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anonlymouse

Canaries in the Coal Mine

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We are digging ever deeper into the mountain of debt for fuel for the house price inflation industry, but our lights have gone out. The stagnation in the market is giving us very little information tell us if the seam of MadGainz has run dry, or if we're yet to strike it rich and send house prices soaring even further.

I propose we gather a selection of canaries which we can use to guide us as to the picture on the ground. Properties so terrible, uninhabitable and/or overpriced you'd only buy them if you thought you could make some money out of them, or you were so desperate you'd think it's your last chance to get on the ladder. 

To start with here's mine - I'll update once a fortnight or so. 

£425k / 50 sqm / 2 bed / Basement

It's a two bed basement flat with no external windows - only an internal courtyard and rooflights. It's on a main road in Holloway/Finsbury Park, possibly the least attractive part of Zone 2 North of the river and it has very few decent neighbourhood amenities. I could go on but the pictures and plan speak for themselves - if this sells then I'll despair. 

 What are yours? 

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2 hours ago, zugzwang said:

It looks like a holding cell for CIA abductees.

These are generally not too bad - like small hospital/surgery rooms; white paint, simple furniture.

Edited by Errol

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I don't know the area, so happy to believe the assessment here on that ... but the flat in the pictures looks very nice. My only concerns, other than the area, would be the price (!), and how long an exposure the photographer needed to make it look like daylight.

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I find it interesting that they actually stated how big the place is (50sqm), that's not very 'spacious' for a 2 bedder.  My own flat in Switzerland is a 1 bedder and 45sqm, plus I have a storage area in the cellar which is the size of another room. 

 

I really hope estate agents are forced to say the actual size of the properties, then we would really see the insanity of British house prices!

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A delightful two bedroom ground floor converted flat, quietly tucked away, but entered via Hornsey Rd,
moments from the shops, bars and restaurants of this vibrant and colourful area.
Designed around a central outdoor space, providing abundant natural light, the accommodation is
spacious, tastefully decorated and presented to a high standard throughout

:lol:

There's no way this is for real.

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'Bedroom' two with no window isn't legally a bedroom. 

But if estate agents were ever to be prosecuted under the Trade Descriptions Act, they'd all be in jail.

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13 hours ago, anonlymouse said:

We are digging ever deeper into the mountain of debt for fuel for the house price inflation industry, but our lights have gone out. The stagnation in the market is giving us very little information tell us if the seam of MadGainz has run dry, or if we're yet to strike it rich and send house prices soaring even further.

I propose we gather a selection of canaries which we can use to guide us as to the picture on the ground. Properties so terrible, uninhabitable and/or overpriced you'd only buy them if you thought you could make some money out of them, or you were so desperate you'd think it's your last chance to get on the ladder. 

To start with here's mine - I'll update once a fortnight or so. 

£425k / 50 sqm / 2 bed / Basement

It's a two bed basement flat with no external windows - only an internal courtyard and rooflights. It's on a main road in Holloway/Finsbury Park, possibly the least attractive part of Zone 2 North of the river and it has very few decent neighbourhood amenities. I could go on but the pictures and plan speak for themselves - if this sells then I'll despair. 

 What are yours? 

Scary thing is, there are morons out there who would aspire to buying that flat because it is "In London"  :lol:  Seriously boys and girls, if you have 450k, or some half-wit in your family is prepared to give it to you to "get on the ladder", trouser the money, live somewhere you can have some space to breathe/think and drop into London occasionally for a pint or two courtesy of Travelodge or similar :lol: 

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5 hours ago, dances with sheeple said:

My Canary in the DebtsAllMine is MSE property boards, MUCH more acceptance that things have changed of late IMO.

Lots of nice overpriced houses near me, but horrible places like this are obscenely overpriced. Rough area, horrible design, dreary garden. All for 15 x local salary!

http://www.rightmove.co.uk/s6p/66250676

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I've got 55 properties on my Rightmove fave list and only 1 has gone SSTC. Mainly family homes but a couple of BTL type flats to humour myself too. Friend of wife went on a viewing recently NW London. She said agent was pretty despondent. He's from a local well respected branch with a presence on the high street. He was complaining about sellers needing to be educated, told her that they did one deal last month!

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32 minutes ago, AvoidDebt said:

I've got 55 properties on my Rightmove fave list and only 1 has gone SSTC. Mainly family homes but a couple of BTL type flats to humour myself too. Friend of wife went on a viewing recently NW London. She said agent was pretty despondent. He's from a local well respected branch with a presence on the high street. He was complaining about sellers needing to be educated, told her that they did one deal last month!

So who are the valuers these days? The agents, the vendors or the price plus 10% the last one on the block went for......funny.:D

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13 hours ago, reddog said:

I find it interesting that they actually stated how big the place is (50sqm)

Didn't see that. Good photographer.

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3 hours ago, Grab_Some_Popcorn said:

Lots of nice overpriced houses near me, but horrible places like this are obscenely overpriced. Rough area, horrible design, dreary garden. All for 15 x local salary!

http://www.rightmove.co.uk/s6p/66250676

Looks very cramped; a bit like a lighthouse, but without the views. Is that typical pricing for the area, or total kite-flying?

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26 minutes ago, Toast said:

Looks very cramped; a bit like a lighthouse, but without the views. Is that typical pricing for the area, or total kite-flying?

Kite flying. But it's unlike any house I've seen so who knows what it'll go for. If that goes for more than £200k there are greater fools about.

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Here's my contribution:

I think this is number 39b, last sold for £97k in Dec '16 Asking price dropped from £145k to £135k in April '16.

1 bedroomed flat (1st and 2nd floor) converted from a 13 foot wide terraced house in the red light district. On the plus side the attic has been coverted into the bedroom area and it looks nice enough inside. Probably should not be worth more than £50k imo. No parking allowed directly outside the building.

39a I think is the bottom flat with an even more cramped layout. Seems to have sold for £120k! :blink: Madness.

These narrower terraced houses should NEVER have been allowed to be redeveloped into flats. ESPECIALLY with no easy parking close by.

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5 hours ago, Grab_Some_Popcorn said:

Lots of nice overpriced houses near me, but horrible places like this are obscenely overpriced. Rough area, horrible design, dreary garden. All for 15 x local salary!

http://www.rightmove.co.uk/s6p/66250676

Every inch of land used I see. Right up to the corner on that road.

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1 minute ago, MattW said:

Every inch of land used I see. Right up to the corner on that road.

I don't really mind that, quite a lot of rather less awful older places are like that. Everything else about it though...

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