Good house in an ok area, or adequate house in good area?

[colink98]

[Hong Kong Phooey]

^

You'd get the same house or more for a quarter of the price up here. Are wages four times higher down south?
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'81 CG125, '97 FZS600 : '99 CBR600F4, '09 KTM RC8

[Derivative]

[M.C]

[thx1138]

rented a holiday home in Eskdale in the Lakes last autumn, with a bunch of mates through "Sallies Cottages" last minute change of plan, and we couldn't have bankside, got a a new one.

That had a for sale sign up.

We looked online, and this detached six bedroom house, with 2 bathrooms and a 3rd loo, drying room, conservatory, massive lounge, garage, outhouse, and about 1/2 and acre garden was for sale for £450,000. Madly cheap.

WE did discuss all buying a share of it, but wasn't really viable.

And, I guess the reason it was cheap, miles from anywhere really, no local shops apart from a couple of tiny corner shops, nearest places to shop were Ambleside or Egremont, and not much work around by the looks of it.

Still, would like to live there.

[colink98]

[colink98]

[arry]

I'm remortgaging and buying an investment property at the moment.

3 years ago when I took my existing mortgage out we struggled to get a valuation of £230k. 3 years on we've had approval at a value of £365k. How's that for house price inflation?

We've been looking at 1 bed flats for some time now. About 18 months ago you'd find a nice flat in a relatively new build block for circa £155k. Now you're looking nearer £200k. Studio flats in older blocks in poorer locations are selling at £155k now instead.

Madness.

[M.C]

[andyscooter]

some of the ex council places round here are going for about 400k now


ours that we bought for 68k is worth just under 200k according to one of the sites we looked on
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gilera runner vxr200 (chavped)
if its spelt wrong its my fat fingers and daft auto correct on my tablet

[M.C]

I don't agree with selling off council housing, particularly in places like London where there's a lack of affordable housing.

[Jewlio Rides Again LLB]

[kippyzona]

If we want silly prices guess the price of this toilet conversion. Turned into 2 one bed "houses" . No outside space and people look into your window from the bus stop
https://i1083.photobucket.com/albums/j398/Zippykona/FBBD7318-5949-4892-80BA-CD1A7FE986E7_zps01dchyyd.jpg
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Zip

[M.C]

300k? Thanks to grand designs and that amazing spastic bloke every structure or scrap of land comes with a stupid price tag: https://www.bbc.co.uk/news/uk-england-surrey-19771971

[Hong Kong Phooey]

£299,000 each?
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'81 CG125, '97 FZS600 : '99 CBR600F4, '09 KTM RC8

[kippyzona]

Yes,each.
Sold quite quickly as well.
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Zip

[M.C]

Hipsters would jump at the chance to live in an old toilet.

[Derivative]

The situation in Inner London at the moment is completely bonkers and I can't really make sense of it TBH.

I can understand the posh bits. After a point, what else are you going to spend it on?

But 400K to live in Tottenham? I go there every now and then, it's alright, but realistically it's still fucking Tottenham.

You're spaffing a top 10% income to have a standard of living that could be beaten in a random council estate up North.

Best guess I have is that landlords have figured out that people won't move away from their tube lines until it's literally impossible for them to afford it.

[adriansk]

Definitely buy in the better area, pointless buying a nice house in a shit area.
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CBR600F4

[kippyzona]

Is the problem driven by overseas investment buyers?
Central London prices are having a knock on effect all across the south east. Thanks to taking back control all UK houses are now 20 % cheaper for foreign buyers.
I feel a very large tax for overseas buyers would help.
No doubt there's a million loop holes but something needs doing.
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Zip

[angryjonny]

Oligarchs and the like are buying the top London properties and leaving them empty as investments. It's crazy, but you'll make more out of the inflation on a One Hyde Park apartment than you will on rent, so it's best to leave it empty and not let tenants scuff up the skirting. Many of the new posh apartment blocks around Park Lane are, by all accounts, empty. This will have a trickle-down effect on the rest of the property market as bankers and CEOs struggle to scrape together £2m to buy a 3-bed terrace in Fulham or a docklands shoebox. Demand drives prices.

By extension, the rest of us have to take what's left, and that's ex-council places in Tottenham or (as is my case) something a bit (but not much) less ridiculously priced on the poor side of the M25.

[colink98]

there building flats at an alarming rate in the area I work (Chelsea Harbour). Its all riverside this and Chelsea Creek that.

the only people who seemed to be around are either middle east or far east and obviously of wealth.

I suspect the term "affordable housing" means "other side of the river" in these parts.
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PCX125 (stolen) - CBF600 (current)
Ride it like you stole it.
ride sensible and not like an idiot and you wont get 6 points in one week.

[M.C]

[arry]

[natefz6]

My personal view of London from experience and friends.

More people can't afford to buy or rent on their own = more multi-occupancy housing = more profit for landlords = more demand for houses = higher asking prices = more people that can't afford to buy. Repeat till we run out. I have friends paying over £700pm and in one case £950pm for a double room in a shared house, its fucking nuts!

I was luckyish, I managed to scrape together to get a pokey one bed flat for £305,00 about 7 years ago just before the financial crisis (nice timing :/). Then after 5 years sold it for £395,950 and moved out of London. I have a longer commute but much prefer where I am now.

When we moved out we had the same thoughts regarding nice house shit area or do-er-up-er niceish area and went for the latter. 2 years later a house 2 doors down a bit smaller than ours has sold for £25% more than we paid for ours. Result. I have been in the new place for 2 years now, I miss being nearer to some of my friends and random nights out on the piss are a thing of the past but they kinda were anyway with the arrival of kids . I have managed to do up about 1/2 of the house as I want it. I wish could have afforded a house with a better finish but at no point have I thought I wish I lived in that nice house in the suspect area.
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"no I didn't steal it that's just the way I ride"