NW11 Posted February 3, 2011 Share Posted February 3, 2011 (edited) Resurgent London house prices are on the verge of hitting all-time highs just two years after the banking crisis threatened a "property ice age". Values across parts of the capital have sprung back from the recessionary slump astonishingly quickly and are still rising, according to agents. The average is now three per cent off the all-time high of £352,869 recorded by the Land Registry in January 2008. Trevor Abrahamsohn of agents Glentree International said: "They don't ring a bell as you pass a previous high but if they did it would be ringing now." In three boroughs, Kensington and Chelsea, Westminster and Camden, average prices are already above their boom-time peaks and in two others, Islington and Hammersmith & Fulham, are just a few hundred pounds adrift. Agents say more rises of five to 10% can be expected this year. In Kensington and Chelsea an increase of 10% would see the average price top the £1 million mark for the first time. The trend has also been seen far beyond the hot-spots of central London and the banker "bonus belt". The Land Registry figures show that prices in suburban Barnet are within one per cent of their peak, Southwark two per cent and Hounslow three per cent. Peter Rollings, managing director of the Marsh & Parsons agency, said the long-term resilience of London's property market should never be under- estimated. He added: "Our offices report that every region is having an incredibly strong start to the year." .http://www.thisislon...ll-time-high.do Edited February 3, 2011 by Earthling10 Quote Link to comment Share on other sites More sharing options...
cool_hand Posted February 3, 2011 Share Posted February 3, 2011 BS. this is not what I am seeing. Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 3, 2011 Share Posted February 3, 2011 his is just for the most international high value areas - probably more coupled to the global economy and therefore have risen as a result of the falling £; even then they have lagged the fall in the £ Quote Link to comment Share on other sites More sharing options...
J-Hi Posted February 3, 2011 Share Posted February 3, 2011 I think this is being driven by an incredibly low number of transactions. It's depressing reading for someone from barnet, although I think slowly things are turning... Quote Link to comment Share on other sites More sharing options...
50sQuiff Posted February 3, 2011 Share Posted February 3, 2011 Dig up Steve Keen's paper demonstrating how in a debt crisis financial sector balances and wages increase at the expense of both workers and capitalists. To an extent, the results of Keen's model are playing out here in London property as the City devours its host. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted February 3, 2011 Share Posted February 3, 2011 BS. this is not what I am seeing. Not what I'm seeing, either. But then I'm not looking in Kensington/Chelsea/Islington or other favoured locales of bankers/rich foreigners/politicians who've made bombs by flipping 2nd homes at our expense. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted February 3, 2011 Share Posted February 3, 2011 Time to dust off the Rita Coolidge LPs? Quote Link to comment Share on other sites More sharing options...
tim123 Posted February 3, 2011 Share Posted February 3, 2011 his is just for the most international high value areas - probably more coupled to the global economy and therefore have risen as a result of the falling £; even then they have lagged the fall in the £ No, it's for the whole of Greater Lonon. But you are right that sales on the ground in outer London don't seem to match this trend. I would guess that the figures are skewed by low number of sales because only the best examples are selling. tim Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 3, 2011 Share Posted February 3, 2011 No, it's for the whole of Greater Lonon. really? "Values across parts of the capital have sprung back from the recessionary slump astonishingly quickly and are still rising, according to agents. The average is now three per cent off the all-time high of £352,869 recorded by the Land Registry in January 2008." this sounds deliberately selective if you ask me Quote Link to comment Share on other sites More sharing options...
darwin Posted February 3, 2011 Share Posted February 3, 2011 Trevor Abrahamsohn of agents Glentree International said: "They don't ring a bell as you pass a previous high but if they did it would be ringing now." Um, what??? No mate, that's the sound of the crazy train reaching top speed! All aboard! Quote Link to comment Share on other sites More sharing options...
jethrotull Posted February 3, 2011 Share Posted February 3, 2011 If you have foreign currency then London HPC has already happened when the £ crashed. Quote Link to comment Share on other sites More sharing options...
_w_ Posted February 3, 2011 Share Posted February 3, 2011 [/i] Um, what??? No mate, that's the sound of the crazy train reaching top speed! All aboard! He is the EA: he is the one tied to the rails. Quote Link to comment Share on other sites More sharing options...
salamander Posted February 3, 2011 Share Posted February 3, 2011 So with prices up in K&C and Westminster, probably the highest priced areas in the entire country, the conclusion is that 'London' house prices are surging, despite the two richest areas in the country pushing up averages everywhere in London, overriding the losses in every single remaining London borough (apart from Wandsworth, popular because it has the lowest council tax in the country) I don't think I've ever read such laughable ******** in my life. Quote Link to comment Share on other sites More sharing options...
Colin Posted February 3, 2011 Share Posted February 3, 2011 . http://www.thisislon...ll-time-high.do Coincidently this is reported just after the new year round of Bankster bonuses. I think we all know what is going on here. Off with their heads! Quote Link to comment Share on other sites More sharing options...
salamander Posted February 3, 2011 Share Posted February 3, 2011 Coincidently this is reported just after the new year round of Bankster bonuses. I think we all know what is going on here. Off with their heads! They will get theirs. Just maybe not when they're expecting it. Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted February 3, 2011 Share Posted February 3, 2011 (edited) So with prices up in K&C and Westminster, probably the highest priced areas in the entire country, the conclusion is that 'London' house prices are surging, despite the two richest areas in the country pushing up averages everywhere in London, overriding the losses in every single remaining London borough (apart from Wandsworth, popular because it has the lowest council tax in the country) I don't think I've ever read such laughable ******** in my life. Apart from Wandsworth? It's down 3% on that list from what I can see. Unless my eyes deceive me majority of boroughs are down on that list outside the land of the rich (and let's not forget that Hounslow, down according to LR, up according to EA contains meeja lovey loved Chiswick) Edited February 3, 2011 by TeddyBear Quote Link to comment Share on other sites More sharing options...
pie-eater Posted February 3, 2011 Share Posted February 3, 2011 I'm in the London Borough of Sutton (nice bit), and houses are still selling at peak, or near. Advertised at peak +10%, and going for between that and peak, in general. I waited for 18 months and got sick of waiting, so bought. Lucky it was a cash purchase, but prices just weren't slipping here. I know why this area holds up and is desirable, as the EAs call it.......... Quote Link to comment Share on other sites More sharing options...
HPC001 Posted February 3, 2011 Share Posted February 3, 2011 (edited) I'm in the London Borough of Sutton (nice bit), and houses are still selling at peak, or near. Advertised at peak +10%, and going for between that and peak, in general. I waited for 18 months and got sick of waiting, so bought. Lucky it was a cash purchase, but prices just weren't slipping here. I know why this area holds up and is desirable, as the EAs call it.......... Whereabouts if I may ask? I was in Worcester Park recently and the prices there seem lower than my current locality (within the Hounslow borough - I don't mean anything nice like Chiswick either). Edited February 3, 2011 by HPC001 Quote Link to comment Share on other sites More sharing options...
iamdamosuzuki Posted February 3, 2011 Share Posted February 3, 2011 My extrmrly confident, scientifically baseless prediction is that London will be hit HARDER than the rest of the country in the coming months / years. My guess is there is some international money, and some very rich people, but also lots and lots of middle income earners like me, still kidding themselves they're living the dream. Many of them are going to be squeezed hard very soon. Right enough, you can almost see the tears of joy on that EA's face. The London property market is divine as far as these muppets are concerned. In fact, I should probably be arrested for insulting someone's faith. Quote Link to comment Share on other sites More sharing options...
pie-eater Posted February 3, 2011 Share Posted February 3, 2011 Whereabouts if I may ask? I was in Worcester Park recently and the prices there seem lower than my current locality (within the Hounslow borough - I don't mean anything nice like Chiswick either). Carshalton Beeches. The house I rented before buying my current house (same area) sold for peak price in 2 weeks with loads of interest. I was lucky with my purchase as bought from a forced sale... Good houses sell within a month or so where I live, and at 2007 prices. We paid 2003 price through luck and haggling, but where we are seems silly still. It's just an average area too. Very white, though, and very little council housing......... Quote Link to comment Share on other sites More sharing options...
HPC001 Posted February 3, 2011 Share Posted February 3, 2011 Carshalton Beeches. The house I rented before buying my current house (same area) sold for peak price in 2 weeks with loads of interest. I was lucky with my purchase as bought from a forced sale... Good houses sell within a month or so where I live, and at 2007 prices. We paid 2003 price through luck and haggling, but where we are seems silly still. It's just an average area too. Very white, though, and very little council housing......... Very upper middle class too, but that's stating the obvious. I wasn't there on business of course Charities have a bad habit of basing themselves in very expensive locales for no real reason. Quote Link to comment Share on other sites More sharing options...
pie-eater Posted February 3, 2011 Share Posted February 3, 2011 Very upper middle class too, but that's stating the obvious. I wasn't there on business of course Charities have a bad habit of basing themselves in very expensive locales for no real reason. True. Just highliting how some areas don' t suffer from the general hurt. It's not Mayfair, but still holds up............ White van man is the main money around here, actually. Quote Link to comment Share on other sites More sharing options...
HPC001 Posted February 3, 2011 Share Posted February 3, 2011 True. Just highliting how some areas don' t suffer from the general hurt. It's not Mayfair, but still holds up............ White van man is the main money around here, actually. I have no idea what average people do for a living in WP, all that's there is a typical high street, nothing else that I know of. Even in the dumps that are Croydon and East London in general, property is still at stupid levels (no wonder the landlords are like DSS welcome!!!! et al) Quote Link to comment Share on other sites More sharing options...
salamander Posted February 3, 2011 Share Posted February 3, 2011 Apart from Wandsworth? It's down 3% on that list from what I can see. Unless my eyes deceive me majority of boroughs are down on that list outside the land of the rich (and let's not forget that Hounslow, down according to LR, up according to EA contains meeja lovey loved Chiswick) Oops got that wrong. The other riser was Camden not Wandsworth. Somewhat embarrassing. The general gist of the argument still works though I think. Quote Link to comment Share on other sites More sharing options...
salamander Posted February 3, 2011 Share Posted February 3, 2011 Oops got that wrong. The other riser was Camden not Wandsworth. Somewhat embarrassing. The general gist of the argument still works though I think. Edit: Ignoring Wandsworth, the fact the Camden was the 3rd most expensive in the list I think strengthens my argument - increases in high priced areas that most people can't afford mess up the averages when combined with less expensive areas that fall. Quote Link to comment Share on other sites More sharing options...
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