Jump to content
House Price Crash Forum
MinceBalls

We Completed The Sale Of Our Flat In Tottenham On Thursday

Recommended Posts

Hi all,

I’ve been quiet for a while as selling and buying a property, having an 8 week old baby and trying to run a business have been keeping me busy!

I thought I’d let you all know though that we completed the sale of our flat in Tottenham on Thursday (the day it all started) and got the keys to our new house in Broadstairs, Kent on the same day.

Now I know some of you (including myself) believe that house prices are going to head south for a while yet (I still think we could see 20% or more come off) but there were a number of factors affecting my life that resulted in us purchasing as well as selling. One being that I have 2 young kids and want to settle long term in an area we like with good schools which is worth a bit of a hit for me if house prices go down – I will still have a better quality of life. We have been able to do this and move to our perfect family home without taking on too much mortgage (our LTV = 25%).

Just by chance our completion date was set for Thursday and by sheer luck we have avoided the mess that the place is now in. I would have thought that prices in my area in Tottenham would have plunged 20% overnight and I am so relieved my family are not stuck in the middle of it owning an unsellable property. We decided to sell when I started to see a decline in an already poor area; children’s and youth services were being slashed and unemployment among 16-24 year old ethnic groups touched 50%. It looked to me like a disaster waiting to happen and I said to my partner in March that we have to get out before the place turns to sh1t. We could be the last people to complete on a sale out of Tottenham for a while!

For what its worth, we put our flat up for sale in April and I decided to go with 5K UNDER what the estate agent suggested. Having looked at equiv properties in the area I was keen to price ours competitively against theirs and it appears it worked as we sold in 2 weeks. Putting it on for a relatively small amount less than what other similar properties are on for is the only way to shift your property quickly. This tactic has probably saved us tens of thousands as we have avoided all the cr@p that is now happening. It’s a shame that more people don’t understand basic market principles but it worked to our advantage so I can’t complain.

In case anyone is wondering I still retain my NS&I indexed linked bonds and some gold. I sold out of my FTSE investments when it hit 5K on the way up as it looked like more stress than it was worth. If it goes below 4.5K I’ll probably start to re-invest in a tracker on a monthly basis.

And there my story ends!

Edit: spelling

Edited by MinceBalls

Share this post


Link to post
Share on other sites

I thought I’d let you all know though that we completed the sale of our flat in Tottenham on Thursday (the day it all started)

Couldn't have timed it better if you'd tried :)

Congratulations!

PS Any views on where the stock market is going? Insights into the next Euromillions draw?

Edited by DeepLurker

Share this post


Link to post
Share on other sites

If you sold it to media luvvies, they're probably thinking the riots are a great added bonus and will be telling their friends at dinner parties how they were so very lucky to snap it up before the riots brought cool notoriety to the street and upped prices accordingly.

Must be an Express headline due soon - "Riots bring soaring property prices, because...

- Agents astounded at rush of buyers who want to live down with the kids in the ruffurbs

- Torched flats boost inner city new build prices as councils and private buyers seek alternative shelter

- Riot damaged areas set to get make overs that will boost buyer interest for years to come

Stuart Nobody of Arsehurtz said 'The phone has been ringing nonstop since Monday morning with a wall of euromoney knocking on the door of our development portfolio office' "

Share this post


Link to post
Share on other sites

Remember to send your buyers a card and a bunch of flowers. :D

Funnily enough I had to visit them on Sunday as the cat decided to go on strike on moving day so I had to collect her. I took around a bunch of flowers and a bottle of Champagne!

Share this post


Link to post
Share on other sites

Couldn't have timed it better if you'd tried :)

Congratulations!

PS Any views on where the stock market is going? Insights into the next Euromillions draw?

:-)

I should have bought a ticket at the weekend!

Share this post


Link to post
Share on other sites

We decided to sell when I started to see a decline in an already poor area; children’s and youth services were being slashed and unemployment among 16-24 year old ethnic groups touched 50%. It looked to me like a disaster waiting to happen and I said to my partner in March that we have to get out before the place turns to sh1t.

Is this really the case? I don't buy into the line that the cuts have fed through already and hence the riots are a protest. To my mind they're just thugs, but is there real evidence of what you've said above?

Share this post


Link to post
Share on other sites

Hi all,

I've been quiet for a while as selling and buying a property, having an 8 week old baby and trying to run a business have been keeping me busy!

I thought I'd let you all know though that we completed the sale of our flat in Tottenham on Thursday (the day it all started) and got the keys to our new house in Broadstairs, Kent on the same day.

:D

Well done. Perfect timing.

Share this post


Link to post
Share on other sites

Is this really the case? I don't buy into the line that the cuts have fed through already and hence the riots are a protest. To my mind they're just thugs, but is there real evidence of what you've said above?

Have you ever visited or lived in a place like Tottenham? The place has been on a knife edge the whole time I have lived there; it was an accident waiting to happen. As stated, unemployment in the area among 16-24 year old black men (a large portion of the residents) has ballooned to almost 50% in recent years. Haringey are in the middle of savage cuts to child and youth programmes in the area - up to 75% of youth programmes are being cut back or completely scrapped. We have 2 kids and use local services all the time, in the last 12 months our local library has stopped opening every day and the local children's centre has closed and another has had to close 2 days a week. I am not suggesting that the people involved in smashing things up are not thugs but there are underlying issues which create social unrest and flashpoints like this - unemployment, huge amounts of poverty and huge amounts of immigration into an already deprived social area all create resentment. We have to be sure to understand why certain areas are more likely to boil over than others (Tottenham, Croyden, Walthamstow, Hackney, it's really no co-incidence) and deal with the underlying issues. Just labeling people thugs wont prevent it from happening or deal with the social deprivation that fuels anger and resentment.

Share this post


Link to post
Share on other sites

Have you ever visited or lived in a place like Tottenham? The place has been on a knife edge the whole time I have lived there; it was an accident waiting to happen. As stated, unemployment in the area among 16-24 year old black men (a large portion of the residents) has ballooned to almost 50% in recent years. Haringey are in the middle of savage cuts to child and youth programmes in the area - up to 75% of youth programmes are being cut back or completely scrapped. We have 2 kids and use local services all the time, in the last 12 months our local library has stopped opening every day and the local children's centre has closed and another has had to close 2 days a week. I am not suggesting that the people involved in smashing things up are not thugs but there are underlying issues which create social unrest and flashpoints like this - unemployment, huge amounts of poverty and huge amounts of immigration into an already deprived social area all create resentment. We have to be sure to understand why certain areas are more likely to boil over than others (Tottenham, Croyden, Walthamstow, Hackney, it's really no co-incidence) and deal with the underlying issues. Just labeling people thugs wont prevent it from happening or deal with the social deprivation that fuels anger and resentment.

yep, cutting front line services, yet I bet fat redundancy monies or promotions for the managers.

Thats is also the Tories fault...Government REALLY needs to act on Public sector fraud.

Share this post


Link to post
Share on other sites
I decided to go with 5K UNDER what the estate agent suggested. Having looked at equiv properties in the area I was keen to price ours competitively against theirs and it appears it worked as we sold in 2 weeks.

... and no seller's remorse. Congratulations!

Share this post


Link to post
Share on other sites

Have you ever visited or lived in a place like Tottenham? The place has been on a knife edge the whole time I have lived there; it was an accident waiting to happen. As stated, unemployment in the area among 16-24 year old black men (a large portion of the residents) has ballooned to almost 50% in recent years. Haringey are in the middle of savage cuts to child and youth programmes in the area - up to 75% of youth programmes are being cut back or completely scrapped. We have 2 kids and use local services all the time, in the last 12 months our local library has stopped opening every day and the local children's centre has closed and another has had to close 2 days a week. I am not suggesting that the people involved in smashing things up are not thugs but there are underlying issues which create social unrest and flashpoints like this - unemployment, huge amounts of poverty and huge amounts of immigration into an already deprived social area all create resentment. We have to be sure to understand why certain areas are more likely to boil over than others (Tottenham, Croyden, Walthamstow, Hackney, it's really no co-incidence) and deal with the underlying issues. Just labeling people thugs wont prevent it from happening or deal with the social deprivation that fuels anger and resentment.

Wise words. I fear few are listening.

Share this post


Link to post
Share on other sites

Is this really the case? I don't buy into the line that the cuts have fed through already and hence the riots are a protest. To my mind they're just thugs, but is there real evidence of what you've said above?

Hooligans are hooligans...they don't need an excuse. I remember Brian Clough having a go at somebody because they referred to them as "football hooligans". He said something like they were just hooligans who happened to attend a match and they would do the same if they had a ticket to the ballet.

Share this post


Link to post
Share on other sites
unemployment, huge amounts of poverty and huge amounts of immigration into an already deprived social area all create resentment. We have to be sure to understand why certain areas are more likely to boil over than others (Tottenham, Croyden, Walthamstow, Hackney, it's really no co-incidence) and deal with the underlying issues.

I like this "We...have to deal with the issues"

Your solution is to move to the seaside.... :)

Congratulations BTW

Share this post


Link to post
Share on other sites

Have you ever visited or lived in a place like Tottenham? The place has been on a knife edge the whole time I have lived there; it was an accident waiting to happen. As stated, unemployment in the area among 16-24 year old black men (a large portion of the residents) has ballooned to almost 50% in recent years. Haringey are in the middle of savage cuts to child and youth programmes in the area - up to 75% of youth programmes are being cut back or completely scrapped. We have 2 kids and use local services all the time, in the last 12 months our local library has stopped opening every day and the local children's centre has closed and another has had to close 2 days a week. I am not suggesting that the people involved in smashing things up are not thugs but there are underlying issues which create social unrest and flashpoints like this - unemployment, huge amounts of poverty and huge amounts of immigration into an already deprived social area all create resentment. We have to be sure to understand why certain areas are more likely to boil over than others (Tottenham, Croyden, Walthamstow, Hackney, it's really no co-incidence) and deal with the underlying issues. Just labeling people thugs wont prevent it from happening or deal with the social deprivation that fuels anger and resentment.

Sorry mincy you are talking utter b0ll0x here

Edited by Tuberider

Share this post


Link to post
Share on other sites

Sorry mincy you are talking utter b0ll0x here

How so? A quick Google shows that his substantive points - 50% youth unemployment, 75% cutbacks in youth services - are correct. It's clear that many peaceful and democratic objections - letters, pleas, petitions, marches, and protests - have been ignored. Consequently, there's going to be a lot of simmering anger and resentment for troublemakers to exploit. Have a read of this lot...

'Haringey Alliance for Public Services > Youth Services':

http://www.hapsnews.net/category/youth-services/

Share this post


Link to post
Share on other sites

Sorry mincy you are talking utter b0ll0x here

Thanks for your wise words and clever analysis.

Have you lived in Tottenham for the last 10 years? Have you seen what is actually being cut from the services in the area? Have you witnessed with your own eyes services for young people disappear in the last 12 months? Or do you just watch Sky news and phone in radio programmes telling the police to get out the rubber bullets and the water cannons?

Share this post


Link to post
Share on other sites

Thanks for your wise words and clever analysis.

Have you lived in Tottenham for the last 10 years? Have you seen what is actually being cut from the services in the area? Have you witnessed with your own eyes services for young people disappear in the last 12 months? Or do you just watch Sky news and phone in radio programmes telling the police to get out the rubber bullets and the water cannons?

My aunt taught in the area until recently. She would agree with a lot of what you say but also much of the deprevation lies int he heart of the community itself (and by community I mean Afro Carribean). One of her observations was, teaching classes of mainly black and white children was that interms of commitment and desire to learn;

Black girls were the best

White boys variable - across the range

White girls - variable but inclined towards dropping out

Black boys - generally hopeless which thus explains the limited employment opportunities for black males.

Why the extreme gender difference? Lack of positive male role models?

Other races - chinese always worked hard as would the indians and Greeeks. Bengalis and Pakistanis variable.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.