UK Affordability still very good

Crashy_Time

chucknorris wrote: »

No I haven't, one completed about a month ago, and the other is due to complete on 19 May. Why is it so important to you? You seem more concerned than me about it, not that I am concerned at all.

You seem concerned enough to pop up at any time within daylight hours to defend the little position you have staked for yourself on the internet. Most people having just made 900k profit would be off booking a cruise or something?

chucknorris

Crashy_Time wrote: »

Disagree that "£1m isn't a lot in Hackney," if this were the case surely these 1million pound gaffs would be flying off the shelves? I thought it was your property that was 1 million, not your wife`s? I`m not expecting yours to be up yet, because it still hasn't completed, but I`m saying that property at this price isn`t a big seller in Hackney, not this year anyway? Of course maybe I added a zero or something, I will check.

You obviously don't know what you are talking about, or maybe £1m is a lot more to you than it is to me. For a 4 bed period property in a good part of Hackney £1m is very cheap. To emphasise that fact, the house needed totally refurbishing, it was a bit of a mess.

Anyway I am going to bed now to watch tv, goodnight.

chucknorris

Crashy_Time wrote: »

You seem concerned enough to pop up at any time within daylight hours to defend the little position you have staked for yourself on the internet. Most people having just made 900k profit would be off booking a cruise or something?

We've been through this before, and you accepted that we are both on this site for fun, it isn't anything about being so poor that we can't afford to be doing anything else, I don't understand why you keep bringing this up?

The money was made long ago, it just happened to be realised recently. If I wanted to go on a cruise I wouldn't need any property sales to do so, I don't live hand to mouth.

Anyway, I would never go on a cruise, because I couldn't take my dog with me. Not that I would go on one anyway, even if I could take him with me (us).

Crashy_Time

chucknorris wrote: »

You obviously don't know what you are talking about, or maybe £1m is a lot more to you than it is to me. For a 4 bed period property in a good part of Hackney £1m is very cheap. To emphasise that fact, the house needed totally refurbishing, it was a bit of a mess.

Anyway I am going to bed now to watch tv, goodnight.

HUTH? Check LR for me before you go will you? :rotfl:

chucknorris

Crashy_Time wrote: »

HUTH? Check LR for me before you go will you? :rotfl:

I'll look in the morning, if I remember, goodnight.

EDIT: Just had a look and it isn't there yet, anyway my wife has asked me not to show a link to the house. I think she is being sentimental because her mother lived there and she died last year. I don't really understand what harm it would do, but obviously I am going to respect her wishes over yours.

GreatApe

Hackney was crazy cheap in the 1990s I am jealous of Mr Norris wife £110k to £1m purchase an amazing ~10x capital return over 20 years! I do not think anything close to that is possible over the next 20 years for London. I think nominal prices will at most double over the next 20 years and most of that will just be inflation

economic

GreatApe wrote: »

Hackney was crazy cheap in the 1990s I am jealous of Mr Norris wife £110k to £1m purchase an amazing ~10x capital return over 20 years! I do not think anything close to that is possible over the next 20 years for London. I think nominal prices will at most double over the next 20 years and most of that will just be inflation

agree. think it will mroe or less keep in line with inflation. whilst our generation wont have the benefits of property wealth, hopefully we can take advantage of technological advancements.

chucknorris

GreatApe wrote: »

Hackney was crazy cheap in the 1990s I am jealous of Mr Norris wife £110k to £1m purchase an amazing ~10x capital return over 20 years! I do not think anything close to that is possible over the next 20 years for London. I think nominal prices will at most double over the next 20 years and most of that will just be inflation

It was exceptional growth, although hidden in the figures was that it needed a bit of work. I didn't know my wife back in the 90's, but she tells me that she spent about £40k doing it up. So the real growth is from about £150k, rather than £112k (I just spotted that house on Rightmove and it states that it was bought for £112k (not £110k).

I am probably going to sell my properties a bit slower than I first thought, especially on the higher yielding 3 bed flats, on the best one, I would have to make 7.2% on the NET equity (after CGT) just to financially treadwater, which obviously isn't going to happen. So even with minimal or no growth (even a slight dip) it is better to hang onto property a little longer. I may sell the lower yielding 2 bed flat next tax year, I am unsure, the thing is that my current tenants seem keen to stay and I never hear anything from them. If they happened to give me notice right now though, I would sell it immediately.

EDIT: I'm starting to wonder if I should keep that 3 bed flat and simply pay for the management of it, I've got a few years to muse over that.

Windofchange

chucknorris wrote: »

It was exceptional growth, although hidden in the figures was that it needed a bit of work. I didn't know my wife back in the 90's, but she tells me that she spent about £40k doing it up. So the real growth is from about £150k, rather than £112k (I just spotted that house on Rightmove and it states that it was bought for £112k (not £110k).

I am probably going to sell my properties a bit slower than I first thought, especially on the higher yielding 3 bed flats, on the best one, I would have to make 7.2% on the NET equity (after CGT) just to financially treadwater, which obviously isn't going to happen. So even with minimal or no growth (even a slight dip) it is better to hang onto property a little longer. I may sell the lower yielding 2 bed flat next tax year, I am unsure, the thing is that my current tenants seem keen to stay and I never hear anything from them. If they happened to give me notice right now though, I would sell it immediately.

EDIT: I'm starting to wonder if I should keep that 3 bed flat and simply pay for the management of it, I've got a few years to muse over that.

What line of work were you and your wife in Chuck?

Crashy_Time

chucknorris wrote: »

I'll look in the morning, if I remember, goodnight.

EDIT: Just had a look and it isn't there yet, anyway my wife has asked me not to show a link to the house. I think she is being sentimental because her mother lived there and she died last year. I don't really understand what harm it would do, but obviously I am going to respect her wishes over yours.

As I said, we know it isn`t going to be there as it hasn`t completed yet, I was commenting on the general lack of million pound house sales in Hackney this year (that I could find) You house is obviously a bit special?