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House Price Crash Forum


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Everything posted by Ealing53

  1. Yes I have got skin in the game - I want prices to fall so I can move up the ladder and buy a house so my kids don't need to share a box room when they're teenagers. I was close to doing this in 2008/9 but couldn't sell my flat, then watched the price of a 3 bed become double that of a flat while the price of my flat stays the same. So forgive me for not subscribing to your market logic fantasies.
  2. And how much stock does death, divorce etc contribute to? If supply is an issue, according to this logic that means fewer people are dying or getting divorced. Plus since when is the housing market a logical one?
  3. Trailer parks? Have we got to that point? What next, favelas?
  4. MMR won't help at all. All that will happen is that buyers disappear because they can't get mortgages, and as interest rates are low sellers are under no pressure to sell. Ergo the housing market will go into complete gridlock which is where we were in 2008/9 after the crash.
  5. absolutely spot on. this is the real scandal in housing, the vested interest of our so-called "honourable members of parliament" in keeping house prices and rents high so they can earn money for themselves.
  6. We're looking for a 3 bed house around the £450k mark. Where I am in Ealing has now climbed to £550k+ for that sort of house, Kingston is a very hard place to look for a house I find - it's very hard to pinpoint decent parts of Kingston. For instance, I like the look of the area just south of the station, but a) it's not cheap and the schools don't seem that good.
  7. I've looked into Kingston and it's not that much cheaper than Ealing TBH. Hence Bromley. In fact, most of west/sw London is incredibly expensive for what you get. Dulwich is also very expensive so that's not really an option.
  8. Thanks for the info on Trinity Village will bear that in mind when we go to take a look. TBH what attracted me was the part-ex offer but that only goes as far as £250k and our flat is a bit over (not much though) - probably not designed to actually be an offer anyone takes up. Will take a look at Orpington.
  9. I'm looking at a new development (Trinity Village) in Bromley, but know absolutely FA about the area. From what I can google, the schools aren't bad at all and it's got good shopping in the centre, but would be interested in everyone's views on the area if they know it. I'm having a hard time persuading my missus that anywhere outside Ealing (which we can't afford) is worth living in, and she will inevitably ask me what the catch is. I though it might be transport, but my view has always been that I'll live where I want to rather than in somewhere I don't want to for a better commute. Besides which you never know what's going to happen with work (redundancy, relocation etc).
  10. That's assuming the average voter is motivated enough to do anything about anything. All it takes is a dancing dog on BGT and people forget to vote.
  11. I think you've hit the nail on the head of why we view home ownership in the country the way we do. Rachmanism was coined in this country after all. While much has changed since then, "landlord-tenant" still has a connotation of serfdom in the UK which is why both parties treat each other badly on occasion. Plus many people still have their memories of student life. We need a more far-reaching reform of tenancy to make it a viable long-term option, not just something you do when you're in your twenties or as a student. That's what happens in e.g. Germany and that's why those countries don't have ridiculous housing bubbles. But then given the number of our MPs who are also landlords, that's never going to happen....
  12. She's asking why investors, particular those from abroad, pay the same as owner-occupiers.
  13. You're right, I work in the East Midlands some of the time and there's a huge difference in how the economies seem to be faring. I don't think there's a bubble either, I think the ladder has been pulled up from ordinary folk. There's now talk in the Standard of pop-up housing in disused garages in Dalston which to me is the thin end of a wedge. This is presumably how townships and favelas develop.
  14. Well, an actor says we don't need it because it's goes near his house so we should stop right now. In fact, there should be no building work in this country for the next 20 years apart from swimming pools in Notting Hill.
  15. If anyone wanted an example of how the London housing market goes on its own merry way, here is a real-life example: In 2010, my wife and I put our 2 bed flat in Ealing up for sale and looked for a 3 bed house. We saw a probate sale on the market for £475k which needed a lot of work (don't all probate sales!) but we didn't mind as it was a project and we were looking for a long term investment. We made an offer of £430k due to the works required which didn't seem that unreasonable given 3 bed houses at the time were going for around the £450k mark, or slightly higher. Our offer was rejected as a cash buyer turned up and offered slightly more (as informed by the EA). I couldn't do anything about actually having a mortgage and didn't want to increase my offer so I said "pass". For the last two years the house has been undergoing renovation including the addition of an extra bedroom in the loft and was put back on the market in last month for.....in excess of £675k. So if I knock off say £75k for the extra bedroom, and then say I had offered the original asking price of £475k, plus say £50k worth of work, that's an increase of at least 14% over the last two years in a time when ordinary people find their wages frozen, cost of living increasing, and unable to get mortgages above a 75% LTV (at a push). Perhaps I should shrug and say "that's life" but it doesn't seem like a tenable situation to have London develop into a land of the wealthy plus their retainers.
  16. Isn't it just EAs telling vendors "your property is worth £x" to get their business then pestering the vendors to take lower offers and get the sale? Happened to me (I'll point out the selling price didn't influence me in my choice of EA as she was a family friend).
  17. That's more Bromley-by-Bow than Bow itself. It's probably a better investment than Uxbridge even though the area is not as nice simply because of proximity to Canary Wharf and the City. I would go for Bow in your particular circumstances, I wouldn't have recommended it if you were going to have kids while you were there.
  18. everytime i look it seems to get worse. check this out - 2 bed house on for £475k... http://www.rightmove.co.uk/property-for-sale/property-24252720.html the whole area is so over-priced I actually just don't want to even look around anymore. the area's not that great!
  19. I'd like to lock Piers Morgan, Nick Knowles, Tim Lovejoy, Phil Jupitus and Adrian Chiles in a cellar and then forget about it for 20 years....
  20. We're currently in "Little Ealing" which is now just as expensive as the Fielding Triangle, when it never used to be. As it happens we were in "Olde Hanwell" (the park near St Marks school) yesterday and I started looking at house prices there and you're right, they are very reasonable particularly if you look at 2 bed houses factoring in the cost of a loft conversion. The area is quite nice as well. I agree with your comments on loft conversions, seemingly every other house had scaffolding on it a couple of years ago. However, I'm sure that in a few months prices in Hanwell will also start to creep up. Demand in Ealing is so far ahead of supply that it's inevitable.
  21. Hi I wondered if anybody else had seen this behaviour in house prices in their area. I live in Ealing in a 2 bed flat which is proving a bit cramped for the family now so am looking to move to a 3 bed house if possible. I put the flat on the market last year but despite many viewings over 6 months or so there were no offers, so I took it off and decided to try again next year. Since then I've noticed that the prices of 2 beds seem to be going down 10%. No big deal for us in our circumstances if the market is moving down in general but irritatingly, the prices of 3 bed houses are going in the opposite direction! The "cost to change" seems to be getting higher and higher. I can see why this is happening. I assume those who would buy 2 beds and smaller can't get mortgages or are waiting for a drop. Meanwhile, there is a shocking shortage of primary and secondary school places in the borough so house prices in catchment areas for desirable schools are going up. Additionally those with 3 beds and above don't need to sell given the low interest rates so are refusing to budge on price. It is utterly frustrating though to find yourself effectively pushed out of the area you lived in for many years.
  22. Hi new member here. As the moniker implies I live in Ealing in West London and joined the forum because house prices behaviour is utterly frustrating where I live. The prices of flats are coming down, yet those of 3 bed+ houses are increasing so people cannot move up the ladder anymore.
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