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the_duke_of_hazzard

Upper Market Anecdotal

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I spoke to a person at my company who is looking to buy a very expensive property somewhere west of London.

He's been looking for a year, and I asked him how it was going today. He said the market was dead, ie no-one was putting property on the market. "Chains not moving?" I said, which he denied - there simply wasn't the property on the market, no chains to move. Has the top end dried up? Is there a stand-off?

He said he had a Phil Spencer type agent searching for property for him who said he'd never seen anything like it. Can't see a reason to disbelieve this, as if the properties were there he'd just say "You've got to pay more."

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The issue (round here) seems to be that the very exopensive properties (£2m+) get snapped up very quickly and there simply aren't that many around.

If that's the case, why don't the prices of such properties go up?

Edited by the_duke_of_hazzard

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http://www.houseprices.co.uk/e.php?f=pd&q=SW19&n=100

11 £2m+properties this year. Of these, three in the second half of the year so far. Seems roughly similar to last year, prima facie.

You also need to include SW20 & KT2 (although it's a Kingston post code, people consider it living in Wimbledon)

Also, there is an issue with the stats - quite a few of the top end are bought through companies so do not show up on land reg stats.

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You also need to include SW20 & KT2 (although it's a Kingston post code, people consider it living in Wimbledon)

Also, there is an issue with the stats - quite a few of the top end are bought through companies so do not show up on land reg stats.

I've never heard of this. Surely all property transactions, by law, have to be registered with the Land Registry. They may be delayed though, I understand.

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I've never heard of this. Surely all property transactions, by law, have to be registered with the Land Registry. They may be delayed though, I understand.

Didn't know that either. Are you sure LL? Surely the title has changed so it must be registered?

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http://www.houseprices.co.uk/e.php?f=pd&q=SW19&n=100

11 £2m+properties this year. Of these, three in the second half of the year so far. Seems roughly similar to last year, prima facie.

Is it fair to say the Gap between the very rich and everyone else is widening, and there are a large number of very rich people, im sure there are a finite number of these properties in wimbledon.

If anything further away from the large cities REALLY expensive properties appear to be cheaper, this in worcester appears to be a bargain, in comparison to the 300->400 5 bedroom new builds on the outskirts of town, and you get your own boat house with it...

http://www.rightmove.co.uk/viewdetails-756...pa_n=1&tr_t=buy

Or for a cool million, you could buy this (its been on the market for over a year)

http://www.rightmove.co.uk/viewdetails-720...pa_n=1&tr_t=buy

Large countryside property seems to be ALOT better value thancity properties, lower end birmingham house prices on average are lower than worcester (which is 40 miles out of birmingham). However the larger properties, and new build flats seemed to be VERY over priced...

http://www.rightmove.co.uk/viewdetails-651...pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-296...pa_n=1&tr_t=buy

Perhaps large properties in cities tend to be over priced because of a lack of supply (turned into offices etc etc), and this supply is continuing to dry up, and prices of large (show off?) properties in cities will continue to rise for sometime masking the falls in the rest of the normal market.

A further thought, perhaps the lack of larger properties in cities is made worse by subdividing large properties into flats?

Edited by moosetea

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I've never heard of this. Surely all property transactions, by law, have to be registered with the Land Registry. They may be delayed though, I understand.

The stats they produce (I use nethouseprices) say that they exclude commercial:

QUOTE

Unfortunately commercial transactions are not part of the data set we license from the Land Registry. However, if we are given the opportunity of licencing this information, it will be available free of charge on the website as soon as possible.

Maybe your source does include them?

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You also need to include SW20 & KT2 (although it's a Kingston post code, people consider it living in Wimbledon)

LOL, you've been listening to estate agents too much LL! :lol: SW20 is NOT Wimbledon by any stretch of the imagination; it is not "Wimbledon Borders" or "West Wimbledon" or any other b0ll0cks EA made-up area, it is Raynes Park (hence the name of the station). It is decidedly more down-at-heel than Wimbledon proper and is priced accordingly.

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LOL, you've been listening to estate agents too much LL! :lol: SW20 is NOT Wimbledon by any stretch of the imagination; it is not "Wimbledon Borders" or "West Wimbledon" or any other b0ll0cks EA made-up area, it is Raynes Park (hence the name of the station). It is decidedly more down-at-heel than Wimbledon proper and is priced accordingly.

quite right ipod sw20 is not wimbledon at all - it is raynes park.

i dont know about more down at heel than wimbledon proper - some roads around the broadway are questionable, but much more desirable than raynes park.

kt2 is closer to norbiton than anywhere else.........

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Didn't know that either. Are you sure LL? Surely the title has changed so it must be registered?

The property is owned by a Company. The seller then sells their shares in the company to the new owner. So the company changes hands but the Land Registry still shows the same company as the owner.

It's commonly also used to avoid inheritance tax as the company cannot die.

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LOL, you've been listening to estate agents too much LL! :lol: SW20 is NOT Wimbledon by any stretch of the imagination; it is not "Wimbledon Borders" or "West Wimbledon" or any other b0ll0cks EA made-up area, it is Raynes Park (hence the name of the station). It is decidedly more down-at-heel than Wimbledon proper and is priced accordingly.

Having lived here off & on for over 45 years - i think I may be better informed than you.

If you check out SW20 you will find a number of high priced sales - and we were in fact talking about properties over £2m - yes SW20 also includes Raynes Park, as SW19 also includes Merton Park. There are cheap bits & expensive bits - which is why the sats for Wimbledon are completely misleading.

The point I was making concerned the search on properties over £2m in Wimbledon.

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quite right ipod sw20 is not wimbledon at all - it is raynes park.

i dont know about more down at heel than wimbledon proper - some roads around the broadway are questionable, but much more desirable than raynes park.

kt2 is closer to norbiton than anywhere else.........

If you look closely, the area around wimbledon common falls into SW20 & SW19

Also, KT2 includes all the Warren roads & variants - some of the most expensive houses in "Wimbledon" (not Warren road in SW19)

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Large countryside property seems to be ALOT better value thancity properties, lower end birmingham house prices on average are lower than worcester (which is 40 miles out of birmingham). However the larger properties, and new build flats seemed to be VERY over priced...

http://www.rightmove.co.uk/viewdetails-651...pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-296...pa_n=1&tr_t=buy

Perhaps large properties in cities tend to be over priced because of a lack of supply (turned into offices etc etc), and this supply is continuing to dry up, and prices of large (show off?) properties in cities will continue to rise for sometime masking the falls in the rest of the normal market.

A further thought, perhaps the lack of larger properties in cities is made worse by subdividing large properties into flats?

I hate all that top designer John Rocha bolloks (sp) there`s a building in Everton he`s given his treatment to, 2 of the units are up for auction next week at just below what the previous muppet paid for them. Would do the link only the auctioneer only allows a link to the catalogue and not individual properties for some stange reason <_<

Further..it`s poor practice for anyone to use greater London in isolation as an example of house prices at the top, I`m pretty sure that the last land reg stats indicated that nationally the sale of the 1mil + property had fallen sharply year on year.

In my own area Wirral we have had one or two that have recently broke the 1 mil ceiling, however, it appears that several vendors are attempting to push that there envelope and having no luck.

Forget about speculation at that top end, there are not enough captains of industry that can afford those prices nationally. Ask yourself, if you earned say 500K a year would you buy a 1mil house now?

Edited by Converted Lurker

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Is it fair to say the Gap between the very rich and everyone else is widening, and there are a large number of very rich people, im sure there are a finite number of these properties in wimbledon.

If anything further away from the large cities REALLY expensive properties appear to be cheaper, this in worcester appears to be a bargain, in comparison to the 300->400 5 bedroom new builds on the outskirts of town, and you get your own boat house with it...

http://www.rightmove.co.uk/viewdetails-756...pa_n=1&tr_t=buy

LOL love it. Of course this house will get at the very least its toes wet EVERY year.

The river floods realy badly at least once a year - it reaches nearly the top of the arches on the bridge

see

http://worcestervista.co.uk/flooding-in-worcester.htm

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If you look closely, the area around wimbledon common falls into SW20 & SW19

Also, KT2 includes all the Warren roads & variants - some of the most expensive houses in "Wimbledon" (not Warren road in SW19)

stick the same house you find in any part of kt2 and put it in florence road, sw19 and you will see why sw19 and kt2 are consdered seperate areas

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stick the same house you find in any part of kt2 and put it in florence road, sw19 and you will see why sw19 and kt2 are consdered seperate areas

This discussion was started about the shortage of high value properties - not the relative merits of one area versus another.

I simply posted anecdotal info about £2m+ houses in my area & when someone responded - I suggested they included SW20 & KT2 as there are a number of roads included in Wimbledon - dealt with by Wimbledon Agents which have £2m+ houses.

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Ask yourself, if you earned say 500K a year would you buy a 1mil house now?

Why not?

1) Very low cost to salary multiple so negligible monthly repayment

2) Probably got a large deposit so little chance of negative equity

3) What else to do with the cash sloshing around? Pay tax??

4) Not much chance of losing your job without large redundancy.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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