Fifties ex-council flat goes on sale in South Kensington for £1.15m

How long before the madness ends?

Right to buy is a great thing, isn’t it?

A few points

Flats in that building rent for £3000 a month on private market.
A flat in a private block would be £2m.
Next to Michelin building/Bidendum (you can see it just to left of photo)
So plenty of upside versus that pricing level
Shows what a good deal a council flat is in that area and there are many 100’s

@cynical-al – its about 1/4 mile away from where we had a beer

The Mash nails it! 😆

Flats in that building rent for £3000 a month on private market.

So what was once affordable housing is now completely beyond the reach of ordinary working people.

You’re going to tell us this is a good thing aren’t you ?

Maybe you think that we have too much affordable housing ?

One reason it’s insane is that £1m even in this environment will buy you a really nice flat elsewhere in Central London.
Or a really nice house in suburbia – and I mean a NICE house
If I was going to spend £3k on renting a flat I wouldn’t want ex-council…

ie. the fundamental realities of the place don’t justify the price – people are delusional about the worth of London property, which is not a good sign…

When the London bubble blows, London itself will suffer, as will the rest of the precariously-balanced UK economy.

Last time we had stories like this (mid-noughties) we had a bust within 2 years. The time before that we had stories like this was late-eighties – and we had a bust within 2 years.

Ah another broess doom monger thread .

Still renting in the belief your going to save a packet ?

Not at all @ernie, I am in favour of more affordable housing to be built by the government. I would stop the Labour councils from selling it off en-masse to developers. What I am pointing out is what a fabulous deal affordable housing is in the area, that’s why it should be means tested and for key workers without a permanent right to live there. I happen to live in the neighbourhood and these flats are full of retired people, given the stress on housing in the center of London is that really wise ? Shouldn’t nurses or other key workers be living there ?

I am part of the campaign to keep the Sutton Dwellings as affordable housing (its next to this building) link[/url]

@brooess this is in the best part of South Ken about 1/2 mile yards from Kinghtsbridge and Harrods. Why don’t you look what happened to prices in these areas in previous “busts”, yes each time they dipped and soon recovered. As I said a private flat in the building next door would be £2m. As for suburbia some people don’t want suburbia, or a house, or a 45 minute commute in a packed expensive unreliable train.

ie. the fundamental realities of the place don’t justify the price – people are delusional about the worth of London property, which is not a good sign…

The fundamental realities are it’s location. London is where the well paid jobs are, its where the international buying is (international buyers usually paying cash so no mortgage). London is still cheaper than many international cities.

Interesting Andy – hope you are available again this year?

What I am pointing out is what a fabulous deal affordable housing is in the area, that’s why it should be means tested and for key workers without a permanent right to live there.

yeah once you’ve past any kind of usefulness you can **** off.

Ah another broess doom monger thread .

Still renting in the belief your going to save a packet ?

Still renting because I can’t afford a mortgage actually… or at least, I could but I won’t be able to afford to make payments into my pension as well… and be having to watch every penny cos I’ll be skint. I’m not badly paid either…

Why would you offer so little sympathy to people priced out of owning their own home anyway? Do you laugh at poor people too?

Why would anyone want a flat in a stinking great city ?

so that they can shop at Harrods and eat at Bibendum apparently.

So, surely the council could sell their remaining stock to liquidate the asset, and build loads of new properties with the money?

Yeah in sunderland. They could call it new pimlico or something then the residents wouldn’t even notice

I Imagine that with every flat you sell you could almost cover the cost of building a new one in the same place.

Do you laugh at poor people too?

Don’t we all!?

Is this a regional thing where it costs more to mortgage than rent? I’d have thought it would all be in roughly the same proportions.

I happen to live in the neighbourhood and these flats are full of retired people, given the stress on housing in the center of London is that really wise ? Shouldn’t nurses or other key workers be living there ?

Whilst monocultures aren’t a good thing, surely replacing them with more monocultures is equally bad? Why can’t everyone just live side by side?

I Imagine that with every flat you sell you could almost cover the cost of building a new one.

In London? You could probably sell one and build at least ten times that provided you had the land.

The state of social housing in this country has gone beyond madness, thank god we’re losing right to buy up here.

No i just laugh at your poor me woe routine on here.

We all had to play the game.

Im not from royalty either.

Its been two years you have been warningnus of an impending crash.

provided you had the land

Is this a regional thing where it costs more to mortgage than rent? I’d have thought it would all be in roughly the same proportions.

Whilst monocultures aren’t a good thing, surely replacing them with more monocultures is equally bad? Why can’t everyone just live side by side?
No yields vary widely. Its cheaper to rent than buy in this neighbourhood.

The issue in my mind is why should there be some many retired people is this affordable/council housing in the very centre of London

Why would anyone want a flat in a stinking great city ?

I am a country boy at heart but this area is 10 mins from work. I commuted for 75 mins each way for 25 years and that sucks.

so that they can shop at Harrods and eat at Bibendum apparently.

😀

As an ex employee or Kensington and Chelsea council I can assure you that the only thing they care about is making money.

Interesting Andy – hope you are available again this year?

I should be, let me know nearer the time. We may be able to put you up too.

The issue in my mind is why should there be some many retired people is this affordable/council housing in the very centre of London

perhaps because it’s their home.

A ground floor one with a patio garden and off the main road was on for £1.375m in December. The building is nothing to look at from the outside but the flats can be nicely done inside.

link

@ Dailymash class

Why would you offer so little sympathy to people priced out of owning their own home anyway? Do you laugh at poor people too?

He can’t help it, it’s a terrible affliction called Conservatism, which is very difficult to treat.

Do ppl think the original tenant sold it at this price? From the interior description its probably been thtough subsequent owners/increases

Insane.

Can we have a referendum to separate the rest of the country from London?

I reckon if we blew up the train line to London, Cambridge house prices would drop 10% overnight….

If we converted the m25 into a dirty great ditch it would be even better

Totally nuts an utterly broken market.

Insane.

Can we have a referendum to separate the rest of the country from London?

Actually the Tory policy of forcibly selling off council flats which has led to this ‘insanity’ was more popular in the rest of the country than it was in London.

Had it been left to Londoners Thatcher would not have won elections and her policies could not have been implemented. It was precisely due to this lack of support for Tory policies which led Thatcher to abolish the GLC leaving London the only capital city without a city-wide authority.

Actually the Tory policy of forcibly selling off council flats which has led to this ‘insanity’ was more popular in the rest of the country than it was in London.

Had it been left to Londoners Thatcher would not have won elections and her policies could not have been implemented.

Eh? Horace Cutler was selling Londons council houses before Thatcher was even elected – it was the success of the scheme in London that saw her extend it nationally.

Which explains why Londoners repeatedly voted for a Labour GLC led by Ken Livingstone in the 1980s.

During the 1980s some of the greatest opposition to Thatcher and her policies came from Ken Livingstone/the GLC.

Thatcher wasn’t having any of that.

When the Tories kept losing the LCC elections they abolished the LCC and created the GLC in the hope that gerrymandering would help them when elections proved just too hard to win.

When even after gerrymandering they still kept losing GLC elections the Tories simply abolished London-wide elections.

London historically has never been very good for the Tories. Blaming Londoners for Tory policies is clearly well out of order.

If the general election this month had been left to Londoners to decide the Tories would not be in government.

I’m looking forward to the price correction. It might take 2,4, even 10 years, but seeing the market come crashing down to reality is going to to be interesting.

Reminds me of the tech boom in the end of the 90’s. The market will keep going up for ever, it’s a new world!!

Nope.

Which explains why Londoners repeatedly voted for a Labour GLC led by Ken Livingstone in the 1980s.

Repeatedly?

There was only one GLC election in the eighties, 1981, Labour won by 2.1% of the vote

Plus the tories won the London local council elections in 78 and 82, lost in 86

You mean the Tories banned all further elections.

This btw is a clearer picture of how London voted this general election

1981, Labour won by 2.1% of the vote

While the rest of the country swung decisively behind the Tories/Thatcher. Precisely my point.