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kingstonbear

Hellllp I'm Buying A House In Kingston

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I’m a FTB looking to buy a flat in Kingston Surrey. I have 50/70k deposit and ready to move in ASAP.

The problem is that there doesn’t appear to be a lot on the market at the moment.

I have found the following flats (see below)

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

What I would like to know from the financial guru’s out there, is how much realistically do you think I should offer.???

Edited by kingstonbear

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assuming this isn't a windup (and using foxtons suggests it is as they're most expensive of the lot)

use zoopla.co.uk to find out what these were selling for a few years ago

offer prices around 2004 levels which is where the house price index currently is

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assuming this isn't a windup (and using foxtons suggests it is as they're most expensive of the lot)

use zoopla.co.uk to find out what these were selling for a few years ago

offer prices around 2004 levels which is where the house price index currently is

That's a lot of overpriced shoeboxes.

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I’m a FTB looking to buy a flat in Kingston Surrey. I have 50k deposit and ready to move in ASAP.

The problem is that there doesn’t appear to be a lot on the market at the moment.

I have found the following flats (see below)

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

What I would like to know from the financial guru’s out there, is how much realistically do you think I should offer.???

OK, I'll bite .....

Transactions are getting done at roughly 88% of asking prices.

If you wait 3 to 6 months, asking prices should be down another 5% to 10% and the situation will probably have deteriorated enough again that transactions will get done at somewhere between 82% and 85% of asking prices. I would also assume that you can build another couple of grand (at least) to your deposit over that time.

Based on these numbers, you can either take on debt of about 214k by exchanging rent for mortgage payments to-day or you can wait 3 to 6 months and only take on debt of about 179k rather than paying rent.

Your monthly reduction in debt from waiting between 3 months and 6 months to buy will be somewhere between 6k and 12k per month after tax. This is equivalent to an annual pre-tax income of around GBP 110k and GBP 240k. Give yourself a massive (albeit temporary) raise by waiting at least aq little while longer before buying anything.

Even if I am wrong about how much the market will weaken over the next few months once we are out of the strong spring selling season, I do not think that the economic fundamentals reveal any major risk that nominal prices are going to take off over that time frame.

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I must have had one glass too many.

I read the thread title as saying....

"Hellllp I'm Buying A House In Klingon"

You wouldn't be able to fit a Klingon in any of those flats. Our guinea pig hutch is bigger.

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I must have had one glass too many.

I read the thread title as saying....

"Hellllp I'm Buying A House In Klingon"

Hamish I am a nice guy and you could leave yourself open to some toilet humour with that comment. Therefore I'll pass but it was tempting, especially as it's you.

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Hamish I am a nice guy and you could leave yourself open to some toilet humour with that comment. Therefore I'll pass but it was tempting, especially as it's you.

:lol:

Starship Enterprise, circling Uranus looking for Klingons.....

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assuming this isn't a windup (and using foxtons suggests it is as they're most expensive of the lot)

use zoopla.co.uk to find out what these were selling for a few years ago

offer prices around 2004 levels which is where the house price index currently is

I agree but I don't think it will work -

Number 1 is a new build

and looking at the pictures it looks like Number 2 is a new "conversion" so the last sale will be for the complete house.

BICBW.

Personally, I wouldn't either of them (don't like the layout in 2, 1 is expensive for the location).

Number 3 is the only one I would consider, but the level of the service charge would be critical to my decision.

If you are considering properties out on Ewell Road there are a lot more than this at 250-300K

tim

.

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It's not a wind up I promise. No I dont live in Kingston Jamaica.

Just to point out I'm well aware of the problems Foxtons are in. I had to do some insurances for them last year.

Their balance sheet reads negative net worth and 25m in the red and growing. ;)

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The top one is 614 per sq. foot.

Nowt to do with the price of fish I suppose but a mate of mine in southern Cal (San Diego) split up with his wife. Ended up (after splitting everything) with $100K. Spent $60K on an absolutely superb trailor home (not trashy at all) and populated by some decent folk who have suffered financially lately. Strictly "up market"-not a druggie in sight. He has 1,000 sq.ft of luxury he says and wouldn't swap it in a million years for his old place, mortgaged up to the hilt. He has the weather all year round, no debt, a steady job and no missus. What's not to like?

Just thought the above comment-614 sq ft existence hovel in rainy UK, up to your eyeballs in debt kinda makes ya think dunnit?

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I’m a FTB looking to buy a flat in Kingston Surrey. I have 50k deposit and ready to move in ASAP.

The problem is that there doesn’t appear to be a lot on the market at the moment.

I have found the following flats (see below)

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

http://www.foxtons.co.uk/search?bedrooms_f...mit_type=search

What I would like to know from the financial guru’s out there, is how much realistically do you think I should offer.???

You can do much better than that in Kingston/Surbiton at the moment.

The first one is in quite a good road, but very over-priced. Convenient for Surbiton station but a good 25 minut walk from Kingston town centr.

The second one is in a poor location. It is a good 15 minute walk to Kingston & Surbiton centres, and the only thing it is really convenient for is the rubbish tip. The EA says it is on a quiet road - it is on one side, but on the other side you have Villiers Road which is one of the main rat runs that commuters use to get between the A3 and Kingston. Probably worth £200k, but only because it is a reasonable size.

The third one is in a new build block that overlooks multi-storey car parks and the Kingston College tower. It is a bit too central whilst still being a good 20 minute walk from the decent train connection at Surbiton.

Location-wise, these are a lot better:

http://www.findaproperty.com/displayprop.a...mp;pid=4261473#

http://www.findaproperty.com/displayprop.a...amp;pid=3755915

Both within a 10 minute walk of the station and river, and 15 minutes walk from Kingston.

This one looks good value at £275k (meaning they probably want £245-£250k). It is in one of the best locations, but you would have to be prepared to live in a very ugly block:

http://www.findaproperty.com/displayprop.a...mp;pid=4224806#

Overall, I would follow the advice given earlier and wait for a few months - prices arent going up!

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I think you should wait, maybe then you will be able to buy a house?

The way I see it now, still far too much downside risk in buying. Less downside risk in renting and waiting.

After owning for 11 years we are happily renting and will do so for a while longer unless we can get a bargain.

And seriously - how much to offer on 2 bed flat in outer London suburb - think 2001 prices.

Flats in London went up a lot in 1997-2001 - we bought flat 1997 and sold 2001 for double. 2001 prices still I think high.

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It's not a wind up I promise. No I dont live in Kingston Jamaica.

Just to point out I'm well aware of the problems Foxtons are in. I had to do some insurances for them last year.

Their balance sheet reads negative net worth and 25m in the red and growing. ;)

There's a technical term for that.

It's called being "bankrupt"

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I can vouch for that one, i lived in that block a few years back and it's an excellent location, 5 minutes walk to surbiton shops (and village pizza ifs its still there, great place!) and station, 5 mins to the Thames and 15 meters to bus stop that takes you to kingston (or you can walk in 10-15 minutes). And generally nice neighbours who have been around a while and the flats are really quite well designed to top it off... And no i dont own that one, but i did enjoy living there.

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General rule of thumb with Foxtons, probably the biggest parasite EA in the coountry:

Knock 30% off their listing price, and negotiate under that for a start point.

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for those prices the next door neighbours would need to be lesbian triplets cloned from a young Olivia Hussey

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All too Expensive!!!

Why do you feel you must buy one? £300,000 for a 2 bed FLAT??? I wouldn't pay £75k You could do much better things with that kind of money, start a business, lots of franchises out there which would be much more lucrative, unless your aim is to lose your 50-70k ASAP ofcourse

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