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jonsfedup

Another Humdinger!

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Near where a friend of mine lives -

From Nethouse Prices £ £ £ £ £

First Sold

15 Wealden Park,

Eastbourne,

East Sussex,

BN22 0JF

Detached

Freehold

Sold 31-May-2002 £287,500

Then Again

15 Wealden Park,

Eastbourne,

East Sussex,

BN22 0JF

Detached

Freehold

Sold 19-Nov-2004 £379,000

That will be a nice £91500 profit.

I REPEAT THE BIGGEST PYRAMID SCAM IN HISTORY! I ask how is this good for society? This country is heading for the sh**er thats for sure.

Edited by jonsfedup

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Sold 19-Nov-2004 £379,000

That will be a nice £91500 profit

UNLESS there was a £25000 rebate, and £50,000 invested on tarting it up.

After transactions costs: a loss

Indeed. When one hears of these profits one never hears of the NET profit. How much was spent on teh property and how many are sharing the profit. A single person, having bought and sold, without spending a penny on the property? Now that would be impressive.

Edited by Baz63

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does no one mention the STAMP duty? The legal selling and buying costs!

The interest on the mortgage over the two years!... gotta be well over 20k

what would be even more interesting... would be to see what houses are selling for now!

oh .... here ya go...

price today... THATS SELLING PRICE, not a paid price!

so how much would it go for... ?... anyone...

that looks like YoY reduction to me...

anyone care to comment?

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Something very strange is happening. I will try and find a previous post to illustrate what I mean. However, if you do a search on Rightmove under SW16 300-350k you will find others on this estate and at least two look secured at the windows with corrogated iron. I have previously driven to these mews and none of the properties appeared to have been lived in. Currently at least 9 out of 13 or 14 properties on this development are up for sale. It is really scary if you look at nethouseprices et al and see what this townhouses originally sold for. A syndicate gone wrong???

Ps the one below was due to be auctioned today. Don't know the result but every house on sale on this development is priced between 352-300k

THEN (this relates to no 4 or 11. It was listed on RM's site but has now been removed!)

Woodland Mews,

Lambeth,

London,

Greater London,

SW16 2AG £470,000

Terraced

Freehold

Build status not stated 25-Jul-2003

Map (SW16 2AG)

NOW

Recently Built Four Bedroom Semi-Detached House.

Tenure: Freehold.

Guide Price: £300,000.

For details of how to obtain a catalogue, telephone the number below.

If you have other questions about this property, please telephone ........

Disclaimer

Property reference 141205Lot29. Details provided and maintained by Countrywide Property Auctions, Chelmsford. Rightmove.co.uk makes no warranty as to the accuracy or completeness of these details.

Edited by Buffer Bear

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I don't know but any investment into the property as such so who knows on that score. My friend said a similar property it maybe the one on the link hasn't had any interest and has been on sale for a fair while now.

The area is very nice. I can't imagine much would have needed to have been done to the property though but I don't know really.

A nice profit maybe!

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378_nrb050346_IMG_00.jpg

Woodland Mews SW16. They were not boarded up when I last visited!!!

Not boarded up when you last visited. Now they are. You didn't take a load of bricks with you by any chance?

Indeed. When one hears of these profits one never hears of the NET profit. How much was spent on teh property and how many are sharing the profit. A single person, having bought and sold, without spending a penny on the property? Now that would be impressive.

It is clearly a new house and that big rise surprises me a bit - by the end of 2002 the market was running out of steam in London and the Home Counties. That house is (can't remember now) on the South Coast? - I remember reading that the South Coast was still rising long after we stopped.

But there is also possibly the new house premium to take into account. I know some people on here think new houses sell at premium prices and then fall (like a car). I was in property development 20 years and never saw that happen. Often saw the first house on a site sell for 100k and the last one sell for say 170k. I have worked on sites where the people who bought the first houses bought other ones further in on the site when they realised how fast they were going up. The first houses on a site are often sold at a really keen price - to test the market and to get a couple of million back in the bank pronto after shelling out for the land and the building costs. This is especially true on big sites with hundreds of houses - don't seem to see so many of those these days.

does no one mention the STAMP duty? The legal selling and buying costs!

The interest on the mortgage over the two years!... gotta be well over 20k

what would be even more interesting... would be to see what houses are selling for now!

oh .... here ya go...

price today... THATS SELLING PRICE, not a paid price!

so how much would it go for... ?... anyone...

that looks like YoY reduction to me...

anyone care to comment?

Where I live that is exactly the sort of house that is just sticking on the market. One opposite me actually had the removal lorries yesterday - neighbours tell me it has been on the market for 15 months. That one in Eastbourne - I bet if you offered them 325k they'd take it.

287500 in May 2002. That's 3 and a half years ago - with inflation at say 3% that house should be now about £318k.

House price inflation - what house price inflation? The big rises in the Midlands, North and Wales have been masking the fact the market has been dead and falling - particularly in London and the Home Counties - a couple of years. This is now spreading out.

Do not be disheartened by bullish taunts based on VI figures - they are all grasping at every straw available to try to keep the public convinced all the balls are still in the air. They're not. One's on the floor and the rest are in mid-air but on their way down.

With the way consumer spending is collapsing, the rise in unemployment and, sooner or later, some more IR increases, and rises in Council Tax again next spring and increases in direct and indirect taxation to feed our army of public servants - that house will be available for less than the 250k stamp duty threshold within 18 months.

Edited by Marina

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you people in the south must be mad.....

Totally! I still have younger family members who only today were telling me, that they must get on the ladder before prices go up further. This followed my story about about Woodland Mews :ph34r::blink: .

They just don't geddit. Both MA educated :blink: . My advice to them. "buy when I buy!"

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what has been happening is, loads of properties have been bought for the sole purpose of sitting empty untill they rose then sold.

Most never intended going for a tenent as the money recieved was seen as more that the risk of the place getting wrecked and the work involved.This is especially true of new build flats.

Say you bought a flat in 2000 at 120k , left it empty till 2003 and sold on for 200k.This is exactly what was happening, why in they years would you rent it out.

Houses have been for a few years now being traded like bars of gold or fot.com stocks, where you put your money in left it there and then sold on when the price rised.

Now the prices aint gonna rise no-more there is the scramble to get out, and also all they people that think the rental market will save housing are in for a shock, the reason there was a shortage of rented accomadation was exactly as i said above.

Rents will infact fall there will be a huge glut of rented property coming on the market from all they people that were just holding homes for capital gains, its probably what happened with they houses that are now boarded up.

reality could be kicking in faster than many think.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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