London Mumsnet Desperate Seller - £51 Drop On £250K Flat

[Bill D'arblay]

Yes, they have had no viewings (let alone offers) on a £250K BTL flat.

Was originally priced at offers over £250K but dropped now to £249.950.

So they have dropped it in price by £51

Judging by her Mumsnet nick, Amethyst24, she is probaly 'running' a 'MadWoman' jewelry making business.

Full OP on Mumsnet;

DP's flat has been on the market for a few weeks now with barely a sniff. It's a 1-bed in zone 3, in pretty good condition although it's been tenanted for a few years (tenants have now moved out). Was originally priced at offers over £250K but dropped now to £249.950. Seems on a par with others on the market in the area - competitive if anything.

So am I right in thinking that the market is just really slow at this time of year? We're considering giving the agents a week's notice in the hope that they'll make a massive effort in that time, then taking it off the market until the new year and getting valuations from other agents now we're not facing the issue of the stamp duty threshold.

Also wondered whether putting in a new kitchen might help (it's the only thing in the flat that is really dated). But then people would potentially be viewing it when there's work being done and it's a mess, and if the new kitchen wasn't to their taste it might put them off...

Any words of wisdom?

Rightmove

Will there be any end to the total and utter madness that the UK and especially London has become?

Edited December 13, 2014 by Bill D'arblay

[otters]

Yes, they have had no viewings (let alone offers) on a £250K BTL flat.

So they have dropped it in price by £51

Judging by her Mumsnet nick, Amethyst24, she is probaly 'running' a 'MadWoman' jewelry making business.

Full OP on Mumsnet;

Will there be any end to the total and utter madness that the UK and especially London has become?

She has only dropped it by £50, maybe they need to go that extra quid to sell

[dances with sheeple]

Yes, they have had no viewings (let alone offers) on a £250K BTL flat.

So they have dropped it in price by £51

Judging by her Mumsnet nick, Amethyst24, she is probaly 'running' a 'MadWoman' jewelry making business.

Full OP on Mumsnet;

Rightmove

Will there be any end to the total and utter madness that the UK and especially London has become?

Yes, there will, and if you are left trying to sell something like that after having over-borrowed you won`t be celebrating.

[dances with sheeple]

She has only dropped it by £50, maybe they need to go that extra quid to sell

Or drop the £ sign and add a k on the end? Even then they will be struggling I think.

[dances with sheeple]

From the comments -

"We are in the beginnings of a crash in house prices, no amount of tarting up will sell a property at peak prices in a buyers market"

Reality starting to dawn on Mumsnet, or did a rouge HPC commando slip through the lines?

I meant Rogue, but maybe make-up was needed to slip through?

Edited December 13, 2014 by dances with sheeple

[spyguy]

Yes, they have had no viewings (let alone offers) on a £250K BTL flat.

So they have dropped it in price by £51

Judging by her Mumsnet nick, Amethyst24, she is probaly 'running' a 'MadWoman' jewelry making business.

Full OP on Mumsnet;

Rightmove

Will there be any end to the total and utter madness that the UK and especially London has become?

Well your post has just confirmed what a *****-centric person your are.

Everyone one knows the business to be in these days is handcrafted pots of nut butters.

I guess it makes use of the UK's vast peanut and almond surplus.

[SarahBell]

What's the service charge and when are renovations to the exterior due?

[Mrs Bear]

Leaving aside daft prices generally, how unbelievably stupid and clueless to have priced originally at 'offers over £250K!' Had they not heard of the former SD bands??

[renting til I die]

Leaving aside daft prices generally, how unbelievably stupid and clueless to have priced originally at 'offers over £250K!' Had they not heard of the former SD bands??

Sold for:

£275,000

30 Sep 2014

Flat 26, Fordyce House, Colson Way, London, Greater London SW16 1SF

I'm guessing because this one sold in the same block?

Bit of a jump from the one that sold before that!

Sold for:

£210,000

31 Jan 2014

Flat 17, Fordyce House, Colson Way, London, Greater London SW16 1SF

Edited December 13, 2014 by renting til I die

[Guest]

Don't know what she thinks is wrong with the kitchen. Looks ok from the photo.

Elsewhere in the country you can buy a four bedroom detached house for that money, of course. Who'd live in London, given the choice?

This not-very-nice flat should cost 75k, at most.

[Neverwhere]

Sold for:

£275,000

30 Sep 2014

Flat 26, Fordyce House, Colson Way, London, Greater London SW16 1SF

I'm guessing because this one sold in the same block?

Bit of a jump from the one that sold before that!

Sold for:

£210,000

31 Jan 2014

Flat 17, Fordyce House, Colson Way, London, Greater London SW16 1SF

Not the same block, this one is a 1 bed in Langton House, last sold price for the block is £158k for a 2 bed in Dec 2010.

Edit: also the last flat sold in the other block was the penthouse so probably not directly comparable.

Edited December 13, 2014 by Neverwhere

[Bill D'arblay]

Another crazy thing I have noticed about the rental market outside London these days is the compression of range of rents at the lower end.

Skanky bedsits and room in house shares are £500 pcm - Also they universally say 'No DSS'. Haven't the fLIcktards heard of the DWP or Council? I paid £25 a week for my single room in mid nineties - no references and no one gave a shit about 'DSS' as long as you paid your rent before blowing it down the pub and on a Chinese.

Then you get the Studios and 1 Bed flats - £595 - £795

Yet you can rent 3 bed houses for £700

wtf?

Edited December 13, 2014 by Bill D'arblay

[renting til I die]

Not the same block, this one is a 1 bed in Langton House, last sold price for the block is £158k for a 2 bed in Dec 2010.

Edit: also the last flat sold in the other block was the penthouse so probably not directly comparable.

I would have guessed that all of the blocks were of similar design, as the flat pictures looked samey. Trust Rightmove's new Market Info tab to be rubbish! Thanks for the correct information, seems much more overpriced now!

Edited December 13, 2014 by renting til I die

[longgone]

can`t see that going for more than 180k , what did they pay for it ?

[ThePiltdownMan]

can`t see that going for more than 180k , what did they pay for it ?

130K in 2003.

[Neverwhere]

I would have guessed that all of the blocks were of similar design, as the flat pictures looked samey. Trust Rightmove's new Market Info tab to be rubbish! Thanks for the correct information, seems much more overpriced now!

They're about the same size but the penthouse (on the right below) has a lot more outside space and the benefit of no noise from upstairs neighbours. As to the blocks they certainly look to have started the same but whether or not they still are the same in terms of pricing would probably depend on whether the local council has undertaken renovations on them at the same pace or whether they've taken a staggered approach (i.e. one might have had work done on it recently while another might have upcoming work that the leaseholder would have to contribute to); and on their relative proportions of council tenants to leaseholders (smaller numbers of leaseholders is likely to mean higher ongoing costs as Councils tend to get leaseholders to shoulder the lion's share). I also think the market has stagnated in the last few months since the penthouse sold.

can`t see that going for more than 180k , what did they pay for it ?

From info on another thread it seems to have been purchased in 2006 for £155k. I think they're strongly misjudging the impact of MMR to price it at £250k (-£50 ). There's a nearby two bed up for auction on Monday with a long lease and a guide price of £180k, if I were trying to sell the one bed flat I would be keeping a close eye on this auction to get a more realistic view on pricing in the current market.

Edited December 13, 2014 by Neverwhere

[Neverwhere]

Same block 2 bed sold 185k in August 2012. The 'penthouse' at 275k does have a large terrace.

Really? I can't see anything on the Land Reg after 2010. Or do you mean the penthouse block not the mumsnetter's block?

[Neverwhere]

130K in 2003.

I'd thought something like that from the vague info on the thread but apparently maths is not a strong suit:

Amusingly the Mumsnetter responded to another Mumsnetter on this sort of subject too...

Just lost 100k off the value of my flat

Mon 10-Mar-14 21:40:45

I bought a flat in London two years ago. At the time, I found out that only one bank would mortgage the flat because of the kind of build it is. I still got a good rate and didn't think much of it. I have just found out that this lender has withdrawn lending on the entire block of flats and that they will all be cash only to buyers. An estate agent I spoke to advised that we'd lose 100k off the flat unless we sell immediately 'before word gets round' as there are cash buyers out there, and we might only lose 50k. I don't know whether this is just estate agent spiel to get me to market the flat, and whether I should hang on, or whether being cash only to purchasers is really so bad? Please share advice and or wine...

Mon 10-Mar-14 22:59:36

Ha, PoshPenny, I used to live in The Falcons too.

This situation seems odd to me. If it is a low-rise block I really don't see the problem. If you are happy living there I would stay. I wonder if your EA has investors looking specifically to buy there and is pulling a fast one?

My DP's flat is in a prefab 60s block and when he discussed putting it on the market the EA said nothing at all about this. It's currently rented out privately with no problems, but when he bought in 2006 he had no problems getting a mortgage.

I'd recommend getting some more advice and having another glass of wine.

http://www.mumsnet.c...alue-of-my-flat

[Guest]

It's in an unattractive block, it's tiny, the ceilings are low and the walls look thin. In what universe are people prepared to pay quarter of a million pounds for this rubbish?

Knock it down and build some proper apartments.

[Neverwhere]

You are correct. Theses were in the next block, same design same build etc so I would guess comparable in terms of price as well. Fordyce SW16 1SF not 1SE.

Got it. Will definitely be interesting to see what the 2 bed auction goes for in relation to this to gauge recent HPI for these kinds of ex-local authority flats. I would be a little surprised if they've kept pace with the general HPI indices, although they're prime BTL territory they must be well into negative yields by now...

[renting til I die]

It's in an unattractive block, it's tiny, the ceilings are low and the walls look thin. In what universe are people prepared to pay quarter of a million pounds for this rubbish?

Knock it down and build some proper apartments.

Yes and then get the Chinese to pay a cool million pounds for each one!

[MattW]

Reality starting to dawn on Mumsnet, or did a rouge HPC commando slip through the lines?

I meant Rogue, but maybe make-up was needed to slip through?

I bet the neighbours underneith are well chuffed with the wooden floors. Must sound like a rehearsal for 'Riverdance' each time someone walks across the floor.

FFS Mumsnetter, nothing wrong with the kitchen. It's the price. Could find an eager buyer at 199k perhaps?

[Si1]

I bet the neighbours underneith are well chuffed with the wooden floors. Must sound like a rehearsal for 'Riverdance' each time someone walks across the floor.

FFS Mumsnetter, nothing wrong with the kitchen. It's the price. Could find an eager buyer at 199k perhaps?

Have they tried twigs in vases I wonder?

[jiltedjen]

People like this are basically all in on housing. Cash or houses. Sterling is tied to house prices.

it's just greed and emotions don't think logic has anything to do with it.

They will be wiped out, each day it's clearer markets have turned, people like this won't come to terms that they have already turned from extreme winners to extreme losers very quickly. Like a fast shipping oil tanker trying to change direction.

Londoners seem to have doubled down since the crisis more of the same. making a bad problem much much worse. look forward to seeing many more emotional bleeting debt junkies.

[Quicken]

Another crazy thing I have noticed about the rental market outside London these days is the compression of range of rents at the lower end.

Skanky bedsits and room in house shares are £500 pcm - Also they universally say 'No DSS'. Haven't the fLIcktards heard of the DWP or Council? I paid £25 a week for my single room in mid nineties - no references and no one gave a shit about 'DSS' as long as you paid your rent before blowing it down the pub and on a Chinese.

Then you get the Studios and 1 Bed flats - £595 - £795

Yet you can rent 3 bed houses for £700

wtf?

The rooms, bedsits and some one beds will include bills (including council tax), while houses almost never do. Makes a big difference to the headline.