worried1 Posted June 21, 2019 Share Posted June 21, 2019 2 hours ago, longgone said: https://www.rightmove.co.uk/property-for-sale/property-78571262.html i actually fancy offering 150k cash for it ? You'd have to make it £144k to cover their rip-off buyers fee! Quote Link to comment Share on other sites More sharing options...
longgone Posted June 21, 2019 Share Posted June 21, 2019 20 minutes ago, worried1 said: You'd have to make it £144k to cover their rip-off buyers fee! only just noticed that. 6k for what ? answering the phone to buyer and seller. seems they want to sell it before the auction its gone from 290 to 240 now to 215 really these one beds should be under 200k especially in surbiton as there are so many flats, you have to wonder why the new one`s at 400k plus are still shifting. instant negative equity. Quote Link to comment Share on other sites More sharing options...
worried1 Posted June 21, 2019 Share Posted June 21, 2019 5 minutes ago, longgone said: only just noticed that. 6k for what ? answering the phone to buyer and seller. seems they want to sell it before the auction its gone from 290 to 240 now to 215 really these one beds should be under 200k especially in surbiton as there are so many flats, you have to wonder why the new one`s at 400k plus are still shifting. instant negative equity. It's not a real auction, it is a rip off practice that will soon be made illegal. They are basically charging the buyer AND the seller to sell the property. It has already been made illegal for EAs to do this in the rental sector and I can't see why they are allowed to do it here. Basically, if you put in an offer and it is accepted by the vendor, you'd be liable for the £6k straight away, and you wouldn't get it back if the sale falls through due to survey etc. At least that's how it reads to me - SCAM. Quote Link to comment Share on other sites More sharing options...
longgone Posted June 21, 2019 Share Posted June 21, 2019 1 minute ago, worried1 said: It's not a real auction, it is a rip off practice that will soon be made illegal. They are basically charging the buyer AND the seller to sell the property. It has already been made illegal for EAs to do this in the rental sector and I can't see why they are allowed to do it here. Basically, if you put in an offer and it is accepted by the vendor, you'd be liable for the £6k straight away, and you wouldn't get it back if the sale falls through due to survey etc. At least that's how it reads to me - SCAM. i guess it would need to come off the price then. the quicker they are put out of business the better. may as well put it on ebay for £20 no more work involved. Quote Link to comment Share on other sites More sharing options...
longgone Posted June 24, 2019 Share Posted June 24, 2019 losers don`t want to take a hit https://www.rightmove.co.uk/property-for-sale/property-80280494.html https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57385671&sale=5365060&country=england https://www.rightmove.co.uk/property-for-sale/property-70245190.html https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57177699&sale=49818876&country=england https://www.rightmove.co.uk/property-for-sale/property-81618125.html surely that is 250k now ?? Quote Link to comment Share on other sites More sharing options...
worried1 Posted June 24, 2019 Share Posted June 24, 2019 4 hours ago, longgone said: losers don`t want to take a hit https://www.rightmove.co.uk/property-for-sale/property-80280494.html https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57385671&sale=5365060&country=england https://www.rightmove.co.uk/property-for-sale/property-70245190.html https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57177699&sale=49818876&country=england https://www.rightmove.co.uk/property-for-sale/property-81618125.html surely that is 250k now ?? The first one looks like someone who bought a house in 2017 expecting the miracle 10%+ annual rises to continue. They haven't, the market is going backwards and they are trying to bail as quickly as the can. The second one is dreaming. You can buy better flats right in the middle of Surbiton for that now, so I doubt people are going to want to pay that for Tolworth borders. The third one is strange. It's 'only' a 1 bed, but it is almost 850 sqft which is bigger than most 2 beds in the area. It's a bit of an odd building, it's central, but perhaps too central for a lot of people. That will find a buyer, but not at that price. Quote Link to comment Share on other sites More sharing options...
worried1 Posted June 24, 2019 Share Posted June 24, 2019 This is my favourite recent listing: https://www.rightmove.co.uk/property-for-sale/property-82779854.html The EAs description starts 'An amazingly large studio apartment ...', which of course encourages a look at the floorplan. It's 356 sqft. In what world is that 'amazingly large for any type of property? It's tiny! The absolute minimum for a studio flat should be 400sqft, 500 for a 1 bed, 600 for a 2 bed. Even that is small as it gives a tight living area to start with and then only allows for each bedroom to be 10' x 10'. As for the price, good luck with getting anything like £270k. It is in one of Kingston's least sought after areas, very close to the Cambridge estate and loads of busy roads, not close to much else of note. Quote Link to comment Share on other sites More sharing options...
longgone Posted June 24, 2019 Share Posted June 24, 2019 1 hour ago, worried1 said: The first one looks like someone who bought a house in 2017 expecting the miracle 10%+ annual rises to continue. They haven't, the market is going backwards and they are trying to bail as quickly as the can. The second one is dreaming. You can buy better flats right in the middle of Surbiton for that now, so I doubt people are going to want to pay that for Tolworth borders. The third one is strange. It's 'only' a 1 bed, but it is almost 850 sqft which is bigger than most 2 beds in the area. It's a bit of an odd building, it's central, but perhaps too central for a lot of people. That will find a buyer, but not at that price. pretty much my thoughts bail and damage limitation although they are all too late now. 1 hour ago, worried1 said: This is my favourite recent listing: https://www.rightmove.co.uk/property-for-sale/property-82779854.html The EAs description starts 'An amazingly large studio apartment ...', which of course encourages a look at the floorplan. It's 356 sqft. In what world is that 'amazingly large for any type of property? It's tiny! The absolute minimum for a studio flat should be 400sqft, 500 for a 1 bed, 600 for a 2 bed. Even that is small as it gives a tight living area to start with and then only allows for each bedroom to be 10' x 10'. As for the price, good luck with getting anything like £270k. It is in one of Kingston's least sought after areas, very close to the Cambridge estate and loads of busy roads, not close to much else of note. 270k for one room Oh dear. i do like the optimism "reserved" on the bed and the mirror on the end of the run of kitchen cabinets just to accentuate the feeling of spaciousness or lack off take your pick. Quote Link to comment Share on other sites More sharing options...
worried1 Posted June 25, 2019 Share Posted June 25, 2019 I just have a particular hatred for studio flats. I don't really like flats where the kitchen and the living area are one room because it means you can't get away from cooking smells, mess etc. but when you add the 'sleeping area' into the same room it's a bit beyond a joke. Perhaps they have a place as part-time crash pads in central London, but out here they shouldn't exist in my opinion. It's just a sign of developer greed and the fact this is an old block shows just how long that greed has been going on. Quote Link to comment Share on other sites More sharing options...
longgone Posted June 27, 2019 Share Posted June 27, 2019 On 25/06/2019 at 09:47, worried1 said: I just have a particular hatred for studio flats. I don't really like flats where the kitchen and the living area are one room because it means you can't get away from cooking smells, mess etc. but when you add the 'sleeping area' into the same room it's a bit beyond a joke. Perhaps they have a place as part-time crash pads in central London, but out here they shouldn't exist in my opinion. It's just a sign of developer greed and the fact this is an old block shows just how long that greed has been going on. yup maybe in zone 1-2 but not zone 6 I had a tiny flat under 500sq ft the kitchen was separate but had no door being on the top floor it had partially slopped roof and was boiling in the summer, I could only last 3 years in that. if I had to have a flat again it would need to be at least 600ft for a 1 bed Quote Link to comment Share on other sites More sharing options...
worried1 Posted June 28, 2019 Share Posted June 28, 2019 Here's some more EA c**p. This flat is apparently 'split-level', by virtue of having a door and a stairway on the ground floor: https://www.rightmove.co.uk/property-for-sale/property-82911563.html Silly price as well. I thought it looked like progress at first because proper 2 bed flats on this road were well above £500k before, but this isn't one of those. 570sqft and some of that is wasted by the landing area. This is just a super-expensive 1 bed flat with no garden or off street parking. Quote Link to comment Share on other sites More sharing options...
longgone Posted June 29, 2019 Share Posted June 29, 2019 On 21/06/2019 at 12:09, longgone said: https://www.rightmove.co.uk/property-for-sale/property-78571262.html i actually fancy offering 150k cash for it ? sold i wonder what it went for and which of the agents mates bought it Quote Link to comment Share on other sites More sharing options...
longgone Posted July 12, 2019 Share Posted July 12, 2019 https://www.rightmove.co.uk/property-for-sale/property-72622915.html i wonder how much the lease is to extend Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 12, 2019 Share Posted July 12, 2019 2 hours ago, longgone said: https://www.rightmove.co.uk/property-for-sale/property-72622915.html i wonder how much the lease is to extend At least £60k I'd have thought. Also, a new owner won't be entitled to extend the lease until they have owned it for 2 years, during which time they just have to watch the price of doing so going up... Flats in this pair of houses have been cheaper than the surrounds for as long as I can remember. I even looked around one in the dim and distant past and I seem to recall there was a problem with the freeholder/charges. This is too expensive at £230k now. £230k to buy, £60k for the lease, plus the cost of renovating to a good standard means it is more expensive than flats in 'better' blocks. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 14, 2019 Share Posted July 14, 2019 On 12/07/2019 at 17:05, worried1 said: At least £60k I'd have thought. Also, a new owner won't be entitled to extend the lease until they have owned it for 2 years, during which time they just have to watch the price of doing so going up... Flats in this pair of houses have been cheaper than the surrounds for as long as I can remember. I even looked around one in the dim and distant past and I seem to recall there was a problem with the freeholder/charges. This is too expensive at £230k now. £230k to buy, £60k for the lease, plus the cost of renovating to a good standard means it is more expensive than flats in 'better' blocks. If that's the case it would seem 140k is its real value. Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 15, 2019 Share Posted July 15, 2019 22 hours ago, longgone said: If that's the case it would seem 140k is its real value. It's now down to £210k, but that's just making it seem cheaper than it really is. No one would be stupid enough to buy this without the lease extended pre-purchase, so the 'trick' by the vendor is to agree to do that, making it less likely that the buyer will negotiate on the original asking price. If it was advertised at £270k with the lease extended (but still in dilapidated condition), a buyer would surely try to negotiate something off the price. Based on current asking prices, I'd say this should be £240k at most WITH the lease extended. I am not sure that many other flats are selling at/near asking price though, and if they aren't, the real value of this is lower still. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 15, 2019 Share Posted July 15, 2019 14 minutes ago, worried1 said: It's now down to £210k, but that's just making it seem cheaper than it really is. No one would be stupid enough to buy this without the lease extended pre-purchase, so the 'trick' by the vendor is to agree to do that, making it less likely that the buyer will negotiate on the original asking price. If it was advertised at £270k with the lease extended (but still in dilapidated condition), a buyer would surely try to negotiate something off the price. Based on current asking prices, I'd say this should be £240k at most WITH the lease extended. I am not sure that many other flats are selling at/near asking price though, and if they aren't, the real value of this is lower still. 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 Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 17, 2019 Share Posted July 17, 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 The one thing they do appear to have done is move the kitchen into the main living room. That actually reduces value for me. It's a badly balanced flat. 627sqft is quite a good size for a 1 bed flat overall, but too much of that is taken up by the bedroom. It's very nice to have a 19' x 14' bedroom when you have the space to do so, but not in a small flat. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 17, 2019 Share Posted July 17, 2019 13 hours ago, worried1 said: The one thing they do appear to have done is move the kitchen into the main living room. That actually reduces value for me. It's a badly balanced flat. 627sqft is quite a good size for a 1 bed flat overall, but too much of that is taken up by the bedroom. It's very nice to have a 19' x 14' bedroom when you have the space to do so, but not in a small flat. Looks the same to me other than a few tiles and some grey carpet and paint. The 150k markup is certainly not. Not that they will get that. Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 19, 2019 Share Posted July 19, 2019 On 18/07/2019 at 00:16, longgone said: Looks the same to me other than a few tiles and some grey carpet and paint. The 150k markup is certainly not. Not that they will get that. You're right. The photo in the original auction advert made it look more like the kitchen was a separate room, but it's not. They obviously think we are in 2014 again and they'll get money for nothing. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 19, 2019 Share Posted July 19, 2019 2 hours ago, worried1 said: You're right. The photo in the original auction advert made it look more like the kitchen was a separate room, but it's not. They obviously think we are in 2014 again and they'll get money for nothing. i imagine less than 2k was spent. pretty sure they will make a profit though. no where near the asking price though Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 24, 2019 Share Posted July 24, 2019 This seems a good illustration of how unbalanced the market is. People with money want to buy houses rather than flats in this area. They are generally the ones moving out of London to get out of a flat. The problem is that the council keeps approving flats so houses are becoming increasingly scarce. This block is in a good location and apparently is going to get a complete facelift funded by the construction of an extra floor on top. Almost 1,000 sqft for £450k: https://www.rightmove.co.uk/property-for-sale/property-79561343.html If you want to buy a house you have to really lower your sights. This one (same agent) is in a worse location than the flat, is significantly smaller and is almost 50% more expensive. https://www.rightmove.co.uk/property-for-sale/property-83519102.html That's £465 per square foot for the flat compared to £853 for the house. You could extend the house, I suppose, but not by much Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted July 24, 2019 Share Posted July 24, 2019 44 minutes ago, worried1 said: The problem is that the council keeps approving flats so houses are becoming increasingly scarce. In a lot of places a lot of the development is flats. I would guess the average size of a newbuild and the percentage of new builds being houses is declining. Quote Link to comment Share on other sites More sharing options...
worried1 Posted July 24, 2019 Share Posted July 24, 2019 19 minutes ago, iamnumerate said: In a lot of places a lot of the development is flats. I would guess the average size of a newbuild and the percentage of new builds being houses is declining. Definitely. The much trumpeted 'housing crisis' and associated government policies mean that it is very hard to build anything other than flats. Kingston used to be a low density suburb with some high density infill. Now it is the other way around and if an acre of brownfield becomes available, it is much more likely to be medium/high density flats rather than houses. The town centre is obviously worst affected, but even the traditional roads of houses are getting more flats: https://www.zoopla.co.uk/for-sale/details/51037195?search_identifier=f5c5c4499a80d91be7b08b2c957ed15f It makes sense because the profit for the developers is much higher and they can benefit from Help To Sell (little chance of a new build house coming in under the £600k limit when you look at what £660k gets you in the example above!) What doesn't change is the demand. The developers are too greedy, where is the incentive to move from a £600k flat in zone 2 to one in Kingston if it is the same cost? They want houses, but are now having to look further out. The 'second-hand' flats are looking like quite good value compared to a couple of years ago. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 13, 2019 Share Posted September 13, 2019 On 24/06/2019 at 15:48, worried1 said: The second one is dreaming. You can buy better flats right in the middle of Surbiton for that now, so I doubt people are going to want to pay that for Tolworth borders. https://www.rightmove.co.uk/property-for-sale/property-70245190.html seems it was someones dream home NUTS Quote Link to comment Share on other sites More sharing options...
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