London house prices?

[Adam B]

z4RRSchris said:

Yes. How about if i can find you a new build in riverlight for £800psf you pay me 5%?

Chris

Had a quick whip round and we've rustled up £1.2M to buy this at 800/sqft:

http://www.zoopla.co.uk/new-homes/details/37172803...

Your £60k fee is ready and waiting sir

[ClaphamGT3]

Very febrile at the moment. Nothing had moved around our way for ages but I notice in the last week that a house round the corner (asking price £1.9m) and a garden flat in our road (asking price £995k) have just gone under offer. It'll be interesting to see what they actually sell for.

Meanwhile, at work, a client is on the brink of canning a multi-site resi development programme in zone 6 because the sales forecasts have gone too far south for the viability to stack.

[Burwood]

Adam B said:

z4RRSchris said:

Yes. How about if i can find you a new build in riverlight for £800psf you pay me 5%?

Chris

Had a quick whip round and we've rustled up £1.2M to buy this at 800/sqft:

http://www.zoopla.co.uk/new-homes/details/37172803...

Your £60k fee is ready and waiting sir

What a terrible place that is. Lazy designed interior. views of someones balcony. No wonder prices of this dross are falling hard.

[z4RRSchris]

Adam B said:

z4RRSchris said:

Yes. How about if i can find you a new build in riverlight for £800psf you pay me 5%?

If you are serious I and some friends will discuss, and happily pay you 5% if you can achieve 800/sq ft for flats similar to the one I tagged in Riverlight whether new or with recent owner

Edited by Adam B on Wednesday 19th October 20:21

Done. Ill find you some.

C

[z4RRSchris]

got some sub £300k one beds in East London too if anyone is interested... Below OPP.

2% for me please.

C

[snowman99]

Surely there is sold house price data for this area? Asking prices will always be higher than sold prices.
Zoopla for sold price and EPC register search to find floor area

E.g.
http://www.zoopla.co.uk/property/apartment-44/2-ri...
1130 sqft = £1,243 p/sqft

http://www.zoopla.co.uk/property/apartment-136/3-r...
990 sqft = £1,373

http://www.zoopla.co.uk/property/apartment-69/4-ri...
775 sqft = £1,191

Going further afield
http://www.zoopla.co.uk/property/flat-15/temple-co...
807 sqft = £631 sqft

Bored now.

Less than half a mile apart so probably depends largely on exact location..

[Croutons]

Not quite London, Brentford, but how far off can an Agent fk when they demand a 1.55% (or 3k if higher) "buyers fee"? Link is to the PDF

http://www.douglasallen.co.uk/_assets/pdfs/5060118...

what would possess a seller to think that would get them the best deal and you wouldn't just be docking that from the bid you would make?

In a rising market with crazy bidding wars I getcha- take the mick dear Agent, but....?

[Adam B]

snowman99 said:

Zoopla for sold price and EPC register search to find floor area

E.g.
http://www.zoopla.co.uk/property/apartment-44/2-ri...
1130 sqft = £1,243 p/sqft

http://www.zoopla.co.uk/property/apartment-136/3-r...
990 sqft = £1,373

http://www.zoopla.co.uk/property/apartment-69/4-ri...
775 sqft = £1,191

Going further afield
http://www.zoopla.co.uk/property/flat-15/temple-co...
807 sqft = £631 sqft

Less than half a mile apart so probably depends largely on exact location..

First 3 are relevant and much more than £800/ft - need to consider floor and direction too, higher up and river views go for more. I assume the 4th one was a joke as not in the least comparable. Within half a mile in London you can have a £20M luxury flat and a council estate.

[p1stonhead]

Croutons said:

Not quite London, Brentford, but how far off can an Agent fk when they demand a 1.55% (or 3k if higher) "buyers fee"? Link is to the PDF

http://www.douglasallen.co.uk/_assets/pdfs/5060118...

what would possess a seller to think that would get them the best deal and you wouldn't just be docking that from the bid you would make?

In a rising market with crazy bidding wars I getcha- take the mick dear Agent, but....?

Was quite normal round my for 2014-2015. Sellers could get away with it because there were people queueing out the door for open days. Mental.

[AstonZagato]

Do we know when peak supply for Nine Elms will be? What I'm wondering is if there is a moment when supply across the various developments just balloons.

[z4RRSchris]

AstonZagato said:

Do we know when peak supply for Nine Elms will be? What I'm wondering is if there is a moment when supply across the various developments just balloons.

its hard to gauge as some of the big ones can switch focus from resi to commercial, stall construction etc. Then you look at things like the flower market, when will that flow through? who knows.

The supply there is already toppy, The power station have stalled resi sales, embassy garden are doing big discounts, half of riverlight didnt complete, nine elms point sold out at 950 and one nine elms claim to have achieved 3000+.

The whole thing is a mess.

[Adam B]

Think it is all over-priced but demand may go up when new tube stations are up and running

Apple just announced new head office in BPS - that's another 1,400 people who might be looking locally

[Justayellowbadge]

Thamesmead.

[paralla]

No response to the two completely unremarkable flats on Bonnington square I linked to earlier, one at £1070/sqf.

I'm not being deliberately awkward, I'm gunuuenly interested in why the expert thinks they will sell for 25% less than asking price.

[Gregmitchell]

paralla said:

No response to the two completely unremarkable flats on Bonnington square I linked to earlier, one at £1070/sqf.

I'm not being deliberately awkward, I'm gunuuenly interested in why the expert thinks they will sell for 25% less than asking price.

Hi, well I'm not quoting London but I live in Oxford which is geared even more so than London and has lower supply, but properties over £1mil are being reduced day after day by 10%+, I've been watching them for a good few months with the view of moving, prices are pulling back here for sure!

Also the rental market is totally saturated from the the btl investors, I've seen first hand many properties empty which may pull prices back, I get the feeling this is a nationwide problem bubbling to the surface.

Edited by Gregmitchell on Thursday 20th October 19:09

[AyBee]

AstonZagato said:

Do we know when peak supply for Nine Elms will be? What I'm wondering is if there is a moment when supply across the various developments just balloons.

How do these big developments generally work with respect to finishing and sales? i.e. I'm guessing that they won't complete all of them and then stick every flat on the market but I imagine there will come a point where what they are building isn't shifting at the advertised prices - have we got there, apart from just z4RRS saying so, or is that point still to come?

[Croutons]

anonymous said:

[redacted]

Sorry, autocorrect!

[Adam B]

AyBee said:

How do these big developments generally work with respect to finishing and sales? i.e. I'm guessing that they won't complete all of them and then stick every flat on the market but I imagine there will come a point where what they are building isn't shifting at the advertised prices - have we got there, apart from just z4RRS saying so, or is that point still to come?

They are released in phases so as to stagger supply, so when you see those big hoardings saying "80% sold already!" what they mean is 80% reserved (not sold) on phase 1, which may only be 10% of the development.

[z4RRSchris]

As above.

But eventually you get to a point when it's finished and you have a load of standing stock so have to discount to get them out the door. I have a £600m development with £250m not sold, discounting to get them gone

[AyBee]

Adam B said:

AyBee said:

How do these big developments generally work with respect to finishing and sales? i.e. I'm guessing that they won't complete all of them and then stick every flat on the market but I imagine there will come a point where what they are building isn't shifting at the advertised prices - have we got there, apart from just z4RRS saying so, or is that point still to come?

They are released in phases so as to stagger supply, so when you see those big hoardings saying "80% sold already!" what they mean is 80% reserved (not sold) on phase 1, which may only be 10% of the development.

So there will be a lot reserved, which the reservers may well decide they don't want to complete on?