Calling bottom on house price market

[MrMarkyMark]

This time next year Rodney!

BOOMED!!!!!

[ChimpMaster]

Didn't like that 5 bedroom house, stupid layout - I am not the type who can do DIY inside to make it nice. My flat is good, two parking spaces behind gates, very large (1500 sq ft), I need to live somewhere - I've calculated that I'll need 10% bank savings rate (factoring here tax) for the same money to make up for rent I pay.

This time next year Rodney!

1500 sq ft is large? Are you a mouse?

Also with flats you will be paying a service charge and ground rent, and you will be running down the clock on the lease, eventually resulting in a reduction in the value of the property. I hope you've thought through these points.

[jamesbrown]

1500 sq ft is large? Are you a mouse?

Also with flats you will be paying a service charge and ground rent, and you will be running down the clock on the lease, eventually resulting in a reduction in the value of the property. I hope you've thought through these points.

1500 sq ft is pretty large for a flat. However, you're right on the substance. FWIW, pretty much the only developments in my part of the SE that haven't appreciated over the last ten years are flats with relatively short leases (<125yrs) and high service charges.

[DimPrawn]

1500 sq ft is large? Are you a mouse?

Also with flats you will be paying a service charge and ground rent, and you will be running down the clock on the lease, eventually resulting in a reduction in the value of the property. I hope you've thought through these points.

How big is a house? Average house size by country | shrinkthatfootprint.com

US home size has fallen a little since the recession, to 201 m2 (2,164 ft2) in 2009. UK house size is relatively small at 76 m2 (818 ft2) while Canadian houses are quite big at 181 m2 (1,948 ft2). For China the data only reflects urban properties, which now average 60 m2 (646 ft2) and have almost doubled in size in the last 15 years.

[DimPrawn]

1500 sq ft is large? Are you a mouse?

Also with flats you will be paying a service charge and ground rent, and you will be running down the clock on the lease, eventually resulting in a reduction in the value of the property. I hope you've thought through these points.

How big is a house? Average house size by country | shrinkthatfootprint.com

US home size has fallen a little since the recession, to 201 m2 (2,164 ft2) in 2009. UK house size is relatively small at 76 m2 (818 ft2) while Canadian houses are quite big at 181 m2 (1,948 ft2). For China the data only reflects urban properties, which now average 60 m2 (646 ft2) and have almost doubled in size in the last 15 years.

PS Average Australian house is 243 sq metres, or 2615 sq feet. This is another reason why a lot of people I know have left this tuliphole country. Their house is 4x that of their old UK house for the same money.

[AtW]

1500 sq ft is large? Are you a mouse?

It's ok for two bedroom flat (3 really with mezzanine on 3rd level).

Also with flats you will be paying a service charge and ground rent, and you will be running down the clock on the lease, eventually resulting in a reduction in the value of the property. I hope you've thought through these points.

That is true. Flat owners will have vote in management company that was created and decide how to spend, right now I was informed expected service charges are £ 800 per quarter, I believe that includes ground rent.

All flats are Leasehold- tenure is 999 years apparently, should be enough for property crash to happen ...

Flat size is actually 1638 sq ft

New build houses are small, and flats especially - I've seen one two days ago in same area, new 2 bedroom flat, £1100 rent (already more than mine), just 1 parking space - I doubt it's even half the size of mine.

[MrMarkyMark]

FTFY

That is true. Flat owners will have vote in management company that was created and decide how to spend, right now I was informed expected service charges are £ 800 per quarter, for which they will do absolutely nothing, I believe that includes ground rent.

[ChimpMaster]

It's ok for two bedroom flat (3 really with mezzanine on 3rd level).



That is true. Flat owners will have vote in management company that was created and decide how to spend, right now I was informed expected service charges are £ 800 per quarter, I believe that includes ground rent.

All flats are Leasehold- tenure is 999 years apparently, should be enough for property crash to happen ...

Flat size is actually 1638 sq ft

New build houses are small, and flats especially - I've seen one two days ago in same area, new 2 bedroom flat, £1100 rent (already more than mine), just 1 parking space - I doubt it's even half the size of mine.

Service charge is normally paid 6-monthly. £800/quarter is far too much unless you're somewhere special like central London. £800/6 months is probably more likely, but still a sting of an extra bill at £130/month for which you'll get nothing.

Otherwise sounds good though, esp. the lease length and flat size.

[AtW]

Service charge is normally paid 6-monthly. £800/quarter is far too much unless you're somewhere special like central London. £800/6 months is probably more likely, but still a sting of an extra bill at £130/month for which you'll get nothing. Otherwise sounds good though, esp. the lease length and flat size.

I am told that service charge will be decided by flat owners who will have share in management company, leasehold is probably owned by that company. I'll get advice from personal lawyer on this, they'd get all details.

There are some risks in it - front gates are listed I suspect, and bell tower also, other than that it's brand new building built in 2007 or 2008.

Right now I need place to live somewhere I like, and even if monthly service charge is £250 then I can live with that, if it's £130 per month then it's very nice, for me I'd be saving £1300-1500 per month on rent, nice secure parking for my future posh motors

[PurpleGorilla]

Calling bottom on house price market

How big is a house? Average house size by country | shrinkthatfootprint.com

US home size has fallen a little since the recession, to 201 m2 (2,164 ft2) in 2009. UK house size is relatively small at 76 m2 (818 ft2) while Canadian houses are quite big at 181 m2 (1,948 ft2). For China the data only reflects urban properties, which now average 60 m2 (646 ft2) and have almost doubled in size in the last 15 years.

PS Average Australian house is 243 sq metres, or 2615 sq feet. This is another reason why a lot of people I know have left this tuliphole country. Their house is 4x that of their old UK house for the same money.

New UK houses are like tins of Quality Street. Twice the price for half the size.