Developers Taking The Michael

[El_Pirata]

This development is located in the *rse end of Islington

http://www.rightmove.co.uk/viewdetails-662...pa_n=1&tr_t=buy

No tube for miles around, no shops, sink estates over the road, and the only cosmopolitan nightlife nearby is the piss head pubs and fried chicken outlets.

Not only that, but this is one of about four mega developments on the same road, all of the 2 bed "luxury" ilk.

They have obviously twigged that nobody in their right mind would pay this amount of money to actually live there, so they are highlighting the "long term capital growth potential" of this "superb investment opportunity."

Still, I would be surprised if they fetch even half of the 480k STARTING PRICE they want, otherwise I will be forced to conclude that the supply of stupid people in this country is infinite.

These overpriced boxes are springing up all over East London at an alarming rate. It has been mentioned before, but I truly believe they will be the eye of the storm.

[dipstick]

Thank heavens they have an:-

"ornamental landscaped courtyard garden"

I'll have somewhere to put me goats!

Phew

[Nomadd]

This development is located in the *rse end of Islington

Yes, I love the way the pictures are of 'Another Development'. Makes you wonder just how bad this one is!

Nomadd

[Elizabeth]

Yes, I love the way the pictures are of 'Another Development'. Makes you wonder just how bad this one is!

Nomadd

<{POST_SNAPBACK}>

Actually I want to live in the 'other' development. I think it looks really nice. The only bow they make to some honesty about THIS development is the outside shot that proves that it doesn't have panoramic wall to ceiling windows like the ones that makes the other one worth considering. Course the 'other' development is probably going for a mil not 480!

[Smell the Fear]

This development is located in the *rse end of Islington

http://www.rightmove.co.uk/viewdetails-662...pa_n=1&tr_t=buy

No tube for miles around, no shops, sink estates over the road, and the only cosmopolitan nightlife nearby is the piss head pubs and fried chicken outlets.

Not only that, but this is one of about four mega developments on the same road, all of the 2 bed "luxury" ilk.

They have obviously twigged that nobody in their right mind would pay this amount of money to actually live there, so they are highlighting the "long term capital growth potential" of this "superb investment opportunity."

Still, I would be surprised if they fetch even half of the 480k STARTING PRICE they want, otherwise I will be forced to conclude that the supply of stupid people in this country is infinite.

These overpriced boxes are springing up all over East London at an alarming rate. It has been mentioned before, but I truly believe they will be the eye of the storm.

<{POST_SNAPBACK}>

I agree. I posted before about how I consider these properties, particularly in less attractive areas, to be the local authority housing of the future (if in all but name).

These developments are unlikely to age well, and landlords are often forced to let to less than ideal tenants (from their point of view). This starts a downward spiral of lower socio-economic groups occupying the building, putting off potential "desirable" tenants and purchasers, accelerating the spiral. This lowers rental yields available, driving down prices.

Combined with the generally huge maintenance charges (several thousand per year in many cases) and the lack of control engendered in large scale leasehold properties this serves to discourage owner occupation.

If it works out this way, I would say the government have pulled a massive fast one on private sector landlords, and left them in charge of the provision of housing for those in receipt of housing benefit or on very low incomes.

Of course, from a landlord's point of view this could be a perfectly good business proposition. But only at prices which are a fraction of the asking prices of today (e.g. maybe £100k-£150k for a 2 bed Islington flat, not £480k).