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bandylegs

Dockside Flats

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I'm finally posting after months of lurking so please be kind. I myself am a FTB and HPC convert, the site has been of great assistance to me as I used to be depressed at not being able to get on the ladder and I am now glad I didn't stretch myself to do it, I believe my time will come and I will be better off for waiting.

I was hoping that somebody might be able to direct me to a report of what happened to 2 bed dockside flats in London during the last crash, I have a freind who I believe is about to make a costly mistake and should like a little more evidence to try to disuade him from buying a £300k "executive" flat in "the Wharf".

I think that the value of these 2 bed newbuilds will drop more rapidly and futher than the rest of the market, is there any evidence that this is what happened last time?

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Saving For a Space Ship - Thanks for posting a bit of NEB history, I remember so called 'very sensible people' finding themselves with £20K+ NE.

I was not a homeowner at the time of the last HPC, so I was shocked at a tv doc around 99/2000 interviewing a guy who had bought an off-plan small flat (near docklands I think) for £185K at the height & had to sell it for £95K. He kept saying 'if only I had not gone into that sales office that day..if only' like a recurring nightmare he was having.

http://www.housepricecrash.co.uk/forum/ind...showtopic=14075

Edited by libitina

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Thanks libitina, it is anacdotal evidance like that that gets me more worried. The problem is my friend is very bullish about property and even after all I have told him he doesn't believe prices will fall. He won't be swayed by anacdotal evidance so I'm looking for something more substantial.

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If your friend is that convinced you're probably wasting your breath.

You'll be told it is different this time. And it might well be. Maybe not.

/G

Edited by backtoparents

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I've accepted I won't change his mind on buying, he is actualy getting a very good relocation deal which makes the calculations quite difficult because the relocation deal won't be there on one or two years time.

What I'm trying to do is stear him away from the "executive appartments".

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In Sydney Australia, there was outrage at a developments office when it came for the Buy Off The Plan buyers to pay up. Appartments sold for $640 K have been valued now at $500 K. Alot of local Chinese had invested heavily in these appartments believing it was a good investment. Possibly purchashed during the boom. They were outraged and picketing outside the developments office. If they don't take up the purchase they loose their $60K deposit for each appartment. I guess I would forgo the deposit and bite the loss.

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I'm finally posting after months of lurking so please be kind. I myself am a FTB and HPC convert, the site has been of great assistance to me as I used to be depressed at not being able to get on the ladder and I am now glad I didn't stretch myself to do it, I believe my time will come and I will be better off for waiting.

I was hoping that somebody might be able to direct me to a report of what happened to 2 bed dockside flats in London during the last crash, I have a freind who I believe is about to make a costly mistake and should like a little more evidence to try to disuade him from buying a £300k "executive" flat in "the Wharf".

I think that the value of these 2 bed newbuilds will drop more rapidly and futher than the rest of the market, is there any evidence that this is what happened last time?

From what is worth I have been looking to buy a 1 bed in Shad Thames SE1 for a couple of years and so far I have seen nothing go down an inch. Not much upward movement either. I cheack every week and all decent 1 beds are still just above 300. I am not sure about E14 docklands but I think Shad is very desirable and may be the last place to fall.

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Thanks Libitina, you beat me to it. The unfortunate NEB Buyer was acting like he wanted to 'turn back time' to avoid his nightmare purchase. i think it was a dockside property & may have been nearer Tower Bridge than Docklands.

I'll look for the details of the bbc doc.

BtW, I 've just found a Sarah Beeney Blog (for both of them) which I don't remember being mentioned.

http://www.20six.co.uk/sbeeny

I did not think it was worth starting a new thread for & clogging up the main board with trivia. Will maybe put it in the Off Topic

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I'm finally posting after months of lurking so please be kind. I myself am a FTB and HPC convert, the site has been of great assistance to me as I used to be depressed at not being able to get on the ladder and I am now glad I didn't stretch myself to do it, I believe my time will come and I will be better off for waiting.

Halleluiah. Welcome friend. I was a lamb lost in a sea of crappy properties. But I was saved by HPC as well. :rolleyes::rolleyes::rolleyes::rolleyes::rolleyes:

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Update; Some success, my freind has conceeded that the apartments might not be as 'safe as houses'. He is now looking at Clapham, still looks overpriced to me but it doesn't make me angry like rip off 'executive appartments'.

Thanks for the link trouserjazz.

It has taken a six months to convince one of my best mates that the property market might not be a sure thing. During that time the worst I felt followed the accusation that I was jealous that I missed the boat!

I honestly can say that now I wouldn't be bothered to try to tell any less than a very good freind something which I am 100% sure is happening (I have an economics degree for what it's worth).

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I'm finally posting after months of lurking so please be kind. I myself am a FTB and HPC convert, the site has been of great assistance to me as I used to be depressed at not being able to get on the ladder and I am now glad I didn't stretch myself to do it, I believe my time will come and I will be better off for waiting.

I was hoping that somebody might be able to direct me to a report of what happened to 2 bed dockside flats in London during the last crash, I have a freind who I believe is about to make a costly mistake and should like a little more evidence to try to disuade him from buying a £300k "executive" flat in "the Wharf".

I think that the value of these 2 bed newbuilds will drop more rapidly and futher than the rest of the market, is there any evidence that this is what happened last time?

Hello fellow FTB I have to say dude that I am living in one of these rather nifty Exectutive Apartments in the Free trade Wharf in Wapping. Its interesting because I live in one of the first generation of Docklands wharf appartments. offering swiming pool and Gym etc. all very nice an unaffordable for me 350K£ + asking price. Of course I dont own this house. and frankly I wouldn't want to. you see my landlord has the place on the market for the last 2months and do you know many people have viewed it???? 1! do you know how much this place costs him each year in service charge alone?? about £4K ! :) and do you know how much the council tax is on this place? well its £1700 a year and its in band G. BAND G that means this small 2 bed flat was worth 160K - 350K in 1991 ! classic that means that from peak to peak accounting for inflation you'd have made about nothing in the last 15 years. ( and you would have paid over 70K in service charges ). I think this is a place with prices which will get decimated over the next few years ( and therefore where the more savvy will pick up the bargins ) look to docklands the place is buy to let city. when I wander home through Wapping I already see reductions £5K/10K/15k£. and this is docklands many of those absent landlords are financial services professionals. they are not going to hang around while the market eats them.

look at the ratio of Lettings to sales. the ratio is pretty extreme. if the BTLers suddenly have to sell around here because of a falling market and or a credit crunch there will be carnage. also with 3100 properties advertised just to Let! that is a lot of empty investments burning a hole in someones double mortgage payments. all those service charges have to be paid for by someone.

I estimate my landlord is barely breaking even and Judging by his desire to sell may even be on to a looser.

rentals in Docklands

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  • 338 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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