Has anybody bagged a bargain?

wilksy007

I was talking to an estate agent I know earlier and she was telling me about a local house that was on for £140,000, which sold last week for £117,500.

Prices seem to be tumbling around by me, and I could probably afford to get something half decent now. I'm just really worried I'll be jumping on too soon.

huntersc

beingjdc wrote: »

I hate commuting. Hopefully by the time I want to buy I won't be working in Zone 1, so I can buy near where I am working and walk in.

Nonetheless a friend lives in this block and says it's quite nice - a bit further out than me but still well within Zone 2, and I think they'd bite my hand off if I offered £135k

http://www.rightmove.co.uk/viewdetails-10592418.rsp?pa_n=1&tr_t=buy&mam_disp=true

I could afford £200k if necessary, I'm just not that interested in buying right now.

Are you absolutely BANANAS?????????????????? You think that is good value? I think they'd bite your hand off for £100k and you'd still be being ripped off.

It's in Surrey Quays, ex council and top floor no lift. I could find a lot of places in London 1000 times nicer than that. No offence but that's a toilet. Please don't buy it, you won't get your money back for 30 years, or at least until the council decides to knock it all down.

I don't mean to come across too strongly but I cannot believe you would even consider that at that price. That's a £50k property in 18 months time. £135k. OMG!

huntersc

pinkshoes wrote: »

Well, I would classify mine as a good price, as instead of paying £900 a month rent, I'm now paying £715 interest on my mortgage (plus the repayment). (Bought March 2007)

It's not just the money side though, as this is now the longest I've lived in a property in the last 10 years, no one can issue me with an S21, no one can moan at what colour I paint the walls, no rental fees, no inspections, no deductions of deposits for miniscule chips in the paint or microscopic specs of dust under the wardrobe. I can honestly say despite the credit crunch, I've had the happiest 18 months of my life!

Hey Pinkshoes,

I dont want to take the shine off but you're saying that you bought a property where a mortgage, including capital repayment costs you more than renting the same property? In a falling market? Not even considering the costs associated with home ownership. That's not a particularly good bargain really is it?

I think, and most would agree that financially it's a pretty poor decision, not one most would be advised to make but, here's the thing, it's not always about money.

If the last 18 months have been the happiest in your life then FANTASTIC! I'm really happy for you actually.

However it's worth pointing out that as investments go, apart from personal wellbeing, financially it's not great.

P.s, I'm sure you already are but don't just pay off the interest, make sure you either save or pay off the capital too.

hethmar

huntersc wrote: »

Are you absolutely BANANAS?????????????????? You think that is good value? I think they'd bite your hand off for £100k and you'd still be being ripped off.

It's in Surrey Quays, ex council and top floor no lift. I could find a lot of places in London 1000 times nicer than that. No offence but that's a toilet. Please don't buy it, you won't get your money back for 30 years, or at least until the council decides to knock it all down.

I don't mean to come across too strongly but I cannot believe you would even consider that at that price. That's a £50k property in 18 months time. £135k. OMG!

Where is there 1000 times better for that price in London - Im genuinely interested. (actually being said they werent interested in that place and they are waiting for something better). But if you can find me something nice in say North London?

PropertyPro

huntersc wrote: »

Are you absolutely BANANAS?????????????????? You think that is good value? I think they'd bite your hand off for £100k and you'd still be being ripped off.

It's in Surrey Quays, ex council and top floor no lift. I could find a lot of places in London 1000 times nicer than that. No offence but that's a toilet. Please don't buy it, you won't get your money back for 30 years, or at least until the council decides to knock it all down.

I don't mean to come across too strongly but I cannot believe you would even consider that at that price. That's a £50k property in 18 months time. £135k. OMG!

Position is everything. It doesn't matter what the market is doing.

Living in Surrey Quays makes it easy to commute into any part of Central London which instantly makes it attractive to people who spend a lot of time in the office and don't want to spend a large proportion of their lives commuting.

I agree that there's plenty of room for negotiation on price, but if it ever drops to 50k in that location, then we should all grab our coats and will the last person to depart these shores kindly turn the lights out.

hethmar

Im still keen to hear about London properties at that price and 1000 times better please - genuinely

confused31_2

I think what hes saying is most people dont have to live round the capital, and to be serious looking at that flat i would never want to live there, but i suppose its the area you pay for.

Infact round by me you would probably get a flat like that for less than 50,000 pounds, if you need to live in London then fair enough, but lets be honest the place looks like a right hovel.

confused

ad9898_3

Haven't bagged a bargain yet, there aren't any, I'll be bagging mine in a couple of years. When prices have come off another 15%+

bo_drinker

London as I have said before it is well known as the stabbing capital of the UK. Prices are tumbling there fastest. Lived there for 12 months never again. SH1THOLE

neverdespairgirl

hethmar wrote: »

beingjdc - I think youd have to be very lucky to find a property in zone 2 London for £135k. Have you thought of moving further out?

(1) 2 bed flat with garden near Lewisham station (zone 2) for £120k asking price, but only 50 year lease:

http://www.rightmove.co.uk/viewdetails-17321986.rsp?pa_n=1&tr_t=buy&mam_disp=true

(2) 2 bed flat in same blcok (I think) for £155k asking price:

http://www.rightmove.co.uk/viewdetails-20125418.rsp?pa_n=1&tr_t=buy&mam_disp=true

(3) 3 x 2 bed flats near Deptford station (zone 2) all £135k or less:

http://www.rightmove.co.uk/viewdetails-20021393.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-20541806.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-20980541.rsp?pa_n=1&tr_t=buy&mam_disp=true