TheCountOfNowhere Posted November 13, 2012 Share Posted November 13, 2012 Just sitting here looking at asking prices of local properties and London ones ( where my wife sold as year at a 2007 peak price ). The prices are all ludicrous. Real incomes are continually being squeezed with the QE induced inflation. Actual sale volumes are tiny and sale prices are still at June 2004 prices. This stalemate can't continue and the insane london market must have priced out even the most desperate of foreign buyer. What next....collapse. It's just around the corner for sure. I could be wrong though Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted November 13, 2012 Share Posted November 13, 2012 (edited) Just sitting here looking at asking prices of local properties and London ones ( where my wife sold as year at a 2007 peak price ). The prices are all ludicrous. Real incomes are continually being squeezed with the QE induced inflation. (...) + 1 London is craziest than ever before. "Peak insanity"? Thread about it: http://www.housepricecrash.co.uk/forum/index.php?showtopic=179618 I've used data from this source: http://www.communities.gov.uk/housing/housingresearch/housingstatistics/housingstatisticsby/housingmarket/livetables/affordabilitytables/ From the "Table 577: Ratio of median house price to median earnings by district, from 1997, MS Excel, 185 kb" Edited November 13, 2012 by Tired of Waiting Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 13, 2012 Share Posted November 13, 2012 Aren't they inflating it all away. London houses will be cheap as chips in a few years... and chips will be as expensive as London houses. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted November 13, 2012 Share Posted November 13, 2012 The housing market has collapsed. Just not by the measure of magic beans. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 13, 2012 Author Share Posted November 13, 2012 (edited) The housing market has collapsed. Just not by the measure of magic beans. Yeah I know, I mean in terms of magic beans though. Edited November 13, 2012 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
montesquieu Posted November 13, 2012 Share Posted November 13, 2012 + 1 London is craziest than ever before. "Peak insanity"? Not just london. Got called specially and offered this today. http://www.prospect.co.uk/property-details/wainwright-close/wokingham Apparently was on at £600k, sale has fallen through near to completion on the new place, has been reduced and will take offers of 'just' £500k. Oh and it's 100 metres from the motorway. £600k who do these people think they are? I think not. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 13, 2012 Share Posted November 13, 2012 Just sitting here looking at asking prices of local properties and London ones ( where my wife sold as year at a 2007 peak price ). The prices are all ludicrous. Real incomes are continually being squeezed with the QE induced inflation. Actual sale volumes are tiny and sale prices are still at June 2004 prices. This stalemate can't continue and the insane london market must have priced out even the most desperate of foreign buyer. What next....collapse. It's just around the corner for sure. I could be wrong though When it comes it will be unexpected (by most people) swift and brutal. Property price collapse is in the air here (Edinburgh) like a darkening thunder cloud, it is palpable. People will panic on the way down just the same as they made rushed decisions to follow the herd on the way up. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted November 13, 2012 Share Posted November 13, 2012 The housing market has collapsed. Just not by the measure of magic beans. But people's income is still in magic beans. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 13, 2012 Share Posted November 13, 2012 The thing is, they have used the magic bullets, and it has only bought a short amount of time, nothing is fixed, nothing is protected, the next stage is sheeple fully taking their losses. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted November 13, 2012 Share Posted November 13, 2012 Not just london. Got called specially and offered this today. http://www.prospect.co.uk/property-details/wainwright-close/wokingham Apparently was on at £600k, sale has fallen through near to completion on the new place, has been reduced and will take offers of 'just' £500k. Oh and it's 100 metres from the motorway. £600k who do these people think they are? I think not. 150m2 = £150k to build. They want £350k for that plot??? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 13, 2012 Share Posted November 13, 2012 Not just london. Got called specially and offered this today. http://www.prospect....close/wokingham Apparently was on at £600k, sale has fallen through near to completion on the new place, has been reduced and will take offers of 'just' £500k. Oh and it's 100 metres from the motorway. £600k who do these people think they are? I think not. There are some very very silly people in the UK. Quote Link to comment Share on other sites More sharing options...
Guest spp Posted November 13, 2012 Share Posted November 13, 2012 The market has been in collapse since 2009...just not in the medium of exchange the 99% hold their savings in. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 13, 2012 Share Posted November 13, 2012 The market has been in collapse since 2009...just not in the medium of exchange the 99% hold their savings in. Like consumption in the eurozone sales volumes will collapse until there is some sort of reset/price collapse? Quote Link to comment Share on other sites More sharing options...
Number79 Posted November 13, 2012 Share Posted November 13, 2012 Not just london. Got called specially and offered this today. http://www.prospect.co.uk/property-details/wainwright-close/wokingham Apparently was on at £600k, sale has fallen through near to completion on the new place, has been reduced and will take offers of 'just' £500k. Oh and it's 100 metres from the motorway. £600k who do these people think they are? I think not. I watched those being built as I passed by everyday and always wondered who the hell would want to live there. Quote Link to comment Share on other sites More sharing options...
corevalue Posted November 13, 2012 Share Posted November 13, 2012 150m2 = £150k to build. They want £350k for that plot??? Yes. That's the correct conclusion. A land price bubble, NOT a house price bubble. Brought to you courtesy of your planning dept, which of course, you have to pay for, on penalty of imprisonment. Quote Link to comment Share on other sites More sharing options...
justthisbloke Posted November 13, 2012 Share Posted November 13, 2012 Yes. That's the correct conclusion. A land price bubble, NOT a house price bubble. Brought to you courtesy of your planning dept, which of course, you have to pay for, on penalty of imprisonment. 'Cos all those liberal planning law countries such as Ireland, USA et al never had a bubble at all. Quote Link to comment Share on other sites More sharing options...
Buccaneer Posted November 13, 2012 Share Posted November 13, 2012 Foreign money is pushing up prices in prime central London and producing a ripple effect on the periphery. This will only stop when prime central London prices no longer appear to offer value compared to New York, Singapore, Moscow, Hong Kong etc. There is still a lot of upside before this happens. Quote Link to comment Share on other sites More sharing options...
Deckard Posted November 13, 2012 Share Posted November 13, 2012 Foreign money is pushing up prices in prime central London and producing a ripple effect on the periphery. This will only stop when prime central London prices no longer appear to offer value compared to New York, Singapore, Moscow, Hong Kong etc. There is still a lot of upside before this happens. Really? Are you sure? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 13, 2012 Author Share Posted November 13, 2012 Foreign money is pushing up prices in prime central London and producing a ripple effect on the periphery. This will only stop when prime central London prices no longer appear to offer value compared to New York, Singapore, Moscow, Hong Kong etc. There is still a lot of upside before this happens. Why is it all these 'rich' people see value in the london housing bubble ? In terms of most currencies it is a complete joke and can't possible go any further. Would these savvy investors buy a property in Athens right now ? How long till we see big protests in London due to the locals being priced out ? The collapse is unstoppable, one way or another, peoples greed is ensuring that. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted November 13, 2012 Share Posted November 13, 2012 Well they want to put HPI into inflation indices, which is probably as good as any indicator they think prices will fall... Quote Link to comment Share on other sites More sharing options...
dolce vita Posted November 13, 2012 Share Posted November 13, 2012 Why is it all these 'rich' people see value in the london housing bubble ? In terms of most currencies it is a complete joke and can't possible go any further. Would these savvy investors buy a property in Athens right now ? How long till we see big protests in London due to the locals being priced out ? The collapse is unstoppable, one way or another, peoples greed is ensuring that. I'm no expert but I think the reasoning is that if all currencies collapse and your bank statement means f*ck all, london real estate will always be worth more than athens real estate (in general terms, obviously). so it's a case of grab it while you can. Quote Link to comment Share on other sites More sharing options...
wonderpup Posted November 13, 2012 Share Posted November 13, 2012 Why is it all these 'rich' people see value in the london housing bubble ?In terms of most currencies it is a complete joke and can't possible go any further. Would these savvy investors buy a property in Athens right now ? How long till we see big protests in London due to the locals being priced out ? The collapse is unstoppable, one way or another, peoples greed is ensuring that. They want to park their wealth in a stable country with rule of law and some measure of security for them and their families in the future. They just don't want to pay any f*cking tax in order to preserve all those things- which may turn out to be a big mistake in the long term. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 13, 2012 Share Posted November 13, 2012 They want to park their wealth in a stable country with rule of law and some measure of security for them and their families in the future. They just don't want to pay any f*cking tax in order to preserve all those things- which may turn out to be a big mistake in the long term. True, but won`t stop middle class and working class dwellings collapsing in price though? In fact the longer the imbalance between wages and living costs continues the more unstable London and UK society becomes? Handing out a few heavy sentences will keep things down for a couple of years, but next time the army will be needed,with live rounds? I think there is going to be a big HPC before this comes to pass however The Asda kids will have their cheap houses. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 13, 2012 Author Share Posted November 13, 2012 True, but won`t stop middle class and working class dwellings collapsing in price though? In fact the longer the imbalance between wages and living costs continues the more unstable London and UK society becomes? Handing out a few heavy sentences will keep things down for a couple of years, but next time the army will be needed,with live rounds? I think there is going to be a big HPC before this comes to pass however The Asda kids will have their cheap houses. qed. i'll be long gone if/when it happens. leave this island of middlemen and celebs to them, see how they get on lomg term with no real wealth generation. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted November 14, 2012 Share Posted November 14, 2012 Just sitting here looking at asking prices of local properties and London ones ( where my wife sold as year at a 2007 peak price ). The prices are all ludicrous. Real incomes are continually being squeezed with the QE induced inflation. Actual sale volumes are tiny and sale prices are still at June 2004 prices. This stalemate can't continue and the insane london market must have priced out even the most desperate of foreign buyer. What next....collapse. It's just around the corner for sure. I could be wrong though ...yes...keepy uppy can't go on forever...every juggler has his day....ask Gordo Clown... Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.