London House Prices Up 8.1% "new Analysis"

[South Lorne]

This appears to buck the trend for the rest of the country.

Is this correct or just spin?

All of London's 33 boroughs bar one — Tower Hamlets — are enjoying rising house prices, according to new analysis.

Prices in the capital rose at an annual pace of 8.1% during the past three months but Your Move owner LSL Property Services put the east London borough's poor performance — prices dipped 2.5% — down to its much higher proportion of flats.

Camden, Barnet and Merton are showing the strongest growth in prices.

London, the South-East and South-West are still seeing average annual price rises of 5% or more but the wider market is cooling, LSL added.

Average prices across the UK fell 0.2% in December, with prices suffering in the North and Wales.

Managing director David Newnes said: “The disparity between the regions is widening. In traditionally high-value areas such as London and the South-East, price growth has been significantly stronger than the national average, and this is likely to continue through 2011.

http://www.thisislondon.co.uk/money/article-23914044-londons-house-prices-post-81-percent-growth-rate.do

[Bruce Banner]

http://www.lslps.co.uk/

[South Lorne]

http://www.lslps.co.uk/

...ahh ...so it looks like the LES is a rampant VI ramper .....so much for analytical journalism.....

Edited January 15, 2011 by South Lorne

[bobthe~]

Thy aren't up 8.1% either, "annual pace of" probably means they multiplied the last quarter's figures by 4

[mercsl]

Bermondey SE1, prices up 14% since the peak in 2007 according to some article I saw in The Time few months ago

Can't believe some of the dross in agents windows will sell..but it does.

The Shard going up road the corner might explain some of it and plenty people now working in the area in More london.

[tim123]

This appears to buck the trend for the rest of the country.

But the trend for the whole of the country over the last 12 months is up. OK 8% may be a bit more than the average but I don't call that "bucking the trend".

It is only over a two/three year period (or a three month period) that houses are down.

tim

[SEW247]

Doesn't suprise me really. I live in Z2 north London and things are still crazy. As much as the usual lot on here will deny, there is a lack of supply of decent properties, with the super rich buying up large family homes and the BTL vampires hoovering up 1 to 3 bed places due to the ridiculous rents. Inner London really is very different to elsewhere.

[Pauly_Boy]

...ahh ...so it looks like the LES is a rampant VI ramper .....so much for analytical journalism.....

Yeah, I've realised that in recent months, they're always ramping, stories like this or stories about how prices will never fall in London

[winkie]

Yeah, I've realised that in recent months, they're always ramping, stories like this or stories about how prices will never fall in London

.....Who cares.....the only ones to care are the ones who want to live there..and the ones who own there and are dependent on rents and prices rising........quality of life has a price, and it is not London prices.

Prices will fall in London again, just like they have fallen in the past.

[Bloo Loo]

But the trend for the whole of the country over the last 12 months is up. OK 8% may be a bit more than the average but I don't call that "bucking the trend".

It is only over a two/three year period (or a three month period) that houses are down.

tim

If the trend was up, why the siren calls for banks to keep lending, and BBC and others pointing to a lending drought? Are these the signs of more leverage to come?

[_w_]

This appears to buck the trend for the rest of the country.

Is this correct or just spin?

http://www.thisislon...-growth-rate.do

Apart from the odd EA owned property I am beginning to see a fair number of spectacular falls (10-15-20-even 25%) in asking prices in central London. Not widespread but this is definitely a recent phenomenon.

[Timak]

My friends have had their house on the market in Tooting for over a year and have yet to get an offer within £50k of what they paid for it in 2007.

[(Blizzard)]

Doesn't suprise me really. I live in Z2 north London and things are still crazy. As much as the usual lot on here will deny, there is a lack of supply of decent properties, with the super rich buying up large family homes and the BTL vampires hoovering up 1 to 3 bed places due to the ridiculous rents. Inner London really is very different to elsewhere.

In the parts of central London that I have been looking at, prices have fallen by 5-10%. However the real story is that the market is dead, and there is almost no price discovery.

I've seen identical houses on sale in neighbouring streets differ by 50% in asking price.

As for BTL, the rent on a BTL in my area of central London has been less than the mortgage payments for at least 5 years (which is one of the reasons why I rent). Profits have only come from capital appreciation (which hasn't been that great either, compared to some parts of the country).

[NW11]

Btl seems a much bigger deal in London than most other parts. Rents are still so high that btl is still viable at these prices. A young couple were discussing how theyre paying over a grand a month for a grotty studio with broken windows. They sleep in sleeping bags to keep warm. When they did their viewing they were told in no uncertain terms that the next viewing was in 10 minutes and if they did not take it it would be snapped up by someone else. A few years ago i went to view a room in earls court within a 10 minute viewing slot. As soon as i was about to press the buzzer i got a text saying the room had already been taken. It became a game after that and unless you were willing to pay the asking price with deposit in youd lose it. That was in 2006/7.

My neighbouring house got bought up this summer and has been carved into 10 bedsits. Until there is mass unemployment in London and tenants move out, there wont be enough forced sales.

[winkie]

Btl seems a much bigger deal in London than most other parts. Rents are still so high that btl is still viable at these prices. A young couple were discussing how theyre paying over a grand a month for a grotty studio with broken windows. They sleep in sleeping bags to keep warm. When they did their viewing they were told in no uncertain terms that the next viewing was in 10 minutes and if they did not take it it would be snapped up by someone else. A few years ago i went to view a room in earls court within a 10 minute viewing slot. As soon as i was about to press the buzzer i got a text saying the room had already been taken. It became a game after that and unless you were willing to pay the asking price with deposit in youd lose it. That was in 2006/7.

My neighbouring house got bought up this summer and has been carved into 10 bedsits. Until there is mass unemployment in London and tenants move out, there wont be enough forced sales.

There are many large rooms to let for very little money, you can get the run of the house and garden if you behave yourself...an inconspicuous owner that enjoys the banter some help to mow the lawn and to put life back into their life......if you look you will find.

[THE BALD MAN]

Btl seems a much bigger deal in London than most other parts. Rents are still so high that btl is still viable at these prices. A young couple were discussing how theyre paying over a grand a month for a grotty studio with broken windows. They sleep in sleeping bags to keep warm. When they did their viewing they were told in no uncertain terms that the next viewing was in 10 minutes and if they did not take it it would be snapped up by someone else. A few years ago i went to view a room in earls court within a 10 minute viewing slot. As soon as i was about to press the buzzer i got a text saying the room had already been taken. It became a game after that and unless you were willing to pay the asking price with deposit in youd lose it. That was in 2006/7.

My neighbouring house got bought up this summer and has been carved into 10 bedsits. Until there is mass unemployment in London and tenants move out, there wont be enough forced sales.

Please, we wont be rushed into taking out a massive mortgage from the banksters to buy a c**p house in London to give a spivvy EA a commission to avoid living in a shoe box in the middle of the road paying a million pounds a week in rent

[THE BALD MAN]

Doesn't suprise me really. I live in Z2 north London and things are still crazy. As much as the usual lot on here will deny, there is a lack of supply of decent properties, with the super rich buying up large family homes and the BTL vampires hoovering up 1 to 3 bed places due to the ridiculous rents. Inner London really is very different to elsewhere.

Thanks no spring bounce ramping on this web site...

[SEW247]

Thanks no spring bounce ramping on this web site...

No ramping on my behalf, rising prices make things even worse for me looking to trade up!

I am just being realistic and unless there is mass unemployment in London I just cant see prices falling in my area (North London Z1/2) as long as people have jobs, are unable to buy and continue to need to rent and interest rates are low (less than 3%).

[winkie]

No ramping on my behalf, rising prices make things even worse for me looking to trade up!

I am just being realistic and unless there is mass unemployment in London I just cant see prices falling in my area (North London Z1/2) as long as people have jobs, are unable to buy and continue to need to rent and interest rates are low (less than 3%).

If you are looking to trade UP lower prices would be beneficial to you.

30% drop on £300K is far more in ££££££'s than a 30% drop on £200K.