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  • Property-a-holics

    Nothing for sale in London under £250K!

    I was sold on the idea of Tottenham about 12 months ago when I heard two twenty something media hipsters types talking in a bus from Dalston to Liverpool Street. One told the other she was moving to Tottenham after being driven out of Dalston by high rents. The other responded that "everyone" was moving to Tottenham.

    I have since sniffed around the area and believe South Tottenham is a great area for investment. If I had spare capital to devote to BTL rather than larger developments and BTS it's the area I'd be buying into. I'd be buying houses currently split into flats with a view to converting them back to family homes in 7-10 years.
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    East London based property developer, investor and speaker

    East-Eight.com

    Follow Me: Facebook Twitter Snapchat


    A new article about Holloway, N5, the postcode being discussed in this thread:


    Full/source story

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    Vanessa, I bet you're glad you didn't sell as a similarly located flat to your N5 one went under offer back in March at £320k!

    https://www.rightmove.co.uk/property-for...33912.html

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    My £265000 house in Southend would be about £430000 in Walthamstow, E17.

    It is clear if a pretty average 2 bed house is required you simply need to commute about 40 odd mins to London centre.

    London is now a no buy zone for the average person.

    This is why I believe the comnuter belt will see price increases as all those aspirant London purchasers give up and realise they will have to buy outside London.

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    The average price of a property in the UK is £231,000, yet there is only one house in London currently on sale for less than £200,000.

    The house, which is listed on Rightmove, is in Neasden, north-west London, a 10-minute drive from Wembley Stadium — but interested buyers shouldn't get too excited. The property is up for auction, with a guide price of £170,000, so the amount it sells for could rise significantly.

    It is also currently divided into two flats and will need to have some serious cash spent on it to turn it into a liveable home.

    According to Rightmove, there are currently around 725 properties in the capital listed for sale on the property platform for under £200,000 but most of these are flats, houseboats, garages and parking spaces.

    Full/source article

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    A good friend of mine is a construction manager, started working in london 40 years ago as a labourer, and been working there ever since.

    His view, no one in the private sector builds homes for the domestic market in london, its all for foreign buyers looking for a safe haven for their money, a bolt hole, student accomodation for their kids. He’s done condition surveys on 2 million plus apartments that are 10 years old and clearly have never had anyone live in them.

    Over the last few years a lot of the foreign money has dried up as a result all his current work is on commercial work. There is huge demand for lower cost housing but its impossible to provide it in the private sector and why would anyone when sooner or later foreign money will return and pay whatever is asked.

    Apparently it’ll get even dearer, new rules around air quality are apparently expected to drive up build costs and make gaining planning even more arduous.

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