London house prices?

[Busa mav]

NomduJour said:

Friend of mine did just that - moved from off Clapham Common to the Tonsleys. Three-bed house there (minus basement flat) -

sorry but that mad me truly laugh out loud.

We used to hang about in that area in the 60's , old council houses on Tonsley Hill / street etc.
It was a bit of a dump then, it's actually Wandsworth Town, straight off of the South Circular, but somehow it has become The Tonsleys

Drawn plans to extend a few of them in recent years, only as a jobbing draughtsman mind you, not as a true professional like some of the supposed experts who live in that area

[Adam B]

AyBee said:

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

Can happen yes, they will lose their 10% (or whatever) holding deposit. Which if the market tanks 20%+ they will, which is when the developer goes bust.

The holding deposit can't be much higher as most UK domestic buyers are paying the deposit 18-24 months before their main source of funds (selling existing property) is available.

[paralla]

z4RRSchris said:

Sadly my job is to know as much as i can about the market. I speak to hundreds of agents a week.

local stock has a ceiling of about 750/800.

maybe yours is a new build, along with the 30,000 other new builds. I can buy at riverlight for 800psf..

the £50m penthouse was never really sold, and is still on the market.

Since its your job to know these things I thought I'd help you out.

One of the nice enough but completely unremarkable flats I linked to a few weeks ago on this thread had a sold sign on it yesterday afternoon. 1 bed flat, old stock in Vauxhall, 529sq foot, asking price of £525K so £992 per square foot. It's true I have no clue what the achieved price was but assume it was somewhere near the asking given it was only on the market just over a month.

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

You're welcome.

[Cheib]

Adam B said:

AyBee said:

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

Can happen yes, they will lose their 10% (or whatever) holding deposit. Which if the market tanks 20%+ they will, which is when the developer goes bust.

The holding deposit can't be much higher as most UK domestic buyers are paying the deposit 18-24 months before their main source of funds (selling existing property) is available.

I've spent the last year dealing with a portfolio of distressed property in what is now known as CEE. A lot of developments were sold very aggressively by developers in the 2007-10 period....say an apartment's marketing price was €150k....developers were doing deals where in exchange for a 70-100% "deposit" they discounted the units to €100 to €120k. Those developments never got finished...the buyers lost everything (totally unsecured deposits) and the developer scarpered (typically back to Israel). Those developments are now being finished and units will be getting sold for circa €70k. Outrageous they were allowed to do it....and amazing people were daft enough to stump up the money.

[z4RRSchris]

paralla said:

Since its your job to know these things I thought I'd help you out.

One of the nice enough but completely unremarkable flats I linked to a few weeks ago on this thread had a sold sign on it yesterday afternoon. 1 bed flat, old stock in Vauxhall, 529sq foot, asking price of £525K so £992 per square foot. It's true I have no clue what the achieved price was but assume it was somewhere near the asking given it was only on the market just over a month.

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

You're welcome.

nice flat, its got a garden and a share of freehold which will boost the price.

Lets wait and see on the land reg to see what it went for.

[Zod]

Busa mav said:

sorry but that mad me truly laugh out loud.

We used to hang about in that area in the 60's , old council houses on Tonsley Hill / street etc.
It was a bit of a dump then, it's actually Wandsworth Town, straight off of the South Circular, but somehow it has become The Tonsleys

Drawn plans to extend a few of them in recent years, only as a jobbing draughtsman mind you, not as a true professional like some of the supposed experts who live in that area

Standard SW London estate agent behaviour: inventing new "villages".

[okgo]

Zod said:

Standard SW London estate agent behaviour: inventing new "villages".

You saying you wouldn't in their position? Of course you would

[Zod]

okgo said:

Zod said:

Standard SW London estate agent behaviour: inventing new "villages".

You saying you wouldn't in their position? Of course you would

The very idea that I might ever be in the position of an estate agent!

[NomduJour]

Busa mav said:

sorry but that mad me truly laugh out loud.

We used to hang about in that area in the 60's , old council houses on Tonsley Hill / street etc.
It was a bit of a dump then, it's actually Wandsworth Town, straight off of the South Circular, but somehow it has become The Tonsleys

Drawn plans to extend a few of them in recent years, only as a jobbing draughtsman mind you, not as a true professional like some of the supposed experts who live in that area

Certainly affluent - not so long ago there was a 575 Superamerica which lived on the street around the corner from my friend.

[TTOBES]

Busa mav said:

... only as a jobbing draughtsman mind you, not as a true professional ...

The only draughtsmanship I've done in that area is in the Alma, East Hill and The Royal Standard!

Sorry, as you were...

[sammyboy]

I’m about to start looking for my first property in London. I have been renting in Clapham for 2 years and now have an ok'ish deposit. I will be looking for a 1 or 2 bed flat hopefully somewhere in SW but to be honest I think I will have to keep an open mind in regards to the location. I have seen a lot of chat on here around the developments in Vauxhall, this might be an option.

I think I’m going to use the Help to buy government equity loan on a new build as it will give me a bigger pool of money to play with. Does anyone have any advice in regards to this scheme?

I am going to see a mortgage advisor today, I will put some updates on here and I may have some questions for you knowledgeable bunch.

[z4RRSchris]

help to buy ends in 5 weeks time..

stay clear of any new build in vauxhall..

[housen]

sammyboy said:

I’m about to start looking for my first property in London. I have been renting in Clapham for 2 years and now have an ok'ish deposit. I will be looking for a 1 or 2 bed flat hopefully somewhere in SW but to be honest I think I will have to keep an open mind in regards to the location. I have seen a lot of chat on here around the developments in Vauxhall, this might be an option.

I think I’m going to use the Help to buy government equity loan on a new build as it will give me a bigger pool of money to play with. Does anyone have any advice in regards to this scheme?

I am going to see a mortgage advisor today, I will put some updates on here and I may have some questions for you knowledgeable bunch.

good luck sir

keep us posted

hope u find a gem

[sammyboy]

z4RRSchris said:

help to buy ends in 5 weeks time..

stay clear of any new build in vauxhall..

According to Money saving expert wesbite the Equity Loan scheme for new builds will still be in place after December? Am I not reading that right?

Link

[z4RRSchris]

sammyboy said:

z4RRSchris said:

help to buy ends in 5 weeks time..

stay clear of any new build in vauxhall..

According to Money saving expert wesbite the Equity Loan scheme for new builds will still be in place after December? Am I not reading that right?

Link

the equity loan one is still around but you are restricted to only the properties they want to do help to buy on, and they are often slightly overpriced as the market is bigger - lots of people desperate to get on the ladder.

but after 5 years you have an equity loan of upto 40%...

developers often put the st flats no one else wants as help to buy

[EJH]

Zod said:

Standard SW London estate agent behaviour: inventing new "villages".

It's not just SW London. In SE London:

- Blackheath now seems to go to the east side of the A2 and
- Much of Kidbrooke has been rebranded as "Blackheath Quarter." Yes, it has some nice shiny buildings, yes it's short-ish walk to Blackheath...but it's still bloody Kidbrooke and you'll possibly get to Blackheath without your wallet, watch, phone or anything of value.

[Adam B]

paralla said:

Since its your job to know these things I thought I'd help you out.

One of the nice enough but completely unremarkable flats I linked to a few weeks ago on this thread had a sold sign on it yesterday afternoon. 1 bed flat, old stock in Vauxhall, 529sq foot, asking price of £525K so £992 per square foot.

to be fair law of diminishing returns applies to housing too - a 1 bed 500 sqft flat won't cost half a 1,000 sqft flat

[Busa mav]

TTOBES said:

The only draughtsmanship I've done in that area is in the Alma, East Hill and The Royal Standard!

Sorry, as you were...

A few years ago now, but used to supp the odd Ramrod and Bitter in the Alma back in the early 70's

[Adam B]

Busa mav said:

A few years ago now, but used to supp the odd Ramrod and Bitter in the Alma back in the early 70's

one of my locals

[Croutons]

z4RRSchris said:

nice flat, its got a garden and a share of freehold which will boost the price.

Lets wait and see on the land reg to see what it went for.

That counts as a garden? fk me...