Predictions for the next 2 years

triathlon

At least there are few mad men on here advocating the magical - 30% plus falls in one year

Malthusian

RelievedSheff wrote: »

Friends of ours own this:

https://www.rightmove.co.uk/property-for-sale/property-71391394.html

All of the interest they have had has been from abroad.

Ruperts was asking about residential property. That's a hotel.

A fact that Rightmove acknowledges: "has been used as a hotel in the past and offers potential to be used for commercial purposes again, and would make a beautiful wedding venue."

Are your friends the same guys who moved into the wreckage of the hotel in 2002 while they restored it?

Malthusian

It's not surprising that most of the interest in a hotel would come from overseas. A UK hotel is a relatively attractive investment to an overseas investor right now due to the fall in Sterling. Conversely, any UK hotel business looking to buy another hotel with Sterling-denominated earnings is at a significant disadvantage to someone from overseas - which explains why they aren't even trying.

But we're talking about the commercial property market here and not the residential one.

RelievedSheff

Malthusian wrote: »

Ruperts was asking about residential property. That's a hotel.

A fact that Rightmove acknowledges: "has been used as a hotel in the past and offers potential to be used for commercial purposes again, and would make a beautiful wedding venue."

Are your friends the same guys who moved into the wreckage of the hotel in 2002 while they restored it?

It is currently a very nice family home not a hotel.

No they are not the guys who bought in 2002. They bought it off him when he realised what a project he had taken on!

It is now finished and makes a lovely family home but their plans have changed hence why it is for sale.

RelievedSheff

Malthusian wrote: »

It's not surprising that most of the interest in a hotel would come from overseas. A UK hotel is a relatively attractive investment to an overseas investor right now due to the fall in Sterling. Conversely, any UK hotel business looking to buy another hotel with Sterling-denominated earnings is at a significant disadvantage to someone from overseas - which explains why they aren't even trying.

But we're talking about the commercial property market here and not the residential one.

See above. It is not a hotel and is being sold as a residential property.

BikingBud

RelievedSheff wrote: »

Friends of ours own this:

https://www.rightmove.co.uk/property-for-sale/property-71391394.html

All of the interest they have had has been from abroad.

Interesting price history:

Manor Lodge, Mansfield Road, Worksop, Nottinghamshire S80 3DL
£165,000 Detached, Freehold, Residential 09 Jan 2009
£900,000 Detached, Freehold, Residential 02 Feb 2007
£350,000 Detached, Freehold, Residential 06 Aug 2002

And now deemed to be worth £3 Million!

RelievedSheff

BikingBud wrote: »

Interesting price history:

Manor Lodge, Mansfield Road, Worksop, Nottinghamshire S80 3DL
£165,000 Detached, Freehold, Residential 09 Jan 2009
£900,000 Detached, Freehold, Residential 02 Feb 2007
£350,000 Detached, Freehold, Residential 06 Aug 2002

And now deemed to be worth £3 Million!

That's the one. Our friends bought it in 2009.

At that point it had been on fire, had no roof, most of the windows were blown out. It was a wreck.

They have done most of the work themselves and it is a credit to their hard work and determination that it is finished.

ETA: They didn't know that they had the second property, the old coach house. It was just a pile of rubble with ivy growing over the one standing gable wall. They have also rebuilt that which is included in the sale.

Given the house price increases in the area over the last few years we have been surprised that no developers have approached them to buy up some of the land the house comes with.

BikingBud

Even more interesting:

To make matters worse, vandals have damaged parts of the house, which are particularly difficult to replace.

The feed pipe from the water storage tank has been removed, radiator pipes have been bent off, cupboard doors have been ripped off and burned, while others have been smashed in.

Almost all the windows have been smashed, holes have been punched in the roof and the walls are covered in graffiti.

Given the linked article is 2002. Has it been on fire twice? or did the buyer in 2007 get cleaned out?

Sailtheworld

BikingBud wrote: »

Interesting price history:

Manor Lodge, Mansfield Road, Worksop, Nottinghamshire S80 3DL
£165,000 Detached, Freehold, Residential 09 Jan 2009
£900,000 Detached, Freehold, Residential 02 Feb 2007
£350,000 Detached, Freehold, Residential 06 Aug 2002

And now deemed to be worth £3 Million!

If you deem it to be worth less make them an offer. Why not try £200k and tell the cheeky beggars you're doing them a favour?

phillw

triathlon wrote: »

At least there are few mad men on here advocating the magical - 30% plus falls in one year

That kind of movement is only likely in properties in very exclusive areas that none of us will ever be able to afford.

Thrugelmir wrote: »

As long as there's a market to convert good homes into tiny units. Then prices will rise. If immigration is brought under control then prices may soften a little.

You realise that immigrant numbers probably won't reduce after brexit, we'll just spend more money inspecting them and making judgements? The way it's looking it's going to be higher paid immigrants than now, which will put more upward pressure on house prices.

Brexit will put off some people coming, but those who really want to exploit the UK will still come.