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mercenarul

Houses Are Selling In North London

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I don't post here often, but lurk a lot. I thought I would share a conversation I had last weekend with a friend who is looking to buy at the moment (FTB in Stanmore). He is looking in Oxhey, Bushey, borehamwood

Basically every descent, affordable house that they look at is sold at or very close to asking price, very quickly.

There are definitely buyers out there for good houses in good locations and they have money to spend. My friend has missed out on 3 houses now basically because the hesitated and didn't immediately put down an offer of, or very near asking price.

Anyway... I convinced him not to buy yet. He has a young daughter and I told him to look at the OFSTED reports on local schools near where he was thinking of buying. They are terrible for any house he can afford. He is renting near a good school now and and he is now going to stay there untill his daughter starts school in a years time.

If you want to convince someone not to buy, just tell them about the schools in the area, rather than banging on about economic predictions, recession etc.

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If you want to convince someone not to buy, just tell them about the schools in the area, rather than banging on about economic predictions, recession etc.

Sounds like a sensible approach. Certainly, the general mood of people that I have been talking to is that now is the time to buy as it is so cheap compared to a couple of years ago. Property 'investment' has not yet become a dirty word, and I think it will take another couple of years of falls before it does.

A lot of potential buyers seem to be falling when it comes to getting mortgage finance (either income multiples or valuation), but if they realise that they are limited to buying in an area with poor schools it may well be enough to put some more off.

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the shops seem to be fairly busy again, i am now seeing 09 cars on the roads (when last i posted on that it was a rare sight), i am seeing some established shops closed down, its all a bit of a puzzle but at a guess it's the near zirp and qe kicking in, the dying mirage of the boom before the grim reality once the election is over and the debt has to be paid, to my mind its a fiscal con trick leading up to the election, but i could be wrong of course

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the shops seem to be fairly busy again, i am now seeing 09 cars on the roads (when last i posted on that it was a rare sight), i am seeing some established shops closed down, its all a bit of a puzzle but at a guess it's the near zirp and qe kicking in, the dying mirage of the boom before the grim reality once the election is over and the debt has to be paid, to my mind its a fiscal con trick leading up to the election, but i could be wrong of course

this is what printing money does....normally, i fail to see how QE is boosting anything at the mo at street level.

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Basically every descent, affordable house that they look at is sold at or very close to asking price, very quickly.

There are definitely buyers out there for good houses in good locations and they have money to spend. My friend has missed out on 3 houses now basically because the hesitated and didn't immediately put down an offer of, or very near asking price.

Are they ACTUALLY selling though? I'm not so sure. My brothers neighbor (Stoke Newington, North London) put their place up for grabs about 8 weeks ago and they had loads of interest to start - every time I visited there was another happy couple (mother and daughter) visiting the property. Interest appears to have petered out though. And people - according to EA's - are falling over their gonads to move to Stoke Newington.

I'm not so sure there is a MASSIVE uptick in sales, just a load of stupid people who think the crash is history because they get their news from the Metro et al.

As for new cars, how can there be loads of 09 plates on the streets? Have you seen the numbers (of sales)? Granted they have ticked up from last month but they are still on the floor.

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Face it, this "70% fall in prices" which you all bang on about isn't going to happen. You'll all end up with a cellar full of beans for the D day that never happened.

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selling?

Or going SSTC and coming right back available after a week or ten days (However long it takes for a mortgage company to stop laughing and say no these days)

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Face it, this "70% fall in prices" which you all bang on about isn't going to happen. You'll all end up with a cellar full of beans for the D day that never happened.

linky please.

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selling?

Or going SSTC and coming right back available after a week or ten days (However long it takes for a mortgage company to stop laughing and say no these days)

Most people are too stupid to know the difference. They just think houses are selling like hot cakes!

I might as well go and put a 10 million pound offer in on a pad. I can pretend, for a while, that I own the property!

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Face it, this "70% fall in prices" which you all bang on about isn't going to happen. You'll all end up with a cellar full of beans for the D day that never happened.

Yes, thanks for that petty generalisation.

To be honest though, a place with a cellar sounds nice!

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Are they ACTUALLY selling though? I'm not so sure. My brothers neighbor (Stoke Newington, North London) put their place up for grabs about 8 weeks ago and they had loads of interest to start - every time I visited there was another happy couple (mother and daughter) visiting the property. Interest appears to have petered out though. And people - according to EA's - are falling over their gonads to move to Stoke Newington.

I'm not so sure there is a MASSIVE uptick in sales, just a load of stupid people who think the crash is history because they get their news from the Metro et al.

As for new cars, how can there be loads of 09 plates on the streets? Have you seen the numbers (of sales)? Granted they have ticked up from last month but they are still on the floor.

Personally I have seen very few 09's and the ones I have seen are probably scrappage scheme cars that are small and great value (never as good as used but hey people love that new plastic smell and are prepared to pay for it)

What has struck me is the price of family mid range cars The Ford Mondeo starts at £18k this seems absursdly high to me and same old car company B*******

They advertise Ford Easy Fuel! it's the petrol flap with an integrated fuel cap how long to work that out 5 mins :lol:

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The two new 09 plate cars in my street both came from Mobility schemes. There are a few 2007 cars though.

You could map peoples spending power by that.

Edited by mercenarul

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the shops seem to be fairly busy again, i am now seeing 09 cars on the roads (when last i posted on that it was a rare sight), i am seeing some established shops closed down, its all a bit of a puzzle but at a guess it's the near zirp and qe kicking in, the dying mirage of the boom before the grim reality once the election is over and the debt has to be paid, to my mind its a fiscal con trick leading up to the election, but i could be wrong of course

A lot of small buisinesses I know are in trouble. Very difficult to obtain funding for large companies. Can not see any reason for optimism..especially with this government deficit which will be apid for in job cuts.

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I don't post here often, but lurk a lot. I thought I would share a conversation I had last weekend with a friend who is looking to buy at the moment (FTB in Stanmore). He is looking in Oxhey, Bushey, borehamwood

Basically every descent, affordable house that they look at is sold at or very close to asking price, very quickly.

There are definitely buyers out there for good houses in good locations and they have money to spend. My friend has missed out on 3 houses now basically because the hesitated and didn't immediately put down an offer of, or very near asking price.

Anyway... I convinced him not to buy yet. He has a young daughter and I told him to look at the OFSTED reports on local schools near where he was thinking of buying. They are terrible for any house he can afford. He is renting near a good school now and and he is now going to stay there untill his daughter starts school in a years time.

If you want to convince someone not to buy, just tell them about the schools in the area, rather than banging on about economic predictions, recession etc.

I would suggest he avoids Oxhey and Borehamwood (even for renting). Stanmore and Bushey are much better choices.

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linky please.

was it not renterbob (where be he?) who forecast 80 % or more falls? probably a few of us have made such forecasts and while the love affair with property lasts this side of IR hikes and liar loans continuing on to try to afford Labour another term, then yes predictions of that kind are looking crazy. but if you look at it rationally, why is UK housing the price it is? no one really knows, you get a box for big bucks, the floorspace of most people's homes here is dwarfed by the size of the garden shed in many other countries and even with hpi they're a lot cheaper there for what you get, so if property were to fall to 30% of what it was at peak that might be almost fair value :)

Edited by loginandtonic

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These houses that are selling are ones put on at reasonably sensible prices. i.e. >10 percent less than peak?

Lets compare sales up to and including May this year with the figures recorded for last year (LR figures) for WD6.

2009 (so far) Flat Semi-Detached Detached Terraced

Number of Sales 10 13 4 31

Average Price £149,250 £268,654 £1,292,500 £206,741

Flat Semi-Detached Detached Terraced

Number of Sales 143 80 25 133

Average Price £182,661 £299,969 £587,350 £258,591

You have to remember that the volumes for 2009 so far are equivalent to 5/12s of a year. Looks like no one wants a flat there anymore. Volues of terraced houses seems to be doing well, but that could be people deciding a terrace is achievable for them and overlooking the flats.

What is noticeable though is the average selling prices! the Average cost of 4 detached I guess will have been skewed by 1 very expoensice house, which brings into context that the numbers of sales for all types of properties is low, but there does seem to be a pattern of buying terrace not flats and at much lower prices than last year.

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Face it, this "70% fall in prices" which you all bang on about isn't going to happen. You'll all end up with a cellar full of beans for the D day that never happened.

Again... :angry: show us the link please...and you have a view?..lets hear it..

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