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Bubble Madness In Hackney

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Just looking at RM. Madness, absolutely nuts.

Gone from £293,000 on the 4/09/2013 to

£450,000 on the 29/10/2013;

http://www.rightmove.co.uk/property-for-sale/property-25991469.html

Loads of one beds asking £450k+ and studios for £350k plus. The world has gone mad!

Whenever I think Hackney I think 'murder mile'

I can understand money finds its way to places like Chelsea or Kensington, its got to go somewhere. I just have no idea why the wealthy would tolerate living above a Kebab shops and have the local yoofs vomiting outside their windows at 3am. Same goes for Leytonstone. They just look utter shitholes.

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Whenever I think Hackney I think 'murder mile'

I can understand money finds its way to places like Chelsea or Kensington, its got to go somewhere. I just have no idea why the wealthy would tolerate living above a Kebab shops and have the local yoofs vomiting outside their windows at 3am. Same goes for Leytonstone. They just look utter shitholes.

Maybe they will be vomiting caviar, and Champagne? :huh:

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GMO Quarterly Letter- Ignoble Prizes and Appointments, Jeremy Grantham, November 2013

Some of Yellen’s supporters, rather desperately I think, claim that she warned of an impending

housing bust, yet she has quotes out there, so like Bernanke’s that I forget which quote is which, to the effect that

housing merely reflected a strong economy.

She also sounded like early Greenspan in suggesting that bubbles don’t

exist, and even if they did, it would not be the Fed’s business to intervene, and even if it were, there would be nothing

they could do, and even if there were, the guaranteed pain of intervention would not be worth the possible benefits.

(The Canadian running the Bank of England, Mr. Carney, claims to know better: that housing bubbles do indeed exist

and are worth keeping an eye on. He’ll need some luck with the level of U.K. housing prices today – even as the

U.K. government encourages more leveraged mortgages. Do they never learn? Guaranteeing new mortgages over

5% will serve to further push the prices up so that for any new buyers, houses will be affordable only at low mortgage

rates.

But England has floating mortgage rates for heaven’s sake! And one day, dear home buyer, mortgage rates will

become more normal, possibly even nasty – it has happened – and you will simply not be able to afford the payments.

What a bad idea this is.)

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when they don't actually show pictures of the flat you know it's a shit hole.

Weird that they want half a million for a flat but won't even show you the inside. Perhaps you have to make a "sealed bid" in order to view the inside?

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I don't get it, above a takeaway, on a main road, there's a council block about 100 yards away.

I was in rural Northern Ireland two weeks ago, that sort of cash would've bought a six bed mansion with acres of land.

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Weird that they want half a million for a flat but won't even show you the inside. Perhaps you have to make a "sealed bid" in order to view the inside?

That RM entry is just plain weird (not to mention the price). Why the hell have they stuck in a few random photos of office buildings 3 miles away in The City?

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I don't get it, above a takeaway, on a main road, there's a council block about 100 yards away.

I was in rural Northern Ireland two weeks ago, that sort of cash would've bought a six bed mansion with acres of land.

Hence why it is a bubble. Every day now we are see articles, examples of house prices, etc, etc, which all indicate that this is a massive bubble.

Of course, when it bursts and millions are in financial pain you will be having all the BBC News programmes saying "Why didn't anyone see it coming?". I can just imagine the Nicky Campbell phone-in on Fivelive a few years from now.

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Weird that they want half a million for a flat but won't even show you the inside. Perhaps you have to make a "sealed bid" in order to view the inside?

And the 'Bosch appliances' mention is utterly laughable. Spend £450,000 on this flat and you'll get to enjoy £500 worth of appliances as part of the package! woohoo! I wasn't interested before but I am now!

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Whenever I think Hackney I think 'murder mile'

I can understand money finds its way to places like Chelsea or Kensington, its got to go somewhere. I just have no idea why the wealthy would tolerate living above a Kebab shops and have the local yoofs vomiting outside their windows at 3am. Same goes for Leytonstone. They just look utter shitholes.

Parts of Hackney are lovely, Dalston Lane isn't one of them though, especially that end of it.

For the 99% Chelsea and Kensington are totally unattainable. I overheard a conversation recently saying you'd be surprised how many £10m places in Kensington don't have a garden.

For the other 8m people who need a home in London there's the less salubrious postcodes.

Edited by terryturbojr

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Just looking at RM. Madness, absolutely nuts.

Gone from £293,000 on the 4/09/2013 to

£450,000 on the 29/10/2013;

http://www.rightmove.co.uk/property-for-sale/property-25991469.html

Loads of one beds asking £450k+ and studios for £350k plus. The world has gone mad!

From reading the blurb it would appear the flat is actually in this development

http://www.zoopla.co.uk/for-sale/details/31067006?image=1

http://www.younggroup.co.uk/downloads/20080829_The_Interchange_consumer.pdf

Which would make more sense (still silly money). £450k would be very high for a flat above a shop on that road.

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Hence why it is a bubble. Every day now we are see articles, examples of house prices, etc, etc, which all indicate that this is a massive bubble.

Of course, when it bursts and millions are in financial pain you will be having all the BBC News programmes saying "Why didn't anyone see it coming?". I can just imagine the Nicky Campbell phone-in on Fivelive a few years from now.

A few weeks more like.

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Weird that they want half a million for a flat but won't even show you the inside. Perhaps you have to make a "sealed bid" in order to view the inside?

EA in London have an annoying habit of marketing non-existent properties. I'm not sure exactly why. Whether it's to trawl for potential buyers, to manipulate interested buyers, or to bolster their Rightmove stats - I simply don't know.

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