worried1 Posted August 3, 2018 Share Posted August 3, 2018 15 hours ago, longgone said: they just wont take a loss will they ? The delusion still remains in pockets, even though prices generally seem to be coming down. This is one of my favourite examples at the moment: https://www.rightmove.co.uk/property-for-sale/property-74773160.html They spent ages refurbishing this building. It looks great from the outside, but really isn't suited to residential. Surbiton is one of the busiest stations in the country which is great if you live a few roads away, but not if you right on top of it. It just gives you noise and low level crime 18 hours a day. Then there are the bus stops, Wetherspoons and the Blue Orchid bar to add to the problems. If someone really wanted to live in that location, then this very similarly sized flat is available for almost half the price: https://www.rightmove.co.uk/property-for-sale/property-73761548.html Not quite as flash perhaps, but still brand new inside. Neither of them are worth anything to me in that location. Quote Link to comment Share on other sites More sharing options...
longgone Posted August 3, 2018 Share Posted August 3, 2018 2 minutes ago, worried1 said: The delusion still remains in pockets, even though prices generally seem to be coming down. This is one of my favourite examples at the moment: https://www.rightmove.co.uk/property-for-sale/property-74773160.html They spent ages refurbishing this building. It looks great from the outside, but really isn't suited to residential. Surbiton is one of the busiest stations in the country which is great if you live a few roads away, but not if you right on top of it. It just gives you noise and low level crime 18 hours a day. Then there are the bus stops, Wetherspoons and the Blue Orchid bar to add to the problems. If someone really wanted to live in that location, then this very similarly sized flat is available for almost half the price: https://www.rightmove.co.uk/property-for-sale/property-73761548.html Not quite as flash perhaps, but still brand new inside. Neither of them are worth anything to me in that location. it`s a flat above a shop at the end of the day less than 300k for both. for 700k you can buy one of those overpriced cottage things that should be 300k. poor old dexters last attempt at skewing the market. That one bed in love lace though add in stamp duty legal fees borrowing costs refurb EA fees if it sells which it wont they probably need to get 325 to 330k just to break even. personally i think they have just lost 50k or more. ? Quote Link to comment Share on other sites More sharing options...
worried1 Posted August 3, 2018 Share Posted August 3, 2018 5 hours ago, longgone said: That one bed in love lace though add in stamp duty legal fees borrowing costs refurb EA fees if it sells which it wont they probably need to get 325 to 330k just to break even. personally i think they have just lost 50k or more. ? That is what needs to happen if the market is going to change. For too long, it's been possible to buy a flat in this type of area, give it a refurb and then sell it on making more in profit than they would have done in a reasonably 9-5 job. Where's the encouragement NOT to do it if the rewards are that big? Quote Link to comment Share on other sites More sharing options...
longgone Posted August 3, 2018 Share Posted August 3, 2018 5 hours ago, worried1 said: That is what needs to happen if the market is going to change. For too long, it's been possible to buy a flat in this type of area, give it a refurb and then sell it on making more in profit than they would have done in a reasonably 9-5 job. Where's the encouragement NOT to do it if the rewards are that big? i don`t see rewards like that anymore. i see a stagnant market with falls accelerating once the full taxation of s24 comes into play. add in higher rates and lower lending multiples and you have a recipe for reasonable prices to return, still over priced but much better than what we have now. surbiton and kingston is well out of whack with the rest of london though, 400k still being asked for 1 bed flats no chance. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted August 5, 2018 Share Posted August 5, 2018 On 03/08/2018 at 10:26, longgone said: it`s a flat above a shop at the end of the day less than 300k for both. for 700k you can buy one of those overpriced cottage things that should be 300k. poor old dexters last attempt at skewing the market. That one bed in love lace though add in stamp duty legal fees borrowing costs refurb EA fees if it sells which it wont they probably need to get 325 to 330k just to break even. personally i think they have just lost 50k or more. ? Should imagine it was usually BTlers who bought flats over shops. OOs won't usually want them. And what BTLer will be able to make the sums add up now, at £700k for a 2 bed? Quote Link to comment Share on other sites More sharing options...
longgone Posted August 6, 2018 Share Posted August 6, 2018 11 hours ago, Mrs Bear said: Should imagine it was usually BTlers who bought flats over shops. OOs won't usually want them. And what BTLer will be able to make the sums add up now, at £700k for a 2 bed? surely a LL would historically buy to gain capital appreciation whilst someone else paying the mortgage. 700k for a 2 bed flat above a shop is never going to happen. 400-450k overpriced https://www.rightmove.co.uk/property-for-sale/property-73518974.html surbiton has not caught up yet with pricing Quote Link to comment Share on other sites More sharing options...
longgone Posted August 8, 2018 Share Posted August 8, 2018 https://www.rightmove.co.uk/property-for-sale/property-70432574.html still unsold i would actually pay 75k for it. ? Quote Link to comment Share on other sites More sharing options...
spyguy Posted August 9, 2018 Share Posted August 9, 2018 On 23/01/2018 at 14:21, worried1 said: Well, let's hope so! A lot depends on how much the crash 'overshoots' the bottom of the market. Back in 2005, the base rate was at 4.5% and standard 650sqft, 2 bed flats on the Surbiton river roads were about £250k, so almost £400 per sqft then! Back a bit further to 2001 with the IR at the same level and those flats were about £175k or £270 per sqft. In those days when the market was a bit more normal, flats commanded a higher price per sqft than houses, now it can often be the other way around! Yes but in 2005 London/Se had lots of well paying jobs in the finance sector. Those days are long gone. Quote Link to comment Share on other sites More sharing options...
Take Me Back To London! Posted August 11, 2018 Share Posted August 11, 2018 On 08/08/2018 at 20:56, longgone said: https://www.rightmove.co.uk/property-for-sale/property-70432574.html still unsold i would actually pay 75k for it. ? Fantastic find! I love the exterior photo angle/effect the EA has managed to pull off as the one bed house looks like a 1/12 scale model village house. Also no worry about slow charging of laptops or phones as you will be getting the best 240 volts in South London as the local National Grid power transformer is only 12 feet away in the open. https://www.google.co.uk/maps/place/Dennan+Rd,+Surbiton+KT6+7RY/@51.3820349,-0.2945617,3a,75y,11.54h,74.76t/data=!3m6!1e1!3m4!1s6y2WFFQy9Z9AFiTf4szivA!2e0!7i13312!8i6656!4m5!3m4!1s0x48760a3175b101cb:0x1269796d7a613ec0!8m2!3d51.3822648!4d-0.2958625 Quote Link to comment Share on other sites More sharing options...
longgone Posted August 12, 2018 Share Posted August 12, 2018 21 hours ago, Take Me Back To London! said: Fantastic find! I love the exterior photo angle/effect the EA has managed to pull off as the one bed house looks like a 1/12 scale model village house. Also no worry about slow charging of laptops or phones as you will be getting the best 240 volts in South London as the local National Grid power transformer is only 12 feet away in the open. https://www.google.co.uk/maps/place/Dennan+Rd,+Surbiton+KT6+7RY/@51.3820349,-0.2945617,3a,75y,11.54h,74.76t/data=!3m6!1e1!3m4!1s6y2WFFQy9Z9AFiTf4szivA!2e0!7i13312!8i6656!4m5!3m4!1s0x48760a3175b101cb:0x1269796d7a613ec0!8m2!3d51.3822648!4d-0.2958625 dear god. no need to go on holiday for a sun tan Quote Link to comment Share on other sites More sharing options...
longgone Posted September 3, 2018 Share Posted September 3, 2018 On 03/08/2018 at 15:54, worried1 said: That is what needs to happen if the market is going to change. For too long, it's been possible to buy a flat in this type of area, give it a refurb and then sell it on making more in profit than they would have done in a reasonably 9-5 job. Where's the encouragement NOT to do it if the rewards are that big? https://www.rightmove.co.uk/property-for-sale/property-63148696.html still trying with the minimum set price rubbish. they have lost lucky if they can sell for 275k. Quote Link to comment Share on other sites More sharing options...
worried1 Posted September 14, 2018 Share Posted September 14, 2018 On 03/09/2018 at 12:52, longgone said: https://www.rightmove.co.uk/property-for-sale/property-63148696.html still trying with the minimum set price rubbish. they have lost lucky if they can sell for 275k. Not only that, but they are still losing. I assume that this isn't being rented out, so there's £1,000 a month they are losing out on in addition to how much the flat is (currently) losing in value. I'd put it on at 'offers in excess' of £250k and get my money out. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 16, 2018 Share Posted September 16, 2018 On 14/09/2018 at 11:34, worried1 said: Not only that, but they are still losing. I assume that this isn't being rented out, so there's £1,000 a month they are losing out on in addition to how much the flat is (currently) losing in value. I'd put it on at 'offers in excess' of £250k and get my money out. tough to take a 75k hit i am glad the greed has started to become someones downfall. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 16, 2018 Share Posted September 16, 2018 i doubt you would even get 250k today though. these really should only be in the late 1`s Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted September 24, 2018 Share Posted September 24, 2018 On 16/09/2018 at 23:46, longgone said: i doubt you would even get 250k today though. these really should only be in the late 1`s Quote Link to comment Share on other sites More sharing options...
longgone Posted September 24, 2018 Share Posted September 24, 2018 https://www.rightmove.co.uk/property-for-sale/property-70432574.html ? sold really ? Quote Link to comment Share on other sites More sharing options...
worried1 Posted September 26, 2018 Share Posted September 26, 2018 I have started to notice a few more lower prices creeping in - terraced houses with prices starting with a 4 in ok parts of town rather than just the rough ones, similarly located 2 bed flats back below £300k which we haven't seen for a while. Still far too much, but the direction of travel is good. Nothing seems to have fed through to prices for river road houses though. There is currently a 3 bed on for £1.35m and a couple of semis for not much less. Flat prices are coming down in those roads, but still lagging - 2 bed flats in blocks that were £450k last year are now under £400k and I'd expect the maisonettes with garden/garage to be nearer £500k than almost £600k like they were previously. All asking prices, of course, it would be interesting to see what actually sells. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 28, 2018 Share Posted September 28, 2018 On 26/09/2018 at 14:03, worried1 said: I have started to notice a few more lower prices creeping in - terraced houses with prices starting with a 4 in ok parts of town rather than just the rough ones, similarly located 2 bed flats back below £300k which we haven't seen for a while. Still far too much, but the direction of travel is good. Nothing seems to have fed through to prices for river road houses though. There is currently a 3 bed on for £1.35m and a couple of semis for not much less. Flat prices are coming down in those roads, but still lagging - 2 bed flats in blocks that were £450k last year are now under £400k and I'd expect the maisonettes with garden/garage to be nearer £500k than almost £600k like they were previously. All asking prices, of course, it would be interesting to see what actually sells. i am hoping i can buy something without a mortgage soon. those 300k ones need to come down to 200k Quote Link to comment Share on other sites More sharing options...
dugsbody Posted September 28, 2018 Share Posted September 28, 2018 2 hours ago, longgone said: i am hoping i can buy something without a mortgage soon. those 300k ones need to come down to 200k Why would you do this? I like owning debt in an inflationary currency. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 28, 2018 Share Posted September 28, 2018 1 hour ago, dugsbody said: Why would you do this? I like owning debt in an inflationary currency. cheaper property would be better for everyone Quote Link to comment Share on other sites More sharing options...
dugsbody Posted September 28, 2018 Share Posted September 28, 2018 5 minutes ago, longgone said: cheaper property would be better for everyone Completely agree. I was asking about why you'd buy without a mortgage. When your currency is being inflated away, holding debt in it is a good idea. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 28, 2018 Share Posted September 28, 2018 2 minutes ago, dugsbody said: Completely agree. I was asking about why you'd buy without a mortgage. When your currency is being inflated away, holding debt in it is a good idea. maybe if you have a secure job yes. it can all unfold quickly if things don`t go your way. Quote Link to comment Share on other sites More sharing options...
dugsbody Posted September 28, 2018 Share Posted September 28, 2018 2 minutes ago, longgone said: maybe if you have a secure job yes. it can all unfold quickly if things don`t go your way. Agreed, that's true. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 28, 2018 Share Posted September 28, 2018 maybe a small mortgage of say up to 100k i would be prepared to do but would rather just pay less in the first place. Quote Link to comment Share on other sites More sharing options...
longgone Posted October 7, 2018 Share Posted October 7, 2018 oh for gods sake https://www.rightmove.co.uk/property-for-sale/property-75451673.html 500k max ?? Quote Link to comment Share on other sites More sharing options...
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