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whiterabbit

Worthless One Beds

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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.

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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.

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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'.

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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.

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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??!

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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??!

He's right, people will be flooding into the area to live near all that air traffic noise.

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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??!

Crawley, yuck!

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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'.

Really, I thought they were selling for more than that? How many square foot are they?

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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??!

Maybe he's hoping they will decide to put the runway right on top of it and it will come under compulsory purchase :rolleyes:

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 by Antsy

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Maybe he's hoping they will decide to put the runway right on top of it and it will come under compulsory purchase  :rolleyes:

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!

I think they were planning to put a runway right through Bewbush. It would actually be an improvement for the area :lol:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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