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Telometer

Central London As Hot As Ever With Multiple Buyers Fighting For One House

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Went to see a house in need of a lot of work ten days ago - in Marylebone, W1. The agent rang me this morning for feedback and to tell me three buyers fought over it to come in at over the asking price.

http://www.findaproperty.com/displayprop.a...p;agentid=08500

This has been on the market a fortnight. It needed £250k spending on it (new roof, new extension at back, complete gut - untouched in 50 years) and it is opposite a busy courier depot, 100 yards from the Marylebone road.

At over 1000 per square foot this is top whack for the area. - with another 200 psf to spend on it after you buy it, following which it might be worth 1150 psf.

Crash? What crash? Not here. Quality property in quality area - with mugs convinced that just because it needs doing up it will be a bargain.

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Went to see a house in need of a lot of work ten days ago - in Marylebone, W1. The agent rang me this morning for feedback and to tell me three buyers fought over it to come in at over the asking price.

http://www.findaproperty.com/displayprop.a...p;agentid=08500

This has been on the market a fortnight. It needed £250k spending on it (new roof, new extension at back, complete gut - untouched in 50 years) and it is opposite a busy courier depot, 100 yards from the Marylebone road.

At over 1000 per square foot this is top whack for the area. - with another 200 psf to spend on it after you buy it, following which it might be worth 1150 psf.

Crash? What crash? Not here. Quality property in quality area - with mugs convinced that just because it needs doing up it will be a bargain.

Keep an eye on it, and let's see what happens...

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£1,450,000

£250k spending on it (new roof, new extension at back, complete gut - untouched in 50 years)
:huh: I wouldn't pay that much for THAT!
opposite a busy courier depot
:lol: Nice! :huh:
Quality property in quality area
:lol:
mugs convinced that just because it needs doing up it will be a bargain
- Well you said it!

Let's just recap, One Million Four Hundred and Fifty Thousand pounds. With a further QUARTER MILLION required!!!

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£1,450,000

:huh: I wouldn't pay that much for THAT!

:lol: Nice! :huh:

:lol:

- Well you said it!

Let's just recap, One Million Four Hundred and Fifty Thousand pounds. With a further QUARTER MILLION required!!!

A chap in my office went to see that very house....it is very tired inside and when I showed him the link he was amazed about £250k refurb in his opinion (based on the refurb costs of their current house) it needed near on £400k. To get it right including with all the other expenses he guessed the total cost of acquiring that house would be around £2m.

He confirmed there was a lot of interest and that this was true of other properties he and his girlfriend had been looking at in central London, they want a freehold house . They are looking at spending up to £2m. I asked him if he was being besieged by agents and he said that with agents in Central London it was him that had to do the chasing in some cases to arrange a viewing. However they were also considering looking in Sevenoaks and Tunbridge Wells where agents were very keen indeed.

However he said last year he would have bridged to buy the right house, this time round he wants to offload his current property when purchasing, he will not bridge. He will be buying almost for cash.

I do find it surprising that a guy who is paid well for his expertise on structuring derivatives can believe that spending £2m on a property in the current market is wise. I suggested renting and he said he wanted to feel settled and was fairly ambivalent if the property went down £0.5million.

Therefore in Central London with foreign buyers and the city effect, prices appear to still be strong but outside Central London it is a very different story

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>troll-dar

No. I'm serious. You're not necessarily going to agree with everything I post, though. Central London is not as hot as last year (i.e. prices aren't rising as quickly as they were), but they continue to rise.

>£400k

Your colleague was ripped off by his builders.

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Same here. A developer wants the place I've looked at. It needs loads of work doing and I don't want to be putting in a huge offer for it.

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I do find it surprising that a guy who is paid well for his expertise on structuring derivatives can believe that spending £2m on a property in the current market is wise. I suggested renting and he said he wanted to feel settled and was fairly ambivalent if the property went down £0.5million.

Last week I also looked very closely at a property valued at £2m, I then put the magazine down and got on with some work :rolleyes:

Edited by boshdadosh

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Went to see a house in need of a lot of work ten days ago - in Marylebone, W1. The agent rang me this morning for feedback and to tell me three buyers fought over it to come in at over the asking price.

http://www.findaproperty.com/displayprop.a...p;agentid=08500

This has been on the market a fortnight. It needed £250k spending on it (new roof, new extension at back, complete gut - untouched in 50 years) and it is opposite a busy courier depot, 100 yards from the Marylebone road.

At over 1000 per square foot this is top whack for the area. - with another 200 psf to spend on it after you buy it, following which it might be worth 1150 psf.

Crash? What crash? Not here. Quality property in quality area - with mugs convinced that just because it needs doing up it will be a bargain.

What were you doing there?

You have your own home and you tell us you're not involved in property. Something's not quite right...

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What was I doing there? Being nosy. Work just round the corner from it; diverting few minutes at lunchtime and I couldn't believe the price they wanted - because I enjoy ringing an agent up four weeeks later and saying so what do you really want for it.

Instead she rang me ten days later to say "'I don't think this is the part of town where you should be looking if you think that's overpriced; I thought it was cheap."

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What was I doing there? Being nosy. Work just round the corner from it; diverting few minutes at lunchtime and I couldn't believe the price they wanted - because I enjoy ringing an agent up four weeeks later and saying so what do you really want for it.

Instead she rang me ten days later to say "'I don't think this is the part of town where you should be looking if you think that's overpriced; I thought it was cheap."

...but you're not involved in property. :blink:;)

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...but you're not involved in property. :blink:;)

If window shopping counts as being involved in property then "yes I am". That is the extent of it. Have you never been window shopping for a new house?

Edited by Telometer

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If window shopping counts as being involved in property then "yes I am". That is the extent of it. Have you never been window shopping for a new house?

First you say one thing and then another. More backtracking... <_<

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First you say one thing and then another.

Eh? What have I said that is contradictory. (Other than the ironic observation that in your mind window shopping clearly counts as being involved in property.) You are completely paranoid. I'm not sure what you think my VI is!

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Eh? What have I said that is contradictory. (Other than the ironic observation that in your mind window shopping clearly counts as being involved in property.) You are completely paranoid. I'm not sure what you think my VI is!

You've been backtracking big-time on this thread.

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Instead she rang me ten days later to say "'I don't think this is the part of town where you should be looking if you think that's overpriced; I thought it was cheap."

She has enough time to make courtesy calls to time-wasters like you then? The market must be red hot! ;)

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That's very much a feature of the boutique agents around here. They only ever have a few properties. And a few buyers with a couple of million to spend. Say that slowly; a couple of million. Freehold properties round here are rare as hens' teeth; buyers for them are well worth encouraging.

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That's very much a feature of the boutique agents around here. They only ever have a few properties. And a few buyers with a couple of million to spend. Say that slowly; a couple of million. Freehold properties round here are rare as hens' teeth; buyers for them are well worth encouraging.

Have you been reading the papers recently. Have you read the latest RICS report? Do you contest what's happening to the housing market?

NOT THIS BAD SINCE 1990...

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This section is entitled anecdotal evidence. I have provided anecdotal evidence. Ring the agent and ask them how quickly it sold if you don't believe me.

Did you note that only - what was it - 60% of surveyors report more falls than rises. That means 40% are reporting more rises than falls...

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OK. your (non-VI, completely unassociated with property) anecdotal evidence:

That's very much a feature of the boutique agents around here. They only ever have a few properties. And a few buyers with a couple of million to spend. Say that slowly; a couple of million. Freehold properties round here are rare as hens' teeth; buyers for them are well worth encouraging.

...and anecdotal evidence to the contrary...

A chap in my office went to see that very house....it is very tired inside and when I showed him the link he was amazed about £250k refurb in his opinion (based on the refurb costs of their current house) it needed near on £400k. To get it right including with all the other expenses he guessed the total cost of acquiring that house would be around £2m.

He confirmed there was a lot of interest and that this was true of other properties he and his girlfriend had been looking at in central London, they want a freehold house . They are looking at spending up to £2m. I asked him if he was being besieged by agents and he said that with agents in Central London it was him that had to do the chasing in some cases to arrange a viewing. However they were also considering looking in Sevenoaks and Tunbridge Wells where agents were very keen indeed.

However he said last year he would have bridged to buy the right house, this time round he wants to offload his current property when purchasing, he will not bridge. He will be buying almost for cash.

I do find it surprising that a guy who is paid well for his expertise on structuring derivatives can believe that spending £2m on a property in the current market is wise. I suggested renting and he said he wanted to feel settled and was fairly ambivalent if the property went down £0.5million.

Therefore in Central London with foreign buyers and the city effect, prices appear to still be strong but outside Central London it is a very different story

Doesn't sound like they are that encouraging...

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OK. your (non-VI, completely unassociated with property) anecdotal evidence:

QUOTE (Telometer @ Mar 11 2008, 10:34 AM)

That's very much a feature of the boutique agents around here. They only ever have a few properties. And a few buyers with a couple of million to spend. Say that slowly; a couple of million. Freehold properties round here are rare as hens' teeth; buyers for them are well worth encouraging.

OK. What if I were to post: In Marylebone 'village' there are only three estate agents. They all have hundreds of properties. There are thousands of buyers with a couple of million to spend. There are many freehold properties around here.

All demonstrably not true, save for the numbers of buyers with a couple of million to spend. We know there are at least three, as there are the two who didn't get the house, and the friend of the poster up this thread. Are there thousands? That would suggest there is a spare few BILLION pounds out there all to be spent in one area of London.

Black is black. I suppose you fancy arguing that one too, and will argue I have a VI in proving the untruth?

If you think my evidence that agents are chasing buyers is untrue (as it obviously is, because I wrote it), that suggests that in fact agents have MORE buyers than they have properties for. Which suggests a hot market.

Edited by Telometer

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  • 293 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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