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TheCountOfNowhere

Crash In Northampton Finally Here.

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http://www.rightmove.co.uk/property-for-sale/property-29693974.html

01 June 2011

* Price changed: from '£70,000' to '£40,000' [Found by n/a]

31 May 2011

* Price changed: from 'Offers in Excess of £80,000' to '£70,000' [Found by n/a]

15 April 2011

* Initial entry found. [Found by n/a]

These have beeb selling at auction for about 55k-60k last few years. The flats are near the train station so ideal for commuters to London!!!

As far as I know the down side is the ground rent used to be 2.5K a year ( or there abouts ) due to the security/doorman and swimming pool/gym maintenance. The council house people in there too from what I heard.

40K...probably a good price if you don't mind the ground rent and the council tennants next door.

Better than the opeak price paid of.....wait for it...wait for it.....

Flat 411, Northampton House, Wellington Street, Northampton NN1 3NA

Flat 315, Northampton House, Wellington Street, Northampton NN1 3NA

See all house prices in NN1 3NA

Flat, Leasehold, -- Beds, -- Baths, -- Receps - Edit

£151,000

There is one property in that block listed as being sold for:

16th Oct 2006

Flat 102, Northampton House, Wellington Street, Northampton NN1 3NA

See all house prices in NN1 3NA

Maisonette, Leasehold, 2 Beds, 1 Baths, 1 Receps - Edit

£242,000

then for :

23rd Jan 2009

Flat 102, Northampton House, Wellington Street, Northampton NN1 3NA

See all house prices in NN1 3NA

Maisonette, Leasehold, 2 Beds, 1 Baths, 1 Receps - Edit

£50,500

The big selling price should be investigated by the fraud squad IMHO.

The chump paying 50K looks like he paid over the odds too :D:D:D

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As far as I know the down side is the ground rent used to be 2.5K a year ( or there abouts ) due to the security/doorman and swimming pool/gym maintenance. The council house people in there too from what I heard.

Ouch, £200 a month.. that certainly concentrates the mind.

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Yes, with bad tenants possibly trashing the place, i could see them eventually selling for £5-10k a piece or even negative values. Still worth a punt though.

Ive not known Northampton long enough to know what the flats were like before they were renovated (maybe offices even) but presume they had little value back in the 90s.

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This is flat 807, and this is one hell of a crash.

Drum roll for the last sold info please............

29/07/2003 £155,000 Flat 807, Northampton House, Wellington Street, Northampton, Northamptonshire, NN1 3NB

Giving us a Crashtastic fall of 74%.

The odd thing about this block of flats is that they seemed to peak around about 2004 and have been falling ever since - maybe Northampton is just ahead fo the curve and the rest of the country has gt these massive falls to come.

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29/07/2003 £155,000 Flat 807, Northampton House, Wellington Street, Northampton, Northamptonshire, NN1 3NB

Giving us a Crashtastic fall of 74%.

That's gotta sting.

Oh well.

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This is flat 807, and this is one hell of a crash.

Drum roll for the last sold info please............

29/07/2003 £155,000 Flat 807, Northampton House, Wellington Street, Northampton, Northamptonshire, NN1 3NB

Giving us a Crashtastic fall of 74%.

The odd thing about this block of flats is that they seemed to peak around about 2004 and have been falling ever since - maybe Northampton is just ahead fo the curve and the rest of the country has gt these massive falls to come.

wowzers.

And behind this info there is some geezer just taking a potential £115k loss on the chin? They must be declaring themselves bankrupt.

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Yes, I wouldn't touch with a barge pole. You literally couldn't give such a flat to me although I might be prepared to buy indirectly via a limited liability company - I'd need something to shield me from the "need new lift, you pay £25,000" demands that would be thrown at you all the time.

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Why would anyone buy one of these with the prospect of an additional 50 quid a week service charge to pay on top which , let's face it , isnt going to get cheaper .

As mentioned above I'm not sure if I would have it if they were giving it away for free

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Yes, I wouldn't touch with a barge pole. You literally couldn't give such a flat to me although I might be prepared to buy indirectly via a limited liability company - I'd need something to shield me from the "need new lift, you pay £25,000" demands that would be thrown at you all the time.

A limited company wouldn't protect you from having the flat reposessed to pay the charge

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It seems to have gone back up to £70k. I am puzzled about how much it might cost to rent the flat. At 70k it's better to buy if the rent is over about £300 a month, assuming you are willing to trust that the maintenance charge will actually pay for the maintenance, and further assuming you won't have to run away from a chav infestation. It surely must make sense as a BTL?

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It seems to have gone back up to £70k. I am puzzled about how much it might cost to rent the flat. At 70k it's better to buy if the rent is over about £300 a month, assuming you are willing to trust that the maintenance charge will actually pay for the maintenance, and further assuming you won't have to run away from a chav infestation. It surely must make sense as a BTL?

Hmm, dunno about that, seems like the 2 bed places rent for £500 (one up for £550 asking rent), so even if a one-bedder is the same that's £6k a year, minus the service charge leaves you with £3.5k max. Maybe more like £2.9k if the one-bedders rent for £450/month. You'd be a nutter to spend over £30-35k on conventional BTL 'thinking' (say 8 to 12% gross yield), but even then the risks are higher and as such the yield demanded should be greater as the service charge needs paying nomatter what.

I'd say that these ought to find a level sub £30k for 'normal' sales, and if a distressed seller is offloading, who knows.

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It is back up to £70 000 it seems.

Recently, I viewed a maisonette in Northampton, was told by the agent it was tremendous value at £71 000 as the same flats had been £120 000 not long before. However, with a lease of less than 69 years and very bad condensation damage I made my excuses and left. It sold soon after however so not everyone took my view of it being a money pit.

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Yes, with bad tenants possibly trashing the place, i could see them eventually selling for £5-10k a piece or even negative values. Still worth a punt though.

Ive not known Northampton long enough to know what the flats were like before they were renovated (maybe offices even) but presume they had little value back in the 90s.

Northampton House used to be the offices of Northamptonshire County Council.

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Why would anyone buy one of these with the prospect of an additional 50 quid a week service charge to pay on top which , let's face it , isnt going to get cheaper .

As mentioned above I'm not sure if I would have it if they were giving it away for free

You need it. A decent consciege or management company can be worth its weight in gold.

Without a decent one, an apartment block can descend into a total sh*thole. Self organising community living just doesn't work in the UK. especially when a large proportion are BTL where the tenants have no long term stake, and unable to put down roots.

Its a kind of dormitory town culture.

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You need it. A decent consciege or management company can be worth its weight in gold.

Without a decent one, an apartment block can descend into a total sh*thole. Self organising community living just doesn't work in the UK. especially when a large proportion are BTL where the tenants have no long term stake, and unable to put down roots.

Its a kind of dormitory town culture.

Yeah you're right , without it the place would quickly turn into a living hell .

I guess what I meant is , considering it would be a circa 50k mortgage to buy it......then another 50 quid a week on top for said service charges , I would rather spend around 80k - 100k to buy a house given that the mortgage (if required anyway) would ultimately get paid down and off whereas the service charge would always be there and would only go in one direction

It's not a great deal different to a 50% shared ownership

Edited by scottw

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About flats and leasehold.

We went to look at a "semi-detached" flat a few months ago -- it had been made out of half the second floor of an old admin building for a mill, so had windows on all three sides, someone to the right of you, someone underneath, and you had your own front door.

It was too small for us, only really big enough for one person with hardly any possessions, but what got me was the service charge: £100 a month. :o

A £100 a month!, and it was cheaper than the other flats in the development because it didn't have a lift!

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A limited company wouldn't protect you from having the flat reposessed to pay the charge

Yes, it would. Once the company had folder the liability would end. Shareholders cannot be chased for more than the value of their shares.

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Yes, it would. Once the company had folder the liability would end. Shareholders cannot be chased for more than the value of their shares.

Thankyou Mr "Nationalist"! That is my understanding of "limited liability"! :huh:

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I thought this might be a good opportunity to plug Property Chimp again, given the outstanding results you get from that block of flats on houseprices.co.uk. There's been some serious shirt losses or money laundering going on there over the past few years.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=136043&view=findpost&p=2372694

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It is back up to £70 000 it seems.

Recently, I viewed a maisonette in Northampton, was told by the agent it was tremendous value at £71 000 as the same flats had been £120 000 not long before. However, with a lease of less than 69 years and very bad condensation damage I made my excuses and left. It sold soon after however so not everyone took my view of it being a money pit.

Thats one hell of a price increase...nearly 100% :lol::lol::lol:

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Yes, it would. Once the company had folder the liability would end. Shareholders cannot be chased for more than the value of their shares.

But you'd still lose the value that you put into the house (you don't think that someone's going to give your company a mortgage, do you?)

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