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anonguest

Insanity - March 2016 Style

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Here's one close to where I live.

http://www.rightmove.co.uk/property-for-sale/property-40623942.html

Access is via a rear alley and is usually just for access to garages at rear of houses.

Well done sir (or madam?). I salute your effort to rise to the challenge - at finding the most insanely priced property on the market this month. :D

But I believe I still hold leading position? As your example works out to a relatively cheap £815 per sq.ft compared to the more than £1500 sq.ft in my example. Plus your example is, arguably, in a nicer part of London too? It also has a proper roof, actually looks 'house like', etc.

But yes it is still mind bendingly stupidly priced.

Edited by anonguest

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Well done sir (or madam?). I salute your effort to rise to the challenge - at finding the most insanely priced property on the market this month. :D

But I believe I still hold leading position? As your example works out to a relatively cheap £815 per sq.ft compared to the more than £1500 sq.ft in my example. Plus your example is, arguably, in a nicer part of London too? It also has a proper roof, actually looks 'house like', etc.

But yes it is still mind bendingly stupidly priced.

Actually when you put it like that Cambridge is relatively cheap. The £360k house is 750 sq ft so a mere £480 a sq ft plus comes with a nice enough garden and easy parking.

The insanity of London is indeed on another level.

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£350k - 1/2 M Pounds!! This is real money that could recently have been a "life changing" lottery win. I now only look at Rightmove to see if the light fittings are substantial enough to support some poor sap's body weight, having no desire to sponsor an Eastern European to wipe "rich" wrinklies bottoms.

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What amazes me is that there has not even been a token attempt to apply lipstick to these pigs. I mean how much would have it cost to repair the listing fence next to that converted garage or to make the rear area and back door remotely presentable. The greedy bastards can't even be bothered to make the place at least appear to be a viable place to live.

Edited by stormymonday_2011

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Well done sir (or madam?). I salute your effort to rise to the challenge - at finding the most insanely priced property on the market this month. :D

But I believe I still hold leading position? As your example works out to a relatively cheap £815 per sq.ft compared to the more than £1500 sq.ft in my example. Plus your example is, arguably, in a nicer part of London too? It also has a proper roof, actually looks 'house like', etc.

But yes it is still mind bendingly stupidly priced.

This is (partly) why I could never be an estate agent, trying to convince anyone that properties like these are remotely worth it would be impossible.

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So here is my contribution to this months claim to peak insanity. I note that there is no photo of the WC/bathroom. Presumably it being too small for even an estate agents wide angle lens to cope with.

Can anyone else beat this for lunacy?

To anyone in 'officialdom' or remotely involved in public policy making, etc. and reading this.......Keep it up. When this thing blows the flaming torch and pitchfork mobs will be coming for you.

http://www.rightmove.co.uk/property-for-sale/property-39526389.html

This one really deserved a follow up. SOLD - SSTC. Christ.

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So earning 50k with a 4X salary mortgage and 100k down as a deposit I could buy this 'unique' property ... in Wood Green. This has been made up, right, it is a spoof, right?

It is a garage ... £300,000 for a garage ..... in Wood Green.

I think there'll be a lot of "jingle mail" (handing in keys) in about 2 years' time when REAL austerity kicks in and dickheads who buy properties at daft prices will be in serious financial difficulty as a recession hits. The UK will essentially go bust and not be able to borrow £10Bn a month to keep the plates spinning any longer because their credit rating will be trash. The dominoes will fall one by one....government can't afford to pay tax credits (with more and more EEs coming into the UK signing up to zero hour jobs + tax credits + housing benefits + EU having UK's balls in a tight vice grip post remain-in-EU result), employers not affording the new minimum wage, unemployment rising fast, people not affording to pollinate the wider economy, more job losses....house prices dementedly remaining high and forcing businesses to close (nobody can afford much outside of rent/fukc-off size mortgages)...inevitable death spiral with national debt at £2Tn by 2020 and deficit at £120Bn a year, £120Bn off GO's target.

Edited by canbuywontbuy

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So earning 50k with a 4X salary mortgage and 100k down as a deposit I could buy this 'unique' property ... in Wood Green. This has been made up, right, it is a spoof, right?

It is a garage ... £300,000 for a garage ..... in Wood Green.

Apparently not. I just now checked the ad again, first time after posting this thread, and see........it's listed as SOLD STC !!!!!

God give me strength! Someone tell me I am dreaming.

http://www.rightmove.co.uk/property-for-sale/property-39526389.html

Edited by anonguest

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Jesus holy mother ******ing christ.

London is tulips, railmania and the south sea all rolled into one.

The truly amazing thing is many people still don't see it.

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Jesus holy mother ******ing christ.

London is tulips, railmania and the south sea all rolled into one.

The truly amazing thing is many people still don't see it.

I'm not an expert, but looking at the construction surely that property is not mortgageable.

Edit: unless what the buyer might actually be after is the land with the idea of doing a rebuild. Maybe bridge finance would be used in a case like this.

Edited by crashtimus prime

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I'm not an expert, but looking at the construction surely that property is not mortgageable.

Edit: unless what the buyer might actually be after is the land with the idea of doing a rebuild. Maybe bridge finance would be used in a case like this.

I am surprised you are even allowed to sell a barely converted dodgy looking garage as a 'house'.

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I'm not an expert, but looking at the construction surely that property is not mortgageable.

Edit: unless what the buyer might actually be after is the land with the idea of doing a rebuild. Maybe bridge finance would be used in a case like this.

EVEN IF, as you say, the only reason someone would buy it is for the land/subsequent redevelopment potential (e.g. to build an upper floor, etc) the price paid still assumes insane expectations of future pricing, in order to realise any profit/financial benefit.

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EVEN IF, as you say, the only reason someone would buy it is for the land/subsequent redevelopment potential (e.g. to build an upper floor, etc) the price paid still assumes insane expectations of future pricing, in order to realise any profit/financial benefit.

All about the yield my friend. 5% yield at 300k is 15k a year. Easy to find a few immigrants putting in a couple hundred quid a month to fund things.

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EVEN IF, as you say, the only reason someone would buy it is for the land/subsequent redevelopment potential (e.g. to build an upper floor, etc) the price paid still assumes insane expectations of future pricing, in order to realise any profit/financial benefit.

All about the yield my friend. 5% yield at 300k is 15k a year. Easy to find a few immigrants putting in a couple hundred quid a month to fund things.

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All about the yield my friend. 5% yield at 300k is 15k a year. Easy to find a few immigrants putting in a couple hundred quid a month to fund things.

Yes, I realise 'yield' is a big driver in this pricing lunacy, but.....

15K per annum is £1250 per month.

Immigrants tend to rent the cheap end of the market.

At £1250 per month you can rent a perfectly respectable proper flat in many other nicer parts of London.

The sums just dont stack up/make sense on this one. UNLESS you intend to illegally house multiple immigrants within this one 'dwelling'.

Edited by anonguest

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If anything remotely approaching the Asking Príce is paid, a big bath is coming.

OR it could be money laundering where the criminals involved, necessarily, take a hit on the value of their ill gotten gains - in the same way a fence will always take a sizeable cut of the value of stolen goods.

Edited by anonguest

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Yes, I realise 'yield' is a big driver in this pricing lunacy, but.....

15K per annum is £1250 per month.

Immigrants tend to rent the cheap end of the market.

At £1250 per month you can rent a perfectly respectable proper flat in many other nicer parts of London.

The sums just dont stack up/make sense on this one. UNLESS you intend to illegally house multiple immigrants within this one 'dwelling'.

Depends if they are legal immigrants or not. Lots of these TV shows following border agents investigating beds in sheds find illegals paying half or more of their 'salaries' to provide accommodation. Here legally, perhaps you are right. But illegally and anything goes.

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  • 399 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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