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abidxxx

London Going Down True Or False

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I am renting in S.London, since 2007 the supposed beginning of the crash there have been many mixed messages, rents going up prices going down, prices going up, rents going down...etc...

I can give only my knowledge of the facts...I pay £1000 per month for a 3 bed terraced house in a very average area, if I was to move I would have to pay £1200 for a similar property...so since 2007 asking rents have gone UP.

I looked at a house this week on sale for£495,0000 just to see what you get for that money, then checked land registry and discovered that the same house in 2007 was sold for £300,000! So house pricesvhave gone UP also.

BUT! in some parts I have seen houses declined by upto £50,000 since 2008.

Excuse the typos i am using an ipad.

BUT!!!

i was in Kent recently and spoke with friends who bought a 2 bed property for £200000 10years ago and now have it on For £200000 sold. so no change!

i am in wales today and there are lots of houses on sale but at 2007 prices.

The only pattern i can see is no pattern, no real direction a standoff between buyers and sellers with neither really twitching, at the moment sellers dont have to sell and even if they wanted to theres nothing to buy its a stalemate so only the real crap is on the market and because investing in property and flipping is not what it was there is no real movement. In this vacuum sellers can put there houses on at whatever they like and wait it out. Buyers are cautious about being suckered so they are waiting it out also. How long can this waiting game last? Any thoughts???

For what its worth....the government, the banks STOLE our money aided by idiot estate agents, how can the same object worth £300000 be worth £500000 3 years later...because the estate agent values it, the bank loans it, the government allows it in 2 ways low rates plus zero regulation. Gordon Brown cheated the people of this country and made the bankers super rich, because the larger the loan they can give the more interest they can glean as there is less chance the poor ******* who signed up will ever pay off £1/2 million on his £35k salary! The housing bubble was the biggest con trick in living memory for people to take out massive loans...money lending has been the downfall of many societies and this particular trick was done in full collusion of our elected representatives. We lived through an age when banks were giving out money faster than it coul be printed...Gordon Brown and his debt driven economy was a fools paradise and we are the fools for believing it.

What i am trying to get at is a pattern

If i ask any homr owner in that area they say they are sure their homrs have losy significant thousands of pounds value??

Its all too confusing...but i think it comes down to a stand off on supply of quality houses.

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In what part of London can you rent a 3-bed house for £1000 (or £1200) a month?

Regarding the place which sold for £300,000 which is now on for £450,000, estate agents/owners always try and get as much as possible. Just because they are asking for £450,000 doesn't mean they'll get it.

Estate agents will now point to stats about London property going up 13-15% since March 2009, but this really only happened in the posh bits. Everywhere else has stayed pretty much flat in the areas where I've been looking at sale prices.

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In what part of London can you rent a 3-bed house for £1000 (or £1200) a month?

Indeed?!

AFAIK rents seem largely unchanged for the last year or so for two and three bed flats.

I am looking in and around south central london at flats (conversions rather than new builds) and I am seeing slight (5 - 10%) falls since the beginning of the year. There is not a lot moving and to my mind a lot of these places are still over priced. I know how much my peer group (largely professionals) and their older siblings earn and the normal two bed flats they rent are still not at all affordable on a sensible mortgage. I really wonder who buys these properties.

There are some making noises about buying - but of the three I know that did buy - there was family money involved in all purchases.

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I am renting in S.London, since 2007 the supposed beginning of the crash there have been many mixed messages, rents going up prices going down, prices going up, rents going down...etc...

I can give only my knowledge of the facts...I pay £1000 per month for a 3 bed terraced house in a very average area, if I was to move I would have to pay £1200 for a similar property...so since 2007 asking rents have gone UP.

I looked at a house this week on sale for£495,0000 just to see what you get for that money, then checked land registry and discovered that the same house in 2007 was sold for £300,000! So house pricesvhave gone UP also.

BUT! in some parts I have seen houses declined by upto £50,000 since 2008.

Excuse the typos i am using an ipad.

BUT!!!

i was in Kent recently and spoke with friends who bought a 2 bed property for £200000 10years ago and now have it on For £200000 sold. so no change!

i am in wales today and there are lots of houses on sale but at 2007 prices.

The only pattern i can see is no pattern, no real direction a standoff between buyers and sellers with neither really twitching, at the moment sellers dont have to sell and even if they wanted to theres nothing to buy its a stalemate so only the real crap is on the market and because investing in property and flipping is not what it was there is no real movement. In this vacuum sellers can put there houses on at whatever they like and wait it out. Buyers are cautious about being suckered so they are waiting it out also. How long can this waiting game last? Any thoughts???

For what its worth....the government, the banks STOLE our money aided by idiot estate agents, how can the same object worth £300000 be worth £500000 3 years later...because the estate agent values it, the bank loans it, the government allows it in 2 ways low rates plus zero regulation. Gordon Brown cheated the people of this country and made the bankers super rich, because the larger the loan they can give the more interest they can glean as there is less chance the poor ******* who signed up will ever pay off £1/2 million on his £35k salary! The housing bubble was the biggest con trick in living memory for people to take out massive loans...money lending has been the downfall of many societies and this particular trick was done in full collusion of our elected representatives. We lived through an age when banks were giving out money faster than it coul be printed...Gordon Brown and his debt driven economy was a fools paradise and we are the fools for believing it.

What i am trying to get at is a pattern

If i ask any homr owner in that area they say they are sure their homrs have losy significant thousands of pounds value??

Its all too confusing...but i think it comes down to a stand off on supply of quality houses.

We've been looking (me + daughter) in SW London since about May.

Around here it's been largely a case of anything you really like being reduced maybe 10% if you're lucky, staying much the same or already U/O.

It's the stuff we don't want (too far from pub. transp., N-facing garden, not-nice road etc.) that's being reduced more substantially.

Having said that, in all that time and despite a mass of props. coming on the market, we've really found only one that ticks nearly all the admittedly picky boxes.

And that one needs a load of work to bring it up to scratch.

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i was in Kent recently and spoke with friends who bought a 2 bed property for £200000 10years ago and now have it on For £200000 sold. so no change!

Which part of Kent?

Either they seriously overpaid 10 years ago or got extremely unlucky. Houses selling at under 2007 prices are almost unheard of where I am looking

tim

Edited by tim123

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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