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Sunday, February 19, 2017

A story about one property in London

This is the remarkable story of just one house in London, above, (prices given have been converted to euros for Feb 2017). This house had laid in the hands of a hard working and honest family for decades until it was finally sold in 2006 for the gross sum of €403,000, before the usual taxes applied and what any good solicitor could get out of it. This left a net sum, give or take, of €340,000. That was eleven years ago. But the price of this unremarkable semi-detached house was about to soar afterwards, as you can see by the table below, courtesy of Zoopla, the biggest and most respected property website in the United Kingdom.  

The next time it was sold was in January 2008, just 18 months later for €754,000 and it did
not stop there. 4 years and 7 months later it was sold for €917,000. Today it is valued from €1,519, 000 and is still rising. Based on the current trends it could go even higher. At present there is a difference of almost €1,200,000 above the original net amount received by the seller back in 2006 to what it is valued now. Rent alone in this area for a family home is around €4,500 a month or well over €1000 a week

Location, location, location: Of course the three L's matter but location, almost anywhere, given time, go only one way and that is up, and judging by the stock market of late it is more of a sure bet. Oprah Winfrey said it best: " I put my money in property for they are not making any more of it."  The key is to buy low and sell high if you can afford it at all in the first place.

Barry Clifford

Value history

6 months ago
↑£9,783 +1.0%
1 year ago
↑£85,011 +9.0%
2 years ago
↑£200,485 +24.2%
3 years ago
↑£326,712 +46.6%
4 years ago
↑£377,520 +58.0%
5 years ago
↑£388,546 +60.8%
Rental value
£3,539 pcm 
£3,101 - £3,976 pcm 
Sales history
25th Sep 2012
End terrace house
25th Jan 2008
End terrace house
31st Jul 2006
End terrace house

Average home values for SE23