Show us your real estate pawn (vol 2)

[RichB]

Justayellowbadge said:

anonymous said:

[redacted]

I just had a chat with my dad. Where did yours buy?

His first was £2800, in 1962. Outskirts of Derby. 2 new graduates, 95% mortgage. 130 quid odd deposit. (!!)
In 1973 he paid £22,000. Detached, but newish build 3 bed, nowt special. Enfield way.
£500 sounds a steal.

For comparison, my parents' 2nd house in Ealing was £6000 in 1965. My first flat, also in Ealing was £18,000 in 1979. I wonder where you bought houses for £500 in the 70s?

[Justayellowbadge]

RichB said:

For comparison, my parents' 2nd house in Ealing was £6000 in 1965. My first flat, also in Ealing was £18,000 in 1979. I wonder where you bought houses for £500 in the 70s?

To be fair, there was something of a volatile market - the previous place was £10,800 at the start of 71, sold for more than the Enfield place cost for the sake of a reduced mortgage a couple of years later.

[vxsmithers]

anonymous said:

[redacted]

Always interesting to see other people's property history. My parents bought their first flat for £5K in 1972 in Surbiton, Then 3 years later bought a 3 bed house in Surrey for £13,500. Then never moved again.

If they had moved when they were going to in the '90s then they would be sat in a £1M+ house which would still be modest, but due to a helath scare they stayed put and have a place in Spain and cash from having a low mortgage.

The flat in Surbiton will be worth around the same as their house which I find plain odd - who is buying these flats!?

[minimoog]

Justayellowbadge said:

£500 sounds a steal.

Certainly does. My grandparents paid £400 for a 3 bed mid-terrace in Middlesbrough - in the 1930s.

[5potTurbo]

My FIL paid £8,750 for the family's 4 bed new build detached house in Romsey, Hants., in 1969.
I offered him £10k recently and he laughed. No pleasing some people.
(It's worth in the region of £490k now)

[kingston12]

vxsmithers said:

Always interesting to see other people's property history. My parents bought their first flat for £5K in 1972 in Surbiton, Then 3 years later bought a 3 bed house in Surrey for £13,500. Then never moved again.

If they had moved when they were going to in the '90s then they would be sat in a £1M+ house which would still be modest, but due to a helath scare they stayed put and have a place in Spain and cash from having a low mortgage.

The flat in Surbiton will be worth around the same as their house which I find plain odd - who is buying these flats!?

How much did they sell the Surbiton flat for in 1975? Property inflation was pretty rampant in the 70's, so I'd be surprised if it was that much less than the house even back then.

The other thing is that there has definitely been a trend towards London in the last 20 years, and Surbiton has probably gone up in value more being a bit closer to the edge, even if not nearly as much as London proper.

Back in the 80s, you could probably buy a few houses in Brixton for the cost of a decent detached house in Guildford. Now it is completely the other way.

I am not sure who is buying the expensive flats in Surbiton now. The houses are all bought up by people moving down from London with the type of budgets that makes £1m for a 3 bed semi or £750k for a 2up-2down seem reasonable.

Flats all seem to be first time buyers and buy to let-ers, but I am not sure if many of them are buying the £500k+ ones.

What is evident in the area are lots of 30-somethings stuck in flats with kids because they haven't been able to move up the ladder and presumably having been unwilling to move even further out. The communal halls of some blocks are stuffed with pushchairs and kids bikes. A pretty sad situation for all concerned.

I wonder how many people from the generation are kicking themselves for not making a final move in the 90s and making a fortune for nothing. Obviously your parents had a very valid reason for not moving, but I think a lot of people did not as they were still worried about the early 90s crash.

No one cares about that any more, everyone thinks that any future downturn will only be a blip in the ever growing tide of rising prices. They may well be right!

[kingston12]

5potTurbo said:

My FIL paid £8,750 for the family's 4 bed new build detached house in Romsey, Hants., in 1969.
I offered him £10k recently and he laughed. No pleasing some people.
(It's worth in the region of £490k now)

A lot of people from that generation do not realise just how much more expensive it is to buy today.

I am not sure how accurate it is, but a sheet that I have from the FT indicates that the average male annual wage was £1.6k in 1969 and £37k now.

If that is true, wages have increased by 23 times, and if the house has increased by the same amount it was only be worth £200k!

The gap is made up by the increase in dual income households, cheap mortgages and speculation.

[gibbon]

kingston12 said:

A lot of people from that generation do not realise just how much more expensive it is to buy today.

I am not sure how accurate it is, but a sheet that I have from the FT indicates that the average male annual wage was £1.6k in 1969 and £37k now.

If that is true, wages have increased by 23 times, and if the house has increased by the same amount it was only be worth £200k!

The gap is made up by the increase in dual income households, cheap mortgages and speculation.

I agree, the shift in popularity of dual income families completely changes the pricing of family homes. There is also increasingly large amounts of amassed wealth in property being passed through generations and used for further property purchases, I don't think this has really happened before, certainly not in this scale and breadth.

[Justayellowbadge]

House is nice, but grounds and formal gardens are Bond villain/oligarch pretty.

http://www.rightmove.co.uk/property-for-sale/prope...

[furtive]

z4RRSchris said:

http://www.rightmove.co.uk/property-to-rent/proper...
had a peek in one of these the other day, 2k a week.

It's a bit cheap. This is more like it, just down river a bit:
http://www.rightmove.co.uk/property-to-rent/proper...

£5k per week, or £21.5k per month... Although you do get 2 penthouses for that. If you only need one, then this one at £3.2k per week / £14k per month should do:

http://www.rightmove.co.uk/property-to-rent/proper...

I'm amazed that the for a property that costs £14k per month to rent they used a 4 year old with a VTech camera to photograph it

[Bluebarge]

anonymous said:

[redacted]

What he said. Brown carpet, a peach bathroom and MFI furniture do not a luxury apartment make. Plus it overlooks the delightful vista of Rotherhithe. For that sort of money I'd want to be in Butlers Wharf near some decent restaurants/entertainment etc or watching my fortune disappear in that French chateau posted earlier.

[BrabusMog]

anonymous said:

[redacted]

I'm glad you said that, I was looking at it and thinking my place is decorated/furnished/finished to a much higher standard!

[z4RRSchris]

anonymous said:

[redacted]

yeilds are lower than that on big stock, i would imagine some sucker paid well over £5m for that rubber stamp berkely box.

[z4RRSchris]

so many of these big penthouse units just sit there empty. i was however up on ours yesterday and the view is pukkaaaaaaaaa.

[kowalski655]

Not prawn by any means, but imagine the fun you can have here:
http://www.amcdproperty.co.uk/property/28753-Detac...

How?you ask
Because this is the Streetview
https://www.google.co.uk/maps/@55.951361,-2.953301...
The house is actually IN the cemetery(of course that is completely NOT mentioned in the ad),so as well as very quiet neighbours, playing

loudly at funeral time for sts & giggles
(but have a glazier on speed dial!)

[irocfan]

anonymous said:

[redacted]

that bath looks fecking awful

[jdw1234]

My favourite property porn in that area is in Limehouse.

There is a warehouse on Narrow Street that has had the river side wall removed and a town house, triple garage and secret garden put inside it. From the street, it looks like a warehouse, from the river you can see the house and garden.

[Streetrod]

This is an interesting combination of the old and the new

https://www.onthemarket.com/details/1294649/

[surveyor]

Streetrod said:

This is an interesting combination of the old and the new

https://www.onthemarket.com/details/1294649/

Really like that. Fabulous.

[Streetrod]

And this is really nice, I may need to pay a visit....

https://www.onthemarket.com/details/1245322/