How far will house prices fall [volume 5]

How far will house prices fall [volume 5]

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FocusRS3

3,411 posts

55 months

Monday 6th August 2018
quotequote all
hyphen said:
I have a mate that owns some land in Compton in Surrey which has been occupied a few times by travellers.

It does seem out of counties around the M25 Surrey seems to have the biggest Traveller problems. Maybe as its not the concrete jungle the others tend to be who knows

kingston12

3,894 posts

121 months

Monday 6th August 2018
quotequote all
olimain said:
I tried to view this, didn't get called back. Wife called twice too and then the third time of calling (the Monday after the Friday it was originally listed on) was told "oh yes we had viewings on Saturday but only called people who were either under offer or cash (they never asked our situation), we've already had two offers at asking price and one over".
It's certainly a strange situation. It could be as simple as it being an incompetent/unsuitable agent, but I suspect something more than that.

They have had an office in Surbiton for years and I never understand how they make any money as they only ever have a few properties on, and they tend to be the lower end stuff in the cheaper parts of town. They'd have little experience with this type of house, and to make matters worse it seems as though this one was handled by one of their offices in another area.

They probably think that getting an offer over asking price in this market is a pretty good achievement, but they are doing the seller a dis-service if they sell for anywhere near that price. It's got to be worth £1m when you look at what other houses are selling for nearby. It's in the wrong part of town for me, otherwise I'd have definitely paid that myself!

mike74

2,365 posts

96 months

Monday 6th August 2018
quotequote all
Here's a rather odd one... The current owners bought it only 8 months ago for £400k (£5k over the asking price of £395k)

Now put it back on for £250k!

That's one hell of a hit to take.

https://www.rightmove.co.uk/property-for-sale/prop...

turbobloke

92,888 posts

224 months

Monday 6th August 2018
quotequote all
mike74 said:
Here's a rather odd one... The current owners bought it only 8 months ago for £400k (£5k over the asking price of £395k)

Now put it back on for £250k!

That's one hell of a hit to take.

https://www.rightmove.co.uk/property-for-sale/prop...
Any copper/coal/other mine shafts located nearby in the interim?

tonker

60,731 posts

212 months

Monday 6th August 2018
quotequote all
Damp. Damp. And more damp.

aeropilot

23,901 posts

191 months

Monday 6th August 2018
quotequote all
FocusRS3 said:
hyphen said:
I have a mate that owns some land in Compton in Surrey which has been occupied a few times by travellers.

It does seem out of counties around the M25 Surrey seems to have the biggest Traveller problems. Maybe as its not the concrete jungle the others tend to be who knows
Easy target area as so few Plod about beyond the M25 (not many within these days either!) and councils that are unable to deal with it.

I bet Plod will be there in an instant to arrest any group 'taking matters into their own hands' though against the poor misunderstood and deprived 'traveller community'....... rolleyes




V6Alfisti

3,201 posts

191 months

Monday 6th August 2018
quotequote all
Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950


stuckmojo

2,413 posts

152 months

Monday 6th August 2018
quotequote all
V6Alfisti said:
Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950
Still a chunk of money for a young professional Chinese investor

hyphen

19,570 posts

54 months

Monday 6th August 2018
quotequote all
stuckmojo said:
V6Alfisti said:
Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950
Still a chunk of money for a young professional Chinese investor
Foreign investors tend to look at the map. Hence why places like elephant and castle attract sales, as the builders can do property fairs in Asia and point out how close it is to everything.

loafer123

12,115 posts

179 months

Monday 6th August 2018
quotequote all
V6Alfisti said:
Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950
The quoting price is £857 psf NOW.

The original was more like £1,500 psf.

It's probably *worth* £500 psf.

V6Alfisti

3,201 posts

191 months

Monday 6th August 2018
quotequote all
loafer123 said:
The quoting price is £857 psf NOW.

The original was more like £1,500 psf.

It's probably *worth* £500 psf.
Agreed it's still too much, suspect the developer slightly over specced with the pool e.t.c but that's quite a hair cut from the developers expectation

alfaman

6,363 posts

198 months

Tuesday 7th August 2018
quotequote all
hyphen said:
Foreign investors tend to look at the map. Hence why places like elephant and castle attract sales, as the builders can do property fairs in Asia and point out how close it is to everything.
Get them in Singapore - locals here have no idea that the immediate surrounding area may be a complete crime ridden sthole ... thinking all central London is prime

mike74

2,365 posts

96 months

Tuesday 7th August 2018
quotequote all
tonker said:
Damp. Damp. And more damp.
Damp is the only issue I can think of, but when you look at the pics the worst examples of damp are actually the annex.

But even if the main house is suffering with damp surely that doesn't account for £150k loss of value?
And surely the current owners didn't spend £400k on it without having a survey which would have highlighted the damp?

Matt p

658 posts

172 months

Tuesday 7th August 2018
quotequote all
V6Alfisti said:
loafer123 said:
The quoting price is £857 psf NOW.

The original was more like £1,500 psf.

It's probably *worth* £500 psf.
Agreed it's still too much, suspect the developer slightly over specced with the pool e.t.c but that's quite a hair cut from the developers expectation
That’s without ground rent and service charges which no doubt will be eye watering.

tonker

60,731 posts

212 months

Tuesday 7th August 2018
quotequote all
loafer123 said:
The quoting price is £857 psf NOW.

The original was more like £1,500 psf.

It's probably *worth* £500 psf.
Presumably it was used to try to get higher prices for others, whether from same buyer trying to offload or from same agent.

I see they're still trying to sell a shower above the bath as a Patrick Batemanesque luxury.

Service charge will be horrendous. If loads of foreign owners, they won't pay it, or will pay it late, there will be no sinking fund, parking will be limited and it will have a fair proportion of social housing.

Is that a 3350k flat? Even with 2% mortgage pay rates ? Who does it appeal to? Who WANTS to live there; as opposed to who buys there because they can't buy somewhere else ?

stuckmojo

2,413 posts

152 months

Tuesday 7th August 2018
quotequote all
alfaman said:
Get them in Singapore - locals here have no idea that the immediate surrounding area may be a complete crime ridden sthole ... thinking all central London is prime
This is true. When I lived there I remember many investment houses shop fronts with models of London apartment blocks. Locations were awful, but the SG investor would never know.

GreatGranny

7,816 posts

190 months

Tuesday 7th August 2018
quotequote all
mike74 said:
Damp is the only issue I can think of, but when you look at the pics the worst examples of damp are actually the annex.

But even if the main house is suffering with damp surely that doesn't account for £150k loss of value?
And surely the current owners didn't spend £400k on it without having a survey which would have highlighted the damp?
It was also listed in 2015 and it looked in quite good condition then



Looks like photos in latest advert were the ones taken 8 months ago when you would have had new ones done especially in this weather.

Bankruptcy?
Marriage split?
Business failure?

Edited by GreatGranny on Tuesday 7th August 08:11

loafer123

12,115 posts

179 months

Tuesday 7th August 2018
quotequote all
tonker said:
loafer123 said:
The quoting price is £857 psf NOW.

The original was more like £1,500 psf.

It's probably *worth* £500 psf.
Presumably it was used to try to get higher prices for others, whether from same buyer trying to offload or from same agent.

I see they're still trying to sell a shower above the bath as a Patrick Batemanesque luxury.

Service charge will be horrendous. If loads of foreign owners, they won't pay it, or will pay it late, there will be no sinking fund, parking will be limited and it will have a fair proportion of social housing.

Is that a 3350k flat? Even with 2% mortgage pay rates ? Who does it appeal to? Who WANTS to live there; as opposed to who buys there because they can't buy somewhere else ?
At £500 psf it would be just over £250k, so 4x£50k income plus £50k savings or bank of Mum and Dad.

That’s probably about right for the income of a buyer of a flat like that.

alfaman

6,363 posts

198 months

Tuesday 7th August 2018
quotequote all
stuckmojo said:
alfaman said:
Get them in Singapore - locals here have no idea that the immediate surrounding area may be a complete crime ridden sthole ... thinking all central London is prime
This is true. When I lived there I remember many investment houses shop fronts with models of London apartment blocks. Locations were awful, but the SG investor would never know.
I always tell my local friends ‘talk to me or another Brit BEFORE you buy in London ....

other thing is ... Singaporeans think it’s entirely appropriate that they can buy property in London as non- residents for only 3% extra ... so skew the market in London

As a RESIDENT in Singapore (but not PR) - my stamp duty would be nearly 20% (15% penalty ) .... locals here don’t want ‘foreigners’ buying ... even if they live AND work in Singapore ... comes across as rather unfair / hypocritical. So I have to rent (stamp duty alone would be 8-10 years rent ... for nothing )


Jobbo

12,473 posts

228 months

Tuesday 7th August 2018
quotequote all
GreatGranny said:
mike74 said:
Damp is the only issue I can think of, but when you look at the pics the worst examples of damp are actually the annex.

But even if the main house is suffering with damp surely that doesn't account for £150k loss of value?
And surely the current owners didn't spend £400k on it without having a survey which would have highlighted the damp?
It was also listed in 2015 and it looked in quite good condition then



Looks like photos in latest advert were the ones taken 8 months ago when you would have had new ones done especially in this weather.

Bankruptcy?
Marriage split?
Business failure?
Looks like another house was built in its curtilage and sold in 2017: https://www.zoopla.co.uk/property/32a-maes-llydan/...

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