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DonnieDarker

Flat For Sale In My Mansion House

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...has been on the market for 3 months.

Minimal number of viewings.

Was priced at 250k

Has now been reduced to 240k.

IMO it is horrendsouly overpriced despite being in one of the premier roads in a desirable part of North London.

I am just relieved that has not been sold for what it was asking...that to me would have made me realise that the market is irrationally booming again.

Watch this space for updates...

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A few months ago I saw a house near our road 'go'. I real shoebox for silly money.

It was STC on Rightmove for ages and, like countless others, is now back on the market. Sold STC means b'all around here - we went to a house the other day that was 'Sold STC' and the EA was happily taking viewings.

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Update:

still 'for sale'...

..from what I can see each weekend/evening.

Almost no viewings.

Still £240k.

Flat I am in (downstairs with garden access) cost landlord £210k in 2001.

The in-laws still pressuring you?

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A relatively new build (2004) in Bromley '2 bed 2 bath' which looks to me like a BTL bail out was simultaneously up for rent (£925) and sale (£245K) at the same time, even though they haven't had it long and paid £250K for it.

No idea about the level of interest or numbers of viewings.

All I do know is that no-one wanted to rent it which is why it was reduced to £900 about a month ago, still no takers. And just this week I noticed in the local property rag that the asking price has also been reduced to £230K !!!

Still, at least yields are rising !!!

:lol::lol::lol:

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Its more stupid in the South West.

I live in a nice old converted victorian hospital on the sea front.

2 bed flat for sale for £250K (This isn't london last time I checked).

Reduced to £230K and still not sold though.

They originally paid £220K in 2003.

Even if it does sell though it is only one property and there will always be mugs/fools out there :P

Edited by non-FTBer

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Now...a second flat (ofthe 7) is under sale. This one is on for £220k and has garden access.

Methinks the owners have got wind that major HPI is OVER and they want to lock in their profits.

(1st flat still for sale...saw a few prospective buyers yesterday...tended to be single-looking women in their late 30s, 40's.

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The in-laws still pressuring you?

Shaker,

Do you remember almost one year ago to the day, I PM'ed you some info on a commercial property I sold?

An update for all:

That property has been unoccupied and up for sale/rent ever since. He was expecting another 20 - 30% rise in value in 12 months. I on the other hand, was just hoping he couldnt see what was happening before he exchanged....little runt even tried to line up another buyer before he'd bought it off me :D:D at which point I got a 15% non refundable deposit so didnt care too much B)

It is currently being marketed at £180k or offers (I sold it for £215k) so there is no reccession coming and property is BOOMMIINNNGGG....fill yer boots boys and girls :D:D:D

12 months repayments at commercial rates on 200k......now thats got to sting!

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Shaker,

Do you remember almost one year ago to the day, I PM'ed you some info on a commercial property I sold?

An update for all:

That property has been unoccupied and up for sale/rent ever since. He was expecting another 20 - 30% rise in value in 12 months. I on the other hand, was just hoping he couldnt see what was happening before he exchanged....little runt even tried to line up another buyer before he'd bought it off me :D:D at which point I got a 15% non refundable deposit so didnt care too much B)

It is currently being marketed at £180k or offers (I sold it for £215k) so there is no reccession coming and property is BOOMMIINNNGGG....fill yer boots boys and girls :D:D:D

12 months repayments at commercial rates on 200k......now thats got to sting!

Yup I remember that. Yikes! Was that really a year ago? Anyway, nice one! B)

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A 3rd flat is now Under Sale!.

This one is asking for 210k and I went in it the other day as am on good terms with the neighbour in this one.

She thought about buying it but had a survey done which raised all manner of problems with the flat and the property.(repointing. sloping roof, subsidence).

This person has actually bought elsewhere in the area for 185k.

The flat she was in was a shoebox. A kitchen/dinner combo. A smallish bedroom with no natural light and a bathroom with no natural light. £210k! Bargain!

The fact she has been able to secure somewhere for 185k for a 1 bed in the area reinforces my belief that prices are somewhere between minus 2% - 0% of what they were in Summer 2004.

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Oh bugger.

The 240k flat is 'under offer'.

Will be very interesting to see if it goes through after a survey and at what price.

If it sells for more than 220k I will brown my pants.

Dont worry too much. They are more than likely just changing agents and the old agent puts it SSTC. Seen it happen several times.

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Dont worry too much. They are more than likely just changing agents and the old agent puts it SSTC. Seen it happen several times.

Or alternatively it's just under offer.

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A relatively new build (2004) in Bromley '2 bed 2 bath' which looks to me like a BTL bail out was simultaneously up for rent (£925) and sale (£245K) at the same time, even though they haven't had it long and paid £250K for it.

No idea about the level of interest or numbers of viewings.

All I do know is that no-one wanted to rent it which is why it was reduced to £900 about a month ago, still no takers. And just this week I noticed in the local property rag that the asking price has also been reduced to £230K !!!

Still, at least yields are rising !!!

:lol::lol::lol:

This flat has now been taken off the rental market, and is now reduced to £219,950 !!!!

http://www.rightmove.co.uk/viewdetails-602...pa_n=2&tr_t=buy

And here's the original purchase price.

http://www.ourproperty.co.uk/showroad.html...8&tenure=&type=

Dont worry too much. They are more than likely just changing agents and the old agent puts it SSTC. Seen it happen several times.

I've seen this happen a couple of times. Then after about a week the SOLD sign disappears, presumably when the property owner phones up to complain.

Edited by fdk

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A 3rd flat is now Under Sale!.

This one is asking for 210k and I went in it the other day as am on good terms with the neighbour in this one.

She thought about buying it but had a survey done which raised all manner of problems with the flat and the property.(repointing. sloping roof, subsidence).

This person has actually bought elsewhere in the area for 185k.

The flat she was in was a shoebox. A kitchen/dinner combo. A smallish bedroom with no natural light and a bathroom with no natural light. £210k! Bargain!

The fact she has been able to secure somewhere for 185k for a 1 bed in the area reinforces my belief that prices are somewhere between minus 2% - 0% of what they were in Summer 2004.

UPDATE

Flat 1 is still apparently "Sold" (Was asking price 240k).

Flat 2 is still on the market for 210k

Flat 3 is still on the marker for 220k.

So, 2 of the flats have been on the market for almost a month. The other one took about 3 months to sell.

Desirable road, desirable part of London, house is in a bit of structural disrepair.

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Shaker,

Do you remember almost one year ago to the day, I PM'ed you some info on a commercial property I sold?

An update for all:

That property has been unoccupied and up for sale/rent ever since. He was expecting another 20 - 30% rise in value in 12 months. I on the other hand, was just hoping he couldnt see what was happening before he exchanged....little runt even tried to line up another buyer before he'd bought it off me :D:D at which point I got a 15% non refundable deposit so didnt care too much B)

It is currently being marketed at £180k or offers (I sold it for £215k) so there is no reccession coming and property is BOOMMIINNNGGG....fill yer boots boys and girls :D:D:D

12 months repayments at commercial rates on 200k......now thats got to sting!

Commerical Mortgages normally have an absolute maximum Loan to Value of 70% and many Banks are even tighter at 60%. How did your purchaser manage to secure a Commerical Mortgage of 200k on a property "worth" £215k (the purchase price)? This is a 93% Loan to Value so I very much doubt the facts you are presenting. He also paid a 15% Deposit on Exchange according to you which also doesn't tally with your figures.

Was the property empty when he bought it? Unoccuppied Commecial Property is worth considerably less (by a very long way) than leased commercial property and this would have also limited his borrowing capabilities .

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This flat has now been taken off the rental market, and is now reduced to £219,950 !!!!

http://www.rightmove.co.uk/viewdetails-602...pa_n=2&tr_t=buy

And here's the original purchase price.

http://www.ourproperty.co.uk/showroad.html...8&tenure=&type=

It's been reduced again - now down to £214K.

http://www.rightmove.co.uk/viewdetails-602...pa_n=3&tr_t=buy

That's nearly 13% off initial asking price.

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Shaker,

Do you remember almost one year ago to the day, I PM'ed you some info on a commercial property I sold?

An update for all:

That property has been unoccupied and up for sale/rent ever since. He was expecting another 20 - 30% rise in value in 12 months. I on the other hand, was just hoping he couldnt see what was happening before he exchanged....little runt even tried to line up another buyer before he'd bought it off me :D:D at which point I got a 15% non refundable deposit so didnt care too much B)

It is currently being marketed at £180k or offers (I sold it for £215k) so there is no reccession coming and property is BOOMMIINNNGGG....fill yer boots boys and girls :D:D:D

12 months repayments at commercial rates on 200k......now thats got to sting!

I know of DOZENS of people who CANNOT sell their property. Some have tried for many months, some for over 18 months!! Several had to reduce their asking price month after month until they sold. Several of these has reduced by near 28% - one by 34%!! This is a pattern right across the uk - SW to SE and London. Another guy I know has been unable to sell 6 of his "BTL Investments" in the Birmingham and Newcastle areas for a profit. He is desperate - loosing HUGE sums of money on unlet and lower than expected rental incomes -- so he is actually PAYING for his tenants - his mortgages are bigger than rental income. CRASH CRASH CRASH CRASH!!!!!!!!

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UPDATE

Flat 1 is still apparently "Sold" (Was asking price 240k). Took approx 5 months to "sell".

Flat 2 is still on the market for 210k. Has been so for 2.5 months.

Flat 3 is still on the marker for 220k. Has been for 1.5 months.

Flat 4 is still on the market for 240k. Has been for 1 month.

Desirable road, desirable part of London, house is in a bit of structural disrepair.

7 flats in house...

1 owner-occupier...1 empty (for let)...me...and the 3 for sale and 1 "sold".

Yeah. This market is really on FIRE! ;)

Although admittedly the house is structurally f*cked from what I gather I am relieved at the difficulty the owners are having in selling the flats at these prices. I'm also relieved I have a 2 year rental contract!

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If the house is structually unsound then this invalidates this as useful anecdotal evidence.

BTW if your neighbours floor lands on your bed 1 night will you really care about the supposed value of his property being £220K or £240K?

If the flats are unsellable then renting out seems the only option for Flat 3 owner.

I have a theory that most landlords won't be able in the long run to carry out decent maintenance. "The Road to Wigan Pier" here we come. Huge swathes of dodgy houses that only the poor would live in, subsidising a meagre existence for an equally poor landlord.

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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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