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Offered On A Flat In Maida Vale - Feeling Nervous

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Hi

I am a newbie and would appreciate any thoughts. I have been looking for a flat in Maida Vale for 6 months. Found one that I liked but it went under offer when I was hospital having my baby. Another similar one came on the market and vendor accepted 25k more than the first one I liked. It is in a mansion block and so service charge and ongoing maintenance is an issue but one seems to get far more space for money than in any other central London location. It seems that prices are rising. Just wondered if anyone had thoughts on the market in W9.

Many thanks

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A good sized two bed mansion flat in Maida Vale is £650k.

You pays your money.

62 Rodney Court, 6–8 Maida Vale, London, W9 1TJ

A Large Well Located First Floor Two Bedroom Flat. Offered with Vacant Possession Sold: £652,000

Edited by EDW

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What else is there to say?

A good sized two bed mansion flat in Maida Vale is £650k.

You pays your money.

62 Rodney Court, 6–8 Maida Vale, London, W9 1TJ

A Large Well Located First Floor Two Bedroom Flat. Offered with Vacant Possession Sold: £652,000

Fill, yer boots. There are only so many mugs left.

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It certainly is a lovely part of London. But definitely over priced. I live in one of these mansion block flats (renting).

My husband and I are actually moving up to Edinburgh, because for about half the money (in a similar type of area to Maida Vale) you can buy twice the size of flat. Schools are much better as well (we have a young son).

Good luck. Personally, I don't think these flats are worth 650K, but that's me.

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Why would one be a mug? W9 is a nice part of the city. Been saving for 30% deposit for 4 years. Just feeling nervous.

pretty obvious troll......you're supposed to get wound up/jealous because "one" has saved nearly 200k in three years.

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pretty obvious troll......you're supposed to get wound up/jealous because "one" has saved nearly 200k in three years.

Huh? because someone's saved money to put a roof over their head that makes them a troll? If you have nothing more insightful than that to offer, why bother.

I've lived in W2 since 1995 (owing and renting on and off) and I am looking to buy here and W9 borders in next couple of years. I reckon because of W9's proximity to central London it is overpriced, I think in some case there's been a 20% rise in property prices here over last 18 months - feels like 2007 all over again. The foreign money pouring in is having a knock-on effect and panic is setting in amongst buyers who are worrying there'll be nothing left as what's on the market disappears before their eyes. When this starts happening I think it's time to step back. I cannot see how foreign cash buyers are going to prop up central London forever. An interest rate rise, a terrorist attempt, An EU debacle could all throw the perceived notion of London as a safe haven off course. So, I think there will be another dip along but I don't know when! Of course, property in a good area will always command a premium but I can't see how the frenzy going on now is sustainable. You must have doubts too if you're feeling nervous?

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pretty obvious troll......you're supposed to get wound up/jealous because "one" has saved nearly 200k in three years.

Eh? Well done- pretty accurate calculation though. Clearly, you have nothing better to do. Go back to stacking shelves at Tesco mate.

Thanks for the insight Scarlet. Yes, nervous because I have waited so long to get to this point and now that I am finally here, it is scary. In the first 3 months, it seemed that good properties were shifting very fast but recently, not much seems to be shifting.

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Eh? Well done- pretty accurate calculation though. Clearly, you have nothing better to do. Go back to stacking shelves at Tesco mate.

Thanks for the insight Scarlet. Yes, nervous because I have waited so long to get to this point and now that I am finally here, it is scary. In the first 3 months, it seemed that good properties were shifting very fast but recently, not much seems to be shifting.

It probably will go quieter over the summer months. One tip I have found useful over the years. Developers doing up flats (I don't mean big blocks necessarily) are often more keen than owner /occupiers to take the cash and move onto to the next project - they need the money to keep going and are a bit more open to offers IF you are organised and have everything in place to complete quickly. I have always tried to target these rather than o/o's who will hold out till doomsday for the best price they think their investment/home is worth, especially if they bought at the top.

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Hi

I am a newbie and would appreciate any thoughts. I have been looking for a flat in Maida Vale for 6 months. Found one that I liked but it went under offer when I was hospital having my baby. Another similar one came on the market and vendor accepted 25k more than the first one I liked. It is in a mansion block and so service charge and ongoing maintenance is an issue but one seems to get far more space for money than in any other central London location. It seems that prices are rising. Just wondered if anyone had thoughts on the market in W9.

Many thanks

This post does look pretty trollish, but I'll take it at face value...

Ask yourself if you think you would be happy living in that flat in 10 years time?....If there is no way that would happen then there is a degree of financial speculation in the purchase which makes it more likely one will end up making a loss (or a profit) when one sells

On the other hand if one is saving £66k a year (net) then one is a 50% tax payer, making over £150k a year. If one is confident one is going to keep making that sort of money and saving a similar proportion of it one can dig oneself out of any financial hole the flat puts oneself in within 5 years

This is the advantage of being rich

Edited by Neverland

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Why is the original poster nervous? Because they think the market might drop again and they'll be left feeling like they've over paid?

How can foreigners keep the market afloat? Surely there cannot be too many of them that will want to buy a property that you can't rent out and cover your costs. Especially in a flat or falling market?

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pretty obvious troll......you're supposed to get wound up/jealous because "one" has saved nearly 200k in three years.

Actually, I'd be more wound up that one earned enough to get a 400K mortgage from a single salary

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Update - offer accepted, mortgage approved, deposit in place.

Please don't get wound up by my salary and deposit - it wasn't handed to me on a plate.

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  • 285 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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