Sealed bids are happening in Hackney on the better properties post-election
I have been watching the market and the gentrification is spreading out to E5 in a big way now as most of the stock in E8/E9 appears to be fully priced (£1.9m for a house in Victoria Park!). A friend of mine has been outbid 3 times this month, with 2 of the houses going for £100,000 over asking price. The agents' strategies appears to be to price to invite buyers and then people are bidding blind over the asking price.
Who would have thought murder mile is now the hip place for mumsnetters to live! Historically it was a no go:
With London Fields now at £1000/sq ft for the good properties I can see Clapton (closer to £500/sq ft) going this way purely correcting against the rest of the local market.. Pretty scary really, and what will it mean for the locals? Poor sods will be booted out to Essex I guess, and new luxury flats built.
It's toxic - low supply, high demand, credit tap gushing out money. When will it end?
Mark my words, E5 and E3 are the postcodes in London to watch now to see where this heads as they are the traditionally worse areas of Hackney & East London. These should be the first to crash if we have a wobble.