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Imminent_plunge

Bad News From London

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Spent Saturday with a friend of mine who wants to buy in London as he's inherited some money. It would involve a smallish five figure sum for a mortgage. He just wants somewhere to live and not in prime central London either.

The market's full of speculators and investors. He's been invited to 'bid' a couple of times, which involves getting a surveyor out to approve the mortgage at £350 a pop, non-refundable if someone else beats you to it. Estate agents ramping it up, saying that he could double his money within a decade. :blink:

One place was in Lewisham, an area that's being regenerated but invest in a stab-proof vest and leave your valuables at home before popping to your local supermarket after dark.

He recognises the insanity of parting with more than a quarter of a million for a crap house in a crap area... London's just become a city of spivs and chancers.

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London's just become a city of spivs and chancers.

London always has been and since the 1800's when drinking Gin and trading (gambling) first started. It is no better today, infact much worse I would say.

Only difference between today and then is that the worst of it goes on behind closed doors whilst things look rosey on the surface.

Remind me of why he wants to live there again?

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Only difference between today and then is that the worst of it goes on behind closed doors whilst things look rosey on the surface.

Only difference between today and then is that the worst of it is underwritten by the tax payers hard earned cash.

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buying outside M25 may cost him as much railcard included for 10-20 years. The difference is instead of two bedroom flat he gets a three bed semi with garden. Door to central London terminus in 30 minutes. Bit quieter, quick access to green areas, lower crime and good schools.

Why London?

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buying outside M25 may cost him as much railcard included for 10-20 years. The difference is instead of two bedroom flat he gets a three bed semi with garden. Door to central London terminus in 30 minutes. Bit quieter, quick access to green areas, lower crime and good schools.

Why London?

Because it's different there. House prices go u[p 10% p.a........forever. The smart London buyers will be rich, rich I tell you.

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He recognises the insanity of parting with more than a quarter of a million for a crap house in a crap area... London's just become a city of spivs and chancers.

It doesn't look like he recognises the insanity at all. They reckon you never do when it's you wot's barking mad.

"Yes, I know that sticking my head in the gas over and striking a match is a stupid idea, but someone died and gave me some free money so I'm off down to John Lewis to buy an nice new one with six rings and a fold down door to rest my chest on".

That sort of thing.

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Because it's different there. House prices go u[p 10% p.a........forever. The smart London buyers will be rich, rich I tell you.

They are reliably informed of that house prices will rise forever... Of course it can't go on forever. It's ludicrous now.

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They are reliably informed of that house prices will rise forever... Of course it can't go on forever. It's ludicrous now.

It can go on as long as the government continues to print cheap pounds to be recycled back to us, and the populus continues to accept ever-lower standards of living. I don't think we are close to a Brazilian moment yet.

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The word is Us interest rates are going to rise, hence stock market falls. When interest rates rise in the uk, then we may see London capitulate.

I think stock markets may rise when interest rates rise. Reason is that bond prices fall as yields rise so equities are seen as a safer haven...

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I think stock markets may rise when interest rates rise. Reason is that bond prices fall as yields rise so equities are seen as a safer haven...

Whichever happens it looks like UK IR rises are many years away yet.... and by then houses will have risen through ramping by X so even if they drop back down they may only come down to around where they are now.

Frecking EAs - they win win no matter what.

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Only difference between today and then is that the worst of it goes on behind closed doors whilst things look rosey on the surface.

This is a very true statement. London is a dark place behind closed doors.

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  • 239 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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