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Everything Wrong With The London Property Market Summed Up With Two Flats

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I initially posted this one in the Wandsworth thread in region house prices, but I've found a bit more about things and thought it deserved a wider audience.

It seems what has happened is that someone has redeveloped the roof of this lovely building (http://goo.gl/maps/LL2Ix) to be able to put two flats up there.

I'm local to the area, and while it's OK, it's pretty much bog standard zone 3 - certainly not prime London by any stretch of the imagination.

If you have a look at the building you'll notice that it's above a restaurant and shop, next to an Argos and a 24 hr petrol station and also faces onto a very busy main road.

Apparently this is the perfect combination to get £1.3m for two tiny flats though.

2 bed: http://www.rightmove...y-28828353.html

3 bed: http://www.rightmove...y-28866885.html

The 2 bed makes the 3 bed (though the third bedroom barely counts) look almost reasonable in comparison!

I'm frankly dumb struck that these sort of prices are being asked in this location.

Edited by jon211

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The building has paint flaking off it in the Street View pic. If the block has been repaired and refurbished while these flats were built on top then fair play.

Not au fait with London asking prices but they do seem incredibly expensive. They only seem to have electric panel heaters too - not something I would tolerate in a property costing over half a million pounds. £660k would just about buy a fairly large Georgian or Edwardian house in my home city.

And why oh why of why must 99% of developers of flats insist on designing layouts with open plan lounge and kitchens? :unsure: Some of us flat dwellers like to shut the door on the dirty dishes some evenings! :rolleyes: Would be better for sharers too.

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I initially posted this one in the Wandsworth thread in region house prices, but I've found a bit more about things and thought it deserved a wider audience.

It seems what has happened is that someone has redeveloped the roof of this lovely building (http://goo.gl/maps/LL2Ix) to be able to put two flats up there.

I'm local to the area, and while it's OK, it's pretty much bog standard zone 3 - certainly not prime London by any stretch of the imagination.

If you have a look at the building you'll notice that it's above a restaurant and shop, next to an Argos and a 24 hr petrol station and also faces onto a very busy main road.

Apparently this is the perfect combination to get £1.3m for two tiny flats though.

2 bed: http://www.rightmove...y-28828353.html

3 bed: http://www.rightmove...y-28866885.html

The 2 bed makes the 3 bed (though the third bedroom barely counts) look almost reasonable in comparison!

I'm frankly dumb struck that these sort of prices are being asked in this location.

Ha, it's not even on Ritherdon Rd, it's on Balham High Rd, AKA the A24. I know Balham is nuts price wise, but this is utter madness.

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presume entrance is on ritherdon road. the simple answer to the price is the fact foxtons are selling them. I sold a house a few roads up 9 yrs ago, initially on with foxtons, total arses to deal with, the epitome of everything to be despised about ea. 9 months later accepted an offer, 15% below their valuation. lesson learnt.

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Insanity. Asking price is over £1000 per square foot. That is central London prices. Balham is closer to £500 p sq ft.

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1390435668[/url]' post='1102454088']

Insanity. Asking price is over £1000 per square foot. That is central London prices. Balham is closer to £500 p sq ft.

There is a tendency for developers to overvalue but 700 to 800 psf is typical for balham these days. There is actually a nice 700 square foot period 2 bed flat on that same road for less than 500 which would be a much better purchase.

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London properties are the gambling chips at the world global poker championships. Prime properties are the "blue chips".

I feel sorry for those who have to live and work there, but then they only have themselves to blame. If the refused to live and work in London then the work would be forced to relocate to other parts of the country or the EU.

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Insanity. Asking price is over £1000 per square foot. That is central London prices. Balham is closer to £500 p sq ft.

Balham prices must be way over £500 psf these days, the house I recently sold in Tottenham was £526 psf!

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London properties are the gambling chips at the world global poker championships. Prime properties are the "blue chips".

scream_3.jpg

Sold for $119 million..... ;)

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presume entrance is on ritherdon road. the simple answer to the price is the fact foxtons are selling them. I sold a house a few roads up 9 yrs ago, initially on with foxtons, total arses to deal with, the epitome of everything to be despised about ea. 9 months later accepted an offer, 15% below their valuation. lesson learnt.

I know Foxtons have a reputation for making high valuations but what I've seen from them lately takes the biscuit. just laughable. Are they up to something? They recently opened a lot of new branches and did a big share IPO, that is a very aggressive strategy. Although prices in london have gone nuts the actual number of homes coming to market is reportedly very low so their revenues can't be growing that fast. Maybe they had a policy of pushing high valuations to win instructions 18 months ago which paid off very well as London property caught fire. They are just repeating the tactic today, adding 20% to currrent peak values expecting it to keep going up. If it doesn't work there are going to be some very disappointed sellers when they have to knock 100K of their asking price.

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I know this area quite well and over the past year the prices have gone mad. Ritherdon road and all the streets that run northwest from Elmbourne Road (Louisville, Drakefield, Streathbourne, Huron etc) have gone up massively. Admitedly they are very large houses, some with basements so you get a lot fo square footage. but people are now trying to sell unmodernised houses for the same price as fully modernised houses.

Look at this one on Ritherdon road, I went to see it and you would need to spend at least £300k + to get it up to date:

6 bedroom house for sale Ritherdon Road, Tooting Bec, SW17

Insane.

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1390491244[/url]' post='1102454602']

I know this area quite well and over the past year the prices have gone mad. Ritherdon road and all the streets that run northwest from Elmbourne Road (Louisville, Drakefield, Streathbourne, Huron etc) have gone up massively. Admitedly they are very large houses, some with basements so you get a lot fo square footage. but people are now trying to sell unmodernised houses for the same price as fully modernised houses.

Look at this one on Ritherdon road, I went to see it and you would need to spend at least £300k + to get it up to date:

6 bedroom house for sale Ritherdon Road, Tooting Bec, SW17

Insane.

I would hope that if I had almost 2 million to spend I would be able to look in a more aspirational area than tooting bec. For that amount psf there must be areas which offer more.

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