Jump to content
House Price Crash Forum
interestrateripoff

Breathe In! London's Skinniest Home At Just 99 Inches Wide On Sale For £450,000

Recommended Posts

http://www.dailymail.co.uk/news/article-2636019/Breathe-Londons-skinniest-home-just-99-inches-wide-sale-450-000-Denmark-Hill.html

  • One-bedroom house in Denmark Hill, SE London, is a 466 sq ft two-storey home at end of three-storey terrace
  • Estate agents Foxtons say the property's location is excellent for commuters wanting a 'perfect pied-à-terre'
  • Narrowest property in Britain is a terraced home on Isle of Cumbrae in Scotland which has a 37in front façade

article-2636019-1E1902A300000578-397_964

Bargain!!!

Share this post


Link to post
Share on other sites

Won't someone please think of the distressing situation for older home-owners rattling around in 4-5 bed houses all by themselves? Apparently they don't even exist. They're all living in small flats, skinny houses like this, and 2 bed terraces already.

If they did exist, owning 5 bed houses worth £1m+ into the reflation, they also have no incentive whatsoever to downsize.

Breathe in! London's skinniest home at just 99 inches wide on sale for £450,000... built on space that was once someone's side garden

83c Grove Lane, London, Greater London SE5 8SN

Sold data:

£245,000 Terraced, Freehold 16 Feb 2011

£197,000 Terraced, Freehold 15 May 2009

£150,000 Terraced, Freehold 15 Feb 2006

To check, put the postcode in here for Land Registry sold prices: http://www.rightmove.co.uk/house-prices.html

Next door, a 3 bed house, selling for £848,860 in 2011 (but seemingly not an older downsizer who sold - they don't exist it's said.. not absolutely loads of them at all.)
with pics
Edited by Venger

Share this post


Link to post
Share on other sites
83c Grove Lane, London, Greater London SE5 8SN

Sold data:

£245,000 Terraced, Freehold 16 Feb 2011

£197,000 Terraced, Freehold 15 May 2009

£150,000 Terraced, Freehold 15 Feb 2006

The price rise over the last 3 years is unbelievable. There was no correction in London it just when from crazy to crazier! Who's wages has almost doubled in the last 3 years!

Share this post


Link to post
Share on other sites

The price rise over the last 3 years is unbelievable. There was no correction in London it just when from crazy to crazier! Who's wages has almost doubled in the last 3 years!

If they get it.

Although it's nearly just as annoying that's the asking price.

In theory such a market should bring out more sellers, but so much complacency about forever HPI. With excuses about population growth, small island lol. Fools.

Share this post


Link to post
Share on other sites

If they get it.

Although it's nearly just as annoying that's the asking price.

In theory such a market should bring out more sellers, but so much complacency about forever HPI. With excuses about population growth, small island lol. Fools.

I'd disagree with that, if the prices keep going up at 20% you end up with the problem no one can afford to move up the housing ladder as they can't afford the higher price even with the growth in "equity" of their property. Wages aren't keeping up and from comments on here there's a lack of sales volume.

Share this post


Link to post
Share on other sites

Won't someone please think of the distressing situation for older home-owners rattling around in 4-5 bed houses all by themselves? Apparently they don't even exist. They're all living in small flats, skinny houses like this, and 2 bed terraces already.

From another thread:

There's an article on the main page today that offers some interesting information as to one of the factors causing the appearance of inadequate housebuilding in addition to the more obvious speculation of BTL and those holding empty properties:

Or consider another housing pundit, Danny Dorling. His new book, All That Is Solid, emphasises that the central failing of British housing is chronic under-occupation, which is getting worse. The 1971 census return showed Britons enjoying 1.5 rooms per person. Today, with a larger population, the figure is 2.5. Small households were moving into larger properties and staying there, even when children fled the nest. The rich are simply storing money in surplus rooms.

http://www.theguardian.com/commentisfree/2014/may/21/no-housing-crisis-just-very-british-sickness

This ties in with my general perception but not particularly trusting newspapers I went to have a look at the ONS site and it does seem to concur that we have a massive problem with underoccupancy of our current housing stock:

In 2011, 9 per cent (2.3 million) of households in the UK were over-occupied and 73 per cent (19.2 million) were under-occupied based on occupancy rating (the notional number of rooms required for the number of people who live there).

http://www.ons.gov.uk/ons/rel/census/2011-census/key-statistics-and-quick-statistics-for-local-authorities-in-the-united-kingdom---part-3/index.html

It's not really a big leap to think that a 73% under-occupancy rate would create the illusion of an inadequate amount of housing and create actual supply issues as what would otherwise be an adequate supply is poorly utilised. That, from the figures above, less than 9% of the housing stock we do have is over-occupied while 73% is underoccupied only serves to underline that the amount of physical housing we have is unlikely to be the real issue.

Share this post


Link to post
Share on other sites

I'd disagree with that, if the prices keep going up at 20% you end up with the problem no one can afford to move up the housing ladder as they can't afford the higher price even with the growth in "equity" of their property. Wages aren't keeping up and from comments on here there's a lack of sales volume.

If I owned even a basic starter house in this market, in any of my areas of interest, I'd be STRing immediately with a panic. A house at the mid-to-higher end, owned outright by older owners. It's a lottery win HPI, at the values houses have reached in so many areas. The gains can be used to downsize, secure financial position in retirement, assist other family loved ones.

It's a basic market principle, even with houses - a high price point comes where people look to cash in. Perhaps only a few people at first, but they help set the process, when more sellers begin to outnumber proceedable buyers. Then again you have many people here claiming all the housing equity is not real. That's sort of true, post-crash, for those who hold it all the way down. They can't complain when house worth a lot less than it used to be.

Only reason we're not seeing (yet) is is due to way too much owner complacency out there re even more HPI, and reasoning that Gov will always find ways, such as HTB1+2 schemes, to support current values/prices. And that in turn encouraging bomad/investors and just general entrants to buy up trickle of supply which is coming to market. There should be a point where the market defeats all this malinvestment, higher prices and inventory on market recently at 2004 lows, with a surge in supply. Just needs a wobble, such as MMR might bring.

You've got people on hpc arguing £40K in costs is too unbearable for an oldie to downsize from a house they could sell for £1m, to buy a house at £600,000. You've got campervanman with his fantasy market view too, which is widely shared with many older outright/equity rich owners = always others take on bigger debt, to keep house prices high for others under Gubbermint protection schemes.

Apr 3rd 2014
Where Are the Sellers?
This problem usually corrects itself. Higher prices should lure more sellers into the market who see an opportunity to cash out. That would then then lead to more listings and ease the face-offs among buyers. Sales data suggest that this has happened in Los Angeles, where more homes have been put up for sale, and they're staying on the market longer.

http://www.dailyfinance.com/2014/04/03/housing-market-few-buyers-not-enough-sellers/

The alternative view is that wages and salaries become increasingly detached from the calculation of house price affordability and are replaced by the amount of tax revenue that the government are prepared to use to prevent a collapse in prices. There may not be further hpi as in the terms of 1980's hpi but there could well be preservation of current values due to a combination of low IR's and continuing government subsidies. Free housing through hpi+inflation and free housing through artificially low IR's and further taxpayer subsidies both give the buyer of the house a transfer of wealth from someone else to them.

Interesting read Lo-fi. Demand/shortage also distorted by the BTL investors still trying to gobble up 200,000 homes a year, on top of all the existing housing stock they've acquired into the prices-that-can-never-fall-because-of-population-growth-and-acute-demand-to-buy market view they have.

Edited by Venger

Share this post


Link to post
Share on other sites

Some sale prices in the area from 1995. During this period the Consumer Prices Index has risen 50%.

1995_SE58DL.jpg

I'll post up latest for the first one, and all the others will surely be similar.

35 Bromar Road
Property type: Terraced house | Tenure: Freehold | Last sale: £51,000 | Sale date: 18th Aug 1995
Previously listed for sale on 14th Sep 2011
£895,000
Previously listed for sale on 7th Jun 2012
£795,000
Were we poorer for it all in 1995? Affordable house prices.
I wonder what recent buyers were thinking in 1987-89.
No Government schemes to bail them out, 0.5% VI saviour policy, QE to bail them out + casino market speculative attractive with international investors - preventing younger new entrants to buy at lower prices.
Here many existing owners believe prices are going to kick on from £895,000 and no one has any incentive to downsize or cash out.
Edited by Venger

Share this post


Link to post
Share on other sites

Interesting read Lo-fi. Demand/shortage also distorted by the BTL investors still trying to gobble up 200,000 homes a year, on top of all the existing housing stock they've acquired into the prices-that-can-never-fall-because-of-population-growth-and-acute-demand-to-buy market view they have.

Absolutely, current housing stock shortage looks to be down to speculation rather than fundamental demand: financial speculators with their empty London prime/new builds, BTLers with their poor yields and only HPI driven returns, and owner occupiers holding on to houses with multiple unused bedrooms as a wealth store.

Share this post


Link to post
Share on other sites

Some sale prices in the area from 1995. During this period the Consumer Prices Index has risen 50%.

Hilarious! And yet Cameron thinks we have another 4 years of HPI to go before we're in a bubble... :lol:

Share this post


Link to post
Share on other sites

83C Grove Lane sold 30 Sep 2014 for £360,250.

As per the thread title, the original Foxtons asking price was £450,000.

Previous sale prices:

£245,000 16 Feb 2011
£197,000 15 May 2009
£150,000 15 Feb 2006

Share this post


Link to post
Share on other sites

I'd disagree with that, if the prices keep going up at 20% you end up with the problem no one can afford to move up the housing ladder as they can't afford the higher price even with the growth in "equity" of their property. Wages aren't keeping up and from comments on here there's a lack of sales volume.

everybody with skills ask for a company transfer immediately.

simple solution.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   209 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.