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DeadCat

Epsom, Surrey

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I'm looking at buying a 1 bed flat in Epsom and have found a couple of flats I'm interested in and have placed offers on. Prices have come down but now appear to be at a stable level which I think is due to an extreme shortage of supply. The only flats which there seem to be enough of on the market are up near the trading estate in the rough part of town. My guess is that people simply cannot afford to sell their flat and take a loss. This is supported by a massive amount of properties for rent which have come onto the market instead.

One of the flats I am interested in is a new build development in the town centre. The place reeks of negative equity but the flat I am interested in is a 1 bed which I have had valued by my lender at £160k, which would make it the cheapest flat in the building. At peak flats like mine in the block were selling at £210k..tut tut. As its a new build town centre flat with no parking and which many would call a slave box shall I just simply walk away from it or go through with the purchase? I work in central London so proximity to the Station is important and I dont have a car. I'm due to exchange on this flat in 1 weeks time however the developer is contesting the valuation as its £12k lower than what was originally offered/accepted.

Another flat which I have found recently is 0.5 miles away from the station in a block built approximately 15 years ago. The vendor wants £175k. It is in an established block in a nice quiet area with parking. It is the same size as the first flat but has a separate kitchen and slightly better room sizing. Here it is:

http://www.rightmove.co.uk/property-for-sa...on%26index%3D20

Im undecided about which flat to go for. If anyone has an opinion about which is the better prospect and what house prices are likely to do in this part of the world then I would gladly like to hear from you :)

Thanks

Edited by DeadCat

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I personally would not want to live right in the centre of Epsom. It is quite loud and rough at night - do you really want that right on your doorstep?

If you like the new build, definitely do not go ahead at above the surveyors valuation. This could land you in immediate negative equity. It is unlikely that your surveyor is valuing much below what any other surveyor would, so the developer is likely to agree to a sale at this price unless they can afford to wait a while.

The other flat that you link to would be a better prospect in my opinion. Like most towns of it's size, it is nice to live near the town centre/station, but not right on top of it.

It does seem a bit over-priced, though. I live about 5 miles away in Surbiton, which is traditionally a bit more expensive for flats because of the better commuting options. You could probably buy that flat for £175k in a reasonable part of Surbiton now, so I would have thought Epsom should be a bit cheaper. Perhaps Epsom has just not crashed as much yet.

Good luck. :)

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I personally would not want to live right in the centre of Epsom. It is quite loud and rough at night - do you really want that right on your doorstep?

If you like the new build, definitely do not go ahead at above the surveyors valuation. This could land you in immediate negative equity. It is unlikely that your surveyor is valuing much below what any other surveyor would, so the developer is likely to agree to a sale at this price unless they can afford to wait a while.

The other flat that you link to would be a better prospect in my opinion. Like most towns of it's size, it is nice to live near the town centre/station, but not right on top of it.

It does seem a bit over-priced, though. I live about 5 miles away in Surbiton, which is traditionally a bit more expensive for flats because of the better commuting options. You could probably buy that flat for £175k in a reasonable part of Surbiton now, so I would have thought Epsom should be a bit cheaper. Perhaps Epsom has just not crashed as much yet.

Good luck. :)

Many thanks for your reply. I am definitely not going to offer any more than the valuation - its £160k max or I walk away, even if I do stand to lose £2k in fees and deposit, especially now that I have the other flat as an option. I agree that £175k for this other flat is overpriced with its worth in the region of the low £160k's. I'll see how the negotiations go over the next week and then make a decision as to which is the better prospect. There is always a chance that I could lose this other flat after pulling out of the new build as the sale is dependent on the vendor finding a suitable property. A bird in the hand is worth two in the bush as they say.

Thanks again.

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I used to live in Epsom, so here is my two pennyith worth.

The property off kiln lane is near an industrial estate where you have quite a few car garages; regrettably there is also a dirty pikey hell-hole caravan site at the back which attracts dirty thieves so I’d personally take the one in the town centre!

Besides; I’d say its 10/15 minutes to the station (Epsom)

Bear

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I used to live in Epsom, so here is my two pennyith worth.

The property off kiln lane is near an industrial estate where you have quite a few car garages; regrettably there is also a dirty pikey hell-hole caravan site at the back which attracts dirty thieves so I’d personally take the one in the town centre!

Besides; I’d say its 10/15 minutes to the station (Epsom)

Bear

Thanks Kingstonbear. Proximity to the station as well as the other amenities in the town centre, like the Virgin Active gym is very important. Thanks for pointing out the caravan site which I've just seen on aboutmyplace. I wouldn't have known it was there otherwise!

Edited by DeadCat

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Thanks Kingstonbear. Proximity to the station as well as the other amenities in the town centre, like the Virgin Active gym is very important. Thanks for pointing out the caravan site which I've just seen on aboutmyplace. I wouldn't have known it was there otherwise!

I'm pretty sure these flats are quite a bit older than 15 years old. I purchased a studio flat in Farriers road/close that backed on to Kiln lane back in 1998, At the time I was working in an Estate Agents (I know I know, but it was not my full time job) anyway to cut a long story short we had maybe 5 or 6 properties for sale in that estate complex even then it was pretty rough in some blocks. Forced social tentants I think? I paid 32,000 pounds for a Studio flat, that the Original owner had paid almost double for when purchased new? I would do some research on when these were built. I never lived there, just rented the flat out. Made for a good rental for me, once it had doubled in value I sold it. At the time I had a few flats in Sutton and Epsom, both towns made for good rentals, lots of students. Epsom is an ok town much nicer than Sutton. I can't believe people are still willing to pay such high prices for property in the Uk, just plain crazy. That flat is a prison cell if you ask me. Here is a nice house for you check it out. and its way less then that slave box.

http://www.trulia.com/property/1074412901-...-Salem-NC-27127

Edited by speedkelly

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Epsom is an ok town much nicer than Sutton.

Ummm Understatement of the year. Sutton is a dump, known as Slutton because of the dirty chavs who when not murdering guys in pubs (check local news) they roam around the town centre. This said, behind the station (South Sutton) is nice

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I'm pretty sure these flats are quite a bit older than 15 years old. I purchased a studio flat in Farriers road/close that backed on to Kiln lane back in 1998, At the time I was working in an Estate Agents (I know I know, but it was not my full time job) anyway to cut a long story short we had maybe 5 or 6 properties for sale in that estate complex even then it was pretty rough in some blocks. Forced social tentants I think? I paid 32,000 pounds for a Studio flat, that the Original owner had paid almost double for when purchased new? I would do some research on when these were built. I never lived there, just rented the flat out. Made for a good rental for me, once it had doubled in value I sold it. At the time I had a few flats in Sutton and Epsom, both towns made for good rentals, lots of students. Epsom is an ok town much nicer than Sutton. I can't believe people are still willing to pay such high prices for property in the Uk, just plain crazy. That flat is a prison cell if you ask me. Here is a nice house for you check it out. and its way less then that slave box.

http://www.trulia.com/property/1074412901-...-Salem-NC-27127

Thanks speedkelly. I like the house on the link you provided the value at which works out at just over £100k. I wouldnt offer any more than £85k for it though; I mean look at it - people can walk right up to your windows... and its north facing!! :lol:

Edit: The fence at the back won't keep out intruders either. Overall I think the house is rubbish :ph34r:

Edited by DeadCat

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