Jump to content
House Price Crash Forum
Sign in to follow this  
Mikhail Liebenstein

Million Pound Houses Now Two A Penny

Recommended Posts

I have just done a Right Move Search for the County of Surrey where I live.

To say that there is a glut of properties for sale over £1m is really an understatement.

I first put in the search area "Surrey" and then set the range £1m to unlimited. At first the search came back saying "over 200 properties listed"

So I thought how many more than 200, and began clicking on the more properties button and it just kep going. By the time I got down from the highest priced property to one on for £1,050,000 there were 158 pages and 1573 properties found.

Doing a slightly wider search, taking in bits of SW London, the figure was over 3000.

Now can some one tell me? Are there really 1573 prospective buyers looking in Surrey all wanting to spend over a £1m??? If the average value is something like £1.3 m, that would require £2bn and that is just what is one now, clearly more will come on the rest of the year.

So I ask myself, what is the market clearing price for what is currently perceived by its owner to be a £1m house? Surely this could give a clue as to the size of the drop.

Share this post


Link to post
Share on other sites
I only got 427 for Sussex :(

Can you beat top price of £12 million?

http://www.rightmove.co.uk/viewdetails-161...=1&tr_t=buy

Actually I can: £70m in Windlesham Surrey for Updown Court .

That said, this property has been on the market for about 3 years - I think. I recall it being on a TV programme and the agency saying well there are probably no more that 1000 individuals in the whole word who could afford to buy such a property. Personally I think it is some kind of crazy PR stunt, ie the worlds most expensive house, though they are genuinely trying to sell it. Personally I feel Damien Hirst's Diamond encrusted platinum skull is more tasteful.

The most expensive sale I could find in Windlesham was about £3.4m, so someway to go I think before the area reaches £70m - may someone could find a solicitor to mark the land registry entry of some other property at £70m and fail to mention the £69m cash back. Surely that would drag up prices in the area.

More realistically, there is this on in Wentworth Surrey for a cool £15m. Though at £826 per square foot it still seems a bit pricey to me. :blink:

Share this post


Link to post
Share on other sites
there are probably no more that 1000 individuals in the whole word who could afford to buy such a property.

I understand that Michael Jackson is looking for a new property. :)

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
I understand that Michael Jackson is looking for a new property. :)

I've found just the place.

asylum.jpg

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

I knew of a house in 2001/2002 went up for £7 million, spent a fortune on the Lottery with no success.

Today still not sold but rented out.

Was it worth £7 million then , sure it was, bought for £7 million and a further £2 million spent on it by the foreign billionaire owner.

House it was not, historical estate it was. :(

Share this post


Link to post
Share on other sites

I can confirm this trend in West London

In my 1st rightmove searches Nov 2006 onwards I found roughly 2 pages of million pound homes for sale.

Now there are roughly 10 pages for the same type of search.

Who's going to buy these :lol:

Share this post


Link to post
Share on other sites

For only £2.5million in Devon, you can get a 9-bedroomed manor house (Domesday Book entrant) AND get to be Lord/Lady too: http://www.rightmove.co.uk/viewdetails-199...=1&tr_t=buy

Domesday manor in the middle of its own grounds, retaining the Lordship of Dolton and Cherubeer in perpetuity.

Two 3 bedroomed cottages, outstanding gardens with 2 orchards and remains of a chapel. Pastureland, woodland, stream. There has been a house of some description here since Norman times, however, the current house, built of stone with a slate roof and fronting onto a courtyard with a gravelled turning circle and an ancient well, is believed to be of medieval origin with a number of more recent additions. The central fireplace contains a frieze with the date of 1640, and there are many other examples of 17th Century features found throughout the property. Other features include astonishing plasterwork in the Great Hall, parquet floors in the Great Hall and Billiard room, carved doors and some oak panelling. Master bedroom suite with built in 4-poster bed on a dais and a dressing room. Outbuildings include a Coach House, Tap house, coal store and stable block with loose boxes, tack room and feed room. Walled garden with potting shed. Formal Japanese water gardens. Orchard with mature apple trees. Pond, stream, woodland and spring. Tennis court with pavillion. 30 acres split into 3 large pasture fields.

Share this post


Link to post
Share on other sites

Those million pound Surrey houses have been dropping like stones with my Property Bee addon. I have seen up to 15%drops on some of them. Sorry can't provide evidence. Lots of drops on properties down to £350k then under that quite sticky, but still dropping a bit. COme on cwash!!! I'm going pwoperty cwazy!

Share this post


Link to post
Share on other sites

With these houses the new owners just rip everything out and have it redone before they move in, discounts on the purchase price or the actual cost of the property is also an afterthought. They will be spending the price of a house on electric gates and security alone.

Share this post


Link to post
Share on other sites
With these houses the new owners just rip everything out and have it redone before they move in, discounts on the purchase price or the actual cost of the property is also an afterthought. They will be spending the price of a house on electric gates and security alone.

They wouldn't be overly sensitive to the interest rate either...

I liked the one in East Sussex best twice the land size but more than twice the cost of the Devon why is this because ? :lol:

is there any science to valuing these types of gaffs ?

Notice that the ES one is under offer and the other one is also under contract. They must have been on here and heeded the warnings and decided to get out at the top, they must be crapping bricks phoning EA every day hoping that the sale goes unconditional eh...

Reckon that the best stately home type bargains will probably be in Scotland in the next few years I am watching potential cash buyer.......... ;)

Edited by Bardon

Share this post


Link to post
Share on other sites

Have a look at this one he got in 04 plenty of equity now

In 2004, Mittal paid $128 million for this 12-bedroom townhouse in the luxe Kensington neighborhood called Billionaires' Row. Mittal's mansion, tucked between Kensington Palace and the Sultan of Brunei's spread

http://www.forbes.com/2008/03/05/homes-pro...thisSpeed=15000

or this tight ass who is looking to STR

http://www.forbes.com/2008/03/05/homes-pro...thisSpeed=30000

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 296 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.