How to make £225,000 in four months

cgoose

THE nature of our city’s barmy property market means we are all getting inoculated to any surprise over prices. Take the site of the old Crown and Goose pub in Camden Town, where campaigners who wanted the bar to stay open argued for many years that something social was being lost in the rush to maximise profit on every street corner in London.

It may seem a wacky, drunk graph for anybody living outside of the capital, but the open files on the Net House Prices website will hold less of a shock factor for locals, even if they do record the same apartment changing hands twice within four months there last year, with an uplift of £225,000 between the sales.

Needless to say, you’d have to sell a lot of lager to make that much from a pub, regardless of its popularity, in the same 111 day period.chanthouse

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7 Comments on How to make £225,000 in four months

  1. andrew morris // February 24, 2016 at 11:05 am // Reply

    time for Camden to introduce its own affordable home policy , and resale rules

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    • Camden are heavily involved in the madness, building leasehold apartments for private sale at the current bonkers prices e.g Bacton Low Rise. There are other developments current and projected over next 10 yrs. They aver their hands are tied. It’s their big plan to outwit the Tories- develop lux flats.

      The plan is a gamble. A market “correction” or crash seems ever likelier. Distressed properties belonging to underwater mortgagees will wipe the smile from many bearded faces.

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      • Misrepresentation of the council’s housing policy there by someone who clearly wants to misrepresent. There’s a world of difference between funding new council housing by building flats for private sale and flogging off an old pub and turning it into flats for profit.

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        • Tom Young (@thdyoung) // February 27, 2016 at 10:52 am // Reply

          We’ll see how the Camden gamble goes: it depends on high prices, and it would be seriously impaired by a correction. Those responsible for misrepresentation are slowly becoming clear. Let us hope very bad things do not happen to the property market – that it stays overpriced and exclusive so Camden’s property development plans work out.

          Participation in property madness is without question the main plank of Camden’s Executive plan. A ration of social rent housing is being built by Camden through it. The number of net additional social rent homes per year is small. So this Executive are not the Housing Heroes they claim to be. They’re modest contributors.

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          • I fail to see the gamble once the development is paid for but at least you have been consistent in your opposition to new council homes. The 2014 Labour manifesto here set out the Community Investment Programme aims and was voted in by the people of Camden. True, the council homes are a mixture of replacement homes and new ones – the conditions in Bacton Low Rise required a new development partly due to poor original design and partly due to council housing being starved of proper investment for so many years. You are welcome to tell tenants moving in that it’s the wrong scheme, but I doubt they’d agree. But in the absence of offering an alternative model of financing I don’t see what your solution is.

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  2. Joseph Black // February 27, 2016 at 5:16 pm // Reply

    A cynic might say that people voted negatively for Tories and their shameless collaborators, the Liberal Democrats. This isn’t quite the same as the people of Camden voting resoundingly for their council to act as naive property speculators, decimating established employment sites, and selling-off and privatising assets owned by the public while clinging desperately to the outside of a slippery property bubble soon to burst.

    That the council has also failed spectacularly in obtaining its stated 50% (unaffordable) “affordable” housing on all developments across the borough, opting to accept the “legalised bribery” of Section 106 monies, is also widely noted. Yet despite accruing significant funds in pay-offs from private property developers, and over £200 million from the sale of public assets, public services — services for children, the elderly and vulnerable, libraries, community centres, toilets, etc. — are all under threat.

    Not to worry though, the council has built itself some new offices under the Tory plan originally opposed by Labour but facilitated by Labour all the same.

    The Tories, in their usual style, are waging all-out class war on the subjects of this country and our “opposition” can muster nothing in the way of fight. Resistance is incompatible with collaboration and history has shown us the darkness into which collaboration with the enemy is likely to lead.

    Fortunately for Councillors, when the time comes to pick up the pieces, they are unlikely to be around to apologise or make amends for their conscious, witting and short-sighted misdeeds, leaving the people of Camden living with the pernicious legacy of privatised everything bequeathed to them by transient glory-seekers who take little in the way of responsibility for their deeds, preferring instead to blame Tories for their actions and their own dearth of imagination.

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  3. Blackwell’s claim I’m opposed to Council or Social Housing is annoying but equally what one would expect. He knows nothing about my long-standing efforts to locate small site opportunities for social housing in Camden or attempts to find corners for affordable workspace. He adopts a Bush-like attitude: “Either you’re with us or against us”. It’s intellectually bankrupt. We will persevere.

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