Overpricing

natwill_3

lynzpower wrote:

natwill now that sounds crazy!
where in west london are you- am I right in thinking ealing ?

lol..no good old shepherds bush central!

lynzpower

god and someone pays 425k for a flat in Shepherds Bush

Im literally incredulous here.

every day Im alive the more convinced I am that humanity is going raving mad.

natwill_3

lynzpower wrote:

god and someone pays 425k for a flat in Shepherds Bush

Im literally incredulous here.

every day Im alive the more convinced I am that humanity is going raving mad.

Its now North Kensington darling!!!!!!!!!!!! and its not just that one, see below

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=025225&agentid=00826

geezer46

natwill wrote:

Its now North Kensington darling!!!!!!!!!!!! and its not just that one, see below

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=025225&agentid=00826

Wouldn't North Kensington be in the London Borough of Kensington and Chelsea? As far as I am aware Shepherds Bush remains in the London Borough of Hammersmith and Fulham.

Perhaps there in lies part of the problem. Persons buying into an area they feel is more upmarket than it really is. Whilst I know there are some nice parts in Shepherds Bush it is still essentially a working class area in West London with problem council accommodation within it. The large problem estates in White City and those close to the Askew Rd are just a couple to mention.

Milky_Mocha

I too believe that properties are overpriced. I don't see them flying off the shelves at all. I viewed property about 6 months ago and all but one are still on the market. I guess it depends on the price bracket. Apparently property above £300k tend to go slowly.

Examples: One house we saw (Essex) was on the market at 350k. It needed lots of cosmetic work. The estate agent told me the vendors will not consider offers below £345. That was 3 months ago. Yesterday I noticed it had been reduced to £330k. I didn't intend to pay more than £325k for it anyway and I believe it will be reduced further.

Another house was on the market for 400k. One street away the exact same style but bigger frontage, ie parking for at least 4 vehicles, better interior decor, slightly larger back garden, was on the market for £379k, sold for £375k.

Another house was on the market for 400k. Vendor told us he had already been made an offer close to the asking price but buyer was in a chain so if we make a similar offer it will be accepted. A month later the price was reduced to 385k and sold shortly thereafter.

It also depends on location. For example property in Kent, i.e. Ashford, Benfleet (spelling?), Folkestone areas are selling relatively quicker probably due to anticipation of new rail links.

I think vendors will soon wake up, smell the coffee and price realistically.

jyonda

The house we just finished renting was put on the market for 289k after our offer of 250k was declined. The most a house has previously sold for in the road was 270 so as the house needed updating (double glazing, new heating system, floors, redecorating, kitchen, bathroom, damp at rear of house...) we thought our offer was pretty generous.

It was sold within a week. don't know how much for but for a property to sell that quickly it has to be on or very near the asking.

Absolutely crazy..... Either I'm a lot poorer than I think and other people are richer or they are just plain stupid to pay more than something would be worth once the works had been done.

Maybe I should get a bucket and sponge to clean cars on top of my full time job and parental responsibilities as was suggested in the House price crash thread.

chinup_3

All this ' boom' is fueled by the following 1] typical english financial illitercy 2]typical english 'castle owning' inate snobbery 3] estate agents, astonishingly unregulated remember, making very large very easy money [ wouldnt you if you had no sembalence of a conscience ?] whipping up and playing off these suckers 4] most of all -THE PENSIONS CRISIS. 50+ yrs old people plowing in to the buy -to-let market so they can have the retirement they were told they were going to have by their money being invested in the gambling arena of investmentments. over buying of 'btl' has affected the market for all of us;thanks dad !!
radio 4 this lunchtime? similar thing happening with 'landbanking'-suckers getting ripped in an unregulated market thro' greed. [bbc website/radio 4/ play again /you and yours ]
''50 % not very bright-you are a kinder person than me sir, lol ! GREED ELIMINATES INTELLIGENCE.

leftieM

Neighbours of ours recently traced the owners of a house that's going to ruin nearby to offer on it. This house is in a bad way - broken windows, missing roof tiles - it hasn't been lived in for a while. This neighbour knew that the adjacent habitable houses were going for £300k at the time. So he thought he would get it for a bit less and do it up. The owner wanted the full £300k! He wasn't prepared to negotiate even though it is a decaying house and will have to be bulldozed at this rate. The owner is obviously blinded by greed. How short sighted though, to let this (probably inherited) property go to ruin to get a higher paper return. Isn't there some law now where a house can be taken by the government if it is let rot like this? It would serve the owner right frankly!

GingerSte

housebuyer_abc wrote:

I had a cheeky phone call from an EA the other day, we looked at a house for 400K 4 months ago and offered 350K for it (as we also though it was overvalued). It was declined so we bought elsewhere.

Got a call the other day saying my offer of 350K was now acceptable to the vendor and would I like to proceed, I said no. The house was then remarketed that day at 320K talk about cheeky!

At which point you offer them 280K. That'll learn 'em:D

scorpio_princess

lynzpower wrote:

god and someone pays 425k for a flat in Shepherds Bush

Im literally incredulous here.

every day Im alive the more convinced I am that humanity is going raving mad.

I've thought the same thing for a while now Lynz - and I think I know what the problem is.... MONEY! It does funny things to people. There's so much avarice and greed around at the moment, and I don't like it because it's turning people into nasty, money-grabbing gits! Of course, there's always been those kind of peeps in society, but sadly it just seems more prevalent than ever now