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2ndtb83

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About 2ndtb83

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  1. I bought a flat in Lewisham (not Blackheath) recently after 10 years in Islington and am on high five figures. The other leaseholders in my building are made up of an adviser to a Cabinet minister, an up and coming composer and a few middle ranking city types. Where I lived in N1 the neighbours appeared to be made up of the very wealthy, the old and the poor. Indeed I think I was the only person who worked among those living in the outwardly elegant street property (formerly council owned) where I was based. Tbf I prefer living among my new neighbours. The fact is London is changing. Prev
  2. It's going to fall across the board, but to different degrees. PCL is being hammered because the smart foreign money is officially on strike. I also expect that the era of ugly 1960s semis in Harrow going for £1million+ is probably coming to an end. I'd be more surprised if Victorian era properties and nice new builds in zones 1-3 fell dramatically. One of the things that people rarely mention on this forum is how what's perceived to be desirable when it comes to housing in London has changed over time. It used to be the case that if you couldn't afford a home in zone 1 your second best bet wa
  3. This thread is really stimulating. Fwiw I think that a plentiful labour supply especially for relatively unskilled jobs does help to explain why incomes at the bottom end of the labour market haven't kept pace with the median. But migration is only part of it. Welfare reforms since 2000 means it's less tenable for a non disabled person who doesn't have young kids to doss about for years on the public's dime. Also, there are more mothers seeking part time work, lots of young British people willing to work for low wages and more healthy pensioners wanting to work a few hours every week. And that
  4. Hi Like a lot of people on here I suspect the air is leaking out of the BTL market but this has led me to wonder about how the dynamics might play out in London. As far as I can tell there are several property types that characterise the rental market in London. The 4-5 beds in Zones 3-5 that have been converted into HMOs. Survival depends on low paid single migrants staying after Brexit. If lots of accession workers go home they'd presumably be sold back to OOs. Flats in tower blocks/above shops that are essentially unmortgageable but attractive to renters, especially if they'r
  5. Or for that matter go back to 1230 and buy up swathes of SW1 like the Dukes of Westminster :-). My point was simply that there are lots of people who've been here since before the HPI explosion. They and their children didn't plan to benefit from what happened, but it happened and because most of us have no plans to leave, there's still a market, even if the prices we're willing to pay, backed up by the fake wealth in our existing houses, seem outrageous/inexplicable to more recent arrivals. I accept that if you're new to London without any prior assets to back you you up you'd need a large sa
  6. Income gives an incomplete picture. I'm 33. Raised in Barnet to a first gen immigrant. Mother bought a three bed second hand Baratt box in N11 for £99K in 1996. By 2006 it was valued at £360K. At that stage she got a job in Canada. So she sold up and gifted me £40K to put towards a 1 bed flat in Islington which I bought for £209K. I was 22. The astonishing thing is I was a postgraduate student at the time yet Clydesdale gave me an interest only mortgage on the assumption that the flat would be let out until I started earning. I finished my studies a year later and moved into the fla
  7. Two friends currently in the process of trying to climb the ladder in London. First one put her two bed basement flat (in nice condition apart from a slight smell of damp in the hallway) on late last year for £775K. It's on the borders of Islington and Haringay. Just learnt it's been sold and she's moving into a six bed farmhouse in OXFORDSHIRE in March. Farmhouse asking price was £850K. Didn't want to ask whether she received full asking price for her flat. Another friend has a nicely refurbished two bed in Brixton. Hoping to sell for £550K in order to upgrade to a period 3 bed terrace in Bro
  8. Interesting blog by BOE staffer: When someone bought a house turns out to be an important factor in predicting whether the house will be sold again soon, and at what price. People who bought during a boom aim at achieving higher prices when they sell and, as a consequence, move less often. https://bankunderground.co.uk/2017/01/20/history-dependence-in-the-housing-market/#more-2516
  9. From Inside Housing (paywall) today: http://www.insidehousing.co.uk/business/development/government-schemes/lender-shared-ownership-must-change-to-expand/7015409.article?adfesuccess=1 Key points: 1) Current legal structure provides little protection to lenders; if a tenant is evicted for not paying rent the lease as a whole is lost. (Though worth noting that the standard undertaking does actually require the landlord to consult with the bank before initiating forfeiture proceedings) 2) The small number of lenders who actually offer SO mortgages have been willing to wear this up till now be
  10. Published today (paywall) http://www.ft.com/cms/s/0/8deef4c4-23fa-11e6-9d4d-c11776a5124d.html#axzz49yGl2YEw Key points are: 1) RICS reporting the second largest decline in new inquiries since April 2008; 2) Leading to a more pessimistic outlook among surveyors re prices over the next 12 months 3) Far steeper fall in mortgage approvals in April than analysts expected (even accounting for the pre March surge) 4) Potential movers are struggling with a lack of equity due to the various types of assistance buyers received when they entered the market in the past five to seven years, giving ris
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