How much for theses houses next year?

Yoshua

RDB wrote: »

Interesting. Do you really think houses like this in very good areas like Mill Hill will come down to about 3 or 4x average wage?

I can see them falling another 100K by the end of next year tops as the OP said.

But by then you could get a really nice house in N,London for about 150K.

These wont come down to 3x average wage. That would be 75K for a 2 bed terr in Mill Hill!

The banks will only lend 3x average wage, so with a big fat deposit as well you can get an idea what houses will be worth once the situation is more stable.

zappahey

Thrugelmir wrote: »

and they are priced at 10 times average UK salaries........

I would have thought the average wage in Mill Hill would be more relevant.

zappahey

Yoshua wrote: »

These wont come down to 3x average wage. That would be 75K for a 2 bed terr in Mill Hill!

The banks will only lend 3x average wage, so with a big fat deposit as well you can get an idea what houses will be worth once the situation is more stable.

Why would banks only lend 3x average wage? Surely it would be 3x the wage of the individual borrower?

Average wage comparisons are only a general indicator and can't really be applied to individual houses and I come back to my favourite point that UK average wage is not the same as the average wage of UK homeowners.

whathavewedone

I'm with Cleaver I'm afraid. They are really dull depressing looking houses. On that basis maybe they will be worth 150k next year . I still wouldn't want to live in them though..

drc

A quarter of a million pounds for an unremarkable 2 bed house in Mill Hill :eek:. Sorry but I think completely overpriced.

Cannon_Fodder

At times a price simply appears to be a "snob value".

The vendors and agents seem to know that there will be some people who think, "ooh, but Mill Hill is a top area", "ooh, Mill Hill is very expensive"...and indeed they are on here too, despite MSE's aim to instill sensible money-saving habits and attitudes.

On the evidence of the corrugated sheds, narrow garden, and miniscule kitchen, I wouldn't think them much above Coronation Street standards as a house.

They are such bad houses, where they are does not change that, for me.

Parts of the populace seem brainwashed by "Location, Location, Location"...(in the saying sense, not blaming Krusty on this occasion) and the VIs are not stupid, they will take advantage of that.


"Quarter of a million pounds"...yuk.

whathavewedone

Just to play devil's advocate for a moment, location can be very important when you have kids.

Wanting to live in an area where you children won't have to go to a sink school and/have less chance of getting stabbed when they go out for a drink on their 18th birthday seems to me to be a not unreasonable ambition. I wouldn't class it as snobbery.

Notwithstanding the above, I wouldn't live in those houses if you paid me, never mind pay 250k for them. Personally I'd rather move out of London altogether and suffer a longer commute for a better house in a good area if I had kids or live in a less salubrious area of London in a better house if I didn't have kids.

drc

whathavewedone wrote: »

Just to play devil's advocate for a moment, location can be very important when you have kids.

Wanting to live in an area where you children won't have to go to a sink school and/have less chance of getting stabbed when they go out for a drink on their 18th birthday seems to me to be a not unreasonable ambition. I wouldn't class it as snobbery.

Notwithstanding the above, I wouldn't live in those houses if you paid me, never mind pay 250k for them. Personally I'd rather move out of London altogether and suffer a longer commute for a better house in a good area if I had kids or live in a less salubrious area of London in a better house if I didn't have kids.

I don't think Mill Hill is particularly dangerous, it's just that it's, how can I put it, not the most glamourous of places :rotfl:.

Austin_Allegro

'Mill Hill', like 'Islington' covers a multitude of sins, but EAs like to trade on the name.

The bit of MH these houses are in is ok, but nothing special. It's not as nice as the countryfied bits up towards Totteridge (aka 'Londonshire') but it's not as bad as the grotty bits towards Copthall or along the motorway.

The houses look pretty shoddy as well.

All in all, I'd guess/hope these would be selling for no more than £150k in a years' time. About right as a starter home for a couple on average wage.

daveb975

This is an interesting thread.

Do people think that this 'location snobbery' will subside in the recession, causing less than ideal houses in ideal areas to go down more than the rest?

I am personally happy to live in a flat in an area I like rather than a house in an area that I am less happy in (not necessarily a dangerous area, just worse). I also know some people who are the polar opposite, and will buy a nice house in the middle of nowhere, and be very pleased with it because it is the biggest house they could afford in their budget.