How far will house prices fall [volume 4]

How far will house prices fall [volume 4]

TOPIC CLOSED
TOPIC CLOSED
Author
Discussion

z4RRSchris

11,221 posts

178 months

Tuesday 14th November 2017
quotequote all
princeperch said:
z4RRSchris said:
had the same agent round today to value my flat which im putting on the market, this time last year he said 865 to sell, today he says 800 and may need to go lower.

same time im looking to buy the next size up in highgate / hamstead / highbury etc and there is a huge oversupply of 3/4 beds at over £1m which have sat unsold for months and months, price reductions all the way along.
when did you buy? I thought you said a few months/possible a year or two back that you weren't going to buy because market was overpriced and unaffordable etc. perhaps I'm thinking of someone else..
was me,

had the flat since 1995,

market is hard, but i need a larger place.

NRS

22,079 posts

200 months

Tuesday 14th November 2017
quotequote all
z4RRSchris said:
was me,

had the flat since 1995,

market is hard, but i need a larger place.
If you're upgrading this is actually better, assuming you have enough for the deposit (assuming any price drops are uniform/ higher in the more pricy part of the market).

princeperch

7,911 posts

246 months

Tuesday 14th November 2017
quotequote all
z4RRSchris said:
was me,

had the flat since 1995,

market is hard, but i need a larger place.
You stumped up the cash or parents did? Not knocking you if the latter but buying in 1995 and sitting on a 600k capital gain will make market movements easier to swallow...

Burwood

18,709 posts

245 months

Wednesday 15th November 2017
quotequote all
What was it Chris. I bought my first flat in Canary Wharf, 1998. 2 bed for 210k which would be 850k now. I assume yours was 195ish?

Thankyou4calling

10,595 posts

172 months

Wednesday 15th November 2017
quotequote all
anonymous said:
[redacted]
Black Friday soon. May bag a £10,000 coffee maker for £9,950 extrapolate that across the refit.

fido

16,752 posts

254 months

Wednesday 15th November 2017
quotequote all
anonymous said:
[redacted]
So wasting his time and the vendor's time as it will just sit on the market. frown

z4RRSchris

11,221 posts

178 months

Wednesday 15th November 2017
quotequote all
princeperch said:
You stumped up the cash or parents did? Not knocking you if the latter but buying in 1995 and sitting on a 600k capital gain will make market movements easier to swallow...
parents, 120k 2 bed 840sqft.

savills and SAk have both said 775-800 to sell it today, a year ago they said 865k, -10% in a year.

princeperch

7,911 posts

246 months

Wednesday 15th November 2017
quotequote all
we didn't know it at the time but 2009-2011 in London was a golden time. A lot of people made a lot of money then.

I also don't think we will see values drop to where they did in that period (which in some instances in east London was back to 2004 values) but who knows.

I presume Chris's flat also has a painful service charge and an increasingly crap lease?

z4RRSchris

11,221 posts

178 months

Wednesday 15th November 2017
quotequote all
anonymous said:
[redacted]
its sentiment.

i see stagnation also, but those who need more space have to move and will have to take a reduction, or rent it out and use the cash to rent elsewhere.

the below is a prime example and a house i would buy if they were more realistic with the price.

2 Bed was on at £1.1m, now have another agent and reduced to £950k. they paid 850k in 2014.

Date Sold Sold Price Price Difference
06 Jun 2014 £850,000 +42%
05 Jul 2007 £595,000

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

house on the same street couldn't sell and so are now renting it out,

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

they need the space obviously, two kids living in that room!


z4RRSchris

11,221 posts

178 months

Wednesday 15th November 2017
quotequote all
princeperch said:
I presume Chris's flat also has a painful service charge and an increasingly crap lease?
share of freehold, 999 year lease, no ground rent and we self manage so no service charge.

its in a nice historic building in spitalfields.

princeperch

7,911 posts

246 months

Wednesday 15th November 2017
quotequote all
that's a rarity then and I would think would command a premium..

princeperch

7,911 posts

246 months

Wednesday 15th November 2017
quotequote all
talk about trough to peak and smashing it out of the park:

http://www.rightmove.co.uk/house-prices/detailMatc...

gibbon

2,182 posts

206 months

Wednesday 15th November 2017
quotequote all
princeperch said:
talk about trough to peak and smashing it out of the park:

http://www.rightmove.co.uk/house-prices/detailMatc...
That house was formally a shop, and has had a huge amount of work done to it, a lot spent, he also had a hard time selling it, was done by a developer. Still, im sure a handsome profit was made.

It was up for around £1.5-1.6 i think, at £1,3m its cheap £/sq ft for the area, but its far from the best stock of house for the area.

p1stonhead

25,489 posts

166 months

Wednesday 15th November 2017
quotequote all
princeperch said:
talk about trough to peak and smashing it out of the park:

http://www.rightmove.co.uk/house-prices/detailMatc...
Didnt even bother weeding the 5m2 patio.

z4RRSchris

11,221 posts

178 months

Wednesday 15th November 2017
quotequote all
who is paying £1.3m to live in Mile End?

i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.


hyphen

26,262 posts

89 months

Wednesday 15th November 2017
quotequote all
p1stonhead said:
princeperch said:
talk about trough to peak and smashing it out of the park:

http://www.rightmove.co.uk/house-prices/detailMatc...
Didnt even bother weeding the 5m2 patio.
I would have been more bothered about the 6 or so overlooking windows...

gibbon

2,182 posts

206 months

Wednesday 15th November 2017
quotequote all
z4RRSchris said:
who is paying £1.3m to live in Mile End?

i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
Well, someone has just paid circa £4m.

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

I guess you would be surprised then, exactly the kind of people you would expect to pay 7 figures for houses, mixed in with a few who have lived there a long time.

p1stonhead

25,489 posts

166 months

Wednesday 15th November 2017
quotequote all
gibbon said:
z4RRSchris said:
who is paying £1.3m to live in Mile End?

i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
Well, someone has just paid circa £4m.

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

I guess you would be surprised then, exactly the kind of people you would expect to pay 7 figures for houses, mixed in with a few who have lived there a long time.
Slightly different property though!

gibbon

2,182 posts

206 months

Wednesday 15th November 2017
quotequote all
p1stonhead said:
Slightly different property though!
Of course, but the question was who would live in mile end for £1.3m. The answer is plenty of people, and in fact some with far more to spend, that house is just down the street from the one linked.

princeperch

7,911 posts

246 months

Wednesday 15th November 2017
quotequote all
I think they may have to end up rethinking the sdlt changes at the top end of the market to get things moving again.

Gibbon you must have got a jolly good shafting when you purchased your new gaff on the stamp given you have a btl?
TOPIC CLOSED
TOPIC CLOSED