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AvoidDebt

A four bedroom detached house in Enfield, North London, reduced from £1,995,000 to £999,995 

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A four bedroom detached house in Enfield, North London, reduced from £1,995,000 to £999,995 

This modern home has been built in a Tudor style and is part of a quiet cul-de-sac  in Enfield, North London.

The commute into central London takes less than 30 minutes, with the house being near three overground stations.  

Days left in the January property sale: How house-hunters can still grab a bargain as homes across the country are reduced by up to 50%

http://www.dailymail.co.uk/property/article-4148796/The-January-Property-Sale-House-prices-cut-50.html

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There is some nice anecdotes here, but I would like to see a bit more evidence to understand whether these are part  of a genuine trend or not. They could even be planted by an EA to stimulate interest

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1 minute ago, canbuywontbuy said:

I've heard of kite flying, but these kites are out there in the ionosphere.

Sounds like a Frankenstein story to me:-

Dr EA Frankenstein: "the property market is dead. I must fly a kite in a lightening storm to get it reanimated....'It's ALIVE!'"

Egor the Tea boy: "Very good master"

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2 hours ago, AvoidDebt said:

A four bedroom detached house in Enfield, North London, reduced from £1,995,000 to £999,995 

This modern home has been built in a Tudor style and is part of a quiet cul-de-sac  in Enfield, North London.

The commute into central London takes less than 30 minutes, with the house being near three overground stations.  

Days left in the January property sale: How house-hunters can still grab a bargain as homes across the country are reduced by up to 50%

http://www.dailymail.co.uk/property/article-4148796/The-January-Property-Sale-House-prices-cut-50.html

It does make me laugh that EA's include the words "Potential For Development" and think this justifies upping the price considerably when in my opinion it isn't worth the paper it is written on!

 

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11 minutes ago, canbuywontbuy said:

I've heard of kite flying, but these kites are out there in the ionosphere.

Unfortunately that's all it is at the moment. Could be retitled: 'vendors pull out slightly less delusional prices out of their backsides' . 

Still some way to go for HPC real. 

 

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14 minutes ago, crazypabs said:

Sounds like a Frankenstein story to me:-

Dr EA Frankenstein: "the property market is dead. I must fly a kite in a lightening storm to get it reanimated....'It's ALIVE!'"

Egor the Tea boy: "Very good master"

:D

Egor the Tea boy or Egor the Ea's Tea boy... soon to appear as an hpc user name hopefully

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37 minutes ago, crazypabs said:

It does make me laugh that EA's include the words "Potential For Development" and think this justifies upping the price considerably when in my opinion it isn't worth the paper it is written on!

 

I often see STPP, so it might be possible but really no enquiries have been made and no more so possible than the neighbouring larger property which is asking a similar price. 

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Gotta love the British obsession (delusion) with a bargain. Nowhere else in the world have I seen supermarkets play the game of constantly switching the price of bottles of wine between extreme price points like £10 and £5.  

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23 minutes ago, PropertyMania said:

Gotta love the British obsession (delusion) with a bargain. Nowhere else in the world have I seen supermarkets play the game of constantly switching the price of bottles of wine between extreme price points like £10 and £5.  

Indeed. Around the festive period I was in the UK and went to Sainsbury's. Noticed a bottle of Champagne - Moet - was priced at £45.

Thought it was a price error so asked the assistant. She said it was correct , but if I waited until the week after it would be priced at £25. They didn't expect to sell many bottles at £45.

As a comparison - In France , my favourite Champagne differs between 1 and 3 euros depending on the time of year. No more.

Btw, that house price in Enfield is still insane...... :lol:

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Here is one of the properties. Near Dewsbury, less than a 1000 Sq ft. Still over £300,000.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^620&maxBedrooms=5&minBedrooms=2&maxPrice=500000&minPrice=50000

 

The idea that it could have been over £600,000 is simply preposterous. That is a decent price for London suburbs.

Clearly nothing more than a ploy to make people think they are getting a bargain.

Edited by Ah-so

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I wonder if the DM actually paid the vendors to put the properties on the market at those insane prices to start with just so they could write this story?

The one in Enfield is all well and good, but it is the Ruislip one that catches my eye. A small ex-council house with a silly roof extension and in need of total refurb for £800k? It would have been ridiculous if it had started at £800k and been reduced to £400k.

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I just found this analysis of household income distribution in london that I've not seen before. It surprised me just how few households are making more than 100k per year - looks like around 5% (data from 2009) 

http://plausibel.blogspot.co.nz/2013/06/income-distribution-in-london.html?m=1

The idea that a million pound house in Enfield is a bargain is plainly absurd. From that chart, I would guess that maybe 1% of households in london earn 330k a year*. Not sure total households in 'london' (is Enfield really london in the trad sense?!) , but lets assume 9,000,000...

9,000,000 / 2.3 (~average household size?) = ~4,000,000 total households in greater london.

1% of 4,000,000 = 40,000

So by my very 'back of fag packet' guesstimate, there are probably 40,000 households in the whole of London for whom buying a house valued at £1,000,000 would look something like 'value' as a ratio to their earnings... 

* big assumptions built in on number earning 330k, as I can't find granular enough data, 

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