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Here's a marketing trick i've not come across before:

http://www.rightmove.co.uk/property-for-sale/property-46337453.html

"RENT TO BUY OPPORTUNITY!! . . . . PAY £350,000 Today, £1000 pcm for 60 months and pay the final balance of £850,000 after the 60 months lease period!! . . . . Call TODAY FOR A VIEWING!! "

So they want you to pay 1.26 MIllion to live in a house they are very likely to build a BIG estate behind ( local knowledge ).

I personally think the desperation is strong in this one!!!!

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I know you don't like Rightmove sourced Sold Prices (Data sourced from Land Registry), but here we go.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=37586836&sale=24370277&country=england

31 Jan 2008 Detached, Freehold £920,000 Land Registry
26 Jan 2006 Detached, Freehold £850,000 Land Registry
29 Apr 2002 Detached, Freehold £500,000 Land Registry
24 Sep 1999 Detached, Freehold (New Build) £420,000

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I know you don't like Rightmove sourced Sold Prices (Data sourced from Land Registry), but here we go.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=37586836&sale=24370277&country=england

31 Jan 2008 Detached, Freehold £920,000 Land Registry
26 Jan 2006 Detached, Freehold £850,000 Land Registry
29 Apr 2002 Detached, Freehold £500,000 Land Registry
24 Sep 1999 Detached, Freehold (New Build) £420,000

And as the land registry is around the 2004 mark for northampton, that house is worth around £700k.

Caveat Emptor.

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Nice house though - would make a good B&B, but I wouldn't like to heat it.

I'd offer on it if it were priced in line with reality.

It's £500K over-priced, now that's just crazy ( and that with 0.5% interest rates and crazy government schemes )

Worst still, if you take up this great opporunity, you'll might be paying up to £600K over the odds.

This is why I am saying it's too great a risk to buiy a house at the moment, we need 5% interest rates and some kind of stability in the banking system before anyone can realistically say they are paying the right value for a home. If that situation is unobtainable due to some hidden banking issues then we are all in the ***t and it's time to get out.

Edited by TheCountOfNowhere

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Some people probably had the same discussion when car finance really took off in the 80s. The same financial structure looked pretty crazy for cars back then but now it's the norm. It's also done a good job of getting people to buy cars they can't really afford for years.

This is frightening.

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Here's a marketing trick i've not come across before:

http://www.rightmove.co.uk/property-for-sale/property-46337453.html

"RENT TO BUY OPPORTUNITY!! . . . . PAY £350,000 Today, £1000 pcm for 60 months and pay the final balance of £850,000 after the 60 months lease period!! . . . . Call TODAY FOR A VIEWING!! "[/size]

So they want you to pay 1.26 MIllion to live in a house they are very likely to build a BIG estate behind ( local knowledge ).

I personally think the desperation is strong in this one!!!!

Only one photo, and no plan layout? The agents are really working off their littles socks off aren't they?

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Only one photo, and no plan layout? The agents are really working off their littles socks off aren't they?

Its been up for sale for quiet a while now and with potentially a new estate about to spring up behind it, the asking price really does seem crazy. Someone moving out of london ( the great hope for many locally ) might buy it but anyone local is priced out !!!1

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I wondered how long it would take 'rent to buy' to filter into the housing market.

It's been around in the plant industry for years and is quite a good tool for shifting kit.

However, selling capital equipment this way the risk is with the vendor (though the risk is priced in via an increase in machine price) as the equipment stays on their balance sheet till the actual buy part of the deal occurs, and of course the equipment is only rented so can be returned any time but purchaser will loose 100% rental money.

The purchaser generally knows this is an expensive way to buy a piece of equipment but normally a certain percentage of the rentals can be used as a deposit when the final transaction occurs and of course they don't need to stump up a hefty deposit, normally 2-3 months rentals in advance.

Looking at this though looks like the purchaser gets stitched up from all directions, pay a huge deposit, then pay rentals (with no % rebate) and then pay full / over price. You'd need your head reading if you thought that was a good deal IMHO.

BF

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I wondered how long it would take 'rent to buy' to filter into the housing market.

It's been around in the plant industry for years and is quite a good tool for shifting kit.

However, selling capital equipment this way the risk is with the vendor (though the risk is priced in via an increase in machine price) as the equipment stays on their balance sheet till the actual buy part of the deal occurs, and of course the equipment is only rented so can be returned any time but purchaser will loose 100% rental money.

The purchaser generally knows this is an expensive way to buy a piece of equipment but normally a certain percentage of the rentals can be used as a deposit when the final transaction occurs and of course they don't need to stump up a hefty deposit, normally 2-3 months rentals in advance.

Looking at this though looks like the purchaser gets stitched up from all directions, pay a huge deposit, then pay rentals (with no % rebate) and then pay full / over price. You'd need your head reading if you thought that was a good deal IMHO.

BF

But look how LOW those monthly payments are......

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Looks like they tried (and failed) to flog it for £1.3 million in 2012

http://www.zoopla.co.uk/property-history/36-belfry-lane/collingtree/northampton/nn4-0pb/17127491

Some lucky London buyer might snap it up...as i said..in line with the land the locally it was worth about 700k ish before they got permission to build a new estate behind it. Edited by TheCountOfNowhere

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Some lucky London buyer might snap it up...as i said..in line with the land the locally it was worth about 700k ish before they got permission to build a new estate behind it.

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Another one from the same estate:

http://www.rightmove.co.uk/property-for-sale/property-30423903.html

Bearing in mind that BIG house, in line with the ladn registry might only be worth 700K;

so we have:

5 bedroom detached house for sale
Turnberry Lane, Collingtree Park, Northampton
£679,995
There's been various houses up for sale there since the new estate planning permission was granted. Most have sit there unsold bar a repo or two, though they keep going SSTC then come back on ( I wonder why ). My wife and I viewed a 5 bedder similar to this about 18-24 months ago, might have been going to auction, asking price about £550K....value in line with land registry, £450K
The tories really have broken the housing market, they've TOLD us that it's returned to normal but I expect it's ground to a halt now...I wonder what will come next. :rolleyes:
Edited by TheCountOfNowhere

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