naturals Posted October 16, 2019 Share Posted October 16, 2019 Quote 18 hours ago, worried1 said: Finally it's investors only, so they can't take naïve FTBs money, they are looking for the rare person that still thinks getting into BTL is a good idea AND is prepared to pay over the odds to do so. Any idea why these are BTL only? Quote Link to comment Share on other sites More sharing options...
worried1 Posted October 16, 2019 Share Posted October 16, 2019 2 hours ago, naturals said: Any idea why these are BTL only? I don't think that the whole development is. It's more likely that it's just a BTLer selling up with a tenant in situ. That might have been a good selling point a few years ago, not so much now... Quote Link to comment Share on other sites More sharing options...
longgone Posted November 1, 2019 Share Posted November 1, 2019 https://www.rightmove.co.uk/property-for-sale/property-83194154.html very nice size although 100k too dear and needs 10-15k for a nice finish. https://www.rightmove.co.uk/property-for-sale/property-74334625.html this one over looks the thames but still too dear shows how out of whack surbiton is though Quote Link to comment Share on other sites More sharing options...
longgone Posted November 6, 2019 Share Posted November 6, 2019 https://www.rightmove.co.uk/property-for-sale/property-85969049.html possibly after reduction and an offer 300k would be achievable Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 6, 2019 Share Posted November 6, 2019 1 hour ago, longgone said: https://www.rightmove.co.uk/property-for-sale/property-85969049.html possibly after reduction and an offer 300k would be achievable It's this type of thing that always reminds me just how out of shape the market has become. On the face of it, £380k seems cheap for an actual house by today's standards. It's certainly just about as cheap as they come in 'Surbiton' these days. But then look at it - 650sqft is smaller than a lot of flats, it needs total modernisation, and it's in a pretty nasty area. Looking at the recently sold section, its pretty astounding to find that people have paid the best part of £500k to live on Tolworth Park Road. I'm sure there is an argument to say that the area is better than it was, but I can't see much change and it shows little sign of future improvement. At least you have a choice of stations - 0.6 mile walk to Tolworth with its 35 minute trains to Waterloo (better not miss on as the next one will be half an hour away) or 1.1 miles to Surbiton which is a long walk and the train service doesn't work very well at the moment... Quote Link to comment Share on other sites More sharing options...
longgone Posted November 7, 2019 Share Posted November 7, 2019 21 hours ago, worried1 said: It's this type of thing that always reminds me just how out of shape the market has become. On the face of it, £380k seems cheap for an actual house by today's standards. It's certainly just about as cheap as they come in 'Surbiton' these days. But then look at it - 650sqft is smaller than a lot of flats, it needs total modernisation, and it's in a pretty nasty area. Looking at the recently sold section, its pretty astounding to find that people have paid the best part of £500k to live on Tolworth Park Road. I'm sure there is an argument to say that the area is better than it was, but I can't see much change and it shows little sign of future improvement. At least you have a choice of stations - 0.6 mile walk to Tolworth with its 35 minute trains to Waterloo (better not miss on as the next one will be half an hour away) or 1.1 miles to Surbiton which is a long walk and the train service doesn't work very well at the moment... I actually glossed over the size. I agree it's tiny Probably a 200k house in a sane market. Flats are looking at the thing to go for if its a decent block and size and the right price and not too much service charge. Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 7, 2019 Share Posted November 7, 2019 4 hours ago, longgone said: I actually glossed over the size. I agree it's tiny Probably a 200k house in a sane market. Flats are looking at the thing to go for if its a decent block and size and the right price and not too much service charge. Yep, flats looks good value especially compared to a few years ago. I'd worry about the long term stability though. There are literally thousands of new flats being built around Kingston at the moment all with silly asking prices (£1.2m for a 2 bed flat overlooking the one-way system!). There's no way all of these can sell at anything like the prices they are asking. Kingston will become uncomfortably crowded and even more difficult to commute from, demand will go down and the prices will look increasingly silly. My hope is that one developer gets into trouble and has to have a fire sale, the others who are committed follow suit and that no more new developments are approved because the local market is over-saturated. That would mean that the new build flats would come down to normal flat prices, presumably meaning that the normal flats would have to drop further still. Quote Link to comment Share on other sites More sharing options...
longgone Posted November 7, 2019 Share Posted November 7, 2019 2 hours ago, worried1 said: Yep, flats looks good value especially compared to a few years ago. I'd worry about the long term stability though. There are literally thousands of new flats being built around Kingston at the moment all with silly asking prices (£1.2m for a 2 bed flat overlooking the one-way system!). There's no way all of these can sell at anything like the prices they are asking. Kingston will become uncomfortably crowded and even more difficult to commute from, demand will go down and the prices will look increasingly silly. My hope is that one developer gets into trouble and has to have a fire sale, the others who are committed follow suit and that no more new developments are approved because the local market is over-saturated. That would mean that the new build flats would come down to normal flat prices, presumably meaning that the normal flats would have to drop further still. I would not buy a flat where there is no tube as the train service will be so over run when all these flats go up it will be the areas undoing. I see the big nightclub in kingston next to boconcept is now closed and most of the shops next to it so I guess a few more hundred flats will be going there. Quote Link to comment Share on other sites More sharing options...
naturals Posted November 13, 2019 Share Posted November 13, 2019 On 07/11/2019 at 16:58, worried1 said: My hope is that one developer gets into trouble and has to have a fire sale, the others who are committed follow suit and that no more new developments are approved because the local market is over-saturated. That would mean that the new build flats would come down to normal flat prices, presumably meaning that the normal flats would have to drop further still. I've lived here just over three years. I don't think I can recall a time when Kingston Regal (on Richmond Rd, by Kingston Station) has ever looked like a live building site. There are now homeless people living in the hoarding. This has firesale written all over it when (if?) the flats ever come to market, particularly as there are plans for ~400 flats in the car park opposite. Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 13, 2019 Share Posted November 13, 2019 3 hours ago, naturals said: I've lived here just over three years. I don't think I can recall a time when Kingston Regal (on Richmond Rd, by Kingston Station) has ever looked like a live building site. There are now homeless people living in the hoarding. This has firesale written all over it when (if?) the flats ever come to market, particularly as there are plans for ~400 flats in the car park opposite. This site was bought by an exceedingly dodgy local businessman/nightclub owner who proceeded to remove all of the protected period features and generally go against terms of the planning permission. It was swiftly repossessed when he went to prison for other (unconnected) dodgy dealings. It was then bought, for next-to-nothing no doubt, by a developer who has extremely close links to Kingston Council, especially the last administration. This is one of those companies that keep putting either the whole company or their individual developments into administration and then magically come out the other side. IIRC, the son of the leader of Kingston Council was employed by them at one point! They have completed some developments locally, but a lot remain unfinished. They even owned Tolworth Tower at one point with a plan to develop it into flats. Guess what happened to that one Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 14, 2019 Share Posted November 14, 2019 (edited) I think that the Evening Standard are a bit behind the times with this article: https://www.homesandproperty.co.uk/property-news/buying/first-time-buyers/best-london-commuter-towns-three-areas-with-goodsized-family-homes-excellent-transport-links-and-an-a134796.html The idea is that you can swap a flat inside the M25 for a house outside it. The first part suggest swapping a flat in Kingston for a house in Reigate. The problem is, it doesn't work like that anymore. In the paper version of the article, they showed the house that you could move to being a small Victorian terraced for £650k! In most parts of Kingston, you could buy a similar house for a similar amount of money now, so you wouldn't have to bother moving further out at all. I was surprised that Reigate was quite that expensive, but I think it is a good illustration that the slowdown in prices in places like Kingston hasn't gone that far out yet. It is interesting that they ran a similar article in March about swapping a zone 2 flat for a house in Reigate. I'm not sure why they think you could now do the same from zone 6! Edited to add: This is the Reigate house they featured. I definitely think it would be under £700k in most of Kingston: https://www.robertleech.com/buying/reigate-office/albion-road-reigate/3-bedroom-character-family-house-for-sale-in-albion-road-rh2-7jy/145829 Edited November 14, 2019 by worried1 Added link Quote Link to comment Share on other sites More sharing options...
Smiley George Posted November 21, 2019 Share Posted November 21, 2019 Here's an interesting one, bought earlier this year for an eye-watering £800k (what were they thinking?). Back on the market "guide price" £800k. Divorce? Money laundering? Realised they were fleeced and want out before they lose their shirts? https://www.rightmove.co.uk/property-for-sale/property-86807984.html Quote Link to comment Share on other sites More sharing options...
longgone Posted November 21, 2019 Share Posted November 21, 2019 5 hours ago, Smiley George said: Here's an interesting one, bought earlier this year for an eye-watering £800k (what were they thinking?). Back on the market "guide price" £800k. Divorce? Money laundering? Realised they were fleeced and want out before they lose their shirts? https://www.rightmove.co.uk/property-for-sale/property-86807984.html They have lost 200k if not closer to 300k. Whack up interest rates a bit and it will be 450k lost. No doubt it's some brainwashed graduates Earning 75k each in the city with a 100k deposit. And no sense of the value of money. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted November 21, 2019 Share Posted November 21, 2019 1 hour ago, longgone said: They have lost 200k if not closer to 300k. Whack up interest rates a bit and it will be 450k lost. No doubt it's some brainwashed graduates Earning 75k each in the city with a 100k deposit. And no sense of the value of money. Possibly, proper DUMB money. Looking a bit deeper it was only sold on the 8th Aug...I'm going with thinly veiled money laundering scam :). Quote Link to comment Share on other sites More sharing options...
longgone Posted November 21, 2019 Share Posted November 21, 2019 1 hour ago, Smiley George said: Possibly, proper DUMB money. Looking a bit deeper it was only sold on the 8th Aug...I'm going with thinly veiled money laundering scam :). Rather expensive way to launder money ? At least buy something approaching to look like its value.? Quote Link to comment Share on other sites More sharing options...
Smiley George Posted November 22, 2019 Share Posted November 22, 2019 12 hours ago, longgone said: Rather expensive way to launder money ? At least buy something approaching to look like its value.? Ha! I didn’t say they were master criminals ? Quote Link to comment Share on other sites More sharing options...
longgone Posted November 22, 2019 Share Posted November 22, 2019 3 hours ago, Smiley George said: Ha! I didn’t say they were master criminals ? i do wonder what goes on in the mind of these people does that really look like 800k worth of cash i could lay sideways from the white wall and could only do it once. over 3 quarters of a million pounds for an 11ft wide former binman`s house. Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 26, 2019 Share Posted November 26, 2019 On 22/11/2019 at 12:48, longgone said: i do wonder what goes on in the mind of these people does that really look like 800k worth of cash i could lay sideways from the white wall and could only do it once. over 3 quarters of a million pounds for an 11ft wide former binman`s house. It's frustrating seeing this type of thing. Everything else in the area is on the way down - houses in the less sought-after and average parts of Kingston/Surbiton, flats even in the best parts - but these few roads stubbornly hold on to 2016 asking prices. Here is another one in the next road. Perhaps not quite as bad value, but still £1m for a terraced house that needs work: https://www.rightmove.co.uk/property-for-sale/property-86766923.html It will be interesting to see what happens with these. When the market was booming, house on these roads would sell quicker than anything else in the area despite the price premium. Can that possibly be the same when the premium has grown and the market is faltering? Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 26, 2019 Share Posted November 26, 2019 The other interesting thing about the Cleaveland Road house is the orange/brown house next door. This looks as though it will still be owned by the original type of residents of this road, manual workers who probably bought it for £20k years ago. That's no bad thing as it's exactly the type of owner that these houses were designed for. It just brings home or ridiculous it is that you now need an income well into six-figures and a massive deposit to live next door... Quote Link to comment Share on other sites More sharing options...
longgone Posted November 26, 2019 Share Posted November 26, 2019 12 hours ago, worried1 said: It's frustrating seeing this type of thing. Everything else in the area is on the way down - houses in the less sought-after and average parts of Kingston/Surbiton, flats even in the best parts - but these few roads stubbornly hold on to 2016 asking prices. Here is another one in the next road. Perhaps not quite as bad value, but still £1m for a terraced house that needs work: https://www.rightmove.co.uk/property-for-sale/property-86766923.html It will be interesting to see what happens with these. When the market was booming, house on these roads would sell quicker than anything else in the area despite the price premium. Can that possibly be the same when the premium has grown and the market is faltering? Well its the Victorian facade that the sellers seem to think is worth hundreds of thousands. this is more like its value of that 7 figure house. https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=20415371&sale=49776165&country=england Quote Link to comment Share on other sites More sharing options...
worried1 Posted November 27, 2019 Share Posted November 27, 2019 12 hours ago, longgone said: Well its the Victorian facade that the sellers seem to think is worth hundreds of thousands. this is more like its value of that 7 figure house. https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=20415371&sale=49776165&country=england I bet when the 1920's houses were first built in the area, they would have been seen as a good step-up on the cramped/damp Victorian terraces. As you say, it's all changed now as the Victorian element adds value, whilst anything 'inter-war' is unfashionable. I guess it is only a matter of time before the next generation start chasing the inter-war stuff. That effect might be strengthened in this area because very few houses and a lot of flats have been built since the 1970's. Houses already seem to hold a £/sqft advantage over flats and this should only increase as thousands more flats are built and no new houses. Quote Link to comment Share on other sites More sharing options...
worried1 Posted December 3, 2019 Share Posted December 3, 2019 T On 22/11/2019 at 12:48, longgone said: i do wonder what goes on in the mind of these people does that really look like 800k worth of cash i could lay sideways from the white wall and could only do it once. over 3 quarters of a million pounds for an 11ft wide former binman`s house. This one is now showing as sold. Definitely something strange going on there. These houses aren't flying off the market like they used to anyway, but especially if they just sold a few months ago! Quote Link to comment Share on other sites More sharing options...
longgone Posted December 3, 2019 Share Posted December 3, 2019 3 hours ago, worried1 said: T This one is now showing as sold. Definitely something strange going on there. These houses aren't flying off the market like they used to anyway, but especially if they just sold a few months ago! probably the agents creating phantom listings to excite the market. its probably not even for sale. Quote Link to comment Share on other sites More sharing options...
longgone Posted December 3, 2019 Share Posted December 3, 2019 On 15/07/2019 at 18:34, longgone said: its a funny old market out there. surbiton has excess supply of flats and places like richmond they have just ignored the slow down and keep raising prices regardless, although there is never much there to buy under 500k. remember this one ? trying to make 150k for doing nothing https://www.barnardmarcusauctions.co.uk/auctions/09-april-2019/92803/ https://www.rightmove.co.uk/property-for-sale/property-62623719.html now only trying to make 100k before fees ? Quote Link to comment Share on other sites More sharing options...
worried1 Posted January 7, 2020 Share Posted January 7, 2020 On 03/12/2019 at 14:34, longgone said: probably the agents creating phantom listings to excite the market. its probably not even for sale. Indeed. I don't find it exciting, more depressing! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.