I have no personal experience of them, but chatting to my neighbours over the fence yesterday their son & DiL live in some suburb or other. I forget which. Five years ago, they bought a 2 bed maisonette/ flat type property for £260k. Last week they put it on the market at £530k and within two days were offered the full asking price. No major renovation work was done on the property... Just an internal redecoration. So much interest was shown that they are now holding an open day and offers are by sealed bid. The original prospective purchaser has approached them and offered to beat the highest sealed bid by £2k.
That leaves it open to exploitation if you were so inclined, and I have no idea if the prospective purchasers have a property to sell, but the situation makes me quite sad that young people in that part of the UK have little chance of getting on the housing ladder unless serious action is taken to provide affordable first homes for people. And the mechanics of that are a nightmare.
Otoh a plumber friend has just bought a 3 bed terrace in Padiham ( east Lancs) for £60k and will do it up in his spare time.
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The young couple could move to Padiham, buy one such house and use the rest of the money to buy a few more, then live off the rents. If they stay in London they will find it hard to get back on the ladder.
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>> The young couple could move to Padiham, buy one such house and use the rest
>> of the money to buy a few more, then live off the rents. If they
>> stay in London they will find it hard to get back on the ladder.
>>
Fine, if they want to give up on whatever career or job they have in London.
For most people the area they live in has some job connection. I can't understand anyone wanting to live in London if they do not have to, but many millions probably do.
Don't know what the numbers are now for those who commute daily in from outside the M25 into central London, as I do at the moment.
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>> The young couple could move to Padiham, buy one such house and use the rest
>> of the money to buy a few more, then live off the rents. If they
>> stay in London they will find it hard to get back on the ladder.
Have you missed out a vital 'don't'?
If they DON'T stay in London they will find it hard to get back on the ladder.
Correct me if I am wrong, but isn't property in the South East going up faster than anywhere else...... and has been for several years?
No?
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My skin and blister sold her pokey one-bedroom rabbit hutch in E. Dulwich sowf lunden for c£400 and bought a four-bed owse in Wellington, Somerset for c£300k. Tis a nice property too, well fitted as the seller was/is a builder.
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London prices have become bonkers and can now only go one way - down.
Being something of a Rightmove addict I'm noticing more London suburb properties for sale with "Reduced Today" notices.
Even so, it says something when (from personal knowledge) a young qualified GP cannot afford more than a one bed flat in an average suburb and even then only with substantial financial assistance.
Round my way the typical family 3-bed semi is £1,000,000.
London will become a desert: our local newsagents closed down a year ago and the owner said he couldn't afford the rent and was anxious that his young family could never buy in London. He moved oop North and a year on, the shop is still empty and now boarded up.
What happens when the bus drivers, cleaners, nurses, shop staff and all those in on low pay rates all need to commute into London ? Council housing - forget it.
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Yes prices are still rising very quickly in the Kinston upon Thames and nearby areas.
It is an almost impossible situation to believe if you are not in the area.
No sign of it easing off.
The number of properties being demolished for the land and houses crammed in is amazing.
There are so many white vans and builders vehicles eveerywhere.
My daughter bought her conversion flat a month from the very bottom of the market just a few years ago and it has more than double in "value". if she spends just a few £1000s she will easily recoup that and probably double the expenditure.
An example of cramming houses onto a plot
tinyurl.com/gocvv8y
Six £1M+ houses, with almost no garden, being built on this plot.
A friend owned the house to the right, sold it and moved on.
Part of the garden has been chopped off and the house is back on the market but now much reduced in value.
There is a railway line at the far end of the plot and the road is a bus route.
Direct railway line to Waterloo and schools ( sixth form getting a good reputation) five minute walk.
Land is just so expensive that any plot will do.
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It looks a nice 'leafy' road, but I can't see any hills or sheep, or the sea, so I won't be buying one of them.
It truly is a different world in parts of the SE. And people complain about Settle prices
( apart from beer where the best pints in Settle cost £2.50 at 13 Cafe Bar)
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New build terrace in not quite so fashionable SE23.
3 beds, no loft space, no parking space and a "garden" overlooked by neighbours. The garden measures less than 2 m long.
www.rightmove.co.uk/property-for-sale/property-44975652.html
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Seems crazy, mind you someone keeps paying those prices.
Round here 100k would get you a decent semi. A look on right move tells me there's only 5 houses in a 10 mile radius from my house worth the same or more than that terrace DE linked to, and they are all large country houses with plenty of outside space.
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A lot of foreign money underpins the London property market. The fall in the Pound has made property even more attractive to these people. Sooner or later the s*** will hit the fan, when young professionals can no longer afford even modest homes you know the market is broken. We need an Icelandic-style shakeout, we will all be better off afterwards in the long run.
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>> A lot of foreign money underpins the London property market. The fall in the Pound has made property even more attractive to these people
That's very true. A friend of mine runs a business of helping foreign buyers to buy in UK (BTL). Most of his clients (all cash buyers) are from China, India, Russia & Middle East. Falling £ means those buyers are buying much cheaper now! Mind you, these houses are are not in London but in the North East!
Last edited by: movilogo on Tue 25 Oct 16 at 12:49
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>>Wood Vale, that brings back some mammaries (not the same place, I know) a friend was sent here in the late 50's and I used to visit him with his mother:
www.virtualnorwood.com/forum/topic/6305-norwood-childrens-home-aka-wood-vale/
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Barnes in SW London is quite a pleasant spot - Gary Lineker (ex-fotballer, now presenter) lives in the area as well as a number of celebs.
www.rightmove.co.uk/property-for-sale/property-61792124.html
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>> Barnes in SW London is quite a pleasant spot - Gary Lineker (ex-fotballer, now presenter potato crisp salesman) Fixed it for you!
>> lives in the area as well as a number of celebs.
>>
>> www.rightmove.co.uk/property-for-sale/property-61792124.html
>>
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London house prices - Ambo
