Is Prime London Crashing? - Merged Threads

[Si1]

7 hours ago, Chrippie said:

Agree...

 

what can you do in their position? Sell investment properties, sell weekend homes, sack the interior designer, shelve the basement redevelopment plans, sell in london to move to the country. All these things make sense if you still think you are ahead of the game. I think what's hitting home is the realisation that if you arent going to get what you would have got 12 months ago, the answer isnt to wait 12 months and see if its a temporary blip because probably in 12 months it'll be even lower. That's the mindset shift thats occurred. 

That's interesting. That shift had occurred, iirc, by 2013, but then Cameron and Osborne intervened big time. How they had any moral right to on the national debt I have no idea, but they did.

Edited June 13, 2017 by Si1

[suresh786]

2 hours ago, Si1 said:

That's interesting. That shift had occurred, iirc, by 2013, but then Cameron and Osborne intervened big time. How they had any moral right to on the national debt I have no idea, but they did.

government has promoted this bubble, but osborne did some good things like changes in stamp duty for second property and tax changes for the btl

[Si1]

1 hour ago, suresh786 said:

government has promoted this bubble, but osborne did some good things like changes in stamp duty for second property and tax changes for the btl

Indeed, long term fiscal needs Vs the election cycle

[dryrot]

On 11/06/2017 at 7:41 PM, Captain Tightwad said:

"Residents can also enjoy a state of the art gymnasium, swimming pool and holistic spa, a digital entertainment suite with private cinema and virtual golf, and spacious lounge and library area."

Curiously, they forgot to mention what the service charge might be. I'm sure that was just an oversight.

You can see the competition, too, on the RM "market" tab: 

"These are the nearest properties on the market with the same number of bedrooms.

• £650,000 

  Three Riverlight Quay, Nine Elms Lane, Vauxhall, London, SW11

  Within 0.5 miles

  

  

  

  

   

  Previous 1 of 4 Next
• £630,000 

  Riverlight Quay, Nine Elms, London SW8

  Within 0.5 miles

  

  

l

and they are all cheaper..

[suresh786]

18 hours ago, dryrot said:

You can see the competition, too, on the RM "market" tab: 

"These are the nearest properties on the market with the same number of bedrooms.

• £650,000 

  Three Riverlight Quay, Nine Elms Lane, Vauxhall, London, SW11

  Within 0.5 miles

  

  

  

  

   

  Previous 1 of 4 Next
• £630,000 

  Riverlight Quay, Nine Elms, London SW8

  Within 0.5 miles

  

  

l

and they are all cheaper..

if old is at price of 650k and new 690k then i would buy new as difference is not that much plus new is coming with extra like gymp, spa, cinema unless old also got same facilities

this shows old are drop now in order to compete with new

[suresh786]

https://www.gov.uk/government/statistical-data-sets/uk-house-price-index-data-downloads-april-2017?utm_medium=GOV.UK&utm_source=summary&utm_campaign=section9&utm_term=9.30_13_06_17&utm_content=download_data

land registry data for april is out, city of london is down by 7% in a month but some boroughs like barking is up by 1%.

 

[suresh786]

1 minute ago, suresh786 said:

https://www.gov.uk/government/statistical-data-sets/uk-house-price-index-data-downloads-april-2017?utm_medium=GOV.UK&utm_source=summary&utm_campaign=section9&utm_term=9.30_13_06_17&utm_content=download_data

land registry data for april is out, city of london is down by 7% in a month but some boroughs like barking is up by 1%.

 

overall london is up by 0.7% grrrrrrrrrrrrrrr

[Lonwontbuy]

On 30/01/2017 at 8:33 PM, Lonwontbuy said:

Anyone got any ideas what is going on here? This came up today...

http://www.rightmove.co.uk/property-for-sale/property-64320050.html

I've been keeping an eye on this estate for about a year - went to view one a while ago but they wanted £425k, which I thought was way too pricey. These flats were selling for that much in 2016 no problem. I think the properties here are a good indicator of trends in SE London, as they are all 2-beds with (from what I can gather) identical sizes and layouts.

There are two others on the market at £400k and £390k

http://www.rightmove.co.uk/property-for-sale/property-45602508.html

http://www.rightmove.co.uk/property-for-sale/property-45180093.html?premiumA=true

Both have been on for over 2 months and already dropped £15k and £35k, with no takers. In 2013 the estate hadn't even broken the 300k ceiling, and then it went a bit crazy, so it'd be amazing if the one listed today could drag it back down.

 

Update on the little estate I've been keeping an eye on in Penge. The flats are alll pretty much identical so its been interesting to see how the ones that come onto the market are faring. Actually, there have been very few of them come on so far this year compared to when I was looking to buy in the area in 2015.

The two flats I posted here back in January, they had both gone under offer and in the last few weeks have fallen through. Will be interesting to see if the vendors drop the prices again or hold out!

[Sancho Panza]

Just now, Sancho Panza said:

Prices drawn from price charts on raw sales data using a 12 month moving average

Wary ye the variance due to sales volume and house type mix

 

      Peak                                Current Feb 17       %age down

W2 Jan 17 £1.287 mn,           £1.297 mn             peak

W9 Feb 16  £904k ,               £843k                      -6.7%

W8 Mar 16 £3.024mn            £2.448mn               -19%

W11 Dec 16 £1.962mn          £1.881 mn              -4.1%

W10 Mar 15 £898k                £825k                      -8.1%

W12 May 16 £723k               £703k                      -2.7%

W 14 Jan17 £1.230 mn         £1.224 mn              -0.005%

W6 May 15 £945k                 £881k                      -6.7%

W3 Mar 16 £575k                  £571k                      -0.01%

W4 Mar 16 £959k                  £924k                     -3.4%

W5  Dec 16 £746k                 £737 k                     -1.2%

W13 Apr 16 £653k                £652k                       peak

W7  Jan 17  £570k                £557k                      -2.3%

 

Virtually all W postcode sectors down in Feb

 

 

 

[North London Rent Girl]

On 26/05/2017 at 11:51 AM, Quicksilver said:

You are very wrong and the population/census stats bare that out.

I am a born and raised Londoner and MOST people I know don't fall into either of your extremes, they are middle earners not relying on the state and not rich. In fact I only know TWO people that are considered rick (million+ in the bank and NOT counting Housing  wealth) and NONE in the Benefits bucket out of maybe 200 people.

Have got horribly behind with this thread but just to agree with you on this - I cannot think where Spyguy is getting his ideas about earnings in london from, I know one couple who probably, almost certainly, earn over 150k between them. People on that sort of money must make up a tiny minority, even in this Sodom of a city!

[North London Rent Girl]

On 04/06/2017 at 5:10 PM, ChewingGrass said:

.erehwsle gniwolf eb lliw yenom eht dna dekaep ydaerla evah secirp evah taht etapicitna erofereht I.slanoitan ngierof fo sniag nettog-lli eht rof nevah efas a ro evil ot ecalp efas a regnol on si semaht no eloh tihs

I always love this thread, you never know quite what it's going to do. Agreed, or at least I hope you're right.

[North London Rent Girl]

On 10/06/2017 at 7:05 PM, thisisthisitmaybe said:

She's already done that by 60k. She will have to drop off another 60k. And then another 60k.

She has officially entered THE DEATH SPIRAL.

No, because she has done some really good thinking about the pricing so it's definitely not that:

"A similar flat has also come on recently at £200,000 more than mine so I know my pricing is OK but there just doesnt' seem to be many people looking."

That whole thread is such an odd discussion, hard to know where to start. One reassures the OP by saying that she's looking for a 2-bed flat for 700 grand but not finding many so it's just that the market's slow. What? It's a funny knot of refusals to see what is clearly the problem. Oh but she can't take another price reduction because she doesn't want to. What? That's not a reason! As for this being a bad time to sell, hmm, it might be looking like halcyon days in a year's time.

[North London Rent Girl]

On 10/06/2017 at 10:22 PM, Grab_Some_Popcorn said:

I think people in London are in denial. Everyone else can see it.

some of us aren't, pass that popcorn!

[Freki]

I don't enjoy starting new threads, so will use this one instead:

http://www.zoopla.co.uk/new-homes/details/43703753?search_identifier=9aef17719abec57b72786d68d201a669#RZ5oi0CldpJqDxRH.97

If you check the ad, it requires 30% deposit for completion in a year time. 

Seems like there is a preference for cash that is developing in new builds in London. And this is what I want to stress.

As for the cherry, the price got slashed by 10%.

Yes it is overpriced and all, we all know that around here.

[suntory]

1 hour ago, Freki said:

I don't enjoy starting new threads, so will use this one instead:

http://www.zoopla.co.uk/new-homes/details/43703753?search_identifier=9aef17719abec57b72786d68d201a669#RZ5oi0CldpJqDxRH.97

If you check the ad, it requires 30% deposit for completion in a year time. 

Seems like there is a preference for cash that is developing in new builds in London. And this is what I want to stress.

As for the cherry, the price got slashed by 10%.

Yes it is overpriced and all, we all know that around here.

 

So what you are saying is that Berkeley is having a cash flow problem?

 

Hahahahaha.

[Patient London FTB]

5 hours ago, Freki said:

I don't enjoy starting new threads, so will use this one instead:

http://www.zoopla.co.uk/new-homes/details/43703753?search_identifier=9aef17719abec57b72786d68d201a669#RZ5oi0CldpJqDxRH.97

If you check the ad, it requires 30% deposit for completion in a year time. 

Seems like there is a preference for cash that is developing in new builds in London. And this is what I want to stress.

As for the cherry, the price got slashed by 10%.

Yes it is overpriced and all, we all know that around here.

I've read about Berkeley requiring 30% before. Not to piss on your chips, but they're smart. 

However, slashing the price is a different story, good stuff. 

[Bear Hug]

5 hours ago, Freki said:

I don't enjoy starting new threads, so will use this one instead:

http://www.zoopla.co.uk/new-homes/details/43703753?search_identifier=9aef17719abec57b72786d68d201a669#RZ5oi0CldpJqDxRH.97

If you check the ad, it requires 30% deposit for completion in a year time. 

Seems like there is a preference for cash that is developing in new builds in London. And this is what I want to stress.

As for the cherry, the price got slashed by 10%.

Yes it is overpriced and all, we all know that around here.

Let's just go through some numbers:

Service charge + ground rent = 4.79 x 577 + 350 = £3,113.83 pa or ~£260 pcm

Given that, the deposit they require looks like an appropriate total price for that property, and that's allowing for being in overpriced London and all.

[SOLZHENITSYN]

Also important to stress is that it says this is a "contract reassignment"

that means the original purchaser who put down the deposit no longer wants the property and is trying to flip it to some other mug punter!

[TheCountOfNowhere]

15 minutes ago, SOLZHENITSYN said:

Also important to stress is that it says this is a "contract reassignment"

that means the original purchaser who put down the deposit no longer wants the property and is trying to flip it to some other mug punter!

Welcome to Bulgaria, June 2007.

[Quicksilver]

12 hours ago, Bear Hug said:

Let's just go through some numbers:

Service charge + ground rent = 4.79 x 577 + 350 = £3,113.83 pa or ~£260 pcm

Given that, the deposit they require looks like an appropriate total price for that property, and that's allowing for being in overpriced London and all.

Its F**king Finsbury park, best part of half a million for a 1 bed in FINSBURY PARK! worlds gone mad.

[Frizzers]

On 4/13/2017 at 10:01 AM, Frizzers said:

This will be an interesting one to track ...

Terraced house between Elephant and Castle and Waterloo, so not that nice an area but a convenient one, nice looking street. So NOT a new build disaster, not even a flat, but a period house

Looks like it was bought as a buy-to-let, or for the younger members of the family to live in.

Last sale was maybe a few months off the peak of the market in Jan 2014 for £910,000. Looks like buyer might have got themselves a deal (in relative terms).

Now listed at £1,250,000 with no improvements apparently having been made.

I bet it sells for like £1.15, but we'll see ...

http://www.zoopla.co.uk/for-sale/details/43335490?search_identifier=4cba0a7e143307d6b471b9c2bba16813#RpgkQxbCRUfwPiGh.97

 

Listed March 24. On June 5 reduced 6%, Patient London FTB pointed out, to £1,175,000. Still Unsold.

 

Here's my gauge (from before):

* They got it cheap, given the market at that time (2014 madness) for £910k . They're asking a lot at £1.25.

* Bears have scored the first goal, with price reduction. 1-0 up.

* If it gets, above £1.15 = market is ok, bulls win, 2-1.

* Around £1.1 = stagnant market, but it still sold. Draw.

* Closer to £1m = hard fought 2:1 victory for bears, but no pushover

* Below £1m, "you'll never walk alone". London is falling.

Edited June 17, 2017 by Frizzers

[winkie]

On 26/05/2017 at 11:51 AM, Quicksilver said:

You are very wrong and the population/census stats bare that out.

I am a born and raised Londoner and MOST people I know don't fall into either of your extremes, they are middle earners not relying on the state and not rich. In fact I only know TWO people that are considered rick (million+ in the bank and NOT counting Housing  wealth) and NONE in the Benefits bucket out of maybe 200 people.

Good points, also very many use London because they happen to work in London....Know of some who have left or are itching to leave.....only work keeping them living there.......now finding more and more living outside and traveling in only once a week to catch up....only one return journey on the train per week....

[suntory]

 

But when it was put to McDonnell that this process could take time, he said parliament could legislate to speed things up. He told the programme:

“In emergency measures, as we saw in wartime periods as well, you can requisition properties. You will need powers to do it. We have got those powers. 

“If necessary, I would have convened parliament immediately to, if necessary, push more legislation through within 24 hours, if that was necessary. We cannot be in a situation where we have people who have lost their homes struggling to find alternative accommodation and we have properties standing empty.”

[Frizzers]

Savills auctions today ... should be telling.

 

https://auctions.savills.co.uk/Auctions/LotList?aid=1043

[Si1]

22 hours ago, suntory said:

 

But when it was put to McDonnell that this process could take time, he said parliament could legislate to speed things up. He told the programme:

“In emergency measures, as we saw in wartime periods as well, you can requisition properties. You will need powers to do it. We have got those powers. 

“If necessary, I would have convened parliament immediately to, if necessary, push more legislation through within 24 hours, if that was necessary. We cannot be in a situation where we have people who have lost their homes struggling to find alternative accommodation and we have properties standing empty.”

Well legislation was put through PDQ to stop bankers going homeless 10 years ago...