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gmang

Stoke Newington - Tbontb

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http://www.bbc.co.uk/iplayer/episode/b00y431h/To_Buy_or_Not_to_Buy_Series_11_Stoke_Newington/

I'll give you the highlights - two "city girls" originally from the NW want to buy a two-bed flat in London. Presenter lives in Stokie and loves to talk up the place (he probably bought before the prices took off and paid £150k for a 3 bed house which is now "worth" 1/2 a mill). Budget is "£270k, or £280k max" (make your bloody minds up).

They show them three flats - two are badly chopped up "Victorian conversions" where you can listen to the neighbours shagging upstairs every night, and the other is a shoebox (~500-600 sq ft) "modern conversion" in the middle of a noisy roundabout (in fact a gyratory). All are reasonably close to a number of recent stabbings and a stones throw from the famous "Murder Mile" in Clapton. The police.uk site shows more crime around the area than there is in Johannesburg on a particularly bad weekend.

The most shocking bit is that the crappy flats - all with asking prices around £300k - are stated as being over their budget! The shoebox flat is "for sale" at £279,995 and the presenters note that they have "a fiver change" if they buy it!?? Surely anyone in the right mind would knock a £280k flat down to below the stamp duty threshold, and then some more for good measure. With a budget of £280k I'd be looking at asking prices around the £350k mark.

Finally, something to take away from this nonsense - they are looking for a two bedroom flat at a cost of 8.4 times the local median annual salary (ONS gives median London salary in 2010 as £33,384) and none of them look particularly appealing.

When is everyone going to wake up?

-G

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Meh. Too much demand from buy to let investors chasing yield at the moment.

Too much demand for central London properties from rich foreign buyers driving middle-class buyers to zones 2-3 in desperation for any property.

Too many people who have low interest rate mortgages who don't feel the pressure to sell

Too many people with not enough equity in their homes to move and so cannot sell

All contributing to lots of desperate first time buyers in London who are scringing and scrimping every last penny from their savings, their parents, their nannies, and bidding against one another for even slightly decent properties.

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Meh. Too much demand from buy to let investors chasing yield at the moment.

Too much demand for central London properties from rich foreign buyers driving middle-class buyers to zones 2-3 in desperation for any property.

Too many people who have low interest rate mortgages who don't feel the pressure to sell

Too many people with not enough equity in their homes to move and so cannot sell

All contributing to lots of desperate first time buyers in London who are scringing and scrimping every last penny from their savings, their parents, their nannies, and bidding against one another for even slightly decent properties.

Yes, However the demand is not real considering the amount of places that have been recycled on, off then back on the market again for the last 2 years or so. As for 'Stoke' what a shite hole!, nothing wrong with many of the buildings, however the chances of getting a knife in your guts is way above the national average, my inlaws infact have witnessed two stabbings and several assults while living in this area for a period of less than 3 years, then sold up and went to west London,,, not only that, the transport links are rubbish.

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  • 312 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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