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Prices Still Crazy In E1

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http://www.rightmove.co.uk/property-for-sale/property-16169520.html

I viewed this three bedroom flat early last year. It's in a Tower Hamlets Homes block on the junction of Mile End Road and Sidney Street. Outside the block a bunch of flowers had been tied to the fence, which I was told later was where someone had been stabbed. The flat was a just-about-OK size (70 sq m) with a south-facing balcony. It had been let to four young people (maybe students), with one living in the living room, who had completely trashed it inside. It appeared to have the original (50s) kitchen and bathroom. There was rainwater leaking through one of the bedroom window fittings. The EA told me there were no major works planned for the block (which I happened to know wasn't true). Chalking this up as a learning experience, I beat a hasty retreat.

According to the Land Registry it sold for £310,000 in June this year. Bought in May 2002 for £160,000. I'd be surprised if the BTL landlord owner has made any improvements since my viewing. Given the upcoming cuts in Local Housing Allowance and rise in university tutition fees I really can't see how it can be 'worth' £310,000, but then maybe I'm just not mad enough.

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http://www.rightmove.co.uk/property-for-sale/property-16169520.html

I viewed this three bedroom flat early last year. It's in a Tower Hamlets Homes block on the junction of Mile End Road and Sidney Street. Outside the block a bunch of flowers had been tied to the fence, which I was told later was where someone had been stabbed. The flat was a just-about-OK size (70 sq m) with a south-facing balcony. It had been let to four young people (maybe students), with one living in the living room, who had completely trashed it inside. It appeared to have the original (50s) kitchen and bathroom. There was rainwater leaking through one of the bedroom window fittings. The EA told me there were no major works planned for the block (which I happened to know wasn't true). Chalking this up as a learning experience, I beat a hasty retreat.

According to the Land Registry it sold for £310,000 in June this year. Bought in May 2002 for £160,000. I'd be surprised if the BTL landlord owner has made any improvements since my viewing. Given the upcoming cuts in Local Housing Allowance and rise in university tutition fees I really can't see how it can be 'worth' £310,000, but then maybe I'm just not mad enough.

FFS i know where that block is , years ago we had relatives that lived near there and when going on visits I used to look at blocks like that and feel glad that my family did not live in one of them. We had a house in the suburbs and people in blocks like that had really made it if they ever got out of those blocks and made it to where i grew up . Now that flat is priced about the same as my family home.

By the way your link says sstc and the price is £349,500 .

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By the way your link says sstc and the price is £349,500 .

Eh...actually the link says its back on the market.

If you had property-bee (why dont you?) you'd see teh following history

29 August 2011 Status changed: from 'Sold STCM' to 'Available'

09 July 2011 Status changed: from 'Available' to 'Sold STCM'

16 October 2010 Price changed: from '£279,995' to '£349,995'

16 June 2010 Initial entry found.

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Eh...actually the link says its back on the market.

If you had property-bee (why dont you?) you'd see teh following history

29 August 2011 Status changed: from 'Sold STCM' to 'Available'

09 July 2011 Status changed: from 'Available' to 'Sold STCM'

16 October 2010 Price changed: from '£279,995' to '£349,995'

16 June 2010 Initial entry found.

Price has been crazy for a while, and will continue to raise, or remain static at worst.

What are you really going to do about it. There's no imminent crash coming. Not for central London at least.

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Eh...actually the link says its back on the market.

If you had property-bee (why dont you?) you'd see teh following history

29 August 2011 Status changed: from 'Sold STCM' to 'Available'

09 July 2011 Status changed: from 'Available' to 'Sold STCM'

16 October 2010 Price changed: from '£279,995' to '£349,995'

16 June 2010 Initial entry found.

Eh....actually the link says SOLD stcm not sure what stcm means but I do know what SOLD means.

I do have property-bee ( why do you think I don't ) but looking via the link does not open up my property -bee .

Maybe read what is in front of you before replying to others post's ( why don't you ?).

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Price has been crazy for a while, and will continue to raise, or remain static at worst.

What are you really going to do about it. There's no imminent crash coming. Not for central London at least.

Considering the number of City workers being laid off and the fairly poor state of the job market and the particularly negative outlook for the financial services industry, a lot of the potential buyers in E1 will think twice about paying over the odds Sure, prices have been propped up because of a fairly dynamic job market in the City and Canary Wharf. That is definitely no longer the case. Even during the so-called credit crunch, banks were recruiting heavily. It's all headcount freezes at the moment.

I don't particularly want a price crash in East London but to assume that the market will remain static at worst is a bit blindly optimistic, considering that the potential buyers of property in E1 in this price bracket are exactly the people I described above.

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Considering the number of City workers being laid off and the fairly poor state of the job market and the particularly negative outlook for the financial services industry, a lot of the potential buyers in E1 will think twice about paying over the odds Sure, prices have been propped up because of a fairly dynamic job market in the City and Canary Wharf. That is definitely no longer the case. Even during the so-called credit crunch, banks were recruiting heavily. It's all headcount freezes at the moment.

I don't particularly want a price crash in East London but to assume that the market will remain static at worst is a bit blindly optimistic, considering that the potential buyers of property in E1 in this price bracket are exactly the people I described above.

It would be a flatshare for a few younger city workers at best but I rather suspect more at the student/recent immigrant end of the market. There is a massive underpin to the price of these properties in that the council/housing assocs are desperate for them, because all the formerly council owned ones are now all privatised - I live in the area and get regular leaflet drops stating that if i want guaranteed rent for X (usually 3 - 5) years with no voids, housing assoc A would be more than willing to accommodate..............

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Eh....actually the link says SOLD stcm not sure what stcm means but I do know what SOLD means.

I do have property-bee ( why do you think I don't ) but looking via the link does not open up my property -bee .

Maybe read what is in front of you before replying to others post's ( why don't you ?).

Subject to completion i'd be guessing?

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  • 333 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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