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WageslaveX14

Overpriced House Of The Week

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I am getting fatigued from all the 'to QE or not to QE' worries, so I thought I would post this ludicrously overpriced house, which just came up on a Rightmove search: http://www.rightmove.co.uk/property-for-sale/property-31268728.html

The price would have to be cut by about 85-90% before that looked good value.

Can anyone find a worse deal?

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I am getting fatigued from all the 'to QE or not to QE' worries, so I thought I would post this ludicrously overpriced house, which just came up on a Rightmove search: http://www.rightmove.co.uk/property-for-sale/property-31268728.html

The price would have to be cut by about 85-90% before that looked good value.

Can anyone find a worse deal?

No, that's pretty sh**t.

You might as well buy this:

http://www.rightmove.co.uk/property-for-sale/property-29193653.html

and one of these:

http://www.sloanehelicopters.com/helicopter_preowned_detail/163

then commute to work.

Edited by TheCountOfNowhere

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I am getting fatigued from all the 'to QE or not to QE' worries, so I thought I would post this ludicrously overpriced house, which just came up on a Rightmove search: http://www.rightmove.co.uk/property-for-sale/property-31268728.html

The price would have to be cut by about 85-90% before that looked good value.

Can anyone find a worse deal?

Love the bath - looks like something you'd slaughter a pig in :lol:

Only one set of twigs in a vase, shame really, another 3 or 4 and it would be worth at least £5m :rolleyes:

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I am getting fatigued from all the 'to QE or not to QE' worries, so I thought I would post this ludicrously overpriced house, which just came up on a Rightmove search: http://www.rightmove.co.uk/property-for-sale/property-31268728.html

The price would have to be cut by about 85-90% before that looked good value.

Can anyone find a worse deal?

Double-fronted says the description, but there is NO FRONT DOOR in the picture O_o

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I initially thought it said £410,000, and I thought to myself, "hmmm, that looks OK; not particularly pretty but a decent size in a decent location."

Then I spotted the extra zero.

£410K would be a bargain. I'd snap it up in a sec. You are delusional if you think £410k is just OK.

That's the problem i find with a lot of HPC'er, they've been complaining that houseprice is too high (justified maybe) since 2003. And eight years later? They are still complaining and haven't got on the ladder while houseprices have doubled.

My comment is mainly for the London market.

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Obviously that is a ludicrous price for a house however just as bad in my eyes are those houses that are priced well above what the rest of the local market is.

The ceiling price for a house on my road is about £225k - yet one sat on the market for 2 years priced at £300k before finally selling for £225k.

Likewise a friend is trying to sell a tiny starter home in Essex for £155k when you can buy a 3 bed-semi for £140k. Not surprisingly they haven't had a sniff of a sale yet.

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Obviously that is a ludicrous price for a house however just as bad in my eyes are those houses that are priced well above what the rest of the local market is.

The ceiling price for a house on my road is about £225k - yet one sat on the market for 2 years priced at £300k before finally selling for £225k.

Likewise a friend is trying to sell a tiny starter home in Essex for £155k when you can buy a 3 bed-semi for £140k. Not surprisingly they haven't had a sniff of a sale yet.

No harm done in his case then? Punters are going to take a punt.

In his case £225K was the floor, so why not price it a bit higher to see if any suckers out there would bite.

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£410K would be a bargain. I'd snap it up in a sec. You are delusional if you think £410k is just OK.

That's the problem i find with a lot of HPC'er, they've been complaining that houseprice is too high (justified maybe) since 2003. And eight years later? They are still complaining and haven't got on the ladder while houseprices have doubled.

My comment is mainly for the London market.

You are Sibley and I claim my £5 :P

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£410K would be a bargain.

And you just so happen to have £410k lying around?

That's the problem i find with a lot of HPC'er, they've been complaining that houseprice is too high (justified maybe) since 2003. And eight years later? They are still complaining and haven't got on the ladder while houseprices have doubled.

4 of the eight years you mention prices were still going up.

The remaining 4 years prices have come down a little.

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Love the bath - looks like something you'd slaughter a pig in :lol:

In the house's favour at least I don't get claustrophobia from looking at the pics.

The kitchen looks like something out of a US sitcom.

36266_309103_IMG_01_0000_max_620x414.jpg

But 4 million squid for a semi? Wouldn't it be cheaper to buy a house in Birmingham and a helicopter for the commute?

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£410K would be a bargain. I'd snap it up in a sec. You are delusional if you think £410k is just OK.

That's the problem i find with a lot of HPC'er, they've been complaining that houseprice is too high (justified maybe) since 2003. And eight years later? They are still complaining and haven't got on the ladder while houseprices have doubled.

My comment is mainly for the London market.

I think that's a fair comment, but you have to recognise how many layers of delusions there are.

£410k would only be a bargain because of current selling prices in that area - in terms of value for money, and what you could buy with the same money (i.e. other types of assets, houses outisde of London within reasonable commuting distance, etc.) it wouldn't be an amazing bargain.

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Love the bath - looks like something you'd slaughter a pig in :lol:

Only one set of twigs in a vase, shame really, another 3 or 4 and it would be worth at least £5m :rolleyes:

I counted 2 sets of twigs in vases - images 4 and 7, I think

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I initially thought it said £410,000, and I thought to myself, "hmmm, that looks OK; not particularly pretty but a decent size in a decent location."

Then I spotted the extra zero.

That is the usual EA 'mistake' that bumps up the average prices, but it can't be a typo in this case.

The house appears to have been made from 2 standard semis. I guess that the price of each of the semis would probably be around £1m in this area, but you'd normally lose money by combining 2 houses, so I am not sure why they think it is worth over twice as much.

It reminds me of this one I saw advertised earlier in the week:

http://www.foxtons.co.uk/search?bedrooms_from=0&keyword_type=area&keyword_value=Harrow%20Weald&location_ids=921&property_id=782909&search_form=keyword&search_type=SS&submit_type=search

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I think that's a fair comment, but you have to recognise how many layers of delusions there are.

£410k would only be a bargain because of current selling prices in that area - in terms of value for money, and what you could buy with the same money (i.e. other types of assets, houses outisde of London within reasonable commuting distance, etc.) it wouldn't be an amazing bargain.

Good point. Areas like this have gone absolutely mad in the past 10 years. The fact is that you could buy a house this size for £1m within a mile or so of this.

£410k would still be a good price anywhere in Greater London, though.

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I think that's a fair comment, but you have to recognise how many layers of delusions there are.

£410k would only be a bargain because of current selling prices in that area - in terms of value for money, and what you could buy with the same money (i.e. other types of assets, houses outisde of London within reasonable commuting distance, etc.) it wouldn't be an amazing bargain.

Location, location, location.

I am talking about the above property, and not some house outside of London and commutable as you say.

We not even debating on the same agenda.

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That is the usual EA 'mistake' that bumps up the average prices, but it can't be a typo in this case.

The house appears to have been made from 2 standard semis. I guess that the price of each of the semis would probably be around £1m in this area, but you'd normally lose money by combining 2 houses, so I am not sure why they think it is worth over twice as much.

It reminds me of this one I saw advertised earlier in the week:

http://www.foxtons.co.uk/search?bedrooms_from=0&keyword_type=area&keyword_value=Harrow%20Weald&location_ids=921&property_id=782909&search_form=keyword&search_type=SS&submit_type=search

I clicked on the RM link and also though, 'oh, a type, it should be 410K'. I am ASTOUNDED is is really on the market at 4.1M. Shows how absolutely crazy prices have become. Even in London, for that sort of money, I would be expecting a mansion, nor a prettified suburban house...

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Location, location, location.

I am talking about the above property, and not some house outside of London and commutable as you say.

We not even debating on the same agenda.

Ah, I get it. You're not being ripped off as long as you're only being ripped off a little less than other people nearby. Very sensible.

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I am getting fatigued from all the 'to QE or not to QE' worries, so I thought I would post this ludicrously overpriced house, which just came up on a Rightmove search: http://www.rightmove.co.uk/property-for-sale/property-31268728.html

The price would have to be cut by about 85-90% before that looked good value.

Can anyone find a worse deal?

Over 4 million quid?

This has to be a typo error. Surely? They cannot be serious.....

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Location, location, location.

I am talking about the above property, and not some house outside of London and commutable as you say.

We not even debating on the same agenda.

I know that area well, it's nice and middle class but it's not bloody Mayfair. I'd say that house is probably more than 3x overpriced. There are some magnificent Victorian semi-detached mansions with 6 bedrooms and big gardens a little closer to Wandsworth that sell for less than 1.5 million.

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Who buys these houses? Do banks give million pound mortgages? Do that many people earn hundreds of thousands per year? If I had a million or two in equity, I would be retired on a Thai beach, not living in Wandsworth???

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There's an EA Today story about how the average family home in London has hit £1.5m. Naturlly, I've posted the RM link to this on being discussed to see what they make of it.

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Who buys these houses? Do banks give million pound mortgages? Do that many people earn hundreds of thousands per year? If I had a million or two in equity, I would be retired on a Thai beach, not living in Wandsworth???

Bankers. No need for a mortgage, and they are competing with each other for this type of house. Still a surprise to see this particular example up for this much, when you look at what £2m can buy you in the area.

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