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Old 2nd Nov 2005, 14:21   #1
Wavid
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Default UK Property Market Madness

From the BBC:

Quote:
Run-down bungalow sells for £3m

A run-down family bungalow in one of Britain's most expensive seaside resorts has sold for almost £3m.


The house in the Sandbanks area of Poole, Dorset, has been bought by an anonymous purchaser who now intends to demolish it and build a new home.

It is believed he intends to spend another £1m on the new build. Local estate agents said a similar new house in the area sold for £5m recently. The bungalow, Flintshore, was in the hands of a family for two generations.


It is thought it was built 50 years ago, at a cost of just a few thousand pounds.

The buyer also spent £200,000 for the use of a nearby garage as part of the £2.75m sale, which went through on Friday.

Francis Payne, a manager at local estate agents' Tailor Made, which sold the bungalow, told the BBC News website: "There's quite a few of these types of properties left in Sandbanks.

"But people do not tend to part with them, only once in a blue moon." Recent research revealed Sandbanks to be the country's most expensive seaside resort, with the average property selling for £531,280.
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Old 2nd Nov 2005, 14:30   #2
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Default Re: UK Property Market Madness

Well, I happen to know the Sandbanks area quite well - it's about 40 minutes drive down the A31 from where I live. During the summer, we frequently take trips down to Poole Harbour to windsurf there, which takes us through Sandbanks. The truly daft thing is the properties there are not that impressive. We're not talking exclusive Beverley Hills here - or Mulholland Drive or owt. Oh yes, they're big alright, but not exactly mansions. And many are downright tatty. The assumption we've often made is that those who are willing to cough up zillions to live there, must feel they are joining an exclusive club which makes it worth the crazy expense. Frankly, when you see what poor value for money the houses there represent, it's laughable.
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Old 2nd Nov 2005, 14:32   #3
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Default Re: UK Property Market Madness

Apparently, Sandbanks is the fifth most expensive place in the world for what our American cousins term real estate. Manhatten is number one, followed by Tokyo, Hong Kong and an area of central London. Then it's Dorset.
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Old 2nd Nov 2005, 14:46   #4
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Default Re: UK Property Market Madness

Quote:
Originally Posted by HoneyPotts
And many are downright tatty
I think that's widely agreed in this case, even by the estate agent, who said the bungalow is in pretty bad condition. The buyer intends to knock it down and build a 'proper' house, so the location - opening straight onto the beach - is presumably the clincher. Oh and the land, which the Guardian in its report called "only 160 metres by 45 metres" - er, so that's 'only' 77,000 square feet then?

I've never understood the thrill so many people (or media outlets) seem to find in rising house prices. Why is it a good thing that you would no longer be able to afford your own home if you were buying it now? Am I the only person who views "house prices stabilise/fall" stories as good news, and vice versa?
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Old 2nd Nov 2005, 14:51   #5
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Default Re: UK Property Market Madness

I personally am resigned to the fact that I may never own my own home, and any chance I do have will probably have to wait till I am in my forties and keep working till it is paid off.

The other alternatives include the death of a secret wealthy relative or a crash in house prices.

edit: sorry, forgot the other option, which is to sell Palimpsest to a massive media organisation for millions.
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Old 2nd Nov 2005, 15:02   #6
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Default Re: UK Property Market Madness

I agree with you, John. I think it's simple greed that delights in inflating house prices.

And like Wavid, I'm not in a position to buy a house, either now or more likely ever, unless a) get left a sizeable sum by someone which might possibly happen... or b) I get a hefty publishing contract which will *never* happen
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Old 2nd Nov 2005, 15:13   #7
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Default Re: UK Property Market Madness

I'm never going to own my own house; that much is clear by the ridiculous prices houses go for. That is, of course, if I stay where I am or head sourth or east. Heading north to places like Perth would net a cheap home, but there's no big business there so where would I work?
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Old 2nd Nov 2005, 15:16   #8
jim
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Default Re: UK Property Market Madness

Quote:
Originally Posted by John Self
I've never understood the thrill so many people (or media outlets) seem to find in rising house prices. Why is it a good thing that you would no longer be able to afford your own home if you were buying it now? Am I the only person who views "house prices stabilise/fall" stories as good news, and vice versa?
This always gets me too. Unless you're downsizing (or moving to Hull) or your folks snuff it and leave you their house (which in my book anyway shouldn't really be a cause for celebration), house price inflation isn't really a good thing at all. The only way I can trade up at the moment is if the gap between the cost of my house and the one I want to move to narrows which will only occur in a falling market.
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Old 2nd Nov 2005, 15:25   #9
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Default Re: UK Property Market Madness

I'm afraid there's a little bit more to it than simple greed, Col. Rising prices, while shitty news for potential first-time buyers, is indicative of increasing consumer confidence and buoyant markets, which in turn encourages consumer spending and the wheels of business to turn briskly. However, as jim points out, home-owners rubbing their hands with glee at their increased property value, may well have lost sight of the fact that should they decide to sell, they will also have to pay more for their next property. Unless they're planning on selling up and sailing away for cheaper and possibly more exotic shores (yes, please!) in the near future. But John's glee over falling prices is misplaced - well, it is if he's got one foot on the property ladder and has a mortgage. If prices continue to drop (which is always the fear), to find you now owe more than you would possibly get for your property should you sell it, has completely scuppered some folk - often through no fault of their own. Given that tumbling house prices are often accompanied by falling employment, due to overall lack of financial confidence, the last major property slump saw many struggling to meet high mortgage repayments on a property that was worth far less than they bought it for, and in some cases, finding themselves without a regular income to boot.
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Old 2nd Nov 2005, 15:27   #10
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Default Re: UK Property Market Madness

True, HP, on all counts, but I still think it's greed that accounts for the "thrill" that John mentioned, rather than an appreciation of the macro-economics involved.
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