Should I buy it?

Life_Tasted_Sweet

jonewer wrote: »

I think I'd rather live in Belmarsh than that place.

Never take for granted what the council say they might do sometime in the future.

Given that property prices are almost certain to stagnate and will probably drop - and drop quite considerably in the north east - why not just put your money into a nice warm savings account instead?

A lot less hassle, stress and hair-pulling and a guaranteed return far in excess of rental yields.

I think prices will fall less in cheaper areas. The likely falls will be caused by the credit crunch and people will not be able to secure 6 times income mortgages. £80,000 for 4 bedrooms is not a lot and is closer to 3 times income for a lot of people.

Just a thought.


Life tasted Sweet.

mr.broderick

It's the cheapest fallout shelter i've seen for a while..

dolce_vita

Life_Tasted_Sweet wrote: »

I think prices will fall less in cheaper areas. The likely falls will be caused by the credit crunch and people will not be able to secure 6 times income mortgages. £80,000 for 4 bedrooms is not a lot and is closer to 3 times income for a lot of people.

quote]


Oh dear.


What do you think that place will sell for at the bottom of a house price crash?


Shall I start the bidding?



OK......go on then.............



£40,000

Life_Tasted_Sweet

Found this link which gives some background to what is planned.

Ignoring the misplaced snobbery from what I expect are Southern softies, this looks like a good BTL investment. If only we knew what property prices would do? I'll let you all know if I decide to make an offer.

Life tasted Sweet

lynzpower

Given the reputation of the estate, would you be letting to housing benefit tenants?

Life_Tasted_Sweet

There are owner occupiers on the estate and some of them will be displaced by the demolition of 100+ houses at the top of the estate. Some of these may find that they cannot buy somewhere else with the money that they get from the housing association.

Some potential tenants may well be on housing benefit but, you may be surprised, even these people can be good tenants.

When the estate is sorted (remember, £22,000,000 goes a long way when houses are cheap), I think the reputation will be improved.

I know it's a bit of a gamble.

Life tasted Sweet

lynzpower

22 million will go much less far than you would think.

I suggest a freedom of information request to find out exactly what is projected to be spent where.

I think you will be very surprised.

At the end of the day though, its fairly clear that you have made a decision, so im not sure why you are asking.

Personally, I would not buy on an estate where major works would be carried out, having worked with clients who have had major works undertaken and also as an ex- estate agent who saw how much owner occupiers were getting rinsed for works on estates such as this. One owner occuipier was being charged 26k for new windows, when he knew he had had a quote for 5-6k ( cant remember exactly) it was tough luck, so he couldnt afford to pay this bill, so was trying to offload the property, trouble was, with this bill on it, it would have topped the ceiling price of the estate, & thus no one bought it.

I have no problem considering buying on an estate, ex locals are fantastically proportioned housing and generally really good homes, but I would never buy where Major works were being undertaken.

Especially when you see the quality of the workmanship :rotfl:

jonewer

Life_Tasted_Sweet wrote: »

I think prices will fall less in cheaper areas.

!!!!WRONG!!!!

They are cheap for a reason. With a slide in prices, why should people put their money into a bad area at all? After all, they can now afford a better area and if its to be a !!!!!! area then they can make a very much lower offer.

Its !!!!!! areas that really suffer in a crash. Better areas do better. Worse areas do worse.

Thats why people say "buy the cheapest place in the most expensive area not the most expensive place in the cheapest area"

Curious_Moose

You haven't bought it yet, so I'll be honest. It looks hideous.

Sorry, just my 2 cents.

Running_Horse

Life_Tasted_Sweet wrote: »

Ignoring the misplaced snobbery from what I expect are Southern softies, this looks like a good BTL investment. If only we knew what property prices would do? I'll let you all know if I decide to make an offer.

Ignoring the inverted snobbery from what I expect is an ignorant Northerner, who thinks we don't have rough areas down here; what have price predictions got to do with BTL which is governed by rental returns versus mortgage payments? As for the area, they say you can refurbish a pub but not the clientele, the same is equally true of certain council estates.