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fru-gal

Do You Think This Is An Error? Zoopla Flat Price.

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http://www.zoopla.co.uk/for-sale/details/31386438?search_identifier=ddf265f3f6e27fcb8edaaba3a7a54693

According to Zoopla, this flat was bought on 15th Jul 2005 for £399,000. It is now on sale for £2,895,000. Were flats in Westminster really selling for under £500k in 2005 or is this likely to be an error or something dodgy going on?

I just notice today that my mate who bought a house in Northampton a year ago, at a decent price, his property is not listed.

I smell a rat.

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Seems unlikely that a >1400ft2 flat there would go for under £400k...unless the leasehold expired in a couple of years or something and has now been renewed?

Wouldnt surprise me if it was <£400k in 1995, but by 2005 serious HPI had already occurred.

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I just notice today that my mate who bought a house in Northampton a year ago, at a decent price, his property is not listed.

I smell a rat.

Mine doesn't appear in the published land registry - because it was a repo and the banksters don't like repos to screw the market so government collude with them and presto it never happened.

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I just notice today that my mate who bought a house in Northampton a year ago, at a decent price, his property is not listed.

I smell a rat.

It depends. This northampton sale in 2009 looks cheap, but I can confirm it was genuine, i recall looking at the place. It was a doer upper, stripped inside. However, late 2008/early 2009 was a short window of mortgage drought with a small number of actually genuinely fairly priced sales going through. 2005 was not. The desperation of some to shift was clear. this went on at £130k originally, had weekly reductions of 10k till it went down to £100k and eventually sold for £75k.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=31812395&sale=45323540&country=england

18 Mar 2011 Detached, Freehold £134,995 Land Registry

22 May 2009 Detached, Freehold £126,000 Land Registry

09 Jan 2009 Detached, Freehold £75,000 Land Registry

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Seems unlikely that a >1400ft2 flat there would go for under £400k...unless the leasehold expired in a couple of years or something and has now been renewed?

Wouldnt surprise me if it was <£400k in 1995, but by 2005 serious HPI had already occurred.

Another possibility is it was made up of several smaller flats and thats the 2005 price of one of the smaller flats old number.

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Mine doesn't appear in the published land registry - because it was a repo and the banksters don't like repos to screw the market so government collude with them and presto it never happened.

same for mine, repo, new flat 2005 £230k, 2011 bought for £75k by me, 2 others similar in block, none on land registry. perhaps there could of been a buyers incentive when these were new, nowhere near the difference though.

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Another possibility is it was made up of several smaller flats and thats the 2005 price of one of the smaller flats old number.

I'd think this. 2 or 3 flats in one?

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Land reg. specifically exclude repo's as it 'distorts a picture of the true market price'. ;)

:D they are crafty so and so's.

Edited by motch

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I'm beginning to think we no longer hold pounds, but Lira.

The L we commonly write as £ has always stood for Lire.

Remember we used to have Pounds (L), Shillings (S) and Pence (D). Lire, Solidi, Denarii.

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Another possibility is it was made up of several smaller flats and thats the 2005 price of one of the smaller flats old number.

Simpler explanation: was it a wreck that needed major building works in 2005, now turned into something palatial?

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http://www.zoopla.co.uk/for-sale/details/31386438?search_identifier=ddf265f3f6e27fcb8edaaba3a7a54693

According to Zoopla, this flat was bought on 15th Jul 2005 for £399,000. It is now on sale for £2,895,000. Were flats in Westminster really selling for under £500k in 2005 or is this likely to be an error or something dodgy going on?

It's possible that the flat was bought with a very short lease, and the buyer has spent a bomb extending it. Plus the doing up of a large flat to a high standard would not be cheap, but I would imagine the lease in that area would cost quite a lot more.

I can imagine a probate sale, maybe something that hadn't been modernised since the 60s or even earlier, lived in by someone who didn't bother to extend the lease when it would have been cheaper to do it, I.e. with over 80 years left, but even then I guess it would have been a lot.

I have occasionally seen flats in expensive areas going to auction, and they seem very cheap compared to others - until you read that the lease is only 35 years.

Edited by Mrs Bear

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