in London. If you could afford a £400k starter home then you'd have to be earning a fair wedge. And with that wedge would you really want to buy a bizarre detached house surrounded by industrial premises and council estates? I'm not being snobbish, this is a pretty rough area - just google "amhurst road murders" for some local info.

    I think this place is really looking for a BTL investor, but with the LHA cap coming in I'm not sure if the prospect of £340 a week (and the problems associated with renting a place out to someone on LHA) will attract many buyers.

  9. This place amuses me:

    http://www.rightmove.co.uk/property-for-sale/property-30837425.html

    Not only because of the rapid revaluing:

    18 March 2011

    * Price changed: from '£419,950' to '£399,950'

    05 January 2011

    * Price changed: from '£445,000' to '£419,950'

    28 October 2010

    * Price changed: from '£475,000' to '£445,000'

    21 September 2010

    * Price changed: from '£499,950' to '£475,000'

    17 August 2010

    * Initial entry found.

    But also because it is conveniently situated between two industrial premises, opposite a group of council tower blocks and very close to the train tracks.

    http://maps.google.co.uk/maps?hl=en&ie=UTF8&ll=51.555528,-0.067667&spn=0.002408,0.004823&z=18&layer=c&cbll=51.555514,-0.067355&panoid=RZNRoC1AKCBtBFJee02buQ&cbp=12,224.47,,0,-0.21

    And because until recently, it had the most overgrown front garden in the whole of London!!

    Mortgageable? Not at that price.

    -G

  10. You say Halifax said that prices are now 97% of that of November 2005.

    But I suspect you're using the headline figure, the one for the whole of the UK.

    If you look at any index broken down by region, you will see that London has definitely outperformed the rest of the UK since the crash.

    I do admit that it probably definitely isn't worth £350k. But without knowing the condition it was bought in and comparisons in the same area, I can't give a figure. But prices in London are definitely nearer to 2007 prices (if not the peak at 2008).

    Good point, the headline rate does not really cover London. However, one of the neighbouring houses has this rather amusing sales record:

    12th Dec 2008

    31 West Avenue, London E17 9QN

    £249,995

    22nd May 2009

    31 West Avenue, London E17 9QN

    £198,000

    :lol::lol::lol:

    Maybe there was a fire or something, but that's a pretty hefty loss in my books.

  11. I should stop looking, it only frustrates me. This is a pretty good example of what I'm on about:

    http://www.rightmove.co.uk/property-for-sale/property-18197520.html

    Last sold:

    24/11/2005 £246,000

    According to Halifax, prices now are 97% of those in Nov 2005, so adjusting for that you'd expect a price of £237k or thereabouts. Bizarrely, Zoopla gives an estimate of £295k. Then the vendors think - I know, I'll list it for £350k!! WTF? Not actually a bad looking place for under stamp duty threshold, looks about £100k overpriced IMHO.

    -G

  12. I spoke to my bank recently, Lloyds, about upping the rate on my ISA because they have just increased the rate offered to new customers by a whole 0.3%, every little helps I guess! The nice lady I spoke to was very helpful and set my interest at the higher rate, then she started what I thought would be a sales pitch - you know how the "customer service" people at banks are basically there as much to upsell you products you don't want than to serve a customer. Well, she asked whether I was saving for anything specific and I told her that it would be for a deposit for a first house. To my surprise, instead of briefing me on their mortgages, she said "oh, I'm saving for a deposit too, I reckon we just need to wait another 12 months at least for the prices to drop before looking to buy". I was stunned! Not every day you get that kind of advice from your bank!

    -G

  13. http://www.bbc.co.uk/iplayer/episode/b00y431h/To_Buy_or_Not_to_Buy_Series_11_Stoke_Newington/

    I'll give you the highlights - two "city girls" originally from the NW want to buy a two-bed flat in London. Presenter lives in Stokie and loves to talk up the place (he probably bought before the prices took off and paid £150k for a 3 bed house which is now "worth" 1/2 a mill). Budget is "£270k, or £280k max" (make your bloody minds up).

    They show them three flats - two are badly chopped up "Victorian conversions" where you can listen to the neighbours shagging upstairs every night, and the other is a shoebox (~500-600 sq ft) "modern conversion" in the middle of a noisy roundabout (in fact a gyratory). All are reasonably close to a number of recent stabbings and a stones throw from the famous "Murder Mile" in Clapton. The police.uk site shows more crime around the area than there is in Johannesburg on a particularly bad weekend.

    The most shocking bit is that the crappy flats - all with asking prices around £300k - are stated as being over their budget! The shoebox flat is "for sale" at £279,995 and the presenters note that they have "a fiver change" if they buy it!?? Surely anyone in the right mind would knock a £280k flat down to below the stamp duty threshold, and then some more for good measure. With a budget of £280k I'd be looking at asking prices around the £350k mark.

    Finally, something to take away from this nonsense - they are looking for a two bedroom flat at a cost of 8.4 times the local median annual salary (ONS gives median London salary in 2010 as £33,384) and none of them look particularly appealing.

    When is everyone going to wake up?

    -G

  14. I have been watching N16 for some time and prices have been stagnant for way too long. Now I have seen the first signs of movement, check these out with property bee:

    http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^548131&insId=2&radius=0.0&displayPropertyType=houses&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=63&y=14&sortByPriceDescending=false&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

    Basically, an entire "mews" development of houses that were put on the market at £475k each at the end of June 2010. None of them have sold and the prices have all been cut down to £400k. Still way too expensive given the joke of a 3 bed "house" in 660 sq. ft! But, reassuring that none have sold and the price is 16% down in 6 months.

    I reckon these might go for the £250k stamp duty threshold by the end of the year.

    -G

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