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Peak Kite flying?

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Viewed a 3 bed semi yesterday. £300k. No intention of paying that much. EA photos disguised:

Every window and door needed replacing. Some boarded over and/or falling out. Decor looked like done by drunk students in mid 90s. Garden triangular. Store room and outside loo almost derelict. Conservatory falling apart.

We were asked to take shoes off... Should have kept them on for protection against germs.

Numerous cats everywhere.

I'd not pay £200k for it.

EA said we have to compromise in this price range. What, 10x local salary?

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What area is this?

Also..........

(1) EAs pictures always flatter.

(2) Conservatories are bad news becuase of delapidations. Rarely can one be considered permanent. Buy a house with a lounge that catches the sun instead.

(3) Outbuilding generally are a bit of a turn off these days.

My last property had a conservatory and a car port and tbh both were doing nothing for the property. These days less is more.

Edited by crashmonitor

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2 minutes ago, Sajid the Taxmeister said:

Almost 1/3 Million for a shyte hole, no wonder a lot of the public are on happy sweets.

 

There's another one for £340k that needs everything doing... Estate sale. Waiting for it to drop 30% at least. And these are not big places... Or in dream locations.

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15 minutes ago, Kiwi_Muncher said:

There's another one for £340k that needs everything doing... Estate sale. Waiting for it to drop 30% at least. And these are not big places... Or in dream locations.

This guy has come up with a guide for the areas of Worthing to avoid.......................

 

http://www.ilivehere.co.uk/worthing-lancing-and-littlehampton-la.html

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getting out of hand in NR2 with regard to kit flying.

The market was hot last year with boring properties getting over 400k

So everyone now wants 500k +

Not selling like hotcakes at the moment.

The average household income is about 49k in this postcode according to the ONS website that people where linking to in another thread.

I would not not really get excited about living in these if I was on 100k + with a large mortgage.

http://www.rightmove.co.uk/property-for-sale/property-62468981.html

http://www.rightmove.co.uk/property-for-sale/property-64674065.html

http://www.rightmove.co.uk/property-for-sale/property-64658738.html

http://www.rightmove.co.uk/property-for-sale/property-63930131.html

http://www.rightmove.co.uk/property-for-sale/property-64913555.html

 

Edited by Fromage Frais

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5 hours ago, Kiwi_Muncher said:

EA said we have to compromise in this price range. What, 10x local salary?

Sadly we see this virtually throughout the south east and beyond. remember 10x local salary is only 5 times joint salary you will be able to borrow easilly up to 4.5 times joint sometimes more (and the boe have just made this more flexible) so you just need to find the deposit. Bank of mum and dad or loan deposit as santander allow. So is this peak or just a new high? I certainly see no sign of the taps being turned off nor the will of my fellow first time buyers not to want to buy a house.

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That 4th one sums it up, surely £250k in the real world?

In the midst of John Major's rant the other day, he did say one thing that reminded me why i'm so bitter as a 30-something, that the last decade (06-16) has been the first for a VERY long time to not see double digit wage growth, something around 1.8% I think he quoted. Yet house prices since 06 in many areas of the South are up at least 50%, and that's with a financial crash in the middle!

http://www.rightmove.co.uk/property-for-sale/property-58360369.html +81% since 06

Edited by Barnsey

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Just drove past 3 places near me that have been up for sale for 6-12 months.

 

All sstc today.

 

Carney's lower IRS and 100bn working its magic.

 

2017 post brexit crash cancelled 

Prices now sane, its me/us that's insane after all.

 

Depression may be setting in.

 

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3 hours ago, Fromage Frais said:

getting out of hand in NR2 with regard to kit flying.

I would not not really get excited about living in these if I was on 100k + with a large mortgage.

http://www.rightmove.co.uk/property-for-sale/property-62468981.html

Poor effort here by the EA, marketing a property near to the Uni ("golden triangle"), with students eager to pay top dollar for bottom level accommodation.

"FOUR DOUBLE BEDROOMS"

come on, move a couple of internal partition walls around, and that is at least 6 bedrooms.  National standard for bedroom size  living space in HMO?  nah.

"FOUR RECEPTION ROOMS"

no imagination here, students do not need all that living space.  At least 3 of these rooms can be converted into extra bedrooms.  With a bit of restructuring the internal walls, that is 4 extra bedrooms and just leave a small area (minimum legal size) for the communal living area.

"TWO BEDROOMED COTTAGE"

oh for goodness' sake.  At least 3 extra bedrooms in here for HMO purposes.

"Entrance Hall : Doors to Lounge and Kitchen, stairs to basement"

I think you'll have got the idea by now.

Just look at photo 4!!  All that wasted space at the side of the property, perfect for a cardboard extension with 2 or 3 extra bedrooms...

 

 

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2 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

Nice find.

TBF they have got rid of the nasty wallpaper and painted in a nice of white.

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Not quite the same price range as other examples here, but this struck me as a particularly fine example of greedy, deluded, kite flying...

 

This house has been on the market for 18 months with no takers at oiro £85k...http://www.rightmove.co.uk/property-for-sale/property-37893414.html

 

The other day next door but one also came up for sale, slightly smaller and no nicer inside than the first one, but they're asking £95k...http://www.rightmove.co.uk/property-for-sale/property-47543535.html

 

Why, when you can see that your neighbours house has failed to sell after 18 months on the market would you decide that your smaller and no nicer house is actually worth 12% more??

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6 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

Welcome. Nice house... Nasty price! Are you using property bee and Firefox ? Great way of seeing the history behind asking prices.

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9 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

I hate those ultra distorted house photos. Completely unreal representation.

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4 hours ago, nome said:

Why, when you can see that your neighbours house has failed to sell after 18 months on the market would you decide that your smaller and no nicer house is actually worth 12% more??

Well, it's 18 months, innit? And house prices always go up.....

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10 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

Welcome. Terrific house and once you've got your 90 grand deposit down you only need to find 4,200 quid a month for repayments - I'll take two :lol:

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14 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

Interior looks completely out of place for the style and age of that house in my view. 

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17 hours ago, Newbie Southend said:

Hello Everyone,

I have been a regular follower of this forum & felt compelled to contribute for the first time with this cracking deal! ?

Purchased by the vendor for £392,000 in Sep 2015, refurbished and as if by magic, the seller/EA thinks its worth £900,000!! 

http://www.rightmove.co.uk/property-for-sale/property-47457465.html

Downstairs looks like the waiting room for a private dental practice.

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