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About Sylvester83

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  1. mmh.. yes feels dodgy... flats get sold fast.. I saw new build being made in the year I've been here and now completely sold with people moved in end of last year. But I see your point in all those new flats not holding their value in the future. The area is anyway becoming very busy, you can see during the rush hours rivers of people coming from all directions. There are developments like TNQ which are not even in Colindale as they are 30 minuts away from the station, those yes are really silly things.. probably only investors from China are buying there. Around the station area it feels a bit more like real people is buying.. or at least young professionals like me renting nice modern 1bed flat for the same amount they could only rent horrible flats/studio in fancy area more central. There is always someone in the marketing suite buying off-plan during the weekends. And take Beafourt Park.. I was considering to buy there 3 years ago, 1 bed flats were for 245k... now foxton sells them for 320k so next to the fear to buy a worthless flat there is also the fear of missing out again. said like that seems silly, but the other way too look at it is: £600 a month repaying my my own place.. ..rather than £1040 to rent a worse flat repaying someone else's place
  2. I was wondering if you think the new regeneration scheme that is now building in the area behind Beaufort Park will be able to get rid of the Grahame Park stigma. I've been offered a 1 bedroom for 250k (off-plan completion due May 2015) located 5 to 10 minutes from the station. Just behind on the other side of the road, in Beaufort Park, they sell 1bed for 320k (off-plan completion due in 2017!!). It looks like a brilliant offer. The flat is on two floors (entrance ground floor - bathroom, kitchen living room, 1st - bedroom 2nd) is that maybe why is down-priced? will it be difficult to sell? I find it interesting because it feels like a detached house rather than a flat. Or maybe is low-priced because faces in the Grahame Park direction and from one side you can see few 1-floor local-authority housing village? I would buy it, but in few weeks comes available a new built just next to Colindale station and is probably going to cost 270-280k for 1 bed (completion september 2015). Is just a normal flat in this case, but I suppose that being close to the station and away from Grahame Park will make it a better investment?
  3. I will definitely make those question on launch day. Thanks for mention it
  4. Thanks for your reply, much appreciated. the fact that I will need a much smaller mortgage (25% of the full value rather than 80-75%) balances the thing though, doesn't it?
  5. yes maybe I should consider it... I am just used to the north and the north seems less urban. Any area you would suggest in particular?
  6. reading this forum one can get the idea that soon the bubble of house prices will crash and that buying now is for idiots who would get massively in-debt for peanuts. Do you think then that buying a shared ownership is a better strategy? It would be possible to buy a 25% share with a mortgage, buying another 25% per cent just after few months with the cash I would have used for the deposit in a normal purchase.. then I could just wait for the crash to happen so that I can buy the other 50% at lower price since the price is chosen at the current market value. if the crash does not happen I can always save and buy more shares little by little. Would that be a sounded strategy even for the common thinking in this Forum? It looks less scary to my eyes.. the only problem is that I cannot rent until I buy it all... but it looks a less scary thought then get a massive debt with a possible bubble burst. ? I am just trying to get a culture about properties because I was/am indeed very ignorant about this. Thanks
  7. Hi Thanks for your comment. Why are you so convinced that investors are no longer interested? I would like to believe it, but it does not look like it to me. It is time for another story I can add to my diary ... I was really intention to buy in Bellevue Bow 07/2014 Bellevue bow is an council tower (24storey) renovated to "luxury" spec. behind Bow Road Station. Unfortunately my lender said in advance they would not have borrowed for a building with more than 7 storey. So demoralized I went to the launch late and the queue was massive already, something like 100 people. 22 of the 24 one-bed flat were all gone by the same day... I have been told they could get me a mortgage from the adviser at the showroom, but scared to loose the reservation fee I did not believe them. Few days later four 1bed flat were advertised on Zoopla for around 30k more than the price you could buy them on launch day. eg There was a 1bed flat at the 3rd floor you could buy for 285k at launch, advertised for 315k on Zoopla about a week later. Basically an investor who went to buy for rental purposes smelled the bargain and bought something like 5 flats putting down the reservation fee for all of them. crazily I thought I could have bought this resell and I got back to the mortgage adviser who was at the launch. He told me that the majority of buyers, he was arranging the mortgage for, were Chinese investors - and he added: if they can get the mortgage with not even an EU residence or passport he could get one for me too. Well luckily or not he was too busy with the many buyers already - he was too slow to reply so in the end I lost any trust in the business and dropped the idea to re-buy from the shrewd investor. Dealing with the agent I've been able to see that the lucky investor has managed to sell some of the flat before the 1 month deadline after which he should have start to put 10% deposit for each of them. Therefore risking only 2k per flat for the reservation he made 30k time 3 flat. after 4 months also the only other 1bed advert disappeared from Zoopla so he probably had to risk a 10% deposit for the 4th flat but then got it back. So I strongly believe this guy has made 120k doing nothing! and I do not think he had to pay any stamp duty.. because I suppose this happens only when someone has to finalize the purchase, which will happen next February when the rest of the deposit will be given, the mortgage started and the build will be completed. All this was happening only 4 months ago... It is true that is quieter than last year at this time, but every time I go to a viewing trust me I am not alone, and the flats go in a matter of a week from the advert appearance. I've been looking in NW london and Bow area.
  8. Hi Venger thanks to participate. what do you mean exactly? that the debt I would have to repay is anyway more than a rent I'd pay in a lifetime? Oh yes I well know the GunMakers Wharf 09/2013... I had booked in for a the Sunday after the release to view the flat and probably buy a 1bed for 320k... unfortunately the Saturday they called me to say they were all gone. And the same happened at the second release.. unbelievable. In that year was absolutely crazy. But you see for a new built I would have happily paid as you are sure not to have nasty surprises or short leases with extra expenses that to be honest can put you on your knees. Not to say the ready flat, looking stunning straight away. I saw too many friends/ collegues buying something to renovate saying "so we can do it as we like" for then understand that is like an art to do it well, never seen anyone reaching the quality of a new built. That's why for me that flat was not worthy 330k.. even though I completely understand being a reasonable market price now. Anyway Empire Wharf 11/2014 end of the story: they have received an offer for about 325-330k and even though not completely official the flat is basically sold... the agent told me to hope something to go wrong with this sale but it is going to be difficult. So back on Zoopla now...
  9. true.. but maybe even if it gets up to 2k a month, I'd still do it because it is 2k that I am investing in a house I am going to own rather then spending a 1k a month in the rental bin. The problem is if interest get so much high that I can't afford it and I loose the house.. but to get at this stage it requires a combination of: -interest rate sky rocketing to more than 2.5/3k a month (is that really possible?) -me loosing the job -House market falling so that I am not able to resell the house -Impossibility to rent for a fair price that covers the mortgage repayments Isn't a bit of a pessimistic combination of possibilities? maybe is a view a little too pessimistic to stop me from buying? or it actually is very possible, as if interest rate goes up, more people will sell house therefore house market will fall driving the economy bad which will make me also loose the job? But then if the interest rate gets really bad after the two years, I could simply remortgage with a mortgage for 35years rather than 25years so to get a much softer monthly repayment and survive the bad period? But maybe yes.. I should risk less and buy in Stanmore or symilar for 270k rather than 300-320k... or again, shared ownership and buy more shares whenever I save something
  10. Thanks for your help I live in Colindale Pay 1040 plus bills 80k Deposit 32 years old I am Italian and lived here for 4 years If I buy a house for 320k I would pay less then my current rent and live in a better area! That is for the first two years of fixed rate.. then god knows. But the truth is that my pay would allow me to cope with higher digits. Unfortunately I am a contractor so even if it looks pretty good now, there is always the chance I will have to commute outside London one day to keep working. @Veteran you are right, it is a gamble.. and that is why I never did it so far... I do not like to gamble on my happiness in the future. The problem is that I realized that the system does not allow you to call yourself off the gambling... if you do not gamble in an house you are simply making a different gamble, which is resting the deposit in a bank. You are still making a gamble in this case. Of course indebting myself 240k is a bit more scary. It should not be so damn scary to buy your first house - is absolutely against an healthy society. But then there are things like the shared ownership which I am considering as an option to make the gamble much less scary. The problem is that if things get really bad with work and I've got to go abroad I cant even rent it. See? every time I start thinking about all of this, my head starts hurting and at the end I say myself: "just wait why to get into trouble when you have currently none". But then it hurts also not investing in your future and just keep a deposit dying in the bank and paying a wasted rent money.
  11. hi, I've been looking for 2 years, but never really been able to spend all of that money for the crappy London quality. Obviously I regretted.. the usual.. if only I had bought two years ago.. I feel it very unnatural to indebt myself that much for such a small flat.. but I love London.. I got the deposit.. so why keep on wasting in rent and inflation? I therefore decided to post my attempts so that with your comments I can maybe finally make the big step or convince me that is better not to. Went today to see this property in Bow: http://www.zoopla.co.uk/for-sale/details/35190545#yXsBST7P6x1fUgbR.97 I am thinking to dare offering a very low offer of about 300k... the view makes it very expensive.. it is actually gorgeous.. but still 104 years leashold left.. third floor with no lift.. and the fact that the interior does not looks as great as a new built flat turnes me off a little. I'd like to see some comments that's all thanks my alternative is to wait the launch of this development hoping is around 320... but even if modern and new the flat will be on a small but relatively busy street.. not a park: https://axisapartments.co.uk/
  12. still not quite convinced from new built though.. they look nice the first few years.. but then? maybe better a conversion Is not Bow Quarter which I agree are fake one Bed... more sort of strangely proportioned studios. This is a new development between Cardigan Road and Roman Rd.
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