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The absolute state of the UK property market.


swiss_democracy_for_all
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7 hours ago, leonardratso said:

ah yes, its appeared now, when i first opened it it said 'no floor plan', weird.

but anyway, they obviously dont want to sell it on the strength of the house if they arent even going to show it inside.

Definitely agree with you there. I think 14 photos is a bit excessive. They would have been better off with one aerial photo of the whole plot.

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Chewing Grass
20 minutes ago, Bilbo said:

226 square feet, or a grand total of 15'x15' which is nothing like the pictures on the listing unless you are Verne Troy (RIP) and all the furniture is miniature.

Not forgetting.

These units have the benefit of being fully managed and maintained and will be marketed and promoted to deliver a rental yield for the owner of 6.5% per year.

Now that almost legally smells like a guaranteed 6.5% so get ready to sue if you buy one.

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Round here - 2 houses have sold in our street in the past 3 months.

First 3 bed semi extended £135,000 sold in 2 days

Latest 3 bed unextended (refurbed but on the cheap) £175,000 sold in a fortnight.

This is Darlo so a place where prices ain't changed since 2004.  

Edited by eek
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https://www.theoldhamtimes.co.uk/news/19650931.plans-turn-oldham-office-building-union-street-20-bed-hmo-approved/

 

The planning statement said: "The proposals comprise internal alterations and alterations to form accommodation comprising a 20-room HMO, each with an en suite shower room with communal dining/kitchen accommodation to each floor.

 

"There are no bedroom windows to the western elevation. Bedroom windows now face north and south.

"This has reduced the number of bedrooms to 20 (from 28).

"Bedroom sizes are such that they are classed as combined living/ sleeping rooms.

"In relation to defensible space bedrooms have at ground floor level are now set back from the public footpath, with private space created by the introduction of a fence at the rear of public footpath.

"It is proposed to provide mechanical input ventilations to ground floor bedrooms and upper floor rooms facing Union Street, to provide attenuated fresh air input, without the need to open windows."

The statement added: "In relation to the standards for HMO, rooms sizes comply with the requirements set out for single occupancy combined living/bedrooms with the minimum room size (excluding shower room) 12 square metres.

"Dining/kitchen areas exceed the requirements of these."

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1 hour ago, spunko said:

Is there any bigger red flag than seeing "NO FLOORPLAN" on Rightmove?

Yes. Seeing a floorplan when you are looking to rent. They never waste their money on them for us scum, so it means it is also for sale and you will be very lucky indeed if you aren't booted out after six months.

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With a crooked smile
7 hours ago, spunko said:

Is there any bigger red flag than seeing "NO FLOORPLAN" on Rightmove?

Yes no 1st picture of the front of the house as I posted in another thread. 

Screenshot_20211004_205442_com.rightmove.android.jpg

Edited by With a crooked smile
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On 16/10/2021 at 13:13, Chewing Grass said:

226 square feet, or a grand total of 15'x15' which is nothing like the pictures on the listing unless you are Verne Troy (RIP) and all the furniture is miniature.

Not forgetting.

These units have the benefit of being fully managed and maintained and will be marketed and promoted to deliver a rental yield for the owner of 6.5% per year.

Now that almost legally smells like a guaranteed 6.5% so get ready to sue if you buy one.

It's basically an offer to invest in horrific slum housing that some other poor sod has to live in.

The people 'investing' in it will have never and will never live in such poor conditions.

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  • 3 weeks later...

My neighbors bought their one bedroom, semi-basement, flat with small garden for £237,500 in 2006.

Just sold it last week, 15 years later, for £499,999

Islington N19.

 

I live in the same size property, rented from the council, but can't help but feel depressed. The insane money printing and inflation will never end and current and future generations are f**ked.

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On 10/11/2021 at 17:24, MarkLondon said:

My neighbors bought their one bedroom, semi-basement, flat with small garden for £237,500 in 2006.

Just sold it last week, 15 years later, for £499,999

Islington N19.

 

I live in the same size property, rented from the council, but can't help but feel depressed. The insane money printing and inflation will never end and current and future generations are f**ked.

So they bought at what was peak bubble no.1 in London, and still more than doubled their money.

500k to live underground in London, looks like the Wombles were ahead of their time!

 

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On 10/11/2021 at 17:24, MarkLondon said:

My neighbors bought their one bedroom, semi-basement, flat with small garden for £237,500 in 2006.

Just sold it last week, 15 years later, for £499,999

Islington N19.

 

I live in the same size property, rented from the council, but can't help but feel depressed. The insane money printing and inflation will never end and current and future generations are f**ked.

These house price figures always sound impressive over the longer time frames but the figures you quote only represent 5% per annum increase. Knock off 2 or 3 percent for inflation and the real return just about covers maintenance.

Compound interest is not so intuitive so I use moneychimp calculator...

Return Rate (CAGR) Calculator (moneychimp.com)

The real problem is that wages have probably fallen over the same time frame so even at 5% compounded, prices can race well ahead of affordability. Low interest rates have also made owning preferable to renting.

Edited by lovelyboy
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12 hours ago, lovelyboy said:

These house price figures always sound impressive over the longer time frames but the figures you quote only represent 5% per annum increase. Knock off 2 or 3 percent for inflation and the real return just about covers maintenance.

Compound interest is not so intuitive so I use moneychimp calculator...

Return Rate (CAGR) Calculator (moneychimp.com)

The real problem is that wages have probably fallen over the same time frame so even at 5% compounded, prices can race well ahead of affordability. Low interest rates have also made owning preferable to renting.

It is impressive as 2006 prices were 3/4 times 1997 prices and should have fallen off a cliff and still be far less than what they were then.

Edited by Hancock
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28 minutes ago, Wight Flight said:

This, to me, sums up everything that is wrong with the UK market.

Thoughts?

https://www.rightmove.co.uk/properties/116679803#/?channel=RES_BUY

 

Thoroughly awful.

It might make sense financially as holiday lets but that wouldn't be much of a yield.

Nobody however would aspire to own that as a home.

 

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6 minutes ago, Frank Hovis said:

 

Thoroughly awful.

It might make sense financially as holiday lets but that wouldn't be much of a yield.

Nobody however would aspire to own that as a home.

 

Location is good. What gets me is the owner is a paper millionaire but can't even afford to decorate his property.

I see this everywhere. 

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3 minutes ago, Wight Flight said:

Location is good. What gets me is the owner is a paper millionaire but can't even afford to decorate his property.

I see this everywhere. 

Looks like probate to me. Hand rails outside the door and a 70s kitchen

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5 minutes ago, Wight Flight said:

Location is good. What gets me is the owner is a paper millionaire but can't even afford to decorate his property.

I see this everywhere. 

 

I semi-seriously looked at Harold WIlson's holiday cottage on the Scillies for £450k about five years ago.  Decent sized plot and good location but the interior was just that.

Cheap holiday rental chic from the 1970s.

You can practically smell the staleness and mustiness as you scroll through the photographs.

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6 minutes ago, One percent said:

Looks like probate to me. Hand rails outside the door and a 70s kitchen

The hand rails won't help.

It is at the bottom of one of the steepest hills you could ever want to walk up.

Not a place for old folk.

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Bus Stop Boxer
On 17/10/2021 at 19:05, With a crooked smile said:

Yes no 1st picture of the front of the house as I posted in another thread. 

Screenshot_20211004_205442_com.rightmove.android.jpg

Has someone done a pink Mr Hoppy up there?

1 hour ago, Frank Hovis said:

 

I semi-seriously looked at Harold WIlson's holiday cottage on the Scillies for £450k about five years ago.  Decent sized plot and good location but the interior was just that.

Cheap holiday rental chic from the 1970s.

You can practically smell the staleness and mustiness as you scroll through the photographs.

Better than Ted Heaths i'm sure.

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2 hours ago, Wight Flight said:

Location is good. What gets me is the owner is a paper millionaire but can't even afford to decorate his property.

I see this everywhere. 

We occasionally discuss the phenomenon here of big old boomer houses falling to bits that very very few folk will be able to pay the mortgage on, renovate, heat and maintain.

Its quite a common sight. And yes if the boomer couldn’t afford to maintain it when it cost them fraction of the price it’s on sale for, how will the next poor debt slave be able to.

At least with the one you’ve linked, the new owner can walk into the sea Reggie Perrin style  when the full horror of the fact that he’s spunked a mill on a fixer upper hits.

Edited by JoeDavola
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