How far will house prices fall [volume 4]

[Derek Chevalier]

sugerbear said:

Derek Chevalier said:

rover 623gsi said:

and getting planning permission to build much-needed new homes remains extremely difficult, costly and time consuming

Who is in great need of these new homes apart from the housebuilders?

If they were reasonably priced, loads of first time buyers.

Agreed, but they aren't, currently.

[loafer123]

turbobloke said:

"As the City is squeezed, expect London property prices to fall"

http://www.moneyweek.com/investments/property/uk/g...

At the risk of quoting an old joke, Moneyweek have predicted 5 of the last 0 crashes...

[turbobloke]

loafer123 said:

turbobloke said:

"As the City is squeezed, expect London property prices to fall"

http://www.moneyweek.com/investments/property/uk/g...

At the risk of quoting an old joke, Moneyweek have predicted 5 of the last 0 crashes...

The old ones are the best.

[groak]

Groakwatch:

My latest little beauty.....

http://www.zoopla.co.uk/for-sale/details/15882985

...and here's the story.

About 18 months ago I shook hands with Jimmy the Cobbler to buy his dump (and it really IS a dump) for 17.5k. He said he'd tell his lawyer to get it sorted. That night he died!! Anyway, a couple of weeks later his family came to see me and told me they'd heard he'd made a deal to sell the place. I told them he had, and the price, but they said they weren't happy with it. I said, 'ok I'll make it 20k' but they said 'no way, we want 30k' and that was that. I watched it sit on the listings at 30k till the price got recently reduced to 22.5k. So I got my lawyer to phone theirs and say they had a client who'd pay a fast 20k cash for it, which they accepted.

And that's the story of how the smelly slum of a cobblers became mine. It's off to sleep now for a few months, and then it'll get woken up, renovated, and let for £400pcm.

5 years ago, it would have sold for £40k.

[spikeyhead]

groak said:

Groakwatch:

My latest little beauty.....

http://www.zoopla.co.uk/for-sale/details/15882985

...and here's the story.

About 18 months ago I shook hands with Jimmy the Cobbler to buy his dump (and it really IS a dump) for 17.5k. He said he'd tell his lawyer to get it sorted. That night he died!! Anyway, a couple of weeks later his family came to see me and told me they'd heard he'd made a deal to sell the place. I told them he had, and the price, but they said they weren't happy with it. I said, 'ok I'll make it 20k' but they said 'no way, we want 30k' and that was that. I watched it sit on the listings at 30k till the price got recently reduced to 22.5k. So I got my lawyer to phone theirs and say they had a client who'd pay a fast 20k cash for it, which they accepted.

And that's the story of how the smelly slum of a cobblers became mine. It's off to sleep now for a few months, and then it'll get woken up, renovated, and let for £400pcm.

5 years ago, it would have sold for £40k.

I take it that it's your cab company that's using the place as an advertising hoarding?

[groak]

spikeyhead said:

I take it that it's your cab company that's using the place as an advertising hoarding?

Yep, gave Jimmy 100 quid to stick it there......and if your eyes are really good you'll see the 'keyhome' sign on the business centre next door. That's where the letting agency lives. The printers next to that's mine too. That's what the cobblers will end up looking like.

[Digga]

groak said:

spikeyhead said:

I take it that it's your cab company that's using the place as an advertising hoarding?

Yep, gave Jimmy 100 quid to stick it there......and if your eyes are really good you'll see the 'keyhome' sign on the business centre next door. That's where the letting agency lives. The printers next to that's mine too. That's what the cobblers will end up looking like.

A nice little symbiotic business empire being created there Groak.

[Oakey]

So a distant relative died and my mother is a beneficiary of the estate, which comprises of this;

http://www.reedsrains.co.uk/properties-for-sale/ho...

It needs some work and modernisation and similar houses in the street sell between £500-£600k. According to the solciitors someone has made an offer of £300k. What says PH?

[98elise]

groak said:

Groakwatch:

My latest little beauty.....

http://www.zoopla.co.uk/for-sale/details/15882985

...and here's the story.

About 18 months ago I shook hands with Jimmy the Cobbler to buy his dump (and it really IS a dump) for 17.5k.....

I try not to do business with anyone who's middle name is "the"

[hornetrider]

Oakey said:

So a distant relative died and my mother is a beneficiary of the estate, which comprises of this;

http://www.reedsrains.co.uk/properties-for-sale/ho...

It needs some work and modernisation and similar houses in the street sell between £500-£600k. According to the solciitors someone has made an offer of £300k. What says PH?

If 'up together' houses really do sell for 5-600 then 350 sounds like a good deal if you factor in less than 100k to get it together.

That said it is on the market for 350 - so 300 is probably what I'd offer as well.

[Digga]

hornetrider said:

Oakey said:

So a distant relative died and my mother is a beneficiary of the estate, which comprises of this;

http://www.reedsrains.co.uk/properties-for-sale/ho...

It needs some work and modernisation and similar houses in the street sell between £500-£600k. According to the solciitors someone has made an offer of £300k. What says PH?

If 'up together' houses really do sell for 5-600 then 350 sounds like a good deal if you factor in less than 100k to get it together.

That said it is on the market for 350 - so 300 is probably what I'd offer as well.

I'd tend to concur, but given that a very thorough re-vamp ought to be possible for £150k, then £300 is tantamount to being bidin the balls. Not a bad area either - my mate lived very near there for a while and then let his house out for a few years.

[Oakey]

Number 30 sold for £430k in Jan 2010 and that is smaller I believe (currently on with a guide price of £550k). Number 2 sold for £564k also in 2010 but that's not really a like for like property. Not many sold prices now I look either.

Here's the other one on the street for sale;

http://www.zoopla.co.uk/for-sale/details/17622349?...


It's only the little end bit afaik.

Edited by Oakey on Friday 14th December 14:04

[Oakey]

Oh I understand that, hence why I'm asking what PH thinks is a good price given its condition.

[hornetrider]

Digga said:

hornetrider said:

Oakey said:

So a distant relative died and my mother is a beneficiary of the estate, which comprises of this;

http://www.reedsrains.co.uk/properties-for-sale/ho...

It needs some work and modernisation and similar houses in the street sell between £500-£600k. According to the solciitors someone has made an offer of £300k. What says PH?

If 'up together' houses really do sell for 5-600 then 350 sounds like a good deal if you factor in less than 100k to get it together.

That said it is on the market for 350 - so 300 is probably what I'd offer as well.

I'd tend to concur, but given that a very thorough re-vamp ought to be possible for £150k, then £300 is tantamount to being bidin the balls. Not a bad area either - my mate lived very near there for a while and then let his house out for a few years.

As a buyer in this market - is there any other kind of bid to make?!

[Digga]

hornetrider said:

As a buyer in this market - is there any other kind of bid to make?!

Dunno. You see a lot of places 'sell', only to reappear. If it's real cash, then I guess shifting it swifly has its merits.

[br d]

Not sure if this belongs here but I know there are some landlords floating about on this thread, need a bit of advice.

I have a property rented out a couple of streets from where I live and haven't had any issues. My immediate neighbours have now put their house up for sale and need to move it quickly, I think I could get a very good deal. How do people stand with renting a property next door? Do you think tenants would be put off by having the landlord so close?

Apologies if this isn't the most appropriate place for this post.

[98elise]

br d said:

Not sure if this belongs here but I know there are some landlords floating about on this thread, need a bit of advice.

I have a property rented out a couple of streets from where I live and haven't had any issues. My immediate neighbours have now put their house up for sale and need to move it quickly, I think I could get a very good deal. How do people stand with renting a property next door? Do you think tenants would be put off by having the landlord so close?

Apologies if this isn't the most appropriate place for this post.

I have a few BTL's local to me, but I wouldn't feel comfortable with owning one next door. It needs to be a business relationship, and I don't think that works either way. I'm sure your tenants would feel they were being watched 24/7.

[scenario8]

More to the point would you like to hear the front door of the house you would likely consider to be "yours" being slammed shut every so often, or the noise of school bags being dumped on the floor or scraped up the stairwell wall or all the other things that would make you feel the property was being ill treated? The late night arguments? Stereos on just that tiny but too loud or late in the day for your liking while barbecues are burning and beer cans being dropped in "your" garden?

Not that I'm suggesting these petty inconsiderances are desirable, more that they are likely to happen in all your BTLs regardless and that perhaps a little ignorance is bliss - or atleast is less likely to lead to confrontation and or rising blood pressure.

I can, of course, see the counter argument that keeping a very close eye on your investment might lead to some issues being resolved more quickly.

[Slagathore]

They wouldn't have to know you lived next door. Legally, you have to give them you're address, but only really if they request it.

If they've got nothing to hide, then I can't see why they'd mind.

And if the numbers are good, then why not!

[rufusgti]

I know people who have bought the noise next door, just so they have a bit of control over who lives there. Makes a bit of sense I suppose. I agree with the above comments though, ignorance is bliss.