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Damik

London Zone 6 - Crashing Hard And Fast

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London Zone 6 - IG10 - North East inside of M25 - crashing hard and fast

RightMove + PropertyBee:

- Loughton (IG10)

- added in last 24h

9 properties in total:

- 3 new

- 6 price reductions

66% price reductions !!!!!!!!!!!!!!

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London Zone 6 - IG10 - North East inside of M25 - crashing hard and fast

RightMove + PropertyBee:

- Loughton (IG10)

- added in last 24h

9 properties in total:

- 3 new

- 6 price reductions

66% price reductions !!!!!!!!!!!!!!

Do you work for a discount retailer?

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London Zone 6 - IG10 - North East inside of M25 - crashing hard and fast

RightMove + PropertyBee:

- Loughton (IG10)

- added in last 24h

9 properties in total:

- 3 new

- 6 price reductions

66% price reductions !!!!!!!!!!!!!!

I bet they were all lowly 5%ers.

I've been seeing around 50% of recently added properties as reductions for a good few months now. I expect more and more to be reductions rather than new listings now that winter is here and fewer properties come to Market over the winter months.

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I bet they were all lowly 5%ers.

I've been seeing around 50% of recently added properties as reductions for a good few months now. I expect more and more to be reductions rather than new listings now that winter is here and fewer properties come to Market over the winter months.

2 above 10% .....

the tide is changing ....

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This is roughly my area (well - ish), and things have been trickling down since the summmer.

Not massive drops at a time, but a few grand here, and few there and it starts to add up.

However, there is still a lot of overvaluing going on deliberately be estate agents to get the comission, and then they are having to try to get people to drop the price to what it should have been in the first place.

Stupid really as it just wastes a couple of months, but people go for it every time.

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Reductions (limits) of housing benefit may be one of the best things that has ever happened to London. Maybe property will become more affordable, conversely creating an inflow of skilled workers that otherwise could not have happened.

The structural bias towards property has got to be addressed. This includes the bias in taxation and the bias in benefit funding, that puts a floor on prices in many areas of the country.

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This is roughly my area (well - ish), and things have been trickling down since the summmer.

Not massive drops at a time, but a few grand here, and few there and it starts to add up.

However, there is still a lot of overvaluing going on deliberately be estate agents to get the comission, and then they are having to try to get people to drop the price to what it should have been in the first place.

Stupid really as it just wastes a couple of months, but people go for it every time.

My girlfriend lives in Ongar so a bit further out but the same sort thing happening there. Existing properties being slowly reduced but new stuff coming on at the same high prices before being reduced. It's ridiculous how much things cost there. 3 bed semi in an average road with tiny garden. £380k! Madness. There's no way on earth she could afford to live in the town she grew up. Two bed terrace almost no garden £220k. 1 bed flat £160k

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My girlfriend lives in Ongar so a bit further out but the same sort thing happening there. Existing properties being slowly reduced but new stuff coming on at the same high prices before being reduced. It's ridiculous how much things cost there. 3 bed semi in an average road with tiny garden. £380k! Madness. There's no way on earth she could afford to live in the town she grew up. Two bed terrace almost no garden £220k. 1 bed flat £160k

Yeh my old landlord bought at the peak. He bought out his other relatives (probate) so in theory had £70k equity. Paid in total £330k for a modest three bed semi in Gidea Park. Incredibly he's managed to borrow more against it, for double glazing and business, but I reckon he's lost his equity.tongue.gif

He's now busy drilling through his partners equity.

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Where I live in zone 2/3 AFAIK every house on my street that's been put up for sale in the past 18 months has had a price cut of some sort admininstered.

But given that these were price cuts from laughable initial asking prices [e.g. peak plus 10-25%] I don't qualify them as signs of "crashing".

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He's now busy drilling through his partners equity.

Thing about business is, if he gets it right, they will enjoy massive returns. It's knowing how to do it right but recognising when it has gone wrong / cutting losses that is the difficult bit, more so in the current economic climate.

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Thing about business is, if he gets it right, they will enjoy massive returns. It's knowing how to do it right but recognising when it has gone wrong / cutting losses that is the difficult bit, more so in the current economic climate.

He'll never make money out of that business and he's been at it long enough.

HPI and Merv's ZIRP came to the rescue of course. He ought to be paying over a grand a month for his mortgage, instead his IO mortgage on a Romford semi, is cheaper than renting a seady bedsit.mad.gif

And being an Essex boy, seems to know where to borrow and who to get to do the "valuations."

Edited by Sir John Steed

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He'll never make money out of that business and he's been at it long enough.

HPI and Merv's ZIRP came to the rescue of course. He ought to be paying over a grand a month for his mortgage, instead his IO mortgage on a Romford semi, is cheaper than renting a seady bedsit.mad.gif

And being an Essex boy, seems to know where to borrow and who to get to do the "valuations."

Correct. In hindsight, we should have all seen it and used it to our advantage. Thing is, sounds like he is using all his cards to his advantage and may think that things will carry on the way they are. Do you?

FWIW, I think relatively low interest rates will continue for far longer than the last bear on here can withstand.

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I've been watching the 3 bed semi market in Romford for about 4 months now, and quite literally nothing is selling.

There is the same overpriced tat on there that has been on for months. There are some reductions but nothing too major (probably 5-10% since July), people still think if they just hold out long enough they will get the price they want.

The problem at the moment is there is no need to sell for most. Until rates go up or some other trigger event occurs it is just stalemate.

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Zone 6 is not, despite what anyone tells you, London.

But yeah, all those cabbies probably not making as much to pay for their 4 bed houses.

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Zone 6 is not, despite what anyone tells you, London.

But yeah, all those cabbies probably not making as much to pay for their 4 bed houses.

Epping is zone 6 isn't it? That certainly isn't London!

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I've been watching the 3 bed semi market in Romford for about 4 months now, and quite literally nothing is selling.

There is the same overpriced tat on there that has been on for months. There are some reductions but nothing too major (probably 5-10% since July), people still think if they just hold out long enough they will get the price they want.

The problem at the moment is there is no need to sell for most. Until rates go up or some other trigger event occurs it is just stalemate.

I think this is the problem. As I say my "friend" was only paying £200 p/m to the Chelsea for his Romford place, thanks to ZIRP policies.

One lodger for £400 pcm and the mortgage/bills are paid.

I couldn't rent the same for less than £1k. So who is the bigger mug?

So I think a lot of cabbies, ex Ford workers are sitting smug at the moment, and if go round the place, plenty are having refurbishments, extensions and renovations.

Also ZIRP could be around for a long time, so we need to adjust accordingly.

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I think this is the problem. As I say my "friend" was only paying £200 p/m to the Chelsea for his Romford place, thanks to ZIRP policies.

One lodger for £400 pcm and the mortgage/bills are paid.

I couldn't rent the same for less than £1k. So who is the bigger mug?

So I think a lot of cabbies, ex Ford workers are sitting smug at the moment, and if go round the place, plenty are having refurbishments, extensions and renovations.

Also ZIRP could be around for a long time, so we need to adjust accordingly.

when you say a long time, this doesn't extend beyond a few years

long term investment decisions should not be based on short term borrowing rates, this was a fluke

Edited by Si1

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when you say a long time, this doesn't extend beyond a few years

long term investment decisions should not be based on short term borrowing rates, this was a fluke

Don't know if you can say its a fluke. Savings glut, and demographics *may* dictate its a reality for some time.

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Zone 6 is not, despite what anyone tells you, London.

But yeah, all those cabbies probably not making as much to pay for their 4 bed houses.

Yes, just tried to make ti simpler ...

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In my area IG9 which is just down the road from Loughton some lunatic has just listed a four bed semi for er.....819k!!!! :blink:

There are six bed three story semi's in the next road which is considered to be a more prestigious street for over 100k less. Truly bonkers pricing.

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Be interesting to know how my old stomping grounds are doing. RM2

Know someone that bought there at the peak!huh.gif

Property in areas like Romford are going to go down the most. Places like Richmond and Twickenham will hold their value better. However, Romford will do better in percentage terms when it hits rock bottom and prices rise again*.

* If we get another property cycle.

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In my area IG9 which is just down the road from Loughton some lunatic has just listed a four bed semi for er.....819k!!!! :blink:

There are six bed three story semi's in the next road which is considered to be a more prestigious street for over 100k less. Truly bonkers pricing.

Rod Stewart might be looking for a crash pad! laugh.gif

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  • 142 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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