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Maursh

Sneaky Ea/vendor Practises In East London

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I keep my eye on the Limehouse area of London between City and Canary Wharf. It is mostly leasehold flats-ville - high tenancy rather than owner occupier. In the last couple of months, flats have been flooding the market, mostly overpriced and now marked "reduced".

Anyway, what really caught my eye was a couple of freehold houses nearby - the "wrong" end of town (away from the river). Firstly this one:

http://www.rightmove.co.uk/property-for-sale/property-36085590.html

Priced at £625k when I can clearly see that exactly the same property sold for £440k 1/Aug/2014. It is marked as "refurbished" but looks like it has just had a lick of paint.

And this one, I saw as "under offer" referenced in the same area as the above. It is the same road (number 16 as opposed to number 13) and same layout. What is interesting is the price movement on property bee. http://www.rightmove.co.uk/property-for-sale/property-35838453.html

10/09/2015

  • Price changed: £550,000
  • Subtitle changed: 4 bedroom flat terraced house

10/08/2015

  • Price changed: Guide Price £500,000 £550,000

09/08/2015

  • Initial entry found.

It looks like the advertised price was revised up by 10% after it was under offer.

I can't wait to see what it actually sold for.

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I have seen lots of examples like the first one. Several are noted in the 'Kingston' and 'Penge' threads below so it is happening in the suburbs as well.

I have seen some examples where a proper refurb has been carried out and the vendors want double the price they paid within a few months and several that have just had a tidy up and they still want upwards of 50%.

The worst thing is that most of the ones that I have tracked have actually sold at/near asking price.

Edited by worried1

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