suresh786 Posted August 3, 2023 Share Posted August 3, 2023 https://auctionhouselondon.co.uk/lot/49-missenden-inville-road-walworth-london-se17-2ht-215758/ Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted August 3, 2023 Share Posted August 3, 2023 Does scream dodgy estate...but even so, surprising. Maybe there are structural issues with the building and so huge service charges to come? Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted August 3, 2023 Share Posted August 3, 2023 Look at the "similar properties" part. Quote Link to comment Share on other sites More sharing options...
suresh786 Posted August 3, 2023 Author Share Posted August 3, 2023 there is asbestos report in Legal documents so i think because of Asbestos Quote Link to comment Share on other sites More sharing options...
17clarence Posted August 3, 2023 Share Posted August 3, 2023 100 year lease, though it looks like it won’t last 100 years. Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 3, 2023 Share Posted August 3, 2023 why no one bought? My guess is finding someone who is prepared to live there or actually wanted to live there could not afford the rent anyway.. Screams everything you ever expected from the phrase 'sh1thole'. Quote Link to comment Share on other sites More sharing options...
Orb Posted August 3, 2023 Share Posted August 3, 2023 (edited) Produces over £26k per year? That's the entire annual take-home pay of someone on £33,500k, which is approximately the UK average wage. This absurd house of cards can't come crashing down quick enough. Edited August 3, 2023 by Orb Quote Link to comment Share on other sites More sharing options...
mynamehere Posted August 3, 2023 Share Posted August 3, 2023 (edited) 9 minutes ago, Orb said: Produces over £26k per year? That's the entire annual take-home pay of someone on £33,500k, which is approximately the UK average wage. This absurd house of cards can't come crashing down quick enough. But it's fine when someone has 400k in 6% fixed savings, producing 25k? The problem isn't property rental per se, or rental yields 5% above base rate (why else would anyone bother?) its massive wealth/asset inequality. Edited August 3, 2023 by mynamehere Quote Link to comment Share on other sites More sharing options...
captainb Posted August 3, 2023 Share Posted August 3, 2023 1 hour ago, suresh786 said: https://auctionhouselondon.co.uk/lot/49-missenden-inville-road-walworth-london-se17-2ht-215758/ You won't get a mortgage on one of those blocks hence auction That yield is gross and doesn't include all the forthcoming maintenance fees for fire safety and concrete improvements Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted August 3, 2023 Share Posted August 3, 2023 It’s worth 0. Like all these flats social landlords will have to sell in the near future. That’s their actual value without money from to government to house benefits recipients. Quote Link to comment Share on other sites More sharing options...
Orb Posted August 3, 2023 Share Posted August 3, 2023 33 minutes ago, mynamehere said: But it's fine when someone has 400k in 6% fixed savings, producing 25k? If it means the same person isn't milking an entire year's take-home pay from someone to receive that £25k, then yes, that's fine by me. Earning that from savings seems less heinous to me. Quote Link to comment Share on other sites More sharing options...
mynamehere Posted August 3, 2023 Share Posted August 3, 2023 26 minutes ago, Orb said: If it means the same person isn't milking an entire year's take-home pay from someone to receive that £25k, then yes, that's fine by me. Earning that from savings seems less heinous to me. it's a four bedroom flat. The average net income for a four bed flat in SE17 is presumably a lot more than 25k, on average. I personally wouldn't want to earn money from tenants either. But nor am I a saint for sitting on piles of cash without putting it to any kind of productive use. Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted August 3, 2023 Share Posted August 3, 2023 2 hours ago, suresh786 said: https://auctionhouselondon.co.uk/lot/49-missenden-inville-road-walworth-london-se17-2ht-215758/ absolutely astonishing that somebody is paying £2,200/month to live there. When you think of what is available in the rest of the world for that money, something has gone badly wrong Quote Link to comment Share on other sites More sharing options...
captainb Posted August 3, 2023 Share Posted August 3, 2023 (edited) 1 hour ago, PropertyMania said: absolutely astonishing that somebody is paying £2,200/month to live there. When you think of what is available in the rest of the world for that money, something has gone badly wrong New York? Singapore? Hong Kong? Geneva? Etc Wouldn't even get that for the money. Comparing London with Scunthorpe is super interesting but also somewhat irrelevant.. unless you want to live in Scunthorpe of course Edited August 3, 2023 by captainb Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted August 3, 2023 Share Posted August 3, 2023 24 minutes ago, captainb said: New York? Singapore? Hong Kong? Geneva? Etc Wouldn't even get that for the money. Comparing London with Scunthorpe is super interesting but also somewhat irrelevant.. unless you want to live in Scunthorpe of course https://www.immobilier.ch/en/rent/apartment/geneva/page-1?t=rent&c=1&p=s40&nb=false&gr=1 https://www.immobilier.ch/en/rent/apartment/geneva/bernex/caisse-pensions-migros-ecublens-1557/group-visit-on-monday-august-07-2023-from-4-30-pm-to-5-30-pm-947288 This is even better, £3000 for a new build 104sqm. For that price in London you’re probably looking at a 2 bed at the moment in a nice area. https://www.immobilier.ch/en/rent/apartment/geneva/troinex/naef-immobilier-location-residentielle-1850/face-saleve-spacieux-lumineux-45-pieces-grand-balcon-belle-vue-947035 A city with an average household income of at least 200k francs. Quote Link to comment Share on other sites More sharing options...
anonguest Posted August 3, 2023 Share Posted August 3, 2023 (edited) I wouldn't live there if you paid me £26,328 per year to do so! Edited August 3, 2023 by anonguest Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted August 3, 2023 Share Posted August 3, 2023 That is some hideous building. Good luck trying to sell flats there. Quote Link to comment Share on other sites More sharing options...
Insane Posted August 3, 2023 Share Posted August 3, 2023 3 hours ago, PropertyMania said: absolutely astonishing that somebody is paying £2,200/month to live there. When you think of what is available in the rest of the world for that money, something has gone badly wrong More than likely 4 people sharing, could be even more if there are couples in the rooms. Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted August 3, 2023 Share Posted August 3, 2023 1 hour ago, captainb said: New York? Singapore? Hong Kong? Geneva? Etc Wouldn't even get that for the money. Comparing London with Scunthorpe is super interesting but also somewhat irrelevant.. unless you want to live in Scunthorpe of course What about the remaining 99.9% of the word's land mass? Mega cities are less relevant now. Give me a detached house in Scunthorpe any day over that dump Quote Link to comment Share on other sites More sharing options...
captainb Posted August 3, 2023 Share Posted August 3, 2023 7 minutes ago, PropertyMania said: What about the remaining 99.9% of the word's land mass? Mega cities are less relevant now. Give me a detached house in Scunthorpe any day over that dump That's great then prices in Scunthorpe are relevant prices in London irrelevant. Really don't agree with that mega city statement on a global basis. If anything the reverse has been happening. Also not convinced I want to live on the Russian or Canadian tundra. Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted August 3, 2023 Share Posted August 3, 2023 (edited) 11 minutes ago, captainb said: That's great then prices in Scunthorpe are relevant prices in London irrelevant. Really don't agree with that mega city statement on a global basis. If anything the reverse has been happening. Also not convinced I want to live on the Russian or Canadian tundra. Wake up dude. London has got the highest salary house price ratio in the developed world. And that building is a pile of shit that should be knocked down. But there’s a t**t trying to sell it for 400k, 12* the average salary in London and maybe 20x local wages. That flat is currently rented to at least 6 people living in it as people do in Mumbai. And they’re surely not paying for it. That t**t‘s income is coming from my taxes for sure. Edited August 3, 2023 by NoHPCinTheUK Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted August 3, 2023 Share Posted August 3, 2023 2 hours ago, captainb said: New York? Singapore? Hong Kong? Geneva? Etc Wouldn't even get that for the money. Comparing London with Scunthorpe is super interesting but also somewhat irrelevant.. unless you want to live in Scunthorpe of course Ok then, 1.2k-1,4k a month on the south coast (not Brighton obviously, lots of cheaper places). Maybe commute into London twice a week, wfh the rest or completely online. Surely there must be decent schools outside London? Quote Link to comment Share on other sites More sharing options...
captainb Posted August 3, 2023 Share Posted August 3, 2023 (edited) 9 minutes ago, NoHPCinTheUK said: Wake up dude. London has got the highest salary house price ratio in the developed world. And that building is a pile of shit that should be knocked down. But there’s a t**t trying to sell it for 400k, 12* the average salary in London and maybe 20x local wages. That flat is currently rented to at least 6 people living in it as people do in Mumbai. And they’re surely not paying for it. That t**t‘s income is coming from my taxes for sure. Agreed. Aside from the highlighted bit which isnt even in top 50, globally with many of those developed. Paris for example is worse. Tiny super expensive flats https://www.numbeo.com/property-investment/rankings.jsp Edited August 3, 2023 by captainb Quote Link to comment Share on other sites More sharing options...
jevans Posted August 3, 2023 Share Posted August 3, 2023 EPC D, it'll be unletable and unsellable within 10 years without a ton of investment. Quote Link to comment Share on other sites More sharing options...
captainb Posted August 3, 2023 Share Posted August 3, 2023 1 minute ago, Trampa501 said: Ok then, 1.2k-1,4k a month on the south coast (not Brighton obviously, lots of cheaper places). Maybe commute into London twice a week, wfh the rest or completely online. Surely there must be decent schools outside London? Yeah I would or Margate even. Issue people have is cost of commuting and trend towards back in office. Citi Bank latest to go back to 5 days a week. Quote Link to comment Share on other sites More sharing options...
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