Monday, Mar 08, 2010
Chelsea prime property with asking price 20% below price paid two years ago
IMDb: Ronnie Wood Selling House
Ronnie Wood has put his house up for sale for an asking price of £5.8m. He bought it less than 2 years ago for £7.25m (current asking price is 20% below sold price in 2008). The house is in Chelsea - one of the premier locations in the UK. Over the past few weeks we have seen reporters, posters on the forum etc claiming that properties in sought after areas are selling at peak prices again.
I would treat some of this information with extreme caution. None of the major indices indicate that this is the case on average - at the most prices are 10 -15% below peak. Some houses may sell at 2007 prices for a lucky few. Houses are still selling for 9% or so below asking price, so if you see something go SSTC at a seemingly high price, you can on average take this amount off the price shown.
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