NoHPCinTheUK Posted June 12, 2023 Share Posted June 12, 2023 (edited) https://www.rightmove.co.uk/properties/135962417#/?channel=RES_BUY Block of 9 flats, asking price 2.5 mil. Avg for flat is then £280k. In West Hampstead this is what I’d call a bargain. I see people rushing for the exit now. Edited June 12, 2023 by NoHPCinTheUK Quote Link to comment Share on other sites More sharing options...
Sackboii Posted June 12, 2023 Share Posted June 12, 2023 It's a semi that's converted to a HMO. £2.5m ?? FRO !! Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted June 12, 2023 Author Share Posted June 12, 2023 5 minutes ago, Sackboii said: It's a semi that's converted to a HMO. £2.5m ?? FRO !! 1 bed flats in the area start at 500k! Quote Link to comment Share on other sites More sharing options...
Insane Posted June 12, 2023 Share Posted June 12, 2023 £2.5 Million is not the actual price. It is only the guide for the Auction , be interesting to see what it actually sells for on the 29th. Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted June 12, 2023 Author Share Posted June 12, 2023 Just now, Insane said: £2.5 Million is not the actual price. It is only the guide for the Auction , be interesting to see what it actually sells for on the 29th. If it sells. I’ll check for you! Quote Link to comment Share on other sites More sharing options...
captainb Posted June 12, 2023 Share Posted June 12, 2023 "Current rental income of £110,976 per annum." If it goes for asking £2.5m that's a gross yield of under 5%, not sure I'd call that a great sell off bargain. More likely a lot of the flats are tiny studios with that level of rent. Quote Link to comment Share on other sites More sharing options...
Frankie Teardrop Posted June 12, 2023 Share Posted June 12, 2023 Thats a yield of 4.4% on £2.5M before maintenance, voids and the costs involved upgrading from EPC D,E to C Yet another landlord trying to exit the sector. Will be interesting to see what it goes for. Quote Link to comment Share on other sites More sharing options...
Sackboii Posted June 12, 2023 Share Posted June 12, 2023 As I said.. FRO !! Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted June 12, 2023 Author Share Posted June 12, 2023 23 minutes ago, Frankie Teardrop said: Thats a yield of 4.4% on £2.5M before maintenance, voids and the costs involved upgrading from EPC D,E to C Yet another landlord trying to exit the sector. Will be interesting to see what it goes for. It’s ok, I’ve been told in the other thread that people in the UK earn on average 80k pa, everything is fine and with rates at 6% sky is still the limit. Quote Link to comment Share on other sites More sharing options...
24gray24 Posted June 12, 2023 Share Posted June 12, 2023 This sounds like the rush to the auction house at top prices. Not the sell off. Step 1. Put it up for sale at top prices. Doesn't sell. Step 2. Put it up for auction at top prices (as a reserve). Might sell. Might not. Step 3. Reduce the reserve by 5k. Stick it in the next auction. Step 5. Rinse and repeat. That's not the great sell off. That may not even be the great stand off. It only becomes the great stand off when auction lots don't sell at top price reserves across the whole auction. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted June 12, 2023 Share Posted June 12, 2023 Loads in weston-super-mare area looking to exit, selling off their blocks of flats and HMO's https://www.rightmove.co.uk/properties/123018122 https://www.rightmove.co.uk/properties/135711299 https://www.rightmove.co.uk/properties/130453922 https://www.rightmove.co.uk/properties/123018029 https://www.rightmove.co.uk/properties/134273438 These are just a few local to me in Nowhereland, there must be thousands of these "opportunities" up and down the country. Quote Link to comment Share on other sites More sharing options...
2023crash Posted June 12, 2023 Share Posted June 12, 2023 16 minutes ago, Wurzel Of Highbridge said: Loads in weston-super-mare area looking to exit, selling off their blocks of flats and HMO's https://www.rightmove.co.uk/properties/123018122 https://www.rightmove.co.uk/properties/135711299 https://www.rightmove.co.uk/properties/130453922 https://www.rightmove.co.uk/properties/123018029 https://www.rightmove.co.uk/properties/134273438 These are just a few local to me in Nowhereland, there must be thousands of these "opportunities" up and down the country. I make that last one £588/month for each bedsit. That seems expensive rent for a room in Burnham with a shared bathroom. What do you think is realistic? Seems suspicious that none of them are currently rented! Quote Link to comment Share on other sites More sharing options...
scottbeard Posted June 12, 2023 Share Posted June 12, 2023 58 minutes ago, NoHPCinTheUK said: It’s ok, I’ve been told in the other thread that people in the UK earn on average 80k pa, everything is fine and with rates at 6% sky is still the limit. Link? Quote Link to comment Share on other sites More sharing options...
Sackboii Posted June 12, 2023 Share Posted June 12, 2023 14 minutes ago, scottbeard said: Link? I think there was a hint of sarcasm.. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted June 12, 2023 Share Posted June 12, 2023 3 hours ago, Sackboii said: I think there was a hint of sarcasm.. No I think he’s twisting a post I made, where I said that the average house price should be based on a multiple of 80k, because that’s the average total household income of the top 60% of the population (ie the group who mostly buy the houses) I think he is now trying to suggest I said it’s the average U.K. salary Quote Link to comment Share on other sites More sharing options...
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