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House Price Crash Forum


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About Jason74

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    HPC Poster

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    Crystal Palace
  1. Where in the country are you out of interest ?. Certainly in my corner of South London, there seems no sign of any meaningful drop off. Prices are (to my amazement) actually creeping up, and anything remotely sensibly priced (and by senible, I mean relative to what else is on offer locally, rather than what you or I would consider sensible) is selling relatively quickly.No real opportunity at all for bargain hunting at the moment here sadly.
  2. Around Crystal Palace / South Norwood Borders (basically the area immediately around Norwood lakes if you know that part of the world). Prices probably back at or even a little past 2007 peaks, and anything (relatively) sensibly priced is shifting quickly. We're relatively fortunate, being Mortgage free in a relatively big 2 bed masionette, so it's a "would like to" move situation rather than a "need to". We also have an adequate deposit saved in cash, so don't need to sell to buy. Thinking about a family would like a third bedroom and a garden, but looking unlikely at this stage . Still,
  3. I'd definitely agree with those who suggest that the problems are overstated, I live in the apparently "bad" north of the Borough, on the border of Crystal Palace / South Norwood. I'm a 15 minute walk from Crystal Palace Station, and from there can get to Victoria, London Bridge or Canary wharf in a little over 20 minutes.I've got four good sized parks within a 15 minute walk, with one pretty much next door. The Triangle at Crystal Palace has lots of nice independent restaurants, and some of the schools are fast improving.I've lived in my current property just over ten years, and have only has
  4. The short answer sadly is no. Am trying to make the second step in one of London's cheaper areas at the at the moment, and it's frankly bonkers. Looked at a House last week that was on at about 15% more than two similar houses sold for right at the top of the 2007 peak. Was OK, but not quite what we were after. Thought we'd sit back and see what happened with it . . . .it went under offer within a week of going on the market, and in our local market, unfortunately thats not unusual in that respect.
  5. Some interesting stuff here, and much in the post that I would agree with (especially the bit about lenders still falling over themselves to throw money at "quality" borrowers). But I had to pick up on the bit I've quoted. Belham [is/b] a "slightly edgy blue collar area turned good". Indeed, apart from the slightly, that's probably the best description of the place I've ever heard. I grew up in South London, and my Grandmother lived between Balham and Clapham South Stations (my Mum actually grew up in that flat), so we used to visit a lot. As late as the early 90s, that neck of the woods was s
  6. In theory, it shouldn't be. If all of the payments have been made on time, the debt on an I/O Mortgage should be the same as it was when it was taken out. The only thing that might be added to the amount borrowed would be a redemption penalty, which to be fair, could be pretty steep on a £250k Mortgage (potentially anything up to 5% of the loan). Obviously, if the payments haven't all been made when due, it's a different story. Any MEWing that has gone on since the original purchase would also of course add to the cost The other thing to factor in of course would be transaction costs. There w
  7. This was certainly true last time around, and makes perfect sense. Does of course mean that there will be a major "buying opportunity" in London at some point in the not too distant future, as those long term factors are unlikely to be permenantly destroyed by the current falls. You could of course lose out by calling the bottom too soon, although I suspect in London, the falls (and subsequent eventual recovery) will be such that jumping back in too soon will be a better bet than leaving it too late (much as selling a little too early was probably preferable to hanging on too long over the l
  8. Yep, I'm also a firm believer in the bangernomics approach, although I do things slightly differently. Tend to go for 3-5 year old "repmobile" type cars with high mileages but full service history. My last car was a Mondeo which I bought at 3 years old from auction. Had 115k on the clock, but a spotless service record and one owner. Cost me £2,500, and apart from eating two bateries and a clutch (the original one which went at 160k!), I never had a moments trouble with it in 6 years. It eventually died when it picked up a crack in the windscreen a month before the MOT was due last year (was qu
  9. Yes I do, but the EA I was referring to is in SW London, so that doesn't really apply. Agree though that the E London line is (or at least should be) a red herring as far as property prices are concerned. You are indeed correct that in some areas the overall service will in fact be worse than it is at present. The southerly esxtension is a complete waste of money imho (although the Northern extension probably has some value)
  10. I think that depends where you are to be honest. I would only claim to know anything about what is happening in London (simply because it's where I live, and the market I take an interest in as a result). While it's been (predictably) derided by some on here, the rebound in asking (albeit very different to sold of course!) prices in London from the RM figures suggests that the comment I passed on in my original post may have had some truth in it (given the location of the EA concerned). Naturally other areas are another matter entirely. Perhaps I should have titled the thread "the crash is
  11. Absolutely out of order. IF Foxtons had an ounce of integrity, they'd sack every staff member responsible for sending abusive messages. You can bet they wont though
  12. Your second point is unlikely to be fair to the guy (although he's an Acquaintence rather than a friend so I could be wrong). If that was his game, he'd never have been honest enough to admit the market was dead in the first place. Your first point is of course a distinct possibility, and I hope you're right. History shows us plenty of markets where exactly that has happened. However, it is of course also possible that the market has proved more resistant to the credit crunch than we thought it would. If this is the case (and it is a big if), it is indeed bad news as far as sensible property
  13. Hmm, and had my original post been about an EA saying that it was all doom and gloom, there would have been no adverse comment, and several jumping up and down saying that it proved that "the crash was coming" That's what I struggle with, the double standard. An annecdotal suggesting that prices are falling is treated as "evidence", while a similar annecdotal suggesting that the market is better than suggested on here is dismissed as "a joke", or "VI spin" etc. It's the double standard that gets me.
  14. The honest answer is I don't know. When I spoke to him, I was expecting more confirmation that the market was slowing, so was somewhat taken aback by the fact that business was picking up. He did mention having sold a couple of flats to FTBs this Month, but the conversation never got much past the general "how's business", so I couldn't tell you how representative that was of what was really going on.
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