What’s wrong with this property

brown_crow

MeteredOut said:

brown_crow said:

ReadySteadyPop said:

Back on topic. Could this make flats even harder to sell ( if that is even possible)?

The survey in the article seems to have a strong answer on this.

Personally, I filtered out all “car-free” properties when searching. It’s hard to imagine who would buy a 2+ bedroom apartment in a car-free development for personal use — unless there’s a strong price incentive. It might not be an issue for a 1-bedroom BTL, but overall, the pool of potential buyers is significantly smaller.

Is that the survey that did, or did not, ask if the respondent lived in London?

Even in London, car-free properties significantly reduce liquidity.

For example, this property: rightmove.co.uk/properties/152718605

It’s been on the market for almost a year, and I believe that’s because it’s car-free. The quality of the new build is not bad — it has a decent garden (by London standards), a heat pump, and, compared to other properties in the area, the price is reasonable.

 

jimbog

brown_crow said:

MeteredOut said:

brown_crow said:

ReadySteadyPop said:

Back on topic. Could this make flats even harder to sell ( if that is even possible)?

The survey in the article seems to have a strong answer on this.

Personally, I filtered out all “car-free” properties when searching. It’s hard to imagine who would buy a 2+ bedroom apartment in a car-free development for personal use — unless there’s a strong price incentive. It might not be an issue for a 1-bedroom BTL, but overall, the pool of potential buyers is significantly smaller.

Is that the survey that did, or did not, ask if the respondent lived in London?

Even in London, car-free properties significantly reduce liquidity.

Interesting that you use ‘liquidity’ in relation to property. 

Only one other poster on here does the same…

Herzlos

I think the car thing is a relic that'll fade away over the next couple of generations. 

For example, folk our age (40+) view cars as essential even if they aren't really. See all the people asking advice on what car to get when they do under 2000 miles a year. My parents (70's) wouldn't walk next door if they could take a car. 

Younger folk are less likely to even bother learning to drive now given how decent public transport is in cities and how much it costs to run a car. So not having parking is a hard no for people now but I don't think it'll be later. 

How many of the cars do you see clogging up cities that barely seem to move?

I'm also not sure what it's got to do with Ybe's question, and seems to be yet another attempt for RSP to discuss house prices and the economy, which is still banned. 

Herzlos

ReadySteadyPop said:

MeteredOut said:

ReadySteadyPop said:

Edinburgh is another city where a car is not really needed, small city, one of the best bus services in the UK, trams now in the centre again for a few years, Uber taking you across the city for a tenner etc. still rammed full of cars though, to the point that historic parts of the city are being damaged with the sheer volume of traffic, basically everywhere in the UK is the same, lost count of the number of "historic" places I have visited in England that are just completely ruined by the volume of traffic, to the point that you just can`t be bothered going to the ancient monastery or Roman ruin or whatever, at least not in daytime hours.

I'm not sure what point you're trying to make here. Is this a social commentary about the use of cars, a comment on how parking affects house prices, or a suggestion that the OP shouldn't buy the original property because of parking availability in Edinburgh?

Probably a point about the use of cars, the OP shouldn`t buy the original property because they could lose a lot of money on it, they were aware of this though and have not been back to the thread for a while.

I think they haven't been back to this thread for a while because you keep trying to drag it off topic (and we're stupid enough to let you). 

Hopefully he's made his decision and enjoys his new home without worrying about spurious disasters. 

ReadySteadyPop

brown_crow said:

MeteredOut said:

brown_crow said:

ReadySteadyPop said:

Back on topic. Could this make flats even harder to sell ( if that is even possible)?

The survey in the article seems to have a strong answer on this.

Personally, I filtered out all “car-free” properties when searching. It’s hard to imagine who would buy a 2+ bedroom apartment in a car-free development for personal use — unless there’s a strong price incentive. It might not be an issue for a 1-bedroom BTL, but overall, the pool of potential buyers is significantly smaller.

Is that the survey that did, or did not, ask if the respondent lived in London?

Even in London, car-free properties significantly reduce liquidity.

For example, this property: rightmove.co.uk/properties/152718605

It’s been on the market for almost a year, and I believe that’s because it’s car-free. The quality of the new build is not bad — it has a decent garden (by London standards), a heat pump, and, compared to other properties in the area, the price is reasonable.

 

When you look at picture 11 and then think about the price tag the first thing that comes to mind is "No", just no.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

MeteredOut said:

ReadySteadyPop said:

Edinburgh is another city where a car is not really needed, small city, one of the best bus services in the UK, trams now in the centre again for a few years, Uber taking you across the city for a tenner etc. still rammed full of cars though, to the point that historic parts of the city are being damaged with the sheer volume of traffic, basically everywhere in the UK is the same, lost count of the number of "historic" places I have visited in England that are just completely ruined by the volume of traffic, to the point that you just can`t be bothered going to the ancient monastery or Roman ruin or whatever, at least not in daytime hours.

I'm not sure what point you're trying to make here. Is this a social commentary about the use of cars, a comment on how parking affects house prices, or a suggestion that the OP shouldn't buy the original property because of parking availability in Edinburgh?

Probably a point about the use of cars, the OP shouldn`t buy the original property because they could lose a lot of money on it, they were aware of this though and have not been back to the thread for a while.

I think they haven't been back to this thread for a while because you keep trying to drag it off topic (and we're stupid enough to let you). 

Hopefully he's made his decision and enjoys his new home without worrying about spurious disasters. 

The first post asked if the sizeable asking price drops and time on market meant something wrong with the property, as I said my view is that the three O`s are at play here plus lack of demand, nothing actually physically wrong with the property.

GDB2222

Herzlos said:

I think the car thing is a relic that'll fade away over the next couple of generations. 

For example, folk our age (40+) view cars as essential even if they aren't really. See all the people asking advice on what car to get when they do under 2000 miles a year. My parents (70's) wouldn't walk next door if they could take a car. 

Younger folk are less likely to even bother learning to drive now given how decent public transport is in cities and how much it costs to run a car. So not having parking is a hard no for people now but I don't think it'll be later. 

How many of the cars do you see clogging up cities that barely seem to move?

I'm also not sure what it's got to do with Ybe's question, and seems to be yet another attempt for RSP to discuss house prices and the economy, which is still banned. 

We are in that category. The car sits on the driveway most of the time, and we walk quite a bit, and take public transport. We do 2000 miles a year, and most of that is when we drive to the seaside in Norfolk. I don’t think we could manage very easily without it though. It costs us roughly 50p a mile just in road tax and insurance!

ReadySteadyPop

jimbog said:

brown_crow said:

MeteredOut said:

brown_crow said:

ReadySteadyPop said:

Back on topic. Could this make flats even harder to sell ( if that is even possible)?

The survey in the article seems to have a strong answer on this.

Personally, I filtered out all “car-free” properties when searching. It’s hard to imagine who would buy a 2+ bedroom apartment in a car-free development for personal use — unless there’s a strong price incentive. It might not be an issue for a 1-bedroom BTL, but overall, the pool of potential buyers is significantly smaller.

Is that the survey that did, or did not, ask if the respondent lived in London?

Even in London, car-free properties significantly reduce liquidity.

Interesting that you use ‘liquidity’ in relation to property. 

Only one other poster on here does the same…

Property is the least liquid among the different types of assets, it is a term that  a landlord type investor would understand and pay attention to.

brown_crow

jimbog said:

Interesting that you use ‘liquidity’ in relation to property. 

Only one other poster on here does the same…

idk, English is not my native language, so it might sounds too business... 

I'm not an property investor but for own property I'm also considering that factor how easily I could sell it in 10 years or in case of unexpected events (eg loss of work)

brown_crow

ReadySteadyPop said:

Even in London, car-free properties significantly reduce liquidity.

For example, this property: rightmove.co.uk/properties/152718605

It’s been on the market for almost a year, and I believe that’s because it’s car-free. The quality of the new build is not bad — it has a decent garden (by London standards), a heat pump, and, compared to other properties in the area, the price is reasonable.

 

When you look at picture 11 and then think about the price tag the first thing that comes to mind is "No", just no.

Yeah, it's quite painful but median price for semi-detached is £1M / terraced £860k in this area, I don't think that price is a reason why it's so long on market