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BARRY SCOTT

300 K For A 2 Bed

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http://www.vebra.com/home/search/vdetails....27&pid=10288852

Was walking past this property today. I thought I'd have a quick look on the agents web site to see the price out of interest.

I know its a nice area but 300k for the attic room?!

I know we've seen some overpriced stuff on here but this seems crazy to me.

Surely the target market for this type of property are FTB's how the hell can any FTB put their hands on that kind of dough.

Cheers Barry

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Thats london for you.

Says "panoramic views over London" - maybe its on top of a big hill and you can see for 50 miles ! Maybe not. <_<

yes it has good views and is in a good location, but look at it!! its not exactly palatial. I'd need a bit more than a nice view for 300k

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http://www.vebra.com/home/search/vdetails....27&pid=10288852

Was walking past this property today. I thought I'd have a quick look on the agents web site to see the price out of interest.

I know its a nice area but 300k for the attic room?!

I know we've seen some overpriced stuff on here but this seems crazy to me.

Surely the target market for this type of property are FTB's how the hell can any FTB put their hands on that kind of dough.

Cheers Barry

That's hilarious! Would love to see how cheap it gets before it sells :lol:

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Guest Charlie The Tramp

BBC London News tonight featured a girl looking for a flat in London. She was given a price of around 300k by the EA and said she would have to get an IO mortgage to buy it which she was not happy about and decided not to pursue it further. Cue to Lenders spokesperson ( must be PC ) who said IO mortgages were renting from the bank instead of a private landlord and at the end of 25 years you downsize and pocket the difference after initial loan has been repaid. A bit like cash back from the Landlord. :D

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Guest Winners and Losers

http://www.vebra.com/home/search/vdetails....27&pid=10288852

Was walking past this property today. I thought I'd have a quick look on the agents web site to see the price out of interest.

I know its a nice area but 300k for the attic room?!

I know we've seen some overpriced stuff on here but this seems crazy to me.

Surely the target market for this type of property are FTB's how the hell can any FTB put their hands on that kind of dough.

Cheers Barry

Seems perfectly reasonable to me in the current market. Better get in quick. ;)

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http://www.vebra.com/home/search/vdetails....27&pid=10288852

Was walking past this property today. I thought I'd have a quick look on the agents web site to see the price out of interest.

I know its a nice area but 300k for the attic room?!

I know we've seen some overpriced stuff on here but this seems crazy to me.

Surely the target market for this type of property are FTB's how the hell can any FTB put their hands on that kind of dough.

Cheers Barry

Hi Barry, we're virtually neighbours.

That price is not exceptional for Highgate. In fact lots of people would find it 'reasonable'. We have indeed lost all sense of reality. Having said that you do have to pay a premium for a perfect view over London. Not that I would.

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Thats london for you.

Says "panoramic views over London" - maybe its on top of a big hill and you can see for 50 miles ! Maybe not. <_<

It is. This is not an unusual price for tha location.

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A view of london?

It looks f*cking sh!t

People look out of there window for 5 secods a week and thats to check the weather or if their car has been nicked the rest of the time they watch tv.

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That is just unbelievable, i think when the crash happens, we'll be telling our children about the 21st century, where a 2-bed cost £300k.. i mean it's got to that sort of realm of fantasy land. I mean, £300,000, I think the economy has a big wake up call coming... and if any one does buy that they're an idiot.

In fact lots of people would find it 'reasonable'.

The idiot remark extends to people that think that is reasonable too. :angry:

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This is very very very very depressing :ph34r:

Would the person who can afford this really want to live in it?

Then again, I used to think that when prices were lower too.

The problem is that the person who can afford it won't buy it. Someone who can't really afford it will buy it .... and live in it .... probably for a very long time.

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Thats stupid its just someones house....

sell your attic space!! :lol:

Do you reckon you have to tip toe through their front room when their watching eastenders in order to get out your front door?

300k what a joke!

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Funny to see all the people from outside London expressing surprise at 300K for a two-bed flat, although they're the sensible ones to realise that 300K for a two-bed flat is total lunacy. Round here, we almost take it for granted. In districts around Highgate, two-bed conversions have been priced at that level ever since the 'highs' of summer 2004. Do a search for 300-350K in N6, N8 or N10, and pretty much all you'll find is two-bed flats.

One-bed conversions are still advertised at about 195-225K, meaning that merely to upgrade from a one-bed to a two-bed, you'd need to raise an extra 90K or so -- in mortgage terms, equivalent to having seen your salary rise by 25K during the few years since buying the one-bedder. And this has been the norm in posh districts of North London for at least a year and a half now.

Flats are certainly not 'flying off the shelves' round here -- the same old overpriced stuff sits on the market for months -- but still there's no sign of a crash either. I do find it odd, though, that asking prices are still stuck at 2004 levels, or have even risen lately, since there's no sign of anyone paying them.

We'll wait and see ...

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To be fair Highgate is probably one of the most pleasant places in London. It's wedged on a hill between Hampstead Heath and Highgate Woods, there are more pubs per capita than in any other spot in London and the residents are far more laid back than your average Hampstead nouveau riche. :DEstate Agent mode off. edit: I know that sounds arrogant - but it was supposed to be tonguei n cheek.

I agree with all who say that the prices are mad, but they are mad everywhere. People who earn a decent London wage don't necessarily want to commute for an hour and a half after a 12 hour day to live in a dull suburban dormitory.

The fundamentals are the same wherever people are, and no matter what they earn, it boils down to "what's the most I can afford?" rather than "is this value for money?" "Why? 'Cos I'm worth it."

This sounds like a bull's logic but I believe that's why the market is where it is today, but i also believe it is not sustainable.

Funny to see all the people from outside London expressing surprise at 300K for a two-bed flat, although they're the sensible ones to realise that 300K for a two-bed flat is total lunacy. Round here, we almost take it for granted. In districts around Highgate, two-bed conversions have been priced at that level ever since the 'highs' of summer 2004. Do a search for 300-350K in N6, N8 or N10, and pretty much all you'll find is two-bed flats.

One-bed conversions are still advertised at about 195-225K, meaning that merely to upgrade from a one-bed to a two-bed, you'd need to raise an extra 90K or so -- in mortgage terms, equivalent to having seen your salary rise by 25K during the few years since buying the one-bedder. And this has been the norm in posh districts of North London for at least a year and a half now.

Flats are certainly not 'flying off the shelves' round here -- the same old overpriced stuff sits on the market for months -- but still there's no sign of a crash either. I do find it odd, though, that asking prices are still stuck at 2004 levels, or have even risen lately, since there's no sign of anyone paying them.

We'll wait and see ...

Crikey there seems to be a few north london folks on here - we'll have to arrange a meeting over a champagne cocktail or an Earl Grey to discuss our portfolios. :D

Edited by Sisyphus

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Guest prudence

In parts of SW London 2-bed flats are being advertised at £500k plus! A fool and his money. (have just heard that an acquaintance of mine who str...d at the peak of the market is now panicking about rising prices and planning to buy asap (SW London). All it takes is a few headlines, shame................

Edited by prudence

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This is very very very very depressing :ph34r:

we're going to need a pretty serious crash to make this type of property remotely afordable by what I would consider is its target market. Not everyone in london is a city wiz kid.

London just isn't making sense for me anymore. Might head back up north soon.

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The bizarre thing is that the gap between London & outside is narrower than it has been for years.

I keep thinking about leaving London then realise that not only is property expensive outside, I wouldn't have a job to finance it (work in the City although there is nothing whizzy about me).

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The bizarre thing is that the gap between London & outside is narrower than it has been for years.

I keep thinking about leaving London then realise that not only is property expensive outside, I wouldn't have a job to finance it (work in the City although there is nothing whizzy about me).

very true. I actually left a good job and formed my own company to try and give me some flexibility in terms of my location, but I'm still in London as my Girlfriend job is based here and isn't quite so flexible.

My job takes me around the country from time to time. Something I find very interesting when you walk down the typical high street is this. Look in an estate agents window and see what house prices are like.Probably at least 120K. Then walk past the recruitment agency and look at what type of jobs are on offer!..... £ 5 an hour warehousing, maybe 18k if you're lucky for an office job. It doesn't make sense.

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Coincidentally, my landlady phoned yesterday to say that she "needs" to sell my place.

I have first refusal at £300,000.

It's a 1-bed flat in SE London.

Needless to say, I refused (though I considered offering £200k).

Thing is... at £300k you'd need to rent it for what? £1500pcm?

I'm not paying anywhere near that.

Edited by Nijo

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Maybe I am seeing it from an odd way, but if I could afford £300k for a 2 bed flat, then I would need to be on a fair old salary to achieve this (at 3.5x, then £80kish).

If I am earning that sort of money, then I assume I must have worked pretty hard to get to that level - my reward ... a 2 bed loft space. If this is the reward, then what will the future doctor's, lawyers, bankers, etc be living in? Will future generations bother training for anything, when the rewards are this.

OK, there are other rewards other than just housing ... but as a basic need is a roof over your head, then housing must rate pretty high. OK, I could rent, but there is still the view of paying somebody else mortgage - hence buying (as I see it) is a major feature in peoples life .. and when this is what I can buy, what hope is there for others on lesser salary?

Now, if I borrowed >3.5x salary for the mortgage to buy it (because I must have it), then what happens when IRs goes up, wage inflation stays low, future generations do not buy (through reasons mentioned in 2nd paragraph perhaps) ... then who are you going to sell it to? These events may never happen, and prices keep rising, but what if they don't? What are you gonna do? Does anybody take the uncertainty of future events into account?

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  • 301 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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