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How to tell if property is good value

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  • GDB2222
    GDB2222 Posts: 24,847 Forumite
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    MalMonroe said:
    So it's first time buyers only and there's a 20% discount.

    They are aimed at the younger market and that's fine and to be honest it would appeal to me if I didn't have a car and I could mingle with some neighbours on the rooftop. It can be a bit lonely if you're a singleton living behind a closed door most of the time.  

    If I were to buy one it'd be as a stepping stone to something bigger and better.

    I think they'd be fine for the young business commuter who doesn't have or need a car right now. And there IS bike storage - although I'd not want to ride a bike in London.

    If you can express your interest without paying anything that might be something to do. If they're not built yet I'd not pay anything at all. Just wait and have a look and see how they appeal when they are there. Then you can get a much better idea of whether you'd be happy there or not. But seems to me that they would be ideal for those who are just starting out on the home-buying journey - maybe not as forever homes though. 

    Just my own thoughts and ideas, obviously. 
    It’s possible that there is a 20% discount compared to other new build flats, but there are loads of flats for sale on RM, and these don’t look cheap compared to them. 

    I don’t think you can find a flat closer to the station, though. 

    I wonder whether the rooftop garden will encourage social interaction? Nice idea, if it does.


    No reliance should be placed on the above! Absolutely none, do you hear?
  • Ybe
    Ybe Posts: 293 Forumite
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    Ybe said:
    Does this development look like good value?  It does comparing to other prices in the area especially given its a new build but I don’t know if the current market conditions or predicted fall in house prices upcoming or anything else I might have missed would make it not as good value as it first appears.  I know it has a section 106 condition on it that it can only be sold to FTBs. 

    PropertyLog is showing a lot of 50,75 and 100k price drops for N12, do you think maybe waiting a while could be the best plan, maybe you will get something a bit cheaper?
    Oh those are big price drops. 
  • Ybe
    Ybe Posts: 293 Forumite
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    The economy has avoided recession, talk of interest rates being lowered in the near future so adding 2+2 and getting 3.99999999 I believe the dip has happened. As can be seen locally to us where reductions have resulted in sold subject to contract.

    Only you can know if the restrictions are right for you and future sales. What is available nearby size comparison wise and what's the difference in price?

    When is the development ready (is it ready now?) and do you loss anything putting your name down and assessing then
    No I don’t lose anything if I put my name down. Any reservation fee paid now is fully refundable until they open the show home later in the year. 
  • GDB2222
    GDB2222 Posts: 24,847 Forumite
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    I’d be comparing with other flats on the market. For example, this one is quite a bit bigger.

    https://www.rightmove.co.uk/properties/123619361


    No reliance should be placed on the above! Absolutely none, do you hear?
  • demontfort
    demontfort Posts: 263 Forumite
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    Pocket Living flats are well designed in terms of use of space  but very pokey and claustrophobic and there are restrictions when you come to sell them on. People buy them because they like the brand which pretends to be ethical whereas in reality they are just another housebuilder selling tiny, overpriced London shoeboxes.  I'm not sure what the future holds for house prices in Barnet but for the UK housing market, prices are only going one way over the next few years and that's down whilst interest rates will rise further, so my advice is buyer beware.
  • Ybe
    Ybe Posts: 293 Forumite
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    Pocket Living flats are well designed in terms of use of space  but very pokey and claustrophobic and there are restrictions when you come to sell them on. People buy them because they like the brand which pretends to be ethical whereas in reality they are just another housebuilder selling tiny, overpriced London shoeboxes.  I'm not sure what the future holds for house prices in Barnet but for the UK housing market, prices are only going one way over the next few years and that's down whilst interest rates will rise further, so my advice is buyer beware.
    So in terms of buying any UK property as a FTB, is it better to wait a bit for prices to fall? Or is the market just too unpredictable. 
  • GDB2222
    GDB2222 Posts: 24,847 Forumite
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    Ybe said:
    Pocket Living flats are well designed in terms of use of space  but very pokey and claustrophobic and there are restrictions when you come to sell them on. People buy them because they like the brand which pretends to be ethical whereas in reality they are just another housebuilder selling tiny, overpriced London shoeboxes.  I'm not sure what the future holds for house prices in Barnet but for the UK housing market, prices are only going one way over the next few years and that's down whilst interest rates will rise further, so my advice is buyer beware.
    So in terms of buying any UK property as a FTB, is it better to wait a bit for prices to fall? Or is the market just too unpredictable. 
    The share prices of house builders have risen a bit recently, indicating that investors think that house prices are not going to drop much further, or at least not as much as previously expected.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • mi-key
    mi-key Posts: 1,581 Forumite
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    Ybe said:
    Pocket Living flats are well designed in terms of use of space  but very pokey and claustrophobic and there are restrictions when you come to sell them on. People buy them because they like the brand which pretends to be ethical whereas in reality they are just another housebuilder selling tiny, overpriced London shoeboxes.  I'm not sure what the future holds for house prices in Barnet but for the UK housing market, prices are only going one way over the next few years and that's down whilst interest rates will rise further, so my advice is buyer beware.
    So in terms of buying any UK property as a FTB, is it better to wait a bit for prices to fall? Or is the market just too unpredictable. 
    They may fall. Or they may stay the same, or may go up. Nobody knows and that is the risk you take if you wait to buy ( there are people on here have been waiting 15 years for the supposed big house price crash so they can afford to buy ! ).

    There is no signs of any huge drops on the horizon. The main lenders were predicting 8% by the end of the year, but probably 5% of that has already happened, so its unlikely they will drop by much more 
  • Ybe
    Ybe Posts: 293 Forumite
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    GDB2222 said:
    Ybe said:
    Pocket Living flats are well designed in terms of use of space  but very pokey and claustrophobic and there are restrictions when you come to sell them on. People buy them because they like the brand which pretends to be ethical whereas in reality they are just another housebuilder selling tiny, overpriced London shoeboxes.  I'm not sure what the future holds for house prices in Barnet but for the UK housing market, prices are only going one way over the next few years and that's down whilst interest rates will rise further, so my advice is buyer beware.
    So in terms of buying any UK property as a FTB, is it better to wait a bit for prices to fall? Or is the market just too unpredictable. 
    The share prices of house builders have risen a bit recently, indicating that investors think that house prices are not going to drop much further, or at least not as much as previously expected.
    Thanks. I don’t know enough about how the property market works to be able to know but is it generally hard to predict how property prices will change? 
  • Nelliegrace
    Nelliegrace Posts: 482 Forumite
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    I would be a bit worried. DD looked at some new builds in her area. 
    Some new properties are over-priced, and are worth less when you want to sell them. Some seem to have been thrown together. They have leasehold payments and conditions, and parking problems.


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