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Is Prime London Crashing? - Merged Threads


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Hello, long time lurker here. I live and grew up in London and, like all of you got fed up of the ridiculous house prices in London (and much of the UK), and found myself on here.  Anyway, enough

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I totally agree

I'm just remarking that recession that will hit renters and homeowners is not a solution - both parties are equally vulnerable to losing their job

Recession is a fecking mental plan to owning a home

Is this Frauke Petry in your Avatar??

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Yeah, cos recession and unemployment throughout the land so you can buy a house is a great plan

I'm sorry you've lost your job in the past and not been able to buy a house (I lost my job 3 times in 9 months back in 2009 - I was fecked and had to sell my very modest flat and move back in with mother). It's sh!t and I don't wish it on society just because some people have a house I can't afford.

Housing is expensive - I'm not justifying it, but you're advocating millions having their life ruined just because you can't afford a house at the moment. How do you know you'll still be in a job should a recession hit? You've been made redundant in the past so you're obviously not a nobel prize winner.

As I have said before - be careful what you wish for. It could be you.

I think most people on here who want lower prices have considered all of this. I know I have. I'm no nihilist - but all of what you describe pretty much needs to happen, before prices come down. It's unfortunate, but it's been in the bag for what, 15 years now?

I could just as easily write out a long post on all the positives that society would benefit from if prices were to crash.

The trick is to stop thinking about yourself but focus on the greater good as they say in Hot Fuzz.

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I totally agree

I'm just remarking that recession that will hit renters and homeowners is not a solution - both parties are equally vulnerable to losing their job

Untrue

If someone loses their mortgaged/owned house they go into rented, rental commitments are not fixed they tend to fall in a weak economy. It doesn't happen the other way round.

Edited by Si1
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Untrue

If someone loses their mortgaged/owned house they go into rented, rental commitments are not fixed they tend to fall in a weak economy. It doesn't happen the other way round.

I didn't say equally vulnerable to losing their home

I am saying equally vulnerable to losing their job and being in a position to buy a super cheap house post crash - which let's face it, is just the flip side of the same coin of betting on house prices always going up

And to be perfectly transparent, I'm ambivalent about house prices - which is more than can be said for most of this forum.

I'll bet good money, that if all those wishing an economic sh!tstorm just so they can buy a house, then went ahead and bought one and then lost their job and saw their house further decrease in value, they'd be howling like stuck pigs

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This must be starting to hurt

http://www.zoopla.co.uk/new-homes/details/39869129#5LuDTcTtQhgmFbRj.97

Listing history

First listed
£1,100,000 on 15th Oct 2015

Asking price changes
  • £1,050,000 4.5% Reduced on: 22nd Oct 2015
  • £895,000 14.8% Reduced on: 1st Mar 2016
  • £825,000 7.8% Reduced on: 12th May 2016

4 of them as well ...

Good old SW8. Except this is SE11

Edited by Frizzers
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This must be starting to hurt

http://www.zoopla.co.uk/new-homes/details/39869129#5LuDTcTtQhgmFbRj.97

Listing history

First listed

£1,100,000 on 15th Oct 2015

Asking price changes
  • £1,050,000 4.5% Reduced on: 22nd Oct 2015
  • £895,000 14.8% Reduced on: 1st Mar 2016
  • £825,000 7.8% Reduced on: 12th May 2016

4 of them as well ...

Good old SW8. Except this is SE11

3 bed terrace, 825K !!!! Should be 82K

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This must be starting to hurt

http://www.zoopla.co.uk/new-homes/details/39869129#5LuDTcTtQhgmFbRj.97

Listing history

First listed

£1,100,000 on 15th Oct 2015

Asking price changes
  • £1,050,000 4.5% Reduced on: 22nd Oct 2015
  • £895,000 14.8% Reduced on: 1st Mar 2016
  • £825,000 7.8% Reduced on: 12th May 2016

4 of them as well ...

Good old SW8. Except this is SE11

3 bed terrace, 825K !!!! Should be 82K

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Can't be bothered. Annoyed that some on HPC forum want lower prices, with his be careful what you wish for, vs years and years of ever more HPI to extremes and renter-savers carrying so much of it, for so many years. Ruin? Human shield, despite £Trillions in equity on owner side. Just the market.

Last 2 houses I bookmarked on RM (not London), houses of older owners. Plates on wall. Perhaps being sold by inheritors. Market. Renter savers in family interested in buying, but waiting for one that has a driveway. Tended to be homes BTLers would previously have snapped up and outbid them for. 3% SDLT hike and S24 ahead. No certainty of HPC, and many believe HPI future. Market. And a market full of equity rich older housing market participants.

I don't care either what happens to prices after I buy, the only thing that matters is the price I buy at.

You're telling me. There seem to be a lot of these 'be careful what you wish for' type posts at the moment.

Frankly I'd take 50% off housing and my stash of cash as well compared to the current situation.

If I see another of these 'Be careful what you wish for' posts I'm badly going to need HPC to get a 'vomit' emoticon.

Amusing how the "be careful what you wish for" argument is being invoked yet again.


What many of older equity rich side have had, and what they wish for. All the others smiling in papers about their £650K and £1.8m owner outright homes. Market. HPC to so many owners is just an ego crash, and they have their positions in market. Prices at very high levels and low inventory on market.

Daily Mail

Average UK house price to hit £780,000 by 2040, says leading think tank

Kilo Charlie, My World, 9 hours ago
We purchased a property in 1983 for £72,000.........today it's worth £650,000 plus. It's certainly possible and quite likely.

Sam, Bucks, 3 hours ago
Bought house in ,74 for 16k added extention about £8k now valued at £480k you do the maths?

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Olé! http://www.standard.co.uk/news/london/london-house-prices-slashed-after-brexit-vote-a3285731.html

One central London branch manager at one of the capital’s biggest firms said: ”The whole thing is a disaster. The uncertainty will cause the markets to crumble and who knows when that is going to get better.

“There’s no end to how far prices could fall. If you are a vendor and you want to sell a property then the writing’s on the wall - you are going to have to sell at a much lower level.”

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Olé! http://www.standard.co.uk/news/london/london-house-prices-slashed-after-brexit-vote-a3285731.html

One central London branch manager at one of the capital’s biggest firms said: ”The whole thing is a disaster. The uncertainty will cause the markets to crumble and who knows when that is going to get better.

“There’s no end to how far prices could fall. If you are a vendor and you want to sell a property then the writing’s on the wall - you are going to have to sell at a much lower level.”

Brexit ? Nothing to do with massive, speculative oversupply into a market already exposed to changes in SDLT , BTL taxation, and a reduction in the number of foreign buyers?

On another note, which newspaper will be the first to realise that lower housing costs are actually a good thing for the majority of people in this country and start shouting about it?

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If that Standard article is representative, then a crash was already underway well before Brexit. Looks pretty sharp too. Maybe too early to tell - they will have cherry picked for the article. But interesting that it's not just new builds with those reductions.

Edited by MississippiJohnHurt
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Olé! http://www.standard.co.uk/news/london/london-house-prices-slashed-after-brexit-vote-a3285731.html

One central London branch manager at one of the capital’s biggest firms said: ”The whole thing is a disaster. The uncertainty will cause the markets to crumble and who knows when that is going to get better.

“There’s no end to how far prices could fall. If you are a vendor and you want to sell a property then the writing’s on the wall - you are going to have to sell at a much lower level.”

Getting better is lower prices and then later, more transaction, imo. <3

Article I read somewhere yesterday, had a story the other day on plunging value of Commercial Reits, and that ultimately values set by transactions. Write downs. All came back to forecast of -5% dip, that many property VI are holding on to.

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surrey1

June 30, 2016 at 8:28 am

Speaking to a couple of other trusted solicitors in Surrey the numbers of abortive sales on Friday and Monday was somewhat heftier. We lost two, which in a low volume marketplace a bit of a pain to put it mildly. The world still turns and people still have to live somewhere.

They had to live somewhere when prices were a whole lot lower too. Housing Financialisation. Real estate runs on money. Values in market are found by transacting buyers and sellers. Values can cascade, not just always rocket.

Luckyone: My expectation is that this market segment will behave in the same fashion as any other market which has topped out. Supply will increase, volume will decrease for quite a while before prices begin to crumble.

Many of us think that the entire market pricing structure is driven by the high priced segment, as all other properties are priced based on compromises versus the ideal (location, size, commuting etc). When the top end crumbles, everything else will follow.

There have been a lot of discussions on this site related to the fact that the poor market fundamentals will require a catalyst before prices resume their logical downward path. The new property tax regime, along with the decoupling of mortgage rates from the Base Rate, will, in hindsight, prove to be the catalysts.

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Can't be bothered. Annoyed that some on HPC forum want lower prices, with his be careful what you wish for, vs years and years of ever more HPI to extremes and renter-savers carrying so much of it, for so many years. Ruin? Human shield, despite £Trillions in equity on owner side. Just the market.

Last 2 houses I bookmarked on RM (not London), houses of older owners. Plates on wall. Perhaps being sold by inheritors. Market. Renter savers in family interested in buying, but waiting for one that has a driveway. Tended to be homes BTLers would previously have snapped up and outbid them for. 3% SDLT hike and S24 ahead. No certainty of HPC, and many believe HPI future. Market. And a market full of equity rich older housing market participants.

What many of older equity rich side have had, and what they wish for. All the others smiling in papers about their £650K and £1.8m owner outright homes. Market. HPC to so many owners is just an ego crash, and they have their positions in market. Prices at very high levels and low inventory on market.

Sold a house to some idiot in 2007....they lived in it for 2 years then spend 4 years trying to sell it, eventually accepted 20% less than they paid.

What's their point ?

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What's their point ?

You tell me. I thought I was living it up spending £200 on a custom/modified watch last year (my first automatic). And I probably am, compared to some. Although still on track adding to savings this year to deposit and other. What some see as not a lot of money for a watch, can be same mind people have for value of houses.

It's a market. Some of us are minded to believe house prices (and even watch prices) can fall. No human shields. Suspect it's more to do with protecting their own HPI VI in many instances. £Trillions in equity. Market. Only 1 mind for owners if hpc (woe and bad to wish it on society) , and nothing on side of renters, it seems to me.

Watch fans are just that fanatics

£15000 is a lot/not a lot in the scheme of watch world

Most people tap out at a lower end rolex or breitling or higher end second hand model

I should know, bought a rolex turn-o-graph last month of £4650 (2nd hand), total total folly, but it was almost in the bargain bin - I exagerate but pieces maxed out in the store at 58k and this is a pre-owned store (that's the posh word for 2nd hand in watches). The 58k watch was from 2005

The funny thing is, that the really really top end stuff are names 95% of population would never recognise and some look like overengineered (which is what they are) watches from the Argos catalogue

Funny, funny world the world of watches

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