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Most Overpriced Monstrosity In London


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The trouble with or indeed the attraction of London is that the average wage in the City is probably about £60,000 a year. A couple on those salaries can raise a mortgage of £480,000 without much difficulty. Add in a deposit in the form of a few years' bonuses and they can get to £600k total buying fund without a problem. This represents little long term risk because salaries will rise nicely

The dump in E-whatever it was probably went to a singleton with a bigger deposit than that.

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  • 5 weeks later...
  • 1 month later...

let me add this beauty in the contest. Not expecting it to make top of the pile, but nevertheless:

http://www.rightmove.co.uk/property-for-sale/property-32196966.html

Bought for 200k back in Feb' 2013, now on for 350k? Hmm, let's see how Richmond in comparison has performed: 14.7% CAGR according to Land Registry. The vendor seems to think more like 34% pa. Yeah right! At least 75k above benchmark. Quite ridiculous!

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let me add this beauty in the contest. Not expecting it to make top of the pile, but nevertheless:

http://www.rightmove.co.uk/property-for-sale/property-32196966.html

Bought for 200k back in Feb' 2013, now on for 350k? Hmm, let's see how Richmond in comparison has performed: 14.7% CAGR according to Land Registry. The vendor seems to think more like 34% pa. Yeah right! At least 75k above benchmark. Quite ridiculous!

ex factory/warehouse/office block?

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turns out: is a mixed-use building. Two businesses downstairs (accounting and whatnot) and 2 flats above. The nerve to charge £1,500pcm for service and £250pa for ground rent!?!

My valuation of < £300k seems right. A flat above a row of shops on the other side of A316 is going for £325k and that one is most certainly not even a £300k property.

I'll leave it to the EA to find the vendor some other ninny.... the poor soul seems to be very keen to sell, go for him :lol:

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  • 4 months later...

ex factory/warehouse/office block?

let me add this beauty in the contest. Not expecting it to make top of the pile, but nevertheless:

http://www.rightmove.co.uk/property-for-sale/property-32196966.html

Bought for 200k back in Feb' 2013, now on for 350k? Hmm, let's see how Richmond in comparison has performed: 14.7% CAGR according to Land Registry. The vendor seems to think more like 34% pa. Yeah right! At least 75k above benchmark. Quite ridiculous!

Note it sold for £305000 Mar 2015. A fair whack down on asking but still up signficantly on the 2 year previous price. Assume it had a reno in that time though.

Immediately to the rear of it are a number of railways, and the back side of building is grafittied. While in Richmond, the immediate area is pretty dire.

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It doesn't look a bad house. However for a family with a single earner (and until recently many homes were bought by single earner) they would have to earn £100K to £120 K to buy this. In 95 prices were £56 K in this road, someone earning £16 K p.a. could have bought, now which jobs paying £16K p.a. in 95 pay £100K p.a. now (if there are any please pm me with details).

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Another contender from the Richmond area:

http://www.rightmove.co.uk/property-for-sale/property-54144896.html

"Great opportunity to secure this unusual one bedroom apartment"

"Sold with tenants in situ on a long standing Assured Short Hold Tenancy this is a fantastic chance to secure a property at a very reasonable price"

ie; no chance to live in, probably underrented and I think no prospect of increasing it?

Sounds like an amazing investment :wacko:

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