Jump to content
House Price Crash Forum

Insane prices for houses in crap locations


bartelbe
 Share

Recommended Posts

For me this is one of the tell tale signs of a runaway housing bubble. Greedy developers and owners who think they can get absurd prices for houses in bad locations. A good example is a barn conversion near me, which the developer want 1.25 million for. Fair enough you might think, the photos make it look delightful.

What the misleading photos don't show is the dual carriageway that runs right next to the property. Who is their right mind is going to spend over a million pounds to live next to traffic noise and fumes?

Yet in the insane world of the bubble, the developer feels entitled that kind of asking price.

Link to comment
Share on other sites

On 19/08/2021 at 17:24, bartelbe said:

What the misleading photos don't show is the dual carriageway that runs right next to the property. Who is their right mind is going to spend over a million pounds to live next to traffic noise and fumes?

The traffic noise and fumes will be less frequent when electric vehicles become more numerous. ;) Perhaps that's what the developer is hoping for.

Seriously though, I agree. I'm looking out for a new home and asking prices are barmy.

Link to comment
Share on other sites

On 22/08/2021 at 08:29, Petunia said:

there appears to be a desperation of "I must get a new house", the old one sells so easily then the pressure is on to buy the next one, some seeming to settle for whatever they can get. Wondering how they will feel about it a year's time?

FOMO!

Link to comment
Share on other sites

  • 2 weeks later...
On 21/08/2021 at 10:33, MattW said:

The traffic noise and fumes will be less frequent when electric vehicles become more numerous. ;) Perhaps that's what the developer is hoping for.

Seriously though, I agree. I'm looking out for a new home and asking prices are barmy.

Fumes aren't usually an issue unless there's frequently stationary traffic and at typical free-flowing traffic speeds the vast majority of the noise is tyre on road and aerodynamic (the odd motorbike or boy racer car notwithstanding).

Link to comment
Share on other sites

  • 2 months later...

Just started looking last week, budget of £280K and am genuinely shocked at the amount of overpriced shite where i am on the south coast. Favourite last week outside Southampton, right next to fawley refinery. It was a 3 bedder, well one bedroom 10ft x 9ft and two box rooms up for £265k, but  'offer in excess of...." 

Was putting my shoes on in the lounge (new carpets upstairs (see cheapest contact carpet from carpetright) and was surprised when i looked up from the sofa - i was no more than a few feet from the opposing lounge wall. Just breath taking how these places got built. A check on nethouseprices and the place sold for £225K in 2020 and £218k in 2018 - unbelievable!

The back garden fence was no more than 8 ft from the back of the poorly constructed conservatory, but the best was saved till last, spun round to look at the rear elevation to see what i can only describe as a giant moss pit engulfing the roof and down the back walls, I wondered why the skirting boards had popped in the back bedroom. (damp) 

With no access to the rear (terraced) i asked the agent how it was possible to get plant and machinery into the garden to sort out that mess, pointing up at it all (including sagging and broken guttering/fascias) to be met with a shrug.

So this is paradigm, hence i'm going into rented for 6 months and see what happens then as all i'm getting sent is ex council houses and places in areas that are either permanantly on fire, boarded up or have a police presence in the community.............

 

Edited by burk
Link to comment
Share on other sites

On 28/11/2021 at 16:33, MattW said:

@burk I see that the house sold for £43,500 in 2002. £220k or so increase in nearly 20 years - wow! :o

Absolutely ridiculous isn't it? The depressing bit i find is getting sent details of a property then i see how much it sold for 1 to 5 years back and it makes my piss boil. The arrogance of the agents too, just does my head in.

 

Edited by burk
Link to comment
Share on other sites

On 29/11/2021 at 20:35, burk said:

Absolutely ridiculous isn't it? The depressing bit i find is getting sent details of a property then i see how much it sold for 1 to 5 years back and it makes my piss boil. The arrogance of the agents too, just does my head in.

 

This is my life every day. 

These

https://www.rightmove.co.uk/properties/78747678#/?channel=RES_NEW

were from March  for £270,000 which is hugely inflated for the area (nice houses though) then agent put on for £300,000. Not selling so I phoned out of interest to see if they would accept an offer of £270,000 (too much for us but was interested to hear what they said ) but they said no they were looking for £325,000!! 

This one

https://www.rightmove.co.uk/properties/114315260#/?channel=RES_BUY

sold in 2018 for £210,000. They have put in a kitchen and painted the staircase, now on for £300,000 . Interesting to note (and this is something else I see all the time) that the original purchaser of this property in 2007 ended up selling in 2018 at a loss as they paid £225,000 for it. I guess there will be a LOT of this happening in 2022/23, property that sold in 2021/22 I would imagine  will never reach those loopy prices ever again as this time interest rates will be  going up and up.  

Can't see what this one sold for, looks like maybe £205,000 in 2016 now on for £270,000
https://www.rightmove.co.uk/properties/116672846#/?channel=RES_BUY


https://www.rightmove.co.uk/properties/115046420#/?channel=RES_NEW
Larkfleet sold properties on a nearby estate earlier this year. 3 bed detached was £230,000with a garage  now look at the one linked! An eyewatering £295,000 with no garage and next to the Housing Association rentals yet they are falling over themselves for them apparently. On the same estate  sold almost immediately at £525,000 garden also  backing  onto the Housing Association Rentals!
https://www.rightmove.co.uk/properties/116593385#/?channel=RES_NEW

This one sold for £108,000 in 2016, modernised and now on for £280,000! 
https://www.rightmove.co.uk/properties/116862953#/?channel=RES_BUY


And on it goes! Yet we are told house prices have only gone up 10% not the £70,000 + that has actually been added to a £220,000 property from the start of 2021, £35,000 - £40,000 of that was added in August  when they leapt from the £250,000 they had gone up to to £285,000 overnight! 

Can't see this shifting any time soon given that there are supposedly 24 people after every property due to a shortage of properties on the market. Provided people are already in the market it doesn't make any difference to them does it as they sell and buy at the loopy prices. 

Edited by Dweller
Link to comment
Share on other sites

Just been to look at a 3 bedder in Shaftesbury today, price dropped from £250k to £235k, lounge is full to the brim with one 3 seater sofa and two single seaters. The dining room is bigger than the kitchen. The kitchen consisting of literally 4 base units in the corner of the dining room - weird, came with a workshop, see 6ft by 6ft block odd outbuilding attached to the house.

Bedrooms were a good size, the third small one was useless, no garage, tiny rear garden no front one, and a teminally cracked collapsing concrete driveway i could get my van on and nothing else, the street was rammed with cars parked on either side and overall a sense of overcrowding because of this. Plus the joy of being surrounded by poorly maintained social housing with all the problems that brings. Yet the photos make the property look a decent size.................it was not

Also ive noticed these properties are superficially tidy, new gloss work and some carpet to make it looked cared for, interestingly to see these properties were £150-£175K 5 - 6 years ago.   

https://www.rightmove.co.uk/properties/116052503#/?channel=RES_BUY

I asked if there was room to negotiate on the price, me thinking its dear at £235k to which i was told no. 

I'll keep looking then...................

Link to comment
Share on other sites

On 03/12/2021 at 15:18, Dweller said:

Can't see this shifting any time soon given that there are supposedly 24 people after every property due to a shortage of properties on the market. Provided people are already in the market it doesn't make any difference to them does it as they sell and buy at the loopy prices. 

Hi Dweller I'm now getting sent details of Reema properties, basically prefabs. When i pointed out to the agent this is fraud as there's no mention of their construction type on the details he went very quiet and not least of all due to them being un-mortgageable. But according to him there's "lots of demand for these in this bouyant market" absolute c**t!

This brings it into sharp focus:

Reema 1, https://www.rightmove.co.uk/properties/114554927#/?channel=RES_BUY

Reema 2, https://www.rightmove.co.uk/properties/113599259#/?channel=RES_BUY

Then googled affordable places in the UK and found these, admittedly i dont know what i'd do for work up there as i'm a joiner/maker but its tempting given the $hite i've looked at round my way (Southampton, Salisbury etc).

The thoughts of living in a house i can barely walk around in given the size of the rooms compared to below, i dunno, going to do some research as a relocation from the 'beautiful' South may be in order............

County Durham

 

Link to comment
Share on other sites

23 hours ago, RentingForever said:

What the hell is going on above that sofa?

 

18 hours ago, burk said:

It appears they've nailed a table to the ceiling, maybe its a new way to attract buyers?

I was about to post the same thing. :lol:

Puts an extra £50k onto the asking price. ;)

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.