I think we might be wrong about a HPC

[wighty]

19 minutes ago, Dweller said:

What I don't get is the properties we are prepared to go for are not in great areas and pre covid would have been considered low end market so who are the people who have decided to buy properties in not the best of areas that need doing up and are now about £60,000 +  what they would have sold for done up in 2019?

I get people racing for space but these are terraces with a bit of garden. I doubt it's first time buyers  (is it?) as I thought they were struggling 2 years ago to buy anything over £220,000 (now those properties are £280,000 +) 
So if all these inflated properties are being bought by people who have just sold their inflated property then where on earth are they moving from that they would want to go and buy a crappy terrace in a far from inspiring bit of  town?

I don't know where this one is but again a wonderful illustration of the madness !

Hasn't sold since 2019 then up £64,950 in June. Still not selling but will be what £300,000 according to the EA in January 2022! 

https://www.rightmove.co.uk/properties/75665683#/?channel=RES_BUY

 

05/06/2021	Price changed from £205,000 to £269,950
07/07/2020	Price changed from £220,000 to £205,000
05/02/2020	Price changed from £230,000 to £220,000
22/11/2019	Initial entry found: £230,000

Maybe it got done up betweem 07/20 and 06/21

[Dweller]

8 minutes ago, wighty said:

Maybe it got done up betweem 07/20 and 06/21

No I have been staring at Rightmove now for two years my specialist subject is now property up to £220,000 which is now £280,000 and still their fighting over them! I think I know every property from North Wales to Cornwall! 

This is another wonderful bargain. Property in that road done up nicely selling for £228,000 last year now this! 
https://www.rightmove.co.uk/properties/113432912#/?channel=RES_BUY

[Si1]

13 minutes ago, winkie said:

Or flatten the house completely and build two in its place.

Sometimes more.

Not in a row of terraces in Leeds.

[Dweller]

What do you think this one means, no physical viewings? 

https://www.rightmove.co.uk/properties/114144143#/?channel=RES_BUY

 

[Si1]

18 hours ago, henry the king said:

Makes sense. People have also finally worked out that leasehold is a scam

I think it's equally to do with covid. But personally I wouldn't buy leasehold.

[TheCountOfNowhere]

18 hours ago, Dweller said:

and still their fighting over them!

Same with petrol.

Weird world.

[Pop321]

43 minutes ago, Si1 said:

I think it's equally to do with covid. But personally I wouldn't buy leasehold.

Some leasehold feels ok. Our final home ideally will be a flat. A massive ground floor in a old Victorian villa with ownership of gardens. Perhaps cellars for storage. So that will be leasehold but it would be a long lease and the freehold own by the flats themselves…no more than 3 flats in the property. 

However a leasehold where communal gardens and large communal shared areas and a management commitment and a freeholder living 300 miles away in London, I wouldn’t touch with a barge pole.

Genuine question…do you think my thoughts are rational or would you avoid all leasehold? 

[Si1]

20 minutes ago, Pop321 said:

.

Genuine question…do you think my thoughts are rational or would you avoid all leasehold? 

Nothing is black and white. If you have superior information to the generic view then that's how you find value.

[winkie]

Whatever we buy or own we are only custodians for whoever comes along behind us......we lease it for a moment in time......then move on.

[GregBowman]

1 hour ago, Pop321 said:

Some leasehold feels ok. Our final home ideally will be a flat. A massive ground floor in a old Victorian villa with ownership of gardens. Perhaps cellars for storage. So that will be leasehold but it would be a long lease and the freehold own by the flats themselves…no more than 3 flats in the property. 

However a leasehold where communal gardens and large communal shared areas and a management commitment and a freeholder living 300 miles away in London, I wouldn’t touch with a barge pole.

Genuine question…do you think my thoughts are rational or would you avoid all leasehold? 

My daughter lives in a purpose built block, built late 60's in 5 acres. Covenant on lease so you can't rent out. 4 blocks, really well built - parquet flooring ,wide corridors. The blocks are 4 storeys high. Clever design bit like a spoke and hub effect no flat touches any other, whether outside walls, lift or service channel  between flats on the  same level,so just floor and ceiling. Each flat has  decent garage as well.

Each leaseholder is also a freeholder and the freehold committee members have to be owners.

Seems to work very well, very low service charge and great place to live 

 

Edited September 29, 2021 by GregBowman

[GregBowman]

2 hours ago, Si1 said:

I think it's equally to do with covid. But personally I wouldn't buy leasehold.

If you own your share of the freehold it's effectively a freehold surely ?

[henry the king]

2 hours ago, Si1 said:

I think it's equally to do with covid. But personally I wouldn't buy leasehold.

Mainly covid imo. Basically flats are going to go down and down I think. There won't be a HPC but there will be a FPC and its already starting.

I feel sorry for the BTL brigade in their city flats! (not really)

[winkie]

4 minutes ago, GregBowman said:

If you own your share of the freehold it's effectively a freehold surely ?

Yes, that works well for maisonettes, converted flats and properties with a small number of separate households sharing the same ground......they all take a share and manage it themselves....... won't work for a tower block.

[henry the king]

1 hour ago, Pop321 said:

Some leasehold feels ok. Our final home ideally will be a flat. A massive ground floor in a old Victorian villa with ownership of gardens. Perhaps cellars for storage. So that will be leasehold but it would be a long lease and the freehold own by the flats themselves…no more than 3 flats in the property. 

However a leasehold where communal gardens and large communal shared areas and a management commitment and a freeholder living 300 miles away in London, I wouldn’t touch with a barge pole.

Genuine question…do you think my thoughts are rational or would you avoid all leasehold? 

A few years back I went to see a block of 4 flats where the freehold was shared. It was really nice, with garden space each. Not sure if they still exist, but might be worth searching for something like that.

[GregBowman]

26 minutes ago, winkie said:

Yes, that works well for maisonettes, converted flats and properties with a small number of separate households sharing the same ground......they all take a share and manage it themselves....... won't work for a tower block.

This is spread out but I would guess 64 owners seems to work across the 4 blocks

[Bruce Banner]

2 hours ago, Pop321 said:

Some leasehold feels ok. Our final home ideally will be a flat. A massive ground floor in a old Victorian villa with ownership of gardens. Perhaps cellars for storage. So that will be leasehold but it would be a long lease and the freehold own by the flats themselves…no more than 3 flats in the property. 

However a leasehold where communal gardens and large communal shared areas and a management commitment and a freeholder living 300 miles away in London, I wouldn’t touch with a barge pole.

Genuine question…do you think my thoughts are rational or would you avoid all leasehold? 

Now that's something we've avoided like the plague, far too much work, a postage stamp size that can be kept up with weed killer alone and just enough space to hang out the washing. We only expected to be living in the house for six months of the year, but then came Brexit and Covid . 

[winkie]

26 minutes ago, GregBowman said:

This is spread out but I would guess 64 owners seems to work across the 4 blocks

64 is rather a lot, only takes a few to stop paying their insurance and ground rent or maintenance to create an issue....who will pay the gardener, are they sub let.....can you contact the owner, does the owner care.

[Pop321]

4 hours ago, GregBowman said:

My daughter lives in a purpose built block, built late 60's in 5 acres. Covenant on lease so you can't rent out. 4 blocks, really well built - parquet flooring ,wide corridors. The blocks are 4 storeys high. Clever design bit like a spoke and hub effect no flat touches any other, whether outside walls, lift or service channel  between flats on the  same level,so just floor and ceiling. Each flat has  decent garage as well.

Each leaseholder is also a freeholder and the freehold committee members have to be owners.

Seems to work very well, very low service charge and great place to live 

 

 

4 hours ago, GregBowman said:

If you own your share of the freehold it's effectively a freehold surely ?

 

4 hours ago, winkie said:

Yes, that works well for maisonettes, converted flats and properties with a small number of separate households sharing the same ground......they all take a share and manage it themselves....... won't work for a tower block.

 

5 hours ago, Si1 said:

Nothing is black and white. If you have superior information to the generic view then that's how you find value.

Thanks guys, I think the downturn in flats might be useful for me. The target is a 2500 sq ft Victorian mansion ground floor with either one other two flats above. One of those which are £600k knackered and £1.75m blinged….and if flats are increasingly out of favour we will start looking. We want a share of freehold though. 

[Pop321]

3 hours ago, Bruce Banner said:

Now that's something we've avoided like the plague, far too much work, a postage stamp size that can be kept up with weed killer alone and just enough space to hang out the washing. We only expected to be living in the house for six months of the year, but then came Brexit and Covid . 

There are gardens and gardens…basically we want the ground on which we sit. I take your point, and when we get old we can make it into a lovely patio and bbq area 😉

[wighty]

On 9/28/2021 at 6:30 PM, Dweller said:

No I have been staring at Rightmove now for two years my specialist subject is now property up to £220,000 which is now £280,000 and still their fighting over them! I think I know every property from North Wales to Cornwall! 

This is another wonderful bargain. Property in that road done up nicely selling for £228,000 last year now this! 
https://www.rightmove.co.uk/properties/113432912#/?channel=RES_BUY

Don't worry mate. You'll soon be getting absolute bargains from all the broken chains that have come about by those not getting the stamp duty cut in time. Right?

[petetong]

I've seen a few expensive semi's in good areas, come back on the market this week. Wasn't seeing that before. Assuming its people getting cold feet with the end of furlough and cost of living increasing. Speaking to an EA he reckoned 1/3 of sales are falling through, which seemed a high figure and can't see any evidence for that.

[sammersmith]

Funnily enough i've just seen a property i noticed a while ago come back to the market. Nice detached period house. Back in July the agents were boasting on their FB account how it was sold within 48 hours of marketing. They're all quiet now

 

[Voice of Doom]

9 hours ago, henry the king said:

There won't be a HPC but there will be a FPC and its already starting.

I feel sorry for the BTL brigade in their city flats! (not really)

Flat Price Crash - buy the domain now! 

More seriously, flats are really struggling and not just those in tower blocks. I am now seeing big reductions on flats even in Chiswick, W4 (converted houses). Generally chain-free so looks like landlords selling up.

I hope these falls ripple out. Fewer Londoners outbidding others.

@henry the kingmight I ask where you are noticing the flat carnage?

[wighty]

10 hours ago, Voice of Doom said:

Flat Price Crash - buy the domain now! 

More seriously, flats are really struggling and not just those in tower blocks. I am now seeing big reductions on flats even in Chiswick, W4 (converted houses). Generally chain-free so looks like landlords selling up.

I hope these falls ripple out. Fewer Londoners outbidding others.

@henry the kingmight I ask where you are noticing the flat carnage?

Furlough finishes today, probably

 

 Let's look forward to loads of repossession as jobs are lost causing  desperate sales and HPC kicks in. Right?.

 

[henry the king]

10 hours ago, Voice of Doom said:

Flat Price Crash - buy the domain now! 

More seriously, flats are really struggling and not just those in tower blocks. I am now seeing big reductions on flats even in Chiswick, W4 (converted houses). Generally chain-free so looks like landlords selling up.

I hope these falls ripple out. Fewer Londoners outbidding others.

@henry the kingmight I ask where you are noticing the flat carnage?

North east it seems every property that is a flat is at or below 2015 prices and still not selling. Meanwhile 3/4 bed homes fly off the market. This is also backed up by industry people who are saying the 3/4 bed detached houses are what everyone is after