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How is an Apartment with Two Bedrooms worth £730k?

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It's newly built in London, but only two bedrooms, really? It looks insanely overpriced.

I know, it's due to inflation (and demand?) though that price/value does not seem worth it. Maybe someone who knows about it can explain.

PhilipMarc
a week ago
What do you think of this?
blacklabrador
blacklabradora week ago

London properties are at a premium.

Do you know whereabouts in London it is?

Example, if it's in Knightsbridge, Mayfair or Notting Hill then it's on the lower price side.

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PhilipMarc
PhilipMarca week ago

blacklabrador Brent district.

I've been looking at properties, but outside of the major cities. Feels like London is too populated when there are other parts of the country deserted.

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didbygraham
didbygrahama week ago

At the end of the day its only over priced if no one pays it! Sellers will always try and get the highest prices they can. The demand for properties is still there at the moment - but with mortgage rates going up at the moment I would think twice before taking on too much at the moment. Im looking to pay mine off this year...

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sam07
sam076 days ago

Can I just say estate agents have a big hand in bumping up prices.

About 13 years ago when we were looking to buy a small,modest reasonably priced house it felt impossible.

Often the estate agents would not pass on our offers to the seller as they wanted a bigger cut and also start a bidding war with other interested parties to encourage higher sale price.

In the end we managed to buy a house after viewing it and speaking directly with the seller as apposed to passing on the offer to the estate agent.

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Johnny
Johnny
LD Hunter
6 days ago

sam07 In the UK, estate agents must treat buyers fairly. They must show any offers promptly and in writing to the person selling the house by law. So make sure you make your offer in writing, and can prove that it was made.

Estate agents are also legally obliged to pass on any other offers for the property to the seller right up to when contracts are exchanged.

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sam07
sam076 days ago

Johnny Yes I am aware of their legal obligations but unfortunately I have first hand experience and evidence of this unfortunate malpractice from them.

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Johnny
Johnny
LD Hunter
6 days ago

sam07 As you say this happened to you several times (often), it sounds like your offers may have been too low. An estate agent can refuse an offer if they have been instructed by the seller to refuse offers below a certain price.

If you don't get a response to your offer with 48 hours from the Estate Agent chase it up, and if necessary contact the seller direct with your offer explaining that you haven't had a prompt response from their agent. Personally I always try to meet the seller in person and chat with them about their property, their neighbours and the neighbourhood, before making an offer via the agent. It's worth getting the seller's full name and contact details whilst you are at the property. Estate agents don't like prospective buyers exchanging contact details with sellers, but there's no law against it.

It's too late for you now of course as you have already bought, but hopefully others may learn something from your poor experience.

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sam07
sam076 days ago

Johnny lol I dont think I ever gave an under offer lower than the asking price.

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blacklabrador
blacklabrador6 days ago

We see the same thing around here.

Houses go up for sale at ridiculous prices, I think they just throw them out there to see if anyone who is desperate to live in the street/area will pay above the odds.

If not they simply drop the price.

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Mick82
Mick825 days ago

That would buy a country estate wit quite a bit of land over here in Northern Ireland

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livvie2022
livvie20225 days ago

Idk

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Lynibis
Lynibis5 days ago

Everyone is in it for themselves with the buyer the one who suffers. It isn't just the cost of the house but all the associated fees. Impossible for most ordinary folk to buy especially if they are trying to pay rent which is mostly more than a mortgage would be.

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