Richardsal

yes but after a massive hike in asking. Directionally good news though!

Balham, Tooting, Wandsworth

HPI, I think is already slowing down. MMR perhaps the key factor? The question is when and how big the crash is going to be. From my little corner of London I see a a remarkable uptick in instruction at very unrealistic asking prices, but once on the market perhaps we will see reductions. Hopefully that will start a race to the bottom.

I agree that we have at peak, perhaps a bit over. A lot of new instructions around mine but still at deluded high prices. I doubt any will shift at those levels.

Haha, the new Shoreditch right? Joking aside, prices in SW17 are ludicrous to the point that people are running away.

I am also watching a part of SW London (Wandsworth). What I am witnessing it is that EA's are overvaluing properties but transactions seems to be very slow to come by, and this is against relatively low level of new properties coming on the market. I was talking to one of the bigger agents yesterday and they said that market has suddenly softened due to, they think, the more stringent lending criteria bank have to adhere to. I think it is more that most places on the market are at an asking of about £75k at least above where I would have expected them to be and buyers are not biting obviously. Is this the classic bump the price up 15% so you can accept offers 20% below asking? If so, it seems a pretty stupid tactic given the level of information available today. Even more stupidly is that one Agent started this, but now everyone seems to be following on the same trend. So I think, definitely a slow down here but against unrealistic demands from sellers.

Sorry if a stupid question, but doesn't one have to also discount (and therefore forecast what it may be) the resell value of the property in today's money? That would probably more than double any valuation on income alone, wouldn't it?

Almost our neighbourhood also. Yes those houses are stunning and a conservation area (I think?) also. But no bloody way this is worth that money....just crazy. Seen a full one of those double fronted advertised for £2.8m recently (not on anymore I think).

I am not sure if they are selling, but many Sold STC around my area (SW London, Wandsworth and Lambeth) with some really unbelievable prices. A couple I know bought a really small flat few weeks back for like 290k in a part of SW where I thought it should have been 250k max. He told me that the day of completion, when he got the keys, the EA said to him that if he wanted to stay put and flip it he would get 350k. He moved in as he wanted a place to live in but still hard to believe. Around mine we can really see this craziness going on.

Hi all, A few words about me then. I have always been interested in economics which has brought me to find this forum. I am interested in the topic 360 degrees but clearly in this country this only mean one thing sadly. Me wife and 2 kids are mortgage owners having taken the plunge about 11 years ago. We live in London and don't know how prices will go in the future but try not to make this as an obsession, and we ban the subjects hen we have friends over for dinner. In any case we are staying put for the foreseeable as kids are about to start school and all that follows. Best Richardsal