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Kingston Upon Thames

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1 hour ago, worried1 said:

These have always sold at a premium in the past because they are seen as 'new', but they are certainly not new anymore. It's the worst of both worlds now - second hand, a little bit dated, but still no doubt complete with the rip-off charges and lease conditions that developers have been allowed to saddle these places with over the last 10 years.

So, they'll need to come down to the price of a 'normal' 1 bed flat in Surbiton, and with £325k they probably think they have. The problem is that was two years ago, now they seem to be £275k and still not selling.

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. 

 

I did wonder what the "investor's only" was I thought it was because no bank would lend them it.

A few buyers nearly doubled their money in that block after HTB.

 

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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?

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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...

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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...

 

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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.

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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.

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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.

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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

 

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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 by worried1
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  • 295 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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