MattW Posted August 9, 2014 Share Posted August 9, 2014 I really hate properties like these: http://www.rightmove.co.uk/property-for-sale/property-46165982.html Once a decent sized 2 bedroomed (possibly 3?) former council flat . The current leaseholder has carved four bedrooms out of it. I bet the immediate neighbours are delighted. What I want to know is - how on Earth did this get freeholder's permission to get so many rooms out of it? Is it an HMO? Aside from it's stratospheric 'offers in excess of £145k' (£125k would be a good price), the Estate Agent claims that it brings in £1330 a month when fully let. Nowhere near a 10% yield if the vendor achieves over £145k for it. A neighbouring council flat would rent for around £300 a month. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 9, 2014 Share Posted August 9, 2014 Those with the least....end up with even less.....certain people are only there to make money out of, no other purpose. Quote Link to comment Share on other sites More sharing options...
A.steve Posted August 9, 2014 Share Posted August 9, 2014 http://www.rightmove.co.uk/property-for-sale/property-46165982.html Once a decent sized 2 bedroomed (possibly 3?) former council flat . I feel your distaste. I find the 'how many bedrooms' really frustrating, too. I want a 2-bed house - but I want it to be a 'decent size' - which, effectively, means I need a 4-bed house - then, perhaps, modify it to suit me. If I have to get 4-beds to find space for two, I do get to use the extra rooms as a dressing rooms / walk-in wardrobes. Quite irritating... What on earth suggests to you that BTL should get 10% gross rental yield? I know people who are happy at ~4%. I can't imagine many renters willingly paying £1330 for such a flat... that seems an awfully optimistic rent to ask for such basic accommodation. Quote Link to comment Share on other sites More sharing options...
Lifes a game Posted August 9, 2014 Share Posted August 9, 2014 their £1330 is probably geared toward 4 students paying rent at £85 per week. Quote Link to comment Share on other sites More sharing options...
MattW Posted August 9, 2014 Author Share Posted August 9, 2014 What on earth suggests to you that BTL should get 10% gross rental yield? I know people who are happy at ~4%. I was under the impression that a 10% yield was good but anything less than that would be quite poor. If I was a landlord I wouldn't be happy with 4%. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted August 9, 2014 Share Posted August 9, 2014 £125k would be a good price Do you really think £125,000 would be a good price? I would rather tongue an Ebola patient. It is truly horrid, remember £125,000 is REAL money - how many hours graft is that, and how many nights in a Travelodge could you buy with that? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted August 9, 2014 Share Posted August 9, 2014 (edited) Previously sold flat here http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=38250973&sale=49445696&country=england So I suspect space has been carved out of the very generous lounge. This is where Councils went wrong. Should have doubled every one up in generously proportioned Parker Morris spec flats! Trust greed and the free market to find the solutions. Edited August 9, 2014 by aSecureTenant Quote Link to comment Share on other sites More sharing options...
ThePiltdownMan Posted August 9, 2014 Share Posted August 9, 2014 Trust greed and the free market to find the solutions. It would be a free market if you could just buy some land and build what you want on it. The situation right now is far from it. Quote Link to comment Share on other sites More sharing options...
MattW Posted August 9, 2014 Author Share Posted August 9, 2014 Do you really think £125,000 would be a good price? I would rather tongue an Ebola patient. It is truly horrid, remember £125,000 is REAL money - how many hours graft is that, and how many nights in a Travelodge could you buy with that? I meant 'good' in terms of 'well above what it's really worth'. I wouldn't pay £125k for it. Quote Link to comment Share on other sites More sharing options...
MattW Posted August 9, 2014 Author Share Posted August 9, 2014 Previously sold flat here http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=38250973&sale=49445696&country=england So I suspect space has been carved out of the very generous lounge. This is where Councils went wrong. Should have doubled every one up in generously proportioned Parker Morris spec flats! Trust greed and the free market to find the solutions. Sorry aSecure Tenant but that's a different flat. The one in your link is rectangular in shape whereas the one in my OP is square. I think it's number 49: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=42603385&sale=45959507&country=england Sold for £95k. Looks like the same one as it has the same style hardwood door and the flat above has a blue door in both ads. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted August 9, 2014 Share Posted August 9, 2014 There have been a few other threads on a similar theme - smaller rooms, houses carved up for bedsits etc. This is one area where you can see the effect of immigration - not so much rising property prices, but greater population density. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted August 9, 2014 Share Posted August 9, 2014 I agree it is well over priced. People must realise it is real money paid for what makes a crack den look topper-most. Lire like prices don't help anyone, other than the greedy koont trying to pass it on. I do so hope the music stops before it is passed off to some stupid gimp. Quote Link to comment Share on other sites More sharing options...
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