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House Price Crash Forum


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Everything posted by red

  1. Are you genuinely interested or simply doubting my honesty? http://www.houseprices.co.uk/e.php?q=summerlee+avenue+n2&n=10 http://www.houseprices.co.uk/e.php?q=leicester+road+n2&n=10 Both roads I have been tracking and made offers on recently. I've stopped now as prices have accelerated beyond my range and, as I said, we're in silly season - it's bound to slow down, of course. On the first road, a place went under offer at 775 asking price recently. The sort of place that would sell for 500-550 2 years ago.
  2. but...but...I thought the problems were all caused by the sub-prime crisis in America! That's what Brown & Darling told me, anyway... What an utter twunt he is.
  3. You should move to London, then. Some sales are 20% up on 2008 prices around my way - it's gone mental. It's a bubble upon a bubble that didn't quite burst, if that makes any sense...
  4. Whatever you think of Kev McCloud and his slightly patronising drooling over architecture and spaces that 'speak to each other', at least he's not obsessed with the property's price as Krusty & Phil are.
  5. Absolutely nothing. It's called 'vigilance'...
  6. With you there - we're now seriously considering a move abroad. The idea of providing a pension pot for someone at what are now peak prices around here is becoming less appealing by the minute...
  7. Most people would argue that paying your own mortgage off is better than paying your landlord's one off... OK, I'm playing devil's advocate, but I never intended to rent for 5 years, as I have. My rent is the equivalent to a 250k mortgage. I regret not buying two years ago when prices around here fell by around 20%. We're now ABOVE 2008 peak prices, thanks to rate cuts that saved the market and which decimated my savings that were paying most of my rent. I could have paid off 50K of that by now and enjoyed creating a home for my expanding family. Now I am sat in a cramped, rented flat with prices rising faster than I can save. It's utterly s h i t. And when I see posts on here heralding 'bargains to be had' and 'prices falling 30%', I simply think, 'if only'. What will it take to finally take London prices down, ffs? (edit for spelling and extra ranting...)
  8. I have offered 10-15% below asking price on three properties recently and all have gone for asking price. Each time one sells of similar spec, the next one to come on is a little more expensive. Vendors are trying it on like it's the good old days and sadly there seems to be no end of mugs queuing to 'snap them up'. One EA said it's the 'Islington overflow' effect, whereby two young professionals with a 300K+ flat each sell up and move somewhere slightly further out to buy a family house. Unfortunately, that means price rises in areas like mine that were once relatively affordable. Another EA bemoaned the fact that there were so few properties and said a rate rise was needed to force a few more onto the market! Couldn't come soon enough, I reckon...
  9. Well, we're now above peak 2007/8 prices around here (N2), and rising - certainly not reflecting the Land Reg stats. One can only hope the 'London lag' will catch up with the rest of the country sooner rather than later...
  10. Hmm. Easy with the sweeping generalisations. Here in N2 prices are rising faster than I can increase my deposit. It's ludicrous. And that's because of very limited supply. No 'flooding' here, I'm afraid. Anything remotely decent goes within a week and the next one that comes on is 25K more. And on it goes. You could argue this is a bubble upon a bubble but with 30-something couples selling up their two 300K+ flats in nearby Islington and wanting to start families, this area is fast becoming unaffordable to the average Mr & Mrs Red...
  11. I've never understood 'POA' - as if having to call the agent for the price is going to somehow temper the effect of finding out how absurdly over-valued it is. Similarly, 'offers in excess...' means absolutely nothing - except to a nervy vendor convinced their property is 'worth' a certain amount 'and not a penny less.' The buyer sets the price. End of.
  12. Nope. And as I keep saying, all it takes is for one property to sell at these absurd asking prices (particularly in areas where there's so little good stock available) for all other vendors in the area to justify their own idea of their property's 'value'. It's a situation that will only change when vendors are taken out of this little comfort zone they happen to be in right now (in my area, at least). IR rises, please... p.s. a chat with a local EA on Saturday revealed that he is keen to see IRs rise and prices fall in order to get volumes up. The penny's dropped for one, it would seem.
  13. Really? What would you do if you were selling right now and the house next door had just sold in excess of 2008 peak prices? Cos I know what I'd do - try it on at the same asking price. Perhaps a bit more. And that's what I'm seeing around here. Can't blame the vendors for having a go as there seem to be no end of cash-rich mugs prepared to fork out top dollar right now. Annoying but it's just market forces. Until the market gets a jolt of rate rises, that is...
  14. I refer to decent parts of London - and Milton Keynes isn't in London, btw. Where I live - and intent to buy - we're back to pre-2008 prices. Fact. A weaker pound has attracted foreign money since the crunch, no doubt about that. And they're buying in affluent parts of the capital, pushing prices up. Not many, but enough to have an effect on the stats. I don't see how one can argue that London is holding up better whilst prices nationally fall and for the reasons I've outlined. And to label me a 'desperate VI' is laughable considering the many years I've been here making my opinions very clear...not clear enough, I guess.
  15. nope. The tsunami (understandably) took centre stage. I will listen out and post again if they mention it...
  16. just heard on Radio 5 live that they will be talking about this drop in lending and 'what it means' in a short while. Can't wait to hear the VIs bleating on about mortgage restrictions, etc. rather than address that actual problem. Might be worth the odd missive: Call 0500 909 693 Text 85058 Email: [email protected]
  17. You did very well to bargain down to 200k from 325k... I'd be c0ck-a-hoop with that sort of %age drop around here.
  18. Well, the EA who showed me around a home last week actually said as much - that they wished prices would fall so they could do more business. They would claim, of course, that their dilemma is they can't give lower valuations as they'd get no instructions - the seller's expectations must be addressed, too; it would also help if buyers weren't leaping in and desperately buying at near asking price, which merely re-enforces other vendors' expectation of a high price. Lots of factors at play, here.
  19. I would dearly love to believe that could happen in London, but I fear there's a resilience that'll take some shifting...there's simply too much money swilling around to keep the bubble going (cash-rich City boys, foreign money, etc.) and unless we see meaningful IR rises, Londoners will sit tight restricting supply, maintaining bubble prices. Happy to be proved wrong, of course...hopefully before I end up buying at these insane prices.
  20. Ben Broadbent. http://www.hm-treasury.gov.uk/press_30_11.htm I think the fact that the markets have 'priced in' rate rises mean it's a case of when, not if, the BoE raise. The effects of them being 'vigilant' and doing nothing could have other damaging repercussions, of course... http://www.thisismoney.co.uk/interest-rates
  21. quelle surprise. I wonder what the votes ratio was this time, though...3-6? 4-5 and bums will be twitching...
  22. There's more chance of me finding a reasonably priced property in London... no change, nailed on. Actually, I'm voting for a CUT in IRs. Down to minus 2%.
  23. I agree with RB to a point in that London is certainly where the money is, hence higher prices. But moving out is not an option for us for various reasons and having seen prices crash so sharply around here in 2008 (damn, I wish I'd bought then!) I just hope that a turn in sentiment is not that far away (following an IR rise, for example) to soften the market.
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