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R2D2

Buying A Rundown Property...

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Has anyone got the inside track on run down properties in London?

Thing is, I have lived in Pimlico now for 6 years and I regularly come across flats in the area that are boarded up. For example, there are 2 full houses on St Georges Square (Pimlico) as we speak that are currently boarded up and being completely renovated from scratch...This particular developer also bought a 3 bedroom, run down property on the corner of Winchester Street and Lupus Street (Pimlico) last August for £300k and 6 months later (after having spent 30k max on the interior) put it on the market for £550k. How is it that this individual seems to get word of these properties way in advance and often exclusively when the general public have no way of even a look in?

I mean, I do not want to be a property developer, not at all but after what I have seen on the Pimlico housing market, I would rather buy a run down dump and spend 100k putting in reliable electrics, 21st century plumbing, good quality fittings etc...Does that make any sense? I mean I would be more than willing to pay a finders fee to someone who could help? Are there any agencies?

Any comments or suggestions on this topic would be most useful...

Thanks

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How is it that this individual seems to get word of these properties way in advance and often exclusively when the general public have no way of even a look in?

Fat lots of money in EA's pockets. Then fat lots of money into council people's pockets to get the planning to do them up - is it corruption or pragmatism ? You just have to pay more than the next man in a Nissan Navara...

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There are companies that you can pay monthly for which they will send you a.lerts of cheap/derelict properties.

I haven't used them so I can't commemnt on how good the service is. Speak to your local councel. They may even own one or more of them.

Or post a note through the door asking to be contacted if the owner wants to sell it as it is.

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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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