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Thread: Corona property prices

  1. #701
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    Quote Originally Posted by murkeywaters View Post
    I said above a few months ago, the estate agent I photograph for is taking way over asking for good property and still is, the emphasis is the word good, a lot comes down to area, access and parking, condition donít seem to be considered as much as it was, just get the right house in the right location and we can make it our own seems the train of thought.

    If I never had a classic car in the garage in bits I would be tempted to sell my mine to take advantage of this FOMO situation..

    Timing the market is tricky.

  2. #702
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    Quote Originally Posted by Taxboy View Post
    Unless you can find a large garage with bedrooms above !!!!
    If you find two, please let me know!

  3. #703
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    Quote Originally Posted by Taxboy View Post

    The problem with house prices is that a house is worth what someone is prepared to pay for it

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    I think that is part of it, the other part is availability of cheap credit and the return of 5% mortgages.

    It's not so much if they think the house is worth it (I guess most people think house prices are ludicrous) but more if they can meet the monthly payment and get approved for the mortgage.



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  4. #704
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    Quote Originally Posted by Estoril-5 View Post
    I think that is part of it, the other part is availability of cheap credit and the return of 5% mortgages.

    It's not so much if they think the house is worth it (I guess most people think house prices are ludicrous) but more if they can meet the monthly payment and get approved for the mortgage.



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    I think you're correct. Many people just look at the monthly cost in the same way as car leases or PCP. Only problem is housing is not really a discretionary spend either ownership or rental

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  5. #705
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    Quote Originally Posted by murkeywaters View Post
    I said above a few months ago, the estate agent I photograph for is taking way over asking for good property and still is, the emphasis is the word good, a lot comes down to area, access and parking, condition donít seem to be considered as much as it was, just get the right house in the right location and we can make it our own seems the train of thought.

    If I never had a classic car in the garage in bits I would be tempted to sell my mine to take advantage of this FOMO situation..
    My mums house needs total modernisation but it has a massive garden off street parking is in one of the most desirable parts of town and the last time one the same was on the market was 10 years ago

  6. #706
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    Quote Originally Posted by Estoril-5 View Post
    I think that is part of it, the other part is availability of cheap credit and the return of 5% mortgages.

    It's not so much if they think the house is worth it (I guess most people think house prices are ludicrous) but more if they can meet the monthly payment and get approved for the mortgage.



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    I think thatís it exactly, the cost of an extra 20-30k on top adds very little to a monthly payment over decades, my wifeís Cousin bought a place with his girlfriend a few years ago and I was surprised they could afford it, until he said he had a 40 year mortgage, might have been 45.
    Cheers..
    Jase

  7. #707
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    Quote Originally Posted by thegreatdogwood View Post
    I know the head of office for one of the more prestigious estate agent chains. He is starting to see a slowdown and anecdotally is selling his own property and renting for the next 12 to 18 months as he sees that as the cheapest way to make the leap up the ladder, with prices expected to fall.

    What the Government chooses to do over extending financial support schemes and SDLT holidays will be critical to what happens and when.
    Any update on his thinking? Did he sell?

  8. #708
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    I bought my first house in 1971 and I paid £2450 for it. All the old codgers in my office thought I was mad. Today it will probably go for around £250k.

    The lesson is obvious, do not listen to old codgers, be they in the office or on the internet, who moan about property prices.

  9. #709
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    Quote Originally Posted by Michael 38 View Post
    My mums house needs total modernisation but it has a massive garden off street parking is in one of the most desirable parts of town and the last time one the same was on the market was 10 years ago
    Sounds like an interesting opportunity, what part of the country is it?

  10. #710
    Grand Master ryanb741's Avatar
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    Well my flat is now valued at a smidge above what I paid for it in 2013. It isn't all gravy. Of course the London market will come back in time- these things go in cycles. It has put paid to any chance of moving though

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  11. #711
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    Quote Originally Posted by ryanb741 View Post
    Well my flat is now valued at a smidge above what I paid for it in 2013. It isn't all gravy. Of course the London market will come back in time- these things go in cycles. It has put paid to any chance of moving though
    But doesnt your flat have cladding issues? If so your in a (relatively) good position to others with similar problems with many rim rocked, cant remortgage, cant sell and can only attract rental tenants with reduced rents..

  12. #712
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    Quote Originally Posted by ryanb741 View Post
    Well my flat is now valued at a smidge above what I paid for it in 2013. It isn't all gravy. Of course the London market will come back in time- these things go in cycles. It has put paid to any chance of moving though

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    If you only get a smidge above what you paid for it then the apartment has cost you nothing.

  13. #713
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by murkeywaters View Post
    But doesnt your flat have cladding issues? If so your in a (relatively) good position to others with similar problems with many rim rocked, cant remortgage, cant sell and can only attract rental tenants with reduced rents..
    Fortunately the local council sorted it for us and we didn't have to pay. The issue is on the doubling ground rent clauses - that will get sorted out though in time as the conveyancers are getting sued by everyone in the development and you can turn the flat into a virtual freehold anyway by buying out the ground rent although that isn't cheap (hence suing the conveyancers). The point I was trying to make is when London prices were going mental that was unsustainable, just like somewhere like Shropshire suddenly seeing 20% annual property appreciation. I suspect over a 5-10 year period it will all even out.

  14. #714
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    Quote Originally Posted by murkeywaters View Post
    Sounds like an interesting opportunity, what part of the country is it?
    East Midlands

  15. #715
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    Quote Originally Posted by ryanb741 View Post
    Fortunately the local council sorted it for us and we didn't have to pay. The issue is on the doubling ground rent clauses - that will get sorted out though in time as the conveyancers are getting sued by everyone in the development and you can turn the flat into a virtual freehold anyway by buying out the ground rent although that isn't cheap (hence suing the conveyancers). The point I was trying to make is when London prices were going mental that was unsustainable, just like somewhere like Shropshire suddenly seeing 20% annual property appreciation. I suspect over a 5-10 year period it will all even out.
    Thatís good itís been sorted out, take a look at the new leasehold laws that got passed by government back in January, they are not law yet but they will apparently reduce ground rents, leasehold extensions and stop the freeholders holding the leaseholders to ransom.

    https://www.gov.uk/government/news/g...uy-their-homes

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  17. #717
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by David_D View Post
    That London property is a particular bargain with the added stipulations that it cannot be let or lived in. Shut up and take my money!

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    Quote Originally Posted by ryanb741 View Post
    That London property is a particular bargain with the added stipulations that it cannot be let or lived in. Shut up and take my money!
    You have to admire the ownerís imagination!

  19. #719
    Quote Originally Posted by David_D View Post
    My kitchen/diner is almost bigger than both of those combined.

    I'm struggling to understand why that converted garage in what looks like a really grim area is worth £190k.

  20. #720
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    Quote Originally Posted by ryanb741 View Post
    That London property is a particular bargain with the added stipulations that it cannot be let or lived in. Shut up and take my money!
    Why would you not be able to live or rent the property? theres a bed in there (in the pictures).

  21. #721
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    Quote Originally Posted by Estoril-5 View Post
    Why would you not be able to live or rent the property? theres a bed in there (in the pictures).
    The particulars state you cannot rent it out or have it as a main residence

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  22. #722
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    Quote Originally Posted by ryanb741 View Post
    The particulars state you cannot rent it out or have it as a main residence

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    Sorry i wasnt clear, i see that it states it in the particulars, but why would that stipulation be in there - whats the root cause? Is it classed as a business premises or something?

  23. #723
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    Quote Originally Posted by Estoril-5 View Post
    Sorry i wasnt clear, i see that it states it in the particulars, but why would that stipulation be in there - whats the root cause? Is it classed as a business premises or something?
    Will just be a restrictive lease. The freeholder would have set it like that. Similar to when you read a lease and it says no pets or wooden floors.

  24. #724
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    Quote Originally Posted by wileeeeeey View Post
    Will just be a restrictive lease. The freeholder would have set it like that. Similar to when you read a lease and it says no pets or wooden floors.
    Sorry to carry harping on but why would the freeholder do that, surely hes just making it difficult for himself as people will be put off from purchasing, or am i missing something?

  25. #725
    Craftsman Halitosis's Avatar
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    Corona property prices

    Does it have a toilet? If not then maybe thatís the reason

    Edit: I see it does have one - en suite!
    Last edited by Halitosis; 20th July 2021 at 09:08.

  26. #726
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    Quote Originally Posted by Estoril-5 View Post
    Sorry to carry harping on but why would the freeholder do that, surely hes just making it difficult for himself as people will be put off from purchasing, or am i missing something?
    Not really sure, perhaps the freeholder doesn't think it's humane to live in permanently but still wants the money to be made by slicing it up and selling.

    Probably one way to make sure it's only used as a base by someone who lives way outside of London but works here 2-3 days per week.

  27. #727
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    Quote Originally Posted by Estoril-5 View Post
    Sorry to carry harping on but why would the freeholder do that, surely hes just making it difficult for himself as people will be put off from purchasing, or am i missing something?
    Must be a planning permission thing, one of my neighbours has a 2 story double garage that had the upstairs converted into a self contained apartment by the previous owners, when they bought it was pointed out that the council rejected its use as a separate dwelling and so they can only use it as part of the main property and not be permanently occupied by any one person. ( something like that anyway)
    Cheers..
    Jase

  28. #728
    Grand Master Dave+63's Avatar
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    Itís probably a condition of the planning consent in a similar vein to caravan parks having ten or eleven month occupancy conditions.

  29. #729
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    Could also be a planning thing, not a habitable space - rather meant to be for storage or something else given the size.
    Edit: beaten to it above, serves me right for not refreshing thread before posting!

  30. #730
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    Quote Originally Posted by Estoril-5 View Post
    Sorry i wasnt clear, i see that it states it in the particulars, but why would that stipulation be in there - whats the root cause? Is it classed as a business premises or something?
    Possibly planning? Building Regs?

    Does seem ridiculous and youíd struggle to find any use for it.

  31. #731
    Just curious looking at some of these London properties that are about the size of a sofa, I get that some people want somewhere to stay in London if they are working a couple of days a week there but would it not be cheaper (and considerably more comfortable) to stay in a half decent hotel? I just dont get the appeal of these places.

  32. #732
    Craftsman Halitosis's Avatar
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    A hotel wonít be cheaper if property prices continue to rise. Bit of real estate investment could appeal to many


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  33. #733
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    Quote Originally Posted by robert75 View Post
    Just curious looking at some of these London properties that are about the size of a sofa, I get that some people want somewhere to stay in London if they are working a couple of days a week there but would it not be cheaper (and considerably more comfortable) to stay in a half decent hotel? I just dont get the appeal of these places.
    I see the appeal - you can make it your own space, leave items between trips and have complete flexibility of when you arrive and leave. That said, some of these spaces are rather on the tight side!

  34. #734
    Understood

    Itís not really a criticism more just curious. If I were staying somewhere only a couple of days a month I would at least want somewhere comfortable those places look terrible. Considering the size of London I would have expected it to be easy to find a reasonable priced place and if you are a regular on a commute would have thought you could get a decent deal.

  35. #735
    Quote Originally Posted by robert75 View Post
    Understood

    Itís not really a criticism more just curious. If I were staying somewhere only a couple of days a month I would at least want somewhere comfortable those places look terrible. Considering the size of London I would have expected it to be easy to find a reasonable priced place and if you are a regular on a commute would have thought you could get a decent deal.
    When it comes to London all reasonable logic goes out the window. Ask me how I know.

  36. #736
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    Quote Originally Posted by Yeti View Post
    When it comes to London all reasonable logic goes out the window. Ask me how I know.
    How do you know?

  37. #737
    Quote Originally Posted by Halitosis View Post
    How do you know?
    Put it this way born and bred in London, early 20s spent chasing getting onto the runaway property ladder, every time I thought Iíd saved enough the market had moved on and Iíd been out priced yet again. Currently in a 3 bed 1950s semi in a nice area I must say of London but smallish houseÖ£700k for the pleasure. I dare say out of London or abroad I could live very very comfortably in in a £700k property. London your doing well for a flat/small house. And the people arenít even as nice as elsewhere..

  38. #738
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    Quote Originally Posted by Yeti View Post
    Put it this way born and bred in London, early 20s spent chasing getting onto the runaway property ladder, every time I thought Iíd saved enough the market had moved on and Iíd been out priced yet again. Currently in a 3 bed 1950s semi in a nice area I must say of London but smallish houseÖ£700k for the pleasure. I dare say out of London or abroad I could live very very comfortably in in a £700k property. London your doing well for a flat/small house. And the people arenít even as nice as elsewhere..
    Flats are comparatively cheap in London as they aren't selling currently. Someone will make a killing buying flats now before all the overseas buyers come back, offices start asking staff to come back and people who thought a move to the country was the life for them start getting divorced/fed up of lack of infrastructure.

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  39. #739
    Quote Originally Posted by ryanb741 View Post
    Flats are comparatively cheap in London as they aren't selling currently. Someone will make a killing buying flats now before all the overseas buyers come back, offices start asking staff to come back and people who thought a move to the country was the life for them start getting divorced/fed up of lack of infrastructure.

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    In theory yes..but Iím looking online and seeing one bed flats in central London £750k plusÖmaybe it needs to come a down touch more for me to sit up and start thinking ďbargainĒ.


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  40. #740
    Quote Originally Posted by Yeti View Post
    Put it this way born and bred in London, early 20s spent chasing getting onto the runaway property ladder, every time I thought I’d saved enough the market had moved on and I’d been out priced yet again. Currently in a 3 bed 1950s semi in a nice area I must say of London but smallish house…£700k for the pleasure. I dare say out of London or abroad I could live very very comfortably in in a £700k property. London your doing well for a flat/small house. And the people aren’t even as nice as elsewhere..
    Sorry to do this to you.....

    £700k ish

    https://www.rightmove.co.uk/house-pr...ountry=england

    This is the biggest and most imposing house in my village. Swipe the photos and enjoy/despair.
    It's also the very top of the market around here (bar the farm businesses for sale) so it won't have gone up in value. Nothing really sells for more than £750k

    We are 3hrs15mins from Euston...
    Last edited by The Doc; 22nd July 2021 at 22:08.

  41. #741
    Quote Originally Posted by The Doc View Post
    Sorry to do this to you.....

    £700k ish

    https://www.rightmove.co.uk/house-pr...ountry=england

    This is the biggest and most imposing house in my village. Swipe the photos and enjoy/despair.
    It's also the very top of the market around here (bar the farm businesses for sale) so it won't lt have gone up in value.

    We are 3hrs15mins from Euston...
    Simply gobsmackedÖwow!


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  42. #742
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    Quote Originally Posted by The Doc View Post
    Sorry to do this to you.....

    £700k ish

    https://www.rightmove.co.uk/house-pr...ountry=england

    This is the biggest and most imposing house in my village. Swipe the photos and enjoy/despair.
    It's also the very top of the market around here (bar the farm businesses for sale) so it won't have gone up in value. Nothing really sells for more than £750k

    We are 3hrs15mins from Euston...
    Mother of god.

    Buying that house is one thing, maintaining it and paying the bills is another.

  43. #743
    30 mins from Ullswater.
    45 mins from Newcastle Airport

    No crime

    I don't know why I'm telling you all about this, the secret will get out

    No Uber, no Deliveroo, no Zizzis, no 5G, no worries

  44. #744
    Craftsman Halitosis's Avatar
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    I grew up in London but settled in Scotland. Couldnít afford to move back if I wanted to as prices are insane. Luckily I prefer everything about life up here (except the weather and the football)

  45. #745
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    Quote Originally Posted by The Doc View Post
    30 mins from Ullswater.
    45 mins from Newcastle Airport

    No crime

    I don't know why I'm telling you all about this, the secret will get out

    No Uber, no Deliveroo, no Zizzis, no 5G, no worries
    Sounds perfect, I like visiting London once in a while but living there is def not me.

    I often work out how much equity I have in my house then go looking on Rightmove in areas like Cumbria to see what I could buy and be mortgage free, bet I'm not the only who does that!

  46. #746
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by The Doc View Post
    Sorry to do this to you.....

    £700k ish

    https://www.rightmove.co.uk/house-pr...ountry=england

    This is the biggest and most imposing house in my village. Swipe the photos and enjoy/despair.
    It's also the very top of the market around here (bar the farm businesses for sale) so it won't have gone up in value. Nothing really sells for more than £750k

    We are 3hrs15mins from Euston...
    Lovely property but not much use if you love city living. I find a small property is perfect when everything is on your doorstep (no point being at home for long) and for those people who prefer the quiet life then a bigger property with more space to cook, do hobbies etc is the order of the day

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  47. #747
    Grand Master ryanb741's Avatar
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    Also here's a property in Chiang Mai, Thailand, priced the same as a 2 bed flat near me is on for sale at

    https://www.fazwaz.com/property-sale...9?popup=photos

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  48. #748
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    Quote Originally Posted by ryanb741 View Post
    Also here's a property in Chiang Mai, Thailand, priced the same as a 2 bed flat near me is on for sale at

    https://www.fazwaz.com/property-sale...9?popup=photos

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    Thatís stunning!

    Not sure about the urinal in the bathroom though.

  49. #749
    Quote Originally Posted by Yeti View Post
    When it comes to London all reasonable logic goes out the window. Ask me how I know.
    Someone mentioned what 750k will get you in the north of England, about 350k will get you a really nice 3 bed possibly with a garage in a good area in Merseyside or Greater Manchester. If you go out of the city and look in the smaller towns 750 will without doubt get you a pretty big house with a fair bit of land and a 20 odd minute commute to Liverpool, Manchester, Chester (Leeds say 30 or 40 minutes) or even the Midlands.

    Its crazy what London prices are going for I guess thats why a lot of us outside that bubble just cant understand it. When you think on the train even London is only 1 half hour to 2 hours 750k is a huge chunk of change. I often wonder how workers in London keep up with the payments, salaries in London cant possibly that high that they meet that?

  50. #750
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    Quote Originally Posted by robert75 View Post
    Someone mentioned what 750k will get you in the north of England, about 350k will get you a really nice 3 bed possibly with a garage in a good area in Merseyside or Greater Manchester.
    £350k for a 3 bed semi in a nice bit of Greater Manchester is a push. More like £400k+ now

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