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 that’s it exactly, the cost of an extra 20-30k on top adds very little to a monthly payment over decades, my wife’s 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
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.
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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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.
That’s good it’s 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
There are some bargains out there if you look:
https://www.douglasandgordon.com/buy...perty-overview
https://www.zoopla.co.uk/for-sale/details/59094697/
Does it have a toilet? If not then maybe that’s the reason
Edit: I see it does have one - en suite!
Last edited by Halitosis; 20th July 2021 at 09:08.
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.
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
It’s probably a condition of the planning consent in a similar vein to caravan parks having ten or eleven month occupancy conditions.
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!
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.
A hotel won’t be cheaper if property prices continue to rise. Bit of real estate investment could appeal to many
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Understood
It’s 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.
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..
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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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.
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
I grew up in London but settled in Scotland. Couldn’t 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)
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!
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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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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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?