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Bingley Bloke

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Check this out :lol:

I'd guess it'll be an interest only mortgage :lol::lol:

And selling in 4-5 years time, at probably the bottom of the market :lol::lol:

They would have more fun and more luck spending the money on biscuits :o

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If he's asking questions 15 years out... how does he think prospective buyers in 5 years time are going to feel buying a house just 10 years from demolition. He does raise an interesting point about what a 15-year demolition order does for the price of a property though - if it lowers the market price would the current owner be eligible for compensation, and if you're the one left with the place when it comes to be demolished what price would you get?

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If he's asking questions 15 years out... how does he think prospective buyers in 5 years time are going to feel buying a house just 10 years from demolition. He does raise an interesting point about what a 15-year demolition order does for the price of a property though - if it lowers the market price would the current owner be eligible for compensation, and if you're the one left with the place when it comes to be demolished what price would you get?

Well, let's see. He is getting it at a knockdown price because it's due to be demolished in 15 years. Five years from now it will be due to be demolished in just ten years, so will be undoubtedly worth even less. Then factor in the fact that the housing market on the whole is likely to be significanrtly lower in five years – that'll knok its vaue down even further... It would take someone even more gullible than him to want to buy it then full stop, never mind for more than he's paid for it. And suppose he hangs onto it until demolition time expecting compensation... The property market may have bottomed out by then and started climbing again, but it will probably still be lower than it is five years from now, and I doubt the council will want to give him even what it's worth then as local government loves to take money off people, not give it to people – and it's not like you win if you try to fight them. I think if I were him I'd blow my money on an old Porsche, thrash it to within an inch of its life, and then drive it into a wall at 150mph :lol: At least that way he'd enjoy the last few years of his life.

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If he's asking questions 15 years out... how does he think prospective buyers in 5 years time are going to feel buying a house just 10 years from demolition. He does raise an interesting point about what a 15-year demolition order does for the price of a property though - if it lowers the market price would the current owner be eligible for compensation, and if you're the one left with the place when it comes to be demolished what price would you get?

Probably very little.

From some second hand experience (my grandparents house), a compulsary purchase price is basically, here's our offer... it maybe "reasonable" but your not going to get a top price... but no one else will buy it.

However in this case being a flat, and guessing it's leasehold... I'd guess the flat owners would get a raw deal compared to the land owners and/or council.

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this could be a good deal for all we know, if this place is cheap enough then its 15 years of rent your realy paying.Thats the way to look at it.

ie if your paying 100 week just now then if bought for say 25k this could be a good deal.

Also i bet the council will need to offer everyone in there a council house, they cant just compulsary purchase and throw people out, it dont work like that.they will need to house all that wish to housed, and prob a decent council house too.

You could also rent the place out after the 5 years as the person said, thus get your money back easily, thus you get 5 years free rent + a 10 year rental income that if used wisely should buy you another place.

so without all the facts its hard to say if its a good deal or not

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You could also rent the place out after the 5 years as the person said, thus get your money back easily, thus you get 5 years free rent + a 10 year rental income that if used wisely should buy you another place.

so without all the facts its hard to say if its a good deal or not

Hrm, we've all seen these areas on TV, you know the old story of the last few holdouts on an entire estate that is deserted and boarded up ready to be demolished, towards the end troublesome families were dropped in as there is hardly anyone left to complain, and the place is beset by arson and trouble, used by joy-riders, then comes the demolition orders.

Usually the few indignant right-to-buy folk left are pushing for better offers and lament the fact "it was a nice estate". In the end you have no choice but to take whatever the council is offering, there is no secondary market.

I don't think buying into a declining area in a declining market is exactly the smartest thing, you wouldn't have much room for complaint when knowingly buying into a condemned area. This is simply an obsession with owning something, if you really wanted to live in such an area I'm sure you could rent off the council for a pittance, I'm sure there are plenty of hellish areas around the country that are cheap, personally some things come before price.

Edited by BuyingBear

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:

Check this out :lol:

This must be a wind up mustn't it?

I had to read it twice cos I thought I had mis-read it!

Could someone really be so stupid. :lol::lol::lol:

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He may not be so stupid.

Whilst off work late last year, I was watching a BBC morning program about buying houses at auction. Can't remember the name.

Had this chap that bought a wreck on one of those run down "Coronation street"-style houses up north. You know the type, most of the houses boarded up, etc.

Turns out it was due to be demolished. The program did not tell you this until after he bought it - no doubt for dramatic effect! I thought he was mental for not doing his homework.

He proceeded to sell it under a compulsory purchase order and make a tidy profit. Can't remember exact figures - but something like buy = £19k, sell £32k. He went and bought a wood with the proceeds.

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  • 336 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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