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Prime London Has Crashed

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A friend has just exchanged on an apartment for £1.1m in Kensington. Interestingly it was on market at £1.49m and had an accepted offer at £1.45m which fell through. First real deal I have seen - I think the crash is full-on.

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A friend has just exchanged on an apartment for £1.1m in Kensington. Interestingly it was on market at £1.49m and had an accepted offer at £1.45m which fell through. First real deal I have seen - I think the crash is full-on.

Interesting!

Is your friend in the property industry? The reason I ask is because in the London dip circa 2008/9, I found it impossible to pick out the distressed sellers from the background kite-flying noise. I eventually realised it was futile because the property insiders had already taken the bargains for themselves and their mates.

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Interesting!

Is your friend in the property industry? The reason I ask is because in the London dip circa 2008/9, I found it impossible to pick out the distressed sellers from the background kite-flying noise. I eventually realised it was futile because the property insiders had already taken the bargains for themselves and their mates.

Yes in the property industry and focussed on the area.

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Interesting.

How does that compare with pre-madness prices?

I wold say in c. 2010, this would have been 650-750k. So still a long way to go.

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I am hearing the whole Kensington/Chelsea/Fulham area is down 30-35% from inflated asking prices. The drop is probably 15% from the peak so far.

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I am hearing the whole Kensington/Chelsea/Fulham area is down 30-35% from inflated asking prices. The drop is probably 15% from the peak so far.

Do you mean sold prices are down 15% from peak?

(I know someone who bought there in February)

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Do you mean sold prices are down 15% from peak?

(I know someone who bought there in February)

Yes, sold prices are down c. 15% from peak. definitely 12%+

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and more importantly, there is nothing between now and the general election to provide any support to falling prices

Don't underestimate The Gidiot! HTB3, Stamp Duty Relief, PPI like payouts for breast implants, pensions smash & grabs. Anything is possible just to keep the wheels nailed on to this shyte cart of an economy.,,,,.

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Don't underestimate The Gidiot! HTB3, Stamp Duty Relief, PPI like payouts for breast implants, pensions smash & grabs. Anything is possible just to keep the wheels nailed on to this shyte cart of an economy.,,,,.

Gidiot and Dave discussing the Autumn Statement.

Edited by Untoward

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