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The Town Where The Average Price Of A House Is £1Million: How Another 1,500 Britons A Week Are Becoming 'property Millionaires'

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http://www.dailymail.co.uk/news/article-2350433/Virginia-Water-town-outside-London-average-house-worth-1million-Britain-adds-1-500-property-millionaires-WEEK.html

The town where the average price of a house is £1MILLION: How another 1,500 Britons a week are becoming 'property millionaires'

Exclusive Surrey enclave breaks £1million barrier after 6 per cent increase

Home to celebrities including Sir Bruce Forsyth, Sir Cliff Richard, the Duchess of York and Sir Elton John

Britain adds 78,000 homes worth more than £1million in last 12 months

There are now 325,000 in the country - up 80 per cent in past four years

Excellent news as our economy is totally driven by the wealth of our houses. It's like fiat currency but in bricks and mortar.

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http://www.dailymail.co.uk/news/article-2350433/Virginia-Water-town-outside-London-average-house-worth-1million-Britain-adds-1-500-property-millionaires-WEEK.html

Excellent news as our economy is totally driven by the wealth of our houses. It's like fiat currency but in bricks and mortar.

It is just what the Mail readers like to hear. These surveys don't really give an idea as to prices anyway, just relative size of houses in different areas.

Richmond is 7th on this list with average house prices of £700k compared to £1m in Virginia Water. Daily Mail readers may be surpised to find that in the real world Richmond is at least twice as expensive as Virginia Water. This survey does not take into account the fact that £1m in Virginia Water buys you:

http://www.zoopla.co.uk/for-sale/details/28680868?search_identifier=74065ad09e365b6640a2c9e955d860c4

compared to £700k in Richmond which is more like:

http://www.zoopla.co.uk/for-sale/details/29294640?search_identifier=2e1fd5fea12abaf921836d8d70363bc0

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£1M is only the average.

Think how some people there will feel this morning, reading the Daily Mail and realising that their £800k house is below average, plusd there is every risk of someone squeezing them out, knocking it down and building another Grand Design on the plot.

Good heavens, they'd have to move to Esher or maybe even outside Surrey to get somewhere classy for their sub-£1M payoff.

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750K for a TERRACED where you walk in off the street straight into the living room!

and I see it sold in 2003 for 350K - so someone is hoping to make a killing.

I thought we were back to 2004 prices in most areas - unless they spent a lot in the vast kitchen, vast en-suite (like the fact you can enter it from either bedroom). these prices are crazy.

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I am inclined to think these glorifying property values 'news' articles will be featured in e-textbooks in 100 years, as evidence of where it all went so very horribly wrong. Rather like the tulip mania articles in history etc.

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The wealth created for these people at most is simply a transfer from others believing they are benefiting too (taking on a big mortgage); there is no net wealth created. More likely it is a distraction, an opportunity cost leading to a net loss in wealth. With well constructed and enforced law we can reward people that actual help create new wealth (a net gain for society) with skills, innovation and hard work.

Edited by cica

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750K for a TERRACED where you walk in off the street straight into the living room!

and I see it sold in 2003 for 350K - so someone is hoping to make a killing.

I thought we were back to 2004 prices in most areas - unless they spent a lot in the vast kitchen, vast en-suite (like the fact you can enter it from either bedroom). these prices are crazy.

The prices in this type of area for small houses are just bubble on top of bubble at the moment. People would much rather live in a tiny house than a bigger flat and ths prices have gone up accordingly.

I saw a similar house the other day in a much cheaper part of the area. This is on the market at £420k having been sold for £167k in November 2005. No modernisation appears to have happened. Ok, so the £167k was very cheap in 2005 anyway, but this house has still gone up by over 150% since then if it sells at asking price (and it will sell at asking price because it is by far the cheapest house of it's type available.)

That really puts it into persective for me. That Richmond house I linked to earlier has gone up 115% in ten years and now looks stupid at £750k, but some have gone up even faster in % terms.

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I am inclined to think these glorifying property values 'news' articles will be featured in e-textbooks in 100 years, as evidence of where it all went so very horribly wrong. Rather like the tulip mania articles in history etc.

I agree, although sadly I think it will really take as long as that because governments just can't see anything wrong at the moment.

The worst example is George Osborne. Everyone with any sense realises that the US Fannie Mae and Freddie Mac was a total disaster, but here is Osborne creating exactly the same thing, calling it 'Help to Buy' and most people seem delighted by it!

It's the same with £750k terraced houses, 4,000% interest on payday loans - past generations are laughing at us and future generations will be too, but the government and the majority of the general public seem to think nothing is wrong.

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I agree, although sadly I think it will really take as long as that because governments just can't see anything wrong at the moment.

The worst example is George Osborne. Everyone with any sense realises that the US Fannie Mae and Freddie Mac was a total disaster, but here is Osborne creating exactly the same thing, calling it 'Help to Buy' and most people seem delighted by it!

It's the same with £750k terraced houses, 4,000% interest on payday loans - past generations are laughing at us and future generations will be too, but the government and the majority of the general public seem to think nothing is wrong.

We have a small house but in a nice place. We can afford it and have no mortgage. To be frank I don't follow prices or even care what ours is worth. It's all got so crazy that for sanity you just have to step back and let the lunatics take over the asylum. Beating yourself up on sites like this is self-defeating and a waste of energy. I just come on here to view the general economic chit-chat and learn something if I can from people who know more than me. It doesn't stop me feeling sorry for the young people who have to pay these insane prices for a shoe-box but I have worn myself hoarse talking to people about it and getting nowhere. It's time to hang up mi Stetson. The idiots won.

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We have a small house but in a nice place. We can afford it and have no mortgage. To be frank I don't follow prices or even care what ours is worth. It's all got so crazy that for sanity you just have to step back and let the lunatics take over the asylum. Beating yourself up on sites like this is self-defeating and a waste of energy. I just come on here to view the general economic chit-chat and learn something if I can from people who know more than me. It doesn't stop me feeling sorry for the young people who have to pay these insane prices for a shoe-box but I have worn myself hoarse talking to people about it and getting nowhere. It's time to hang up mi Stetson. The idiots won.

It would appear so, yes.If rates were really to rise, all that would be changed, but it would be so disastrous for so many, and thus for politicians, that I don't believe it'll happen.

Inflation all the way from now on IMO, starting slowly, accelerating next year as the pound falls.

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The idiots won.

The day on which the last person on this site gives up and admits that house prices do, in fact, go up forever is the day before the crash starts. How far off are we?

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It would appear so, yes.If rates were really to rise, all that would be changed, but it would be so disastrous for so many, and thus for politicians, that I don't believe it'll happen.

Me neither. Rates were held at 2% from 1932 all the way through until 1938 and that was a smaller recession than the one we're in. I don't expect any rises for at least another 5 years.

http://www.bankofengland.co.uk/statistics/Documents/rates/baserate.pdf

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Couldn't care two hoots how much it all costs, the total debt of the country or even more bits of paper hopes and promises....would not like or would choose to live there, if had the money would most definitely would not buy there....is that odd, different, strange, mad or bad? :blink:

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http://www.dailymail.co.uk/news/article-2350433/Virginia-Water-town-outside-London-average-house-worth-1million-Britain-adds-1-500-property-millionaires-WEEK.html

Excellent news as our economy is totally driven by the wealth of our houses. It's like fiat currency but in bricks and mortar.

...hah..hah ..'fools rush in where angels fear to tread'........ :rolleyes:

We believe the outcome of this problem is inevitable… and the recession, joblessness and instability you see right now is only the first stage of it. Many people think the slump we’re in now is as bad as it will get.

But the truth is, it’s only the start.

http://info.moneyweek.com/urgent-bulletins/the-end-of-britain/?infinity=gaw~DISPL%2BSPCFC%2BThe%20End%20Of%20Britain~DISPL%2BSPCFC%2BThe%20End%20Of%20Britain%2BKW~21261307629~placement:www.netweather.tv~c&gclid=CNT7_s-khrgCFSGWtAodhDkAiw

Edited by South Lorne

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Couldn't care two hoots how much it all costs, the total debt of the country or even more bits of paper hopes and promises....would not like or would choose to live there, if had the money would most definitely would not buy there....is that odd, different, strange, mad or bad? :blink:

Virginia Water? I wouldn't either. This type of enclave is just vacuous to me, a maze of private roads converging on each other and not much else. Wealthy people buy there to be around other wealthy people, but it wouldn't suit everyone.

The strange thing is, I could buy there more easily than where I live now as a standard 3 bed semi seems to be about £200k cheaper. Daily Mail readers wouldn't understand that either because I live in a place that would be well down the list based on average price alone.

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  • 245 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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