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Another In Harrow Shocker

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Rush down to the open day and put in an offer for this under 60m sq. home. A snip at £379k for http://www.rightmove.co.uk/property-for-sale/property-45574952.html. But what is this the same exact house sold in June 2013 for £250k http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45574952&sale=49596455&country=england. Condition exactly the same. I don't think the person even moved in.

I can't fathom how it can leap this much in 6 months. That's a 50% rise in just under a year.

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I think the photos on the sold prices page are the current ones, not the previous ones.

It could be that the place was sold as a shell for £250k and all the work has been done since. Whether that justifies the price uplift or not I don't know!

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The main problem with this one is the size - it is a 1 bed flat in the format of a 2 bed house. It is also over £700 per sqft which is a huge price for anywhere in outer London especially Harrow. No room to extend realistically, either.

It is the type of thing that movers from central London will love, though. House rather than flat, (very limited) outside space, right by lovely Harrow-on-the-Hill and the fast tube so they don't have to go to downtown Harrow at all.

Even assuming that the refurb cost £50k (which seems unlikely), this is still a 33% increase on the total cost within a year, and this is in a borough which came 'bottom' of the London house price growth league with 8% in the last year.

Why do people keep paying these premiums?

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It a converted staircase. You have to admire all of the things they have converted the staircase into especially considering the builder had to use a set square modified for the 70* angles. Sit and enjoy breakfast on the stairs whilst looking at your wall which is at a funny angle.

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I think the photos on the sold prices page are the current ones, not the previous ones.

It could be that the place was sold as a shell for £250k and all the work has been done since. Whether that justifies the price uplift or not I don't know!

yes you're right. The last owner was probably carried out.

www.zoopla.co.uk/property-history/30-middle-road/harrow-on-the-hill/harrow/ha2-0hl/28609217.

Still if they sell close to asking price that's a stinking profit. An ordinary buyer wouldn't get the mortgage to get it refurbished even if he/she could afford the loan. The ordinary punter is at a disadvantage against these folks who borrow over the short run and flip it quickly for a profit. and clear borrowing. If you're buying to live-in you can't cash in after 9 months to pay off the loan. On street after street I am seeing this developers quite content to bid high, no quibbling over condition, do-up, and then launch at ridiculous new bench mark for the street.

The neighbours of course must love it, because once a new price achieved everything else rises on the tide, however shit it is.

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The neighbours of course must love it, because once a new price achieved everything else rises on the tide, however shit it is.

Yep. You can tell from the 'before' photos that this was not originally a house designed for a rich person, and I a lot of the original contingent will still live there. To buy this on the type of loan the BoE consider sensible, you'd need to be earning £110k a year!

I bet the long standing residents can't believe this house is now 15 times the national average income. People who bought here in the 70s probably found the house about 3 times the national average income, people who bought earlier even less.

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Yep. You can tell from the 'before' photos that this was not originally a house designed for a rich person, and I a lot of the original contingent will still live there. To buy this on the type of loan the BoE consider sensible, you'd need to be earning £110k a year!

I bet the long standing residents can't believe this house is now 15 times the national average income. People who bought here in the 70s probably found the house about 3 times the national average income, people who bought earlier even less.

It is a tiny Victorian worker's cottage. Downstairs bathroom. Probably cost Ten old pounds to build. It is in the conservation zone but not far from the main road. Wrong side of the hill for the Met line, fine for the Piccadilly. Parking can be tricky, too. In quite an atmospheric street, neighbourhood and the house is quaint but the price is staggering because the average wage here is under 30k. Two good pubs within spitting distance though so you wouldn't have to worry about entertaining at home.

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Admittedly I dont know anything about Harrow, but how on earth is that going for £380k? Its basically a one bed house, and an awful one at that. I'd rather have the same area spread across a decent 2 bed flat to be honest.

Looking on rightmove there are much better things in Harrow for that price range. Is that one in an especially great school catchment area or something? Because I dont understand how else it can possibly be the same price as any of these, which are all within 5 minutes walking distance:

http://www.rightmove.co.uk/property-for-sale/property-45591245.html (3 bed semi-detached house, £50k cheaper)

http://www.rightmove.co.uk/property-for-sale/property-43037902.html (as above)

http://www.rightmove.co.uk/property-for-sale/property-29369022.html (a flat, but bigger than that awful house, with a more sensible layout and £130k cheaper to boot)

Edited by Smyth

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Admittedly I dont know anything about Harrow, but how on earth is that going for £380k? Its basically a one bed house, and an awful one at that. I'd rather have the same area spread across a decent 2 bed flat to be honest.

Looking on rightmove there are much better things in Harrow for that price range. Is that one in an especially great school catchment area or something? Because I dont understand how else it can possibly be the same price as any of these, which are all within 5 minutes walking distance:

http://www.rightmove.co.uk/property-for-sale/property-45591245.html (3 bed semi-detached house, £50k cheaper)

http://www.rightmove.co.uk/property-for-sale/property-43037902.html (as above)

http://www.rightmove.co.uk/property-for-sale/property-29369022.html (a flat, but bigger than that awful house, with a more sensible layout and £130k cheaper to boot)

I am not trying to justify that house bring £380k, but Harrow on the Hill where it is located is completely different from the rest of Harrow. When you go there you feel like you have walked into a totally different area. Harrow itself is very run down in parts and just unpleasant in others. Because of that the nicer parts like the Hill and Stanmore are very expensive compared to the rest.

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Harrow + surrounding areas hugely inflated at the moment avoid like the plague!

Sold in Sept 2015 for £772,000. Back on the market (May 2016) for £900,000 - no visible changes to property (planning permission for extension only).

previous sold price

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=46553461&sale=54394061&country=england

new price

http://www.rightmove.co.uk/property-for-sale/property-41797731.html

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Harrow + surrounding areas hugely inflated at the moment avoid like the plague!

Sold in Sept 2015 for £772,000. Back on the market (May 2016) for £900,000 - no visible changes to property (planning permission for extension only).

previous sold price

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=46553461&sale=54394061&country=england

new price

http://www.rightmove.co.uk/property-for-sale/property-41797731.html

That is showing under offer as well! That is one very profitable planning application if they get anywhere near £900k.

This seems to be part of a completely new phase - we have been through the "buy, do a light refurb, sell for 50% more" phase and now we have entered one where the light refurb isn't even necessary. I wonder if people will even bother getting planning permission to make a profit going forward, or just buy it, sit on it for a year and take a big profit.

On the upside, in my area (Kingston) I am seeing more reductions come up on Rightmove than I have in a long time, and this is not even counting the EA tactic of removing listings and relisting them at a lower price so they don't show as a reduction.

I am not sure this really means anything though as most of the reductions are on properties that were priced so over the top (even in this market) to start with. It probably just means that EAs are realising that they are being TOO greedy and have decided to scale back to their usual 15% annual rises.

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I live in Harrow and its ridiculous you have probably missed the boat now. In November I went to see a 2 bed near Wealdstone for 300k (Barrat) which I thought was steep for the area i.e. worst part of Harrow but great schools and transport links...the last phase every apartment went for 350-370k+ same 2 beds,

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Looking at the floor plan in the details, it seems that you cannot get to bedroom 1 without going through the door in bedroom 2. Fine if there's no shenanigans, but it would be awkward anyway.

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I've just had a another look at this area on rightmove. I am amazed at the prices. 3 bed semi in close-by Wembley at 800K : http://www.rightmove.co.uk/property-for-sale/property-59010179.html

Harrow plus surrounding areas could quite easily be the most inflated market in the UK (and possibly the world). According to this article it saw some of the highest rises in 2015. 2016 figures most likely to be the same.

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Used to live in Harrow, was nothing special then, visited this year and it is far worse in every respect than it used to be. Dirtier, noisier, more congested with people and trafic and no one speaks English anymore. Felt like a different planet than I left 8 years ago.  The met line does however have better trains.

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We are living in times of sheer madness, one-bedroom flats in harrow now cost approx. £300k. When I bought my three-bedroom ex-council flat in 2001, I paid £113k in 15 years it has risen to £500k. I don’t own a home at the moment, but one day I would like too. 

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