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rentslave

Enfield

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A friend of mine has just given up trying to sell his one bedroom flat in Enfield.

He bought it in 2003 for £140k and was told by the local EAs that it was now worth £175k. So, he put it on the market a few months ago at that asking price and received no offers. He reduced it to £172k - no offers. Then he reduced it to £167k - no offers. Reduced it further to £165k, then... you guessed it... no offers.

He's now just rented it out for £700 per month (i.e. doesn't even come close to covering his mortgage) as he has moved abroad and wanted something sorted.

Does anybody else know how the market is faring there?

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A friend of mine has just given up trying to sell his one bedroom flat in Enfield.

He bought it in 2003 for £140k and was told by the local EAs that it was now worth £175k. So, he put it on the market a few months ago at that asking price and received no offers. He reduced it to £172k - no offers. Then he reduced it to £167k - no offers. Reduced it further to £165k, then... you guessed it... no offers.

He's now just rented it out for £700 per month (i.e. doesn't even come close to covering his mortgage) as he has moved abroad and wanted something sorted.

Does anybody else know how the market is faring there?

I live in Harrow , prices are the same here as they were in 2003 i have lists of properties from that year so i know for sure as Enfield is up the road i would guess your m8's flat is pretty much worth what he paid for it {at the moment anyway }, there are stacks of flats available round here , if your m8's flat were mine i'd stick it on for £149,950 this would give you a chance , other wise he'll just keep dropping it 2 or 3k till it gets to £149 but the crash may well be underway by then and he will just end up chasing a falling market .

Edited by grey shark

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A friend of mine has just given up trying to sell his one bedroom flat in Enfield.

[snip]

Does anybody else know how the market is faring there?

I know the area quite well. Lots - and I mean LOTS - of new build flats have gone up in Enfield since your friend purchased, hence why he's having trouble trying to shift it. I'd say he's VERY lucky to be getting the £700 per month that you are quoting - and if that tennant moves out, I'd say he'd be in an even worse position. And you said even the £700 isn't covering his mortgage...

Property in Enfield - houses, mainly - was shifting earlier in the year, but now it seems to have gone quiet. I think the next 6 months will be very interesting. Unless his flat is really REALLY nice in a very VERY good area (i.e. western Enfield) I'd suggest he get shot of it now, even if that means taking a loss. The longer he waits, the worse it's going to get, IMHO.

Nomadd

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Guest Cletus VanDamme

A friend of mine has just given up trying to sell his one bedroom flat in Enfield.

He bought it in 2003 for £140k and was told by the local EAs that it was now worth £175k. So, he put it on the market a few months ago at that asking price and received no offers. He reduced it to £172k - no offers. Then he reduced it to £167k - no offers. Reduced it further to £165k, then... you guessed it... no offers.

He's now just rented it out for £700 per month (i.e. doesn't even come close to covering his mortgage) as he has moved abroad and wanted something sorted.

Does anybody else know how the market is faring there?

I know Enfield well. But it's not a single market there. 1) Enfield is a large London borough with some very run-down areas (that have, nonetheless, seen some huge rises in house prices in recent years, e.g. Edmonton), and some very expensive areas, e.g Hadley Wood, Winchmore Hill, Southgate. 2) As previously pointed out, there has been a huge increase in flat building over the last few years.

In my local area of Enfield (Chase area) I've noticed many FOR SALE signs on victorian terraces being rapidly replaced with SOLD signs. But there not building any more houses in this area, just more and more new-build flats. But because of this, flats in victorian conversions seem to sell well also. So, is your friends flat a new-build, and in what part of Enfield?

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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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