whiterabbit Posted August 16, 2005 Share Posted August 16, 2005 Just got back from the US and had an interesting chat with a friend who is an estate agent over there that got me thinking. He said in most US cities as prices are still so cheap it was virtually impossible to sell a one bed as people always went for a 2 bed which was only a tiny bit higher. Question is do you think the same may happen in the UK with the falling prices especially as I have always figured that most one beds are BTL anyway. Quote Link to comment Share on other sites More sharing options...
George Posted August 16, 2005 Share Posted August 16, 2005 when they cost 100k+ yea. worth 40k no more. Quote Link to comment Share on other sites More sharing options...
Odakyu-sen Posted August 16, 2005 Share Posted August 16, 2005 I remember the "1-room mansion" boom in Tokyo in the late eighties. "Mansion" in Japanese means an apartment in a high-rise housing block. (Also answers to the name of "rabbit hutch.") Where was I? Oh yes. If I recall, scads of these horrible little things were hitting the market about a year before real estate really started to slide. Many only had a floor area of 19 square meters. They were so small inside that if you sneezed, your ears popped. When BTL one-rooms becomes hyped as "the thing to buy," you had better run; the bubble has already burst. At least that was the case in Tokyo circa 1990. Quote Link to comment Share on other sites More sharing options...
CrashIsUnderWay Posted August 16, 2005 Share Posted August 16, 2005 caveat:- I remember the last bust - when it happened, everyone said 'studios in London have now become unsellable. they were an abberation due to the massive HPI - it will never happen again'. A typical 'studio' in Notting Hill Gate would go for £65k in 1989, £45k in 1990. Studios in NHG were selling in 2004 for.... £200k. (they've collapsed since, of course! :-) 'It can never happen again' is akin to saying 'Its different this time'. Quote Link to comment Share on other sites More sharing options...
fdk Posted August 16, 2005 Share Posted August 16, 2005 The flood of 2-bed 'apartments' which have already saturated the UK market, will make 1 bed flats unsellable at anything above the absolute bare minimum price. Quote Link to comment Share on other sites More sharing options...
FTBvish Posted August 16, 2005 Share Posted August 16, 2005 A good friend of mine bought a 1-Bed flat in Crawley for £115K. I do fear for him... although he has always maintained his property will not suffer in the long term because of the planned expansion of Gatwick airport??! Quote Link to comment Share on other sites More sharing options...
gilf Posted August 16, 2005 Share Posted August 16, 2005 A good friend of mine bought a 1-Bed flat in Crawley for £115K.I do fear for him... although he has always maintained his property will not suffer in the long term because of the planned expansion of Gatwick airport??! <{POST_SNAPBACK}> He's right, people will be flooding into the area to live near all that air traffic noise. Quote Link to comment Share on other sites More sharing options...
murpaul Posted August 16, 2005 Share Posted August 16, 2005 A good friend of mine bought a 1-Bed flat in Crawley for £115K.I do fear for him... although he has always maintained his property will not suffer in the long term because of the planned expansion of Gatwick airport??! <{POST_SNAPBACK}> Crawley, yuck! Quote Link to comment Share on other sites More sharing options...
whiterabbit Posted August 16, 2005 Author Share Posted August 16, 2005 caveat:-I remember the last bust - when it happened, everyone said 'studios in London have now become unsellable. they were an abberation due to the massive HPI - it will never happen again'. A typical 'studio' in Notting Hill Gate would go for £65k in 1989, £45k in 1990. Studios in NHG were selling in 2004 for.... £200k. (they've collapsed since, of course! :-) 'It can never happen again' is akin to saying 'Its different this time'. <{POST_SNAPBACK}> Really, I thought they were selling for more than that? How many square foot are they? Quote Link to comment Share on other sites More sharing options...
Antsy Posted August 16, 2005 Share Posted August 16, 2005 (edited) A good friend of mine bought a 1-Bed flat in Crawley for £115K.I do fear for him... although he has always maintained his property will not suffer in the long term because of the planned expansion of Gatwick airport??! <{POST_SNAPBACK}> Maybe he's hoping they will decide to put the runway right on top of it and it will come under compulsory purchase Probably the only way to geta guaranteed buyer who won't pull out just before exchange in the current climate. Those people in Sipson (soon to be under tarmac as Heathrow's next runway) don't know how lucky they are! Edited August 16, 2005 by Antsy Quote Link to comment Share on other sites More sharing options...
Tentpeg Posted August 16, 2005 Share Posted August 16, 2005 Maybe he's hoping they will decide to put the runway right on top of it and it will come under compulsory purchase Probably the only way to geta guaranteed buyer who won't pull out just before exchange in the current climate. Those people in Sipson (soon to be under tarmac as Heathrow's next runway) don't know how lucky they are! <{POST_SNAPBACK}> I think they were planning to put a runway right through Bewbush. It would actually be an improvement for the area Quote Link to comment Share on other sites More sharing options...
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