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sideysid

ok, this takes the biscuit in regards to kite flying...

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https://www.redrow.co.uk/developments/millfields-402451/availability

I grew up in this area, this has officially become so ridiculous that it MUST be the developers grasping at the final straws.

Mitcham is not a nice area. In fact, out of anywhere of the grotty London suburbs there's a reason why Mitcham is the last to be dragged kicking and screaming into the 'up and coming' desperate estate agent market.

But honestly £670k for a 3 bed!!!! I am beyond words.

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I'd like to think that websites like that will be historical documents that people look back on, wondering about the days when housing was insanely unaffordable. They won't be able to fathom it - "£670,000 and the doors are only oak 'finish'..."

I also love the gallery. Most pictures are of the local parks and area, then external shots, and the least number of pictures for the interior.

 

 

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That looks like your average south London council estate.... Buy your own bit of mitchan new council estate for 670,000. Yeah I'll say out again. 670,000.

Utter Madness.

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I bought my first flat in Woodford Green (2000) for £134k. My gross salary in 2000 was £28k. The morgage interest rates was 5%

When I bought my first home in Ruislip (2004), a 3-bed end of terrace for £210k. My gross salary was £35k. The morgage interest rate was 3.5%.

On each occasion, scrimped and saved a deposit, to make my dream come true. Today's children suffer because the imbalances between salaries, prices and affordability. My house in Ruislip is not worth £650k, that price is stupendous for 12 years it's grown by £440k.

We don't have a house supply shortage; How could an extra 5 million people cause a supply shortage?  The UK's EU population is 4 million approx, if they leave will the house prices drop?

From years 2003 - 2017 has been cheap credit fuelled asset boom, unfortunately as they don't account for the true value through the cpi or hcpi were an economy driven on inflation falsehoods.

Make those MPs force the BoE into raising interest rates, with the current average salary, it should make a comfortable lifestyle more attainable.

Rather than increase the retirement age (more tax revenue). Decrease it to 60, freeing up more jobs / progressive careers for the next generation.

Build a 4 day working week cycle, but comit to a 12x7x365. Employment structured in 4 day batches with a one day overlap.

Second home owners should not qualify for state pension and  forced to pay 10% of any NHS fees incurred.

Different tax brackets for local businesss and international business.

Benifit claimants should be made to work for the council for it

Equal pay for men and women. 

i should run for PM B)

ahh yep Mitcham sucks!

 

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8 hours ago, maverick73 said:

I bought my first flat in Woodford Green (2000) for £134k. My gross salary in 2000 was £28k. The morgage interest rates was 5%

When I bought my first home in Ruislip (2004), a 3-bed end of terrace for £210k. My gross salary was £35k. The morgage interest rate was 3.5%.

On each occasion, scrimped and saved a deposit, to make my dream come true. Today's children suffer because the imbalances between salaries, prices and affordability. My house in Ruislip is not worth £650k, that price is stupendous for 12 years it's grown by £440k.

We don't have a house supply shortage; How could an extra 5 million people cause a supply shortage?  The UK's EU population is 4 million approx, if they leave will the house prices drop?

From years 2003 - 2017 has been cheap credit fuelled asset boom, unfortunately as they don't account for the true value through the cpi or hcpi were an economy driven on inflation falsehoods.

Make those MPs force the BoE into raising interest rates, with the current average salary, it should make a comfortable lifestyle more attainable.

Rather than increase the retirement age (more tax revenue). Decrease it to 60, freeing up more jobs / progressive careers for the next generation.

Build a 4 day working week cycle, but comit to a 12x7x365. Employment structured in 4 day batches with a one day overlap.

Second home owners should not qualify for state pension and  forced to pay 10% of any NHS fees incurred.

Different tax brackets for local businesss and international business.

Benifit claimants should be made to work for the council for it

Equal pay for men and women. 

i should run for PM B)

ahh yep Mitcham sucks!

 

I agree with many of your points but "How could an extra 5 million people cause a supply shortage? "

That is about 8% of the population.

"The UK's EU population is 4 million approx, if they leave will the house prices drop?"

If 4 million people left then I think it would affect prices.

 

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15 hours ago, AvoidDebt said:

New build prices are off the scale. The greed has even breached the London help to buy limit at 600k. These bstrds need to lose big. 

I've been thinking about it recently and it became quite obvious to me that those newbuilds advertised in 650-700 range are meant to be sold precisely at 600k. Buyers will negotiate using HTB 2 as a compelling argument and will walk out with what they consider a bargain (10% off, woot-woot!). No developer in his right mind would put himself out of HTB life support if they are anywhere near this price spot.

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16 hours ago, sideysid said:

https://www.redrow.co.uk/developments/millfields-402451/availability

I grew up in this area, this has officially become so ridiculous that it MUST be the developers grasping at the final straws.

Mitcham is not a nice area. In fact, out of anywhere of the grotty London suburbs there's a reason why Mitcham is the last to be dragged kicking and screaming into the 'up and coming' desperate estate agent market.

But honestly £670k for a 3 bed!!!! I am beyond words.

 

That is truly truly astounding ???

 

BF

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One near me went on for a Wonderful £999,995 two months ago. Down to £950k. These houses were built as two beds and the bedroom at the back has been partitioned into two with one small double room and one small single room.

An old lady sold her house on this row without the extension (The extension on this cost around 16k for the building work) and in good condition but dated for £628k in 2014 and there were a queue of BTL people lining up to buy it. You could physically see the activity on the street outside much to my dismay at the time. 4 of 6 properties on this row are rentals. I spoke to the BTLer who bought last year. He knew nothing about s24 but wasnt bothered anyway. He was in this for the long game. :P

These guys have taken down the for sale sign from the garden because I think they know they are going to have to sit on this a while at that asking price. There certainly has not been any visible activity around this one.

http://www.rightmove.co.uk/property-for-sale/property-58735312.html 

 

 

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11 hours ago, iamnumerate said:

I agree with many of your points but "How could an extra 5 million people cause a supply shortage? "

That is about 8% of the population.

"The UK's EU population is 4 million approx, if they leave will the house prices drop?"

If 4 million people left then I think it would affect prices.

 

In theory the loss of 4 million people, is an economical disaster, but plausiblility of cheap credit is distorting the true wealth reflection (it has been for a while); hence are unoccupied homes a sustainable economic possibility for the land lord? 

• fewer schools, due to there being fewer children;

• a drop in house prices because more homes are unoccupied;

• fewer new homes being built;

• less demand for rented accommodation;

• fewer care facilities;

• less turnover for shopkeepers and businesses;

• fewer sports facilities;

• fewer people going to the theatre, cinema or concerts, so these facilities are eventually cut back;

• fewer people travelling by public transport, which thus costlier to run; 

• local residents have to travel further to reach the facilities they want. 

The con is the magic propaganda machine, making renting more attractive with slogans like it's cheaper to rent a home than buy.. the marketing machine overdrive kicks in and hammers the message into the subconscious mind, the lemming then complies and hey presto the economy continues to purr. What is required is an economic wide meltdown and cash not credit becomes king :rolleyes:

But how many people save when a Labour Party said to spend your way out of recession.

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20 hours ago, iamnumerate said:

I agree with many of your points but "How could an extra 5 million people cause a supply shortage? "

That is about 8% of the population.

"The UK's EU population is 4 million approx, if they leave will the house prices drop?"

If 4 million people left then I think it would affect prices.

Often left out of discussion on supply and demand in housing is that levels of occupancy are dropping, but could switch and start to increase. As to EU migrants leaving that is pure speculation. We could see many leave but would those that do be net contributers or recipients. If the Tory get re elected with a larger majority they could tighten benefits forcing  many net recipients to abandon the UK for their home countries. If we see a coalition then things could swing the other way as many more arrive to try the UK.

As already pointed out the main driver of housing inflation is low interest rates. They have been kept below their correct level for the last quarter century creating the financilization bubble. That bubble includes not just the housing market but also retail builders as well as the finance sector itself. 

 

 

 

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17 minutes ago, GreenDevil said:

Here's one come through from zoopla

70k, 7 bed, wales

http://www.johnfrancis.co.uk/pages/auction_property?lid=59859

This is why I don't think the South will be spared some sort of correction. You have really scummy  areas in the south expecting Stockbroker prices everywhere and really nice areas in Wales and the north commanding sub 2007 level. In previous cycles the north has joined the party, doesn't seem like it will this time; zoopla has shown generally falling prices for Wales/  N midlands upward these last 12 months, in spite of strong sales. The differential has become so obvious that surely the South will come to its senses and realise they have bought a pup with foundations built on sand.

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On 2017-4-28 at 10:55 AM, iamnumerate said:

I agree with many of your points but "How could an extra 5 million people cause a supply shortage? "

That is about 8% of the population.

"The UK's EU population is 4 million approx, if they leave will the house prices drop?"

If 4 million people left then I think it would affect prices.

 

The reality is NOT the people that live and work here paying the big prices.....it is the rest of the world who use this countries housing stock as investment.....that is the truth of the matter....;)

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19 minutes ago, winkie said:

The reality is NOT the people that live and work here paying the big prices.....it is the rest of the world who use this countries housing stock as investment.....that is the truth of the matter....;)

Which is WHY they should tax overseas investment heavily. I hope they are reading this thread.

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£670k for a 3 bedroomed mid terrace & £675k for an end of terrace. F**k a duck! :blink:

The cheaper flats have already been reserved I see. Tends to be the case on new build developments. Smaller homes go quick but the larger family homes take longer to sell.

7 minutes ago, GreenDevil said:

Which is WHY they should tax overseas investment heavily. I hope they are reading this thread.

Foreigners buying British property should be outlawed altogether imo. As a Brit I'm not allowed to buy a property in Thailand. While housing remains expensive to many British homes should have the same safeguards against wealthy foreign property speculators.

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Like the OP, I also grew up in the area, just over the other side of the common on the Pollards Hill estate (which is not a nice place). I am astounded at how much they want for those new houses, in an area that had not a lot going for it, and is tagged on to one of the largest council estates in europe The St Helier Estate. Not that I am being a snob because growing up the St Helier was by far a better estate than Pollards, but, like all parts around South London outskirts now, it really has gone down the pan.

Definitely one of the best bits of kite flying I have seen in a long while. 

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7 hours ago, fadanoid said:

Or 2 bedroom flats in Exeter at 739k or 590k anyone?

 

Quite right - they aren't "appartments" as the agent is trying to call them - they are called FLATS in this country!

And still no floorplan even for that price.

 

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If you look at Zoopla for that road you get for one flat (Number 26b)

Nov 2014 £273,000

Sep 2012 £180,000 Oct 2001 £115,000 Dec 1997 £58,950

massive inflation if orange juice had risen this much with wages it would be a bad thing but for housing it is a fact of life.

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I would guess these insane prices are putting off most people from buying now.

Can't even remember last time I could be bothered viewing a house.

I would need to be offering 50% off most places now to consider buying.

 

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