50% reduction in price for UK's most expensive house

BlondeHeadOn

50% house price crash predictors, eat your heart out!

http://uk.finance.yahoo.com/news/Updown-Court-finally-sells-yahoofinanceuk-453778268.html

"It was the ultimate statement of the UK property boom. A sprawling mansion of 103 rooms, with grounds larger than Buckingham Palace's and everything an oligarch or oil baron could desire.

But Updown Court — which developers spent at least £50 million on — just didn't sell. Not at the height of the housing boom and certainly not as the property market fell apart.

In fact, it's taken six-and-a-half years and a massive £35 million knocked off the asking price before anyone was prepared to part with cash for what was billed as "the first 21st century stately home in Britain".

In a symbol of how much the world had changed since the easy-credit days of the property boom, the people who ended up first owning Updown Court were the Irish taxpayers rather than a foreign billionaire.

Nama slashed the price from its initial £70 million to £35 million, and has now reportedly sold the property to an Indian businessman.

And in a rare bit of good news for the troubled property, even at that reduced rate it is believed that the Irish government has made a profit on the deal, something that has very slightly lightened the burden on the Irish taxpayer."

SailorSam

I went to view that place and put in offer but had to drop out when the Dhss changed their rules and wouldn't have paid my mortgage anymore.

Pimperne1

The only way for those predicting 50% falls to be correct is if this is the only house to sell next month.

Mallotum_X

Dont the Land reg ignore new builds, so it wouldnt count. Its only a 50% fall from initial asking price, rather than a 50% fall in value.

BlondeHeadOn

Mallotum_X wrote: »

Dont the Land reg ignore new builds, so it wouldnt count. Its only a 50% fall from initial asking price, rather than a 50% fall in value.

And there's so much good advice on here about overpriced new builds...

:rotfl:

BTW my original post and title were meant to be tongue-in-cheek rather than serious - before anyone starts debating this too seriously!

Mallotum_X

BlondeHeadOn wrote: »

And there's so much good advice on here about overpriced new builds...

:rotfl:

BTW my original post and title were meant to be tongue-in-cheek rather than serious - before anyone starts debating this too seriously!

Its a house, its all serious stuff!:D

Pimperne1

BlondeHeadOn wrote: »

And there's so much good advice on here about overpriced new builds...

:rotfl:

BTW my original post and title were meant to be tongue-in-cheek rather than serious - before anyone starts debating this too seriously!

Same here.

Idiophreak

Place looks !!!!!! - that could be the problem

BlondeHeadOn

Pimperne1 wrote: »

Same here.

I know - it had just suddenly occured to me that someone might take the post seriously and start an intense debate. You never know on this board.

Not to say that an intense debate wouldn't be good fun though............

RenovationMan

Tsk, I was waiting for it to fall 55% before I bought. :mad:

Realmoney_2

SailorSam wrote: »

I went to view that place and put in offer but had to drop out when the Dhss changed their rules and wouldn't have paid my mortgage anymore.

Ha ha very good. But I dont believe you because the DSS have not yet changed anything they postponed the cuts.

When the cuts realy do come in then we will see more 50% falls on normal houses.