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Studio asking prices down a lot - WC1 UPDATED 23rd NOV

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Comments

  • bubblesmoney
    bubblesmoney Posts: 2,156 Forumite
    Part of the Furniture Combo Breaker
    neverdespairgirl wrote: »
    In my periodic rambles around Rightmove, I have noticed that studio prices are dropping a lot.

    There is a particular block in WC1 I've been keeping an eye on. It's useful because it's absolutely massive, and mostly studios, so there are always flats up for sale in that block.

    A year ago, the cheapest in that block was on for the insane asking price of £240k. Now, the cheapest (as of today) is on for £189k

    http://www.rightmove.co.uk/viewdetails-23877521.rsp?pa_n=25&tr_t=buy&mam_disp=true

    When I was at university, I knew someone who lived in a studio in that block. His parents had bought it for £40k in 1995.
    what sort of a rent do these studios generate now. my info is a bit old.
    bubblesmoney :hello:
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    pizzagirl wrote: »
    Only 236 square feet, it's a tiddler. Surely it has to fall further.

    That's just over a 15 foot sq. room, in that you have your lounge, kitchen, bathroom and bedroom. A battery hen has more space to move around in, speechless.

    The world has gone completely insane.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    robin_banks wrote: »
    Has 'studio' replaced bedsit ?

    No, they are different.

    Bedsits are where you have your own room, and share one or both of a kitchen and bathroom.

    Studios have a room plus bathroom, plus either kitchen or "kitchen area" in the studion. They are self-contained.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    BiggaThanBen wrote: »
    thay should have marked it with "Viewing advised, but please take your dyson hoover with you"

    and a LOT of bin bags....
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    bubblesmoney wrote: »
    what sort of a rent do these studios generate now. my info is a bit old.


    On RM they start @ £240 a week, or £12,480 a year. This is optimistic pricing, though, I gather most people actually get them for £200 a week or so max (£10,400 a year).

    The service charge is high - averages £2k a year in that block (lots of lifts, porters, hot water and heating included).

    So the yield after service charge if you bought for £190k would be 4.4%.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    I pay £175 pw for my studio in WC1. This includes all service sharges and water rates. I have a key thingy for the electric meter.
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • becky_rtw
    becky_rtw Posts: 8,393 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Yeah I looked at renting one of these...for £240 a week um no thanks! Its so overpriced...I'm now in SW1 and I could get a studio here not in a huge ugly block for £220 a week...
  • Austin_Allegro
    Austin_Allegro Posts: 1,462 Forumite
    1,000 Posts Combo Breaker
    Thanks, Neverdespair girl. That's one of the areas I'm watching. (Actually my sister had a flatshare in that block in the early nineties, so I know it fairly well). The service charges are usually a killer on those kind of blocks though.

    I think a lot of the studios are used as pieds a terre for weekend commuters, rich wives on shopping trips, kept women etc. I don't think I could live in something that size permanently.

    I love the way 'studio' used to mean a big, airy, light Parisian attic room and now means a pokey glorified bedsit...!
    'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Austin_Allegro wrote: »

    I think a lot of the studios are used as pieds a terre for weekend commuters, rich wives on shopping trips, kept women etc. I don't think I could live in something that size permanently.

    A lot of them used to be home to UCL students - it was almost one big halls of residence, as it's so close. That's 8 to 10 years ago, though, I don't know about now.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • robin_banks
    robin_banks Posts: 15,778 Forumite
    Part of the Furniture Combo Breaker
    my comment on bedsits was on a more euphomastic level !!!
    "An arrogant and self-righteous Guardian reading tvv@t".

    !!!!!! is all that about?
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