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Prices Definitely Slumping Where I Live

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I am a new comer to the site and I have definitely never ever, ever posted before.

So, you may remember about a week ago, I said how the number of studios and 1 bed appartments on the market in my area (SW15) had seemed to quadruple in a week, looking in the EA windows and checking up in findaproperty.co.uk and rightmove.co.uk? Yep, even more again this week. And particularly down by the hospital and uni, traditional renter land to the students and nurses. Even though I can point you at similar priced properties that have been on the market for 12-18 months and have still not sold (You may remember I did that once upon a time and the EA's removed the property listings from the links the next day). How do they ever think they are going to sell? I am also now seeing the two and three bedders falling below the 150-160K mark, quite unusual for the area over the past few years, around 200K+ was the usual level for a while. Yes, this is alot of money but you are near central London and the area has had massive 'gentrification' over the last twenty years but, there are again similar flats at that pricing that have been on the market for a good twelve months. There is one property (5+ bedrooms) over by the common that I have seen a 'for sale' sign outside for over two years! So yes, I fully believe the nationwide when they announced last week that substantial property price falls may occur in 2006. The market has ceased to function in its present condition. Still, we all know that, we all walk home in the evening seeing the same old properties on the market forever, coming on, going off, price reduction, sold subject to chain, back on again three weeks later.


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I am over at Bishopsgate way tomorrow day. If it doesn't drag on too long, I look forward to telling anyone there at the pub where exactly the 12-18 month-on-the-market properties are, if you want to put a cheeky offer in.

Boomer :P

Edited by boom_and_bust

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