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FUBU05

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About FUBU05

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  1. Have noticed quite a few reductions in Property prices in the Surbiton area over te last 4-6 weeks.1 -2 bed flats mainl. I wonder if this is the start of a slow down in this area.
  2. Out of all the threads on "Greater London", this Kingston Upon Thames thread is by far the largest and the one most added to. I wonder why that is? Is because people have a genuine interest in the Kingston area or is it because people think its vastly overpriced in comparison to other Greater London areas? Its a very active thread on the HPC forum.
  3. Nope, I work in the city for an Insurance company. I dont ever see Surbiton becoming a celebrity hangout. But my point is, the more people that move into Surbiton from the so called "Posher" areas could lead to an improved town centre and facilities. All just a theory of course and while Surbiton may never be seen as "Trendy", an improvement of the town centre will certainly remove the perception that Surbiton's town centre is a dump.
  4. I agree that the town centre is run down and there are some not so nice areas. BUT overall Surbiton is a lovely place and has many things going for it. I'm not sure about people from rougher areas like Clapham, Brixton, Tooting etc are the only ones moving into this area. I have met quite a few people who have moved down from areas such as Richmond, Wimbledon, Putney and Fulham who have moved to Surbiton to get more bang for their buck whilst enoying the conveniences Surbiton provides. With the influx of more people from these areas it is arguable that Surbiton town's centre may become more "Hip", "Trendy" in the future. One can but hope . If Surbiton town centre sorted itself out, and the area perceived to be more attractive then we could see house prices rocket even further. p.s. Saw Jimmy Floyd Hasselbaink (ex Chelsea and Dutch Player for those who dont know) in Waitrose last month. Surbiton attracting Celebrities now
  5. yes taken into account similar properties in the area this is way over board. Won't be long though before these types of prices on 1 bed flats become the norm
  6. I hear what you are saying. its crazy money. But the market dictates and at the moment Surbiton is perceived to be a good area to live in and as a whole it is in very high demand. I am not saying prices can keep going up, up and up at the same rate they have been, but i am not expecting to see substanital falls anytime shortly on decent properties located in the right part of town.
  7. http://www.zoopla.co.uk/for-sale/details/35625752#evb7B4IlBs1Lpjte.97 Here you go. Do not assume that all properties in the area are going for less than asking price. Good properties are still going for above the asking price.
  8. I personally love Surbiton for all of its conveniences (Proximity to River, Kingston and frequent 15 - 17 minutes trains to London Waterloo). It is obvious why this area is attracting a lot of interest from would be buyers and investors. I think Surbiton caters for many a lifestyle which is why i don't forsee a huge correction in this area as demand to live in such a good area will remain as many from inner London consider the benefits Surbiton has to offer. I could be wrong but hope i am not as i am looking at purchasing a flat in Surbiton if i can. Went to view a property the other day which had 14 viewings on its first day followed by 7 offers at asking price. Its scary and was enough to put me off making an offer.
  9. Just testing to see if i can now post on main discussion group as have tryed creating new topic for last week and nothing!
  10. Hi, Thanks for all getting back to my posts. Just to answer a few questions: Firstly, I believe that there is nothing special in terms of my 1 bed flat and in fact it is rather on the small side and for that reason I was looking at it as primarily and investment as long term it would be difficult to live in especially if you were to add a partner to that equation. As Kingston/Surbiton is or is perceived to be a good/nice area to live with good links to Surrey and London, is the reason why I believe my property is valued at such an over inflated price. Just to clear up a few things with the figures. The flat was bought for £171k an d I have a mortgage of £154.5k. So if the flat was sold for £205k then I would make approx £35k after I have given my Dad back his £17k. But as some of you mentioned I would be liable to pay back fees to my mortgage provider and also the estates agents once I sell. Currently this would be 3% to the mortgage provider ( as flat would be sold within 1st year) if however I sell it after the first year, so anytime after December 2007, I would pay back 1% to mortgage provider. And 1% of purchase price to estates agents. So lets assume come December 2007 my property is valued at £215k. If I sold the property I would be liable to pay £2.5k (1%) to my mortgage provider and £2.5k (1%) to the estates agents I sell from. That would total £5k in expenses. So I believe that would leave me with a profit of £215k - £171k = £44k.Take the expenses of £5k away then I would be left with approx £39k unless anyone else can think of any other expenses I would be likely to oncur??? I too have a gut instinct that the housing market is on for a big correction unless Mr Brown decides to be innovative and introduce 50 or 40 year mortgages which in my opinion will just contribute and fuel further growth. I came to live in London after graduating from Kingston Uni in 2003 and believing that this slick city life is what I wanted…. You know, glitz, corporate career, fast paced etc…… But being in it is far different from the so called dream I had in my head….. I see people hustling and bustling to get seats every day on the train and subway, getting stressed as people are constantly bumping into them. I see people working 8am – 7pm days and am thinking this is what it takes to make it here in the city…… And quite frankly I have decided this is not for me……. So the reason of coming to London to work for an international blue chip company and all that it offers is really not for me and therefore the reasoning of working in London and as a consequence living in a small 1 bed flat and watching my pennies very carefully does not appeal to me any more. So as much as I love London socially, I do not believe I fit London on a professional level. I require something a lot more less stresses and slower paced. So with my gut instinct of a correction in the market coming, this is why I felt it was a gd idea to sell up in the next 6 months of so and try and make a little profit…. Then I can rent and work outside London and sit and see what happens to the house prices here…… Rather than being lumbered with a huge debt that I may never pay off I would rather live in rented accommodation or look to somewhere like Canada as a place to reside……… So yeah, I am at a bit of a crossroads and constantly looking out for the latest news on the housing market…. I would rather play it safe and cash in now rather than wiat and hope my property continues to appreciate over the next few years especially as I said I do not really see it as a place I could live in for more than another 18 months.
  11. Hi All, Am new to this site so just wanted to say good day to all! Now I am going to dive straight in with my dilemma as being a new member I was unable to post on the main forums so have decided to post here to begin with. Just wanted to hear your thoughts with regards my situation in light of the current housing market situation and the fierce debate on whether this is the right time to buy or sell a property. Now I can sympathise with all first time buyers with the crazy prices of houses in the UK and I recently only barely managed to get onto the housing market here in the UK. And when I say recently, I mean I have only become a home owner in December 2006. I put the offer in on the property in October 2006 and the whole process took 2 months to complete. Now more about my situation: After getting a job in London at the end of 2006 I decided that it would probably be better to buy a small one bedroom flat in London if I could afford it as I worked out that the interest only mortgage of the property I was going to acquire would work out to be roughly the same as I would be paying in rent….. So it just made logical sense to buy rather than rent, assuming property is a great long term investment, Now the one bed flat I bought in Kingston Upon Thames last December was bought for £171k and now would shift easily for £205k. So in 8 months (time of when offer was actually submitted and excepted) my property has risen £34k in value. Obviously a great statistic for me but not so much for my friends and many of the UK population who have been priced out the market…. Now my circumstances when buying was that the flat was that my dad was able to give me a 10% deposit which worked out to be £17k….. My Mortgage is then £!54,000 tied in for 2 years at the then interest rate of 4.85%. So my monthly payments on an interest only mortgage works out to be £624.50 and I worked out that I would probably be paying in and around that amount in rent give or take £50 - £100 so buying seemed the obvious and most sensible thing to do……. Now I bought the property knowing full well that it would be highly unlikely that I would be able to pay off this kind mortgage in my lifetime unless I had a high earning partner who would share the burden with me…. Even then things would not exactly be easy. By the way I have an income of £26k p/a and bring home roughly £1600 per month after tax and live by myself…. Now the way the housing market has become it would seem you need to have a partner as well as substantial help from mum and dad in order to get a reasonable size home in the UK that you could realistically pay off in 25 years. So although I am happy with the recent appreciation of the market in terms of the value of my property going up in value I am also very concerned with being straddled with this debt of £154k which I will never be able to pay off and quite frankly, I don’t fancy working sweat and blood too pay it off. And when I say happy that the value of my property has gone up I say that in a double edged sword kind of way. Yes, great I have made £34k on my asset but the reality is, is that I can only see this being a hindrance of FTB being able to afford my property in the future…. After all, it is FTB’s that sustain the market and I am aware that I may have probably bought at the top end of the current housing market cycle. On top of that, interest rates have increased and seem likely to go up by another .25% shortly, all stretching affordability on to the housing market for FTB’s. Now I am know Economists, but its great saying that your house has appreciated X amount over time, but if people can no longer afford to buy this property due to the high unrealistic growth that is currently happening then sooner rather than later, a correction or even a property crash is likely to occur. Now I know, that there are over indicators such as supply and demand of housing and waves of immigrants to the UK that may be sustaining the housing market for now, but one cannot help but think that a serious correction or even crash is very soon on the way. So I suppose the question I would like to ask all of you is whether you think this is a good time to cash in and run and sell when the current market while the current market conditions are still favourable to sellers?? This is the question o have been asking myself over the last couple of weeks as the last thing I want to see is negative equity and the small sum of equity I have currently made dissipate. The area that I have bought in projects 10% annual growth for 2007 but do you think I should look until the growth hits around 6% until I look to sell up???? As to me it seems all about a matter of timing at the moment…. This year, next year I am not sure…. Its weird, its almost like everyone knows that a storm is coming but no one can tell you when it will happen… So all you can do is just try to look at all indicators and hope that you are not there to be hot when the storm arrives. Anyway, I would just like to gage some of your feedback. Cheers Justin
  12. Hi All, Am new to this site so just wanted to say good day to all! Now I am going to dive straight in with my dilemma as being a new member I was unable to post on the main forums so have decided to post here to begin with. Just wanted to hear your thoughts with regards my situation in light of the current housing market situation and the fierce debate on whether this is the right time to buy or sell a property. Now I can sympathise with all first time buyers with the crazy prices of houses in the UK and I recently only barely managed to get onto the housing market here in the UK. And when I say recently, I mean I have only become a home owner in December 2006. I put the offer in on the property in October 2006 and the whole process took 2 months to complete. Now more about my situation: After getting a job in London at the end of 2006 I decided that it would probably be better to buy a small one bedroom flat in London if I could afford it as I worked out that the interest only mortgage of the property I was going to acquire would work out to be roughly the same as I would be paying in rent….. So it just made logical sense to buy rather than rent, assuming property is a great long term investment, Now the one bed flat I bought in Kingston Upon Thames last December was bought for £171k and now would shift easily for £205k. So in 8 months (time of when offer was actually submitted and excepted) my property has risen £34k in value. Obviously a great statistic for me but not so much for my friends and many of the UK population who have been priced out the market…. Now my circumstances when buying was that the flat was that my dad was able to give me a 10% deposit which worked out to be £17k….. My Mortgage is then £!54,000 tied in for 2 years at the then interest rate of 4.85%. So my monthly payments on an interest only mortgage works out to be £624.50 and I worked out that I would probably be paying in and around that amount in rent give or take £50 - £100 so buying seemed the obvious and most sensible thing to do……. Now I bought the property knowing full well that it would be highly unlikely that I would be able to pay off this kind mortgage in my lifetime unless I had a high earning partner who would share the burden with me…. Even then things would not exactly be easy. By the way I have an income of £26k p/a and bring home roughly £1600 per month after tax and live by myself…. Now the way the housing market has become it would seem you need to have a partner as well as substantial help from mum and dad in order to get a reasonable size home in the UK that you could realistically pay off in 25 years. So although I am happy with the recent appreciation of the market in terms of the value of my property going up in value I am also very concerned with being straddled with this debt of £154k which I will never be able to pay off and quite frankly, I don’t fancy working sweat and blood too pay it off. And when I say happy that the value of my property has gone up I say that in a double edged sword kind of way. Yes, great I have made £34k on my asset but the reality is, is that I can only see this being a hindrance of FTB being able to afford my property in the future…. After all, it is FTB’s that sustain the market and I am aware that I may have probably bought at the top end of the current housing market cycle. On top of that, interest rates have increased and seem likely to go up by another .25% shortly, all stretching affordability on to the housing market for FTB’s. Now I am know Economists, but its great saying that your house has appreciated X amount over time, but if people can no longer afford to buy this property due to the high unrealistic growth that is currently happening then sooner rather than later, a correction or even a property crash is likely to occur. Now I know, that there are over indicators such as supply and demand of housing and waves of immigrants to the UK that may be sustaining the housing market for now, but one cannot help but think that a serious correction or even crash is very soon on the way. So I suppose the question I would like to ask all of you is whether you think this is a good time to cash in and run and sell when the current market while the current market conditions are still favourable to sellers?? This is the question o have been asking myself over the last couple of weeks as the last thing I want to see is negative equity and the small sum of equity I have currently made dissipate. The area that I have bought in projects 10% annual growth for 2007 but do you think I should look until the growth hits around 6% until I look to sell up???? As to me it seems all about a matter of timing at the moment…. This year, next year I am not sure…. Its weird, its almost like everyone knows that a storm is coming but no one can tell you when it will happen… So all you can do is just try to look at all indicators and hope that you are not there to be hot when the storm arrives. Anyway, I would just like to gage some of your feedback. Cheers Justin
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