£450k To £800k In Two Years... Madness!

[deniss]

SW London 3 bed Victorian Terrace - nice but not fantastic area.

Owner has redecorated, fitted a better kitchen/bathroom - can't have spent more than about £35k 'improving' it.

Bought 2005 for £450k On market for £800k - thats more than 75% increase in two years...

I bought a similar house in the same street for £137k in the mid 1980's .. Both missus and me earning a good wage and we only just afforded the mortgage.

My question if 2 professionals on a good salary (at least twice the national average at the time ) in their early 30's only *just* managed to pay the mortgage on £167k then who the fudge can afford £800k now???

It's only a small 3 bed, no garden front or rear - I can't see Russian millionaires piling in???

[iLegallyBlonde]

SW London 3 bed Victorian Terrace - nice but not fantastic area.

Owner has redecorated, fitted a better kitchen/bathroom - can't have spent more than about £35k 'improving' it.

Bought 2005 for £450k On market for £800k - thats more than 75% increase in two years...

I bought a similar house in the same street for £137k in the mid 1980's .. Both missus and me earning a good wage and we only just afforded the mortgage.

My question if 2 professionals on a good salary (at least twice the national average at the time ) in their early 30's only *just* managed to pay the mortgage on £167k then who the fudge can afford £800k now???

It's only a small 3 bed, no garden front or rear - I can't see Russian millionaires piling in???

Location, Location, Location the people buying these houses don't want space or quality of life they want somewhere to lay their heads 6 hours a night before returning to work in the city.

[deniss]

Location, Location, Location the people buying these houses don't want space or quality of life they want somewhere to lay their heads 6 hours a night before returning to work in the city.

I suppose you are right. Someone with a £150k salary, plus £250k accrued city bonus money plus £300k in equity on selling their flat miight *just* make it.

Sad really - when I lived there there were a number of old couples living in these houses - some since the war.

Now the place is 'Ghost Town' during the daytime with all windows shuttered ( busy in their 15 hour a day trading jobs?) and at weekends I guess they go off to the country.

The old ladies sold up and moved years ago.

[Property Owning Democracy]

I suppose you are right. Someone with a £150k salary, plus £250k accrued city bonus money plus £300k in equity on selling their flat miight *just* make it.

Sad really - when I lived there there were a number of old couples living in these houses - some since the war.

Now the place is 'Ghost Town' during the daytime with all windows shuttered ( busy in their 15 hour a day trading jobs?) and at weekends I guess they go off to the country.

The old ladies sold up and moved years ago.

Denis which part of SW LDN? Ive been loking at Tonsleys Wandsworth - see seperate thread - was hoping to buy for 450 but are being marketed as high as 825 - seriously

[deniss]

Denis which part of SW LDN? Ive been loking at Tonsleys Wandsworth - see seperate thread - was hoping to buy for 450 but are being marketed as high as 825 - seriously

Fulham SW6

Although Wandsworth has been a 'spill over' area for Fulham for years but I'm surprised that the spill over area has now got as expensive as Fulham.

[Property Owning Democracy]

Fulham SW6

Although Wandsworth has been a 'spill over' area for Fulham for years but I'm surprised that the spill over area has now got as expensive as Fulham.

I think it has got as expensive - some of those houses by the common even more - you can get from Wand Town to the City in 20 mins thats the difference

[A Fool & His Borrowed Money]

Bought 2005 for £450k On market for £800k - thats more than 75% increase in two years...

It's only a small 3 bed, no garden front or rear - I can't see Russian millionaires piling in???

Yodel-lay-eehoo

Yodel-lay-eehoo

Yodel-lay-eehoo

Yodel-lay-eehoo -weeee! Splat!!!!

[Benedict]

I suppose you are right. Someone with a £150k salary, plus £250k accrued city bonus money plus £300k in equity on selling their flat miight *just* make it.

Sad really - when I lived there there were a number of old couples living in these houses - some since the war.

Now the place is 'Ghost Town' during the daytime with all windows shuttered ( busy in their 15 hour a day trading jobs?) and at weekends I guess they go off to the country.

The old ladies sold up and moved years ago.

Um . . . your maths is a little strange there. You're suggesting someone on a 150k salary would need £550k of equity to buy an £800k house? So they wouldn't be able to take out more than a 1.7x mortgage?

If they've got a 150k salary then even with no equity or bonuses they could still buy the house on a 20yr mortgage and have over 2k a month left over for buying things. They probably wouldn't want to spend that much of their income, but it's hardly as bleak as you're suggesting.