silver surfer Posted August 25, 2007 Share Posted August 25, 2007 My girlfriend exchanged on selling her house in Ealing yesterday. Three EA's valued the property at £700k, £700k, and £720k, an identical house sold on her road for £685k in February. She put her house up at £700k in May. Lots of initial interest but no offers, weeks turned to months and she finally go one offer, for £650k. Endless negotiations and the offer crawled up to £675k where the deal was done. It's a property that's ripe for converting into flats, the road is now about 50:50 family houses and flats, ten years ago it was nearly all family houses. The history of the property also tells a tale, she was given the property by her parents, they'd inhereted it during the last crash and tried to sell but the offers were too low so they took it off the market and gave it to her. So, it's down £10k on a previous sale for an identical house in February, no other offers, and viewings had completely dried up. Feels to me like the beginning of the end. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 25, 2007 Share Posted August 25, 2007 My girlfriend exchanged on selling her house in Ealing yesterday. Three EA's valued the property at £700k, £700k, and £720k, an identical house sold on her road for £685k in February. She put her house up at £700k in May. Lots of initial interest but no offers, weeks turned to months and she finally go one offer, for £650k. Endless negotiations and the offer crawled up to £675k where the deal was done. It's a property that's ripe for converting into flats, the road is now about 50:50 family houses and flats, ten years ago it was nearly all family houses. The history of the property also tells a tale, she was given the property by her parents, they'd inhereted it during the last crash and tried to sell but the offers were too low so they took it off the market and gave it to her.So, it's down £10k on a previous sale for an identical house in February, no other offers, and viewings had completely dried up. Feels to me like the beginning of the end. We have reached the top of the mountain the only way now is down. Quote Link to comment Share on other sites More sharing options...
IDN Posted August 25, 2007 Share Posted August 25, 2007 good to see some drops in my neck of the woods- but i wouldnt start partying just yet. i think we're a long way off affordable housing in london Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted August 25, 2007 Share Posted August 25, 2007 good to see some drops in my neck of the woods- but i wouldnt start partying just yet.i think we're a long way off affordable housing in london Just become a 'key' worker. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 25, 2007 Share Posted August 25, 2007 good to see some drops in my neck of the woods- but i wouldnt start partying just yet.i think we're a long way off affordable housing in london We have a little while longer to dance on the hill. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted August 25, 2007 Share Posted August 25, 2007 Just become a 'key' worker. We should offshore all of that stuff, I'm sure it would be cheaper to stick sick people on a plane to India than subsidise nurse's accommodation. I'm not sure how to deal with the fire service but I'm sure GB will come up with some way of selling it off that means we don't need firemen anymore. Quote Link to comment Share on other sites More sharing options...
Bearfacts Posted August 25, 2007 Share Posted August 25, 2007 My girlfriend exchanged on selling her house in Ealing yesterday. Three EA's valued the property at £700k, £700k, and £720k, an identical house sold on her road for £685k in February. She put her house up at £700k in May. Lots of initial interest but no offers, weeks turned to months and she finally go one offer, for £650k. Endless negotiations and the offer crawled up to £675k where the deal was done. It's a property that's ripe for converting into flats, the road is now about 50:50 family houses and flats, ten years ago it was nearly all family houses. The history of the property also tells a tale, she was given the property by her parents, they'd inhereted it during the last crash and tried to sell but the offers were too low so they took it off the market and gave it to her.So, it's down £10k on a previous sale for an identical house in February, no other offers, and viewings had completely dried up. Feels to me like the beginning of the end. Just out of curiosity how many flats do you think could be squeezed out of this property ? I mean if its only two they are going to be pretty pricey flats arent they ?! Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted August 25, 2007 Share Posted August 25, 2007 Just become a 'key' worker. I am. It is still unaffordable and is why we rent. These schemes are really not what they are cracked up to be, if you do your research. Quote Link to comment Share on other sites More sharing options...
silver surfer Posted August 26, 2007 Author Share Posted August 26, 2007 Just out of curiosity how many flats do you think could be squeezed out of this property ? I mean if its only two they are going to be pretty pricey flats arent they ?! Three, a good two bed flat on the ground floor with a garden and two double bedrooms, an average two bed on the first floor again with two double bedrooms, and a pokey one double bed flat on the third floor. The prevailing flat prices in that area would add up to about £800-850k. But west London is saturated with not very good conversions so I think developers are starting to get nervous, and families don't like buying in a road full of flats, which is why this place has clearly peaked. I think it's the canary in the coalmine, if she'd have sold at the start of this year she'd have got more and sold quicker, but I suspect we're now seeing the first cracks appear. Quote Link to comment Share on other sites More sharing options...
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