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gmang

Villa In Hackney For Sale!

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This place amuses me:

http://www.rightmove.co.uk/property-for-sale/property-30837425.html

Not only because of the rapid revaluing:

18 March 2011

* Price changed: from '£419,950' to '£399,950'

05 January 2011

* Price changed: from '£445,000' to '£419,950'

28 October 2010

* Price changed: from '£475,000' to '£445,000'

21 September 2010

* Price changed: from '£499,950' to '£475,000'

17 August 2010

* Initial entry found.

But also because it is conveniently situated between two industrial premises, opposite a group of council tower blocks and very close to the train tracks.

http://maps.google.co.uk/maps?hl=en&ie=UTF8&ll=51.555528,-0.067667&spn=0.002408,0.004823&z=18&layer=c&cbll=51.555514,-0.067355&panoid=RZNRoC1AKCBtBFJee02buQ&cbp=12,224.47,,0,-0.21

And because until recently, it had the most overgrown front garden in the whole of London!!

Mortgageable? Not at that price.

-G

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I think this is a clever flipper because this will sell easy for the rental market when its nearer 350/360 and they'll get out with a profit. or they just rent it out at 400 a week to easily cover the 300k they have invested.

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Love the EA description, perfect starter home!!!! At the bargain price of £400,000.

That's the problem with so many places in London. If you could afford a £400k starter home then you'd have to be earning a fair wedge. And with that wedge would you really want to buy a bizarre detached house surrounded by industrial premises and council estates? I'm not being snobbish, this is a pretty rough area - just google "amhurst road murders" for some local info.

I think this place is really looking for a BTL investor, but with the LHA cap coming in I'm not sure if the prospect of £340 a week (and the problems associated with renting a place out to someone on LHA) will attract many buyers.

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So the place got another reduction, down to £350k before going SSTC. It briefly made the front page on PropertySnake due to the 26% reduction. I'd be interested to see what it went for, if it doesn't come back on the market that is.

The flipper paid £260k, spent who knows what on renovations then probably sells for £90k more at the very most. Factoring in all the charges involved in selling, I'm not even sure if they would break even. The place looked pretty derelict on the Streetview so they would have had to spend substantial time and money refurbishing it.

Bet it comes back in a few weeks!

-G

http://www.rightmove.co.uk/property-for-sale/property-30837425.html

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That's the problem with so many places in London. If you could afford a £400k starter home then you'd have to be earning a fair wedge. And with that wedge would you really want to buy a bizarre detached house surrounded by industrial premises and council estates? I'm not being snobbish, this is a pretty rough area - just google "amhurst road murders" for some local info.

I'd agree 100%, but I know a lot of people who wouldn't. A couple earning £50k each with a decent deposit could buy this at £350k. There are a lot of people who earn that type of cash and a lot of them would takea detached house in a rough part of London compared to a 2 bed flat in a good suburb or a 1 bed in a decent part of central London for that price.

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I think there are many more owner occupiers that would go the opposite way, and quite wisely too

I'd agree 100%, but I know a lot of people who wouldn't. A couple earning £50k each with a decent deposit could buy this at £350k. There are a lot of people who earn that type of cash and a lot of them would takea detached house in a rough part of London compared to a 2 bed flat in a good suburb or a 1 bed in a decent part of central London for that price.

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I think there are many more owner occupiers that would go the opposite way, and quite wisely too

I would be one of them, I'd never buy in an area like this. I have met a lot of potential FTBs who would, though. The urge to buy a house rather than a flat is so great for some people that they end up buying in the most bizarre locations, certainly much worse than this.

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I would be one of them, I'd never buy in an area like this. I have met a lot of potential FTBs who would, though. The urge to buy a house rather than a flat is so great for some people that they end up buying in the most bizarre locations, certainly much worse than this.

If i knew anywhere nice to get a flat in then i would - living in a flat near home at the moment, and most of what i'm thinking is i want a short a commute to Aldgate as possible without living anywhere rough.

At the moment i'm in harrow, which is a nice and easy 1 hour nap on the met line each way.

Not got much preference for house v flat, but i've got absolutely no idea where is in that elusive combination of cheapish/nice in london!

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I think this is a clever flipper because this will sell easy for the rental market when its nearer 350/360 and they'll get out with a profit. or they just rent it out at 400 a week to easily cover the 300k they have invested.

FWIW I rented a place for £400 pw a but closet to viccy park that fetched £825,000 when sold.

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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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