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I Like To Start The Weekend With ... A Crashtastic Headline (Evening Standard)

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It was a joy to read. Add long as the seeds of doubt are put in people's minds then they will be less likely to overpay for a horse out of fear that prices will keep rising.

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In the early 90sLondon crashed ftom 5 times earnings to 2.5 times.

Id hate to put a figure on London/earnings at themoment 25+?

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In the early 90sLondon crashed ftom 5 times earnings to 2.5 times.

Id hate to put a figure on London/earnings at themoment 25+?

Well, let's say the average salary is roughly £30K. The average property price is currently over £600,000. So about 20x.

Another big problem with London is that 5x the average salary (so more than most mortgage lenders will lend you) gets you nothing. It would be literally nothing but you might find a studio flat in zone 5 or 6.

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It's going to be spectacular!!!!!

Lot's of deluded EA's still out there thou: this area is special, the links into the city are brilliant here, we have top schools etc etc thinking their area will be immune from the happenings in Central London.

Nearly 3/4 of a million for a terrace in shi**y Southall with what looks like a 'bed-in-shed' business to go with it.

http://www.rightmove.co.uk/property-for-sale/property-54918356.html (The man (drug dealer?) in the mirror on pic 4 looks a bit spooky too.)

Take a look at the insane prices on RM to see exactly where this sh*t is heading. Rightmove has to be the greatest comedy that the Brits have ever produced.

“It’s the biggest bubble we’ve ever had in our history. You tell me any point in the history of housing in the UK of anything comparable – this is the biggest....

Hello, biggest property bubble in Brit history; please meet the most unsettling political / economic event in Brit history... :D:D:D

Edited by AvoidDebt

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This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html

Needless to say, brochures I saw for it were in Chinese.

It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train.

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This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html

Needless to say, brochures I saw for it were in Chinese.

It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train.

I lived in Peckham & worked in Deptford for many yrs. I feared having to move anywhere near Woolwich. Don't get me started on Plumstead

Woolwich comments From 1 yr ago .

https://www.theguardian.com/money/2015/jan/23/lets-move-woolwich-south-east-london-tom-dyckhoff

osigiarak 23 Jan 2015 23:42 5 6

I live here, and can confirm it's a complete and utter hole.

  • 1516

    You know you've reached the absolute height of the London property bubble when terraces go for up to £625k in a s***hole such as Woolwich. God I hope that no FTBs are actually buying there at the moment - or anywhere in London for that matter. Three lifetimes worth of debt to live in sqallor. I bet you even in Dickens' time the middle class had it better.

  • 78

    The image associated with this article makes it look like a horribly depressing place to live, and the idea of paying over £200k for a "bargain" house there is ridiculous.

  • 1314

    ......and what an enticing photo to tempt us there to live...a muggers paradise view of a generic 70's shithole estate the kind I legged it from a while back which could be in any city in the Uk, but because it's within an hours choke filled journey from the square mile these depressing boxes are yours at a snip for 600,000. FFs

Edited by Saving For a Space Ship

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ave.jpg

This house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday

Pure fantasy at £1.3 million. In fact, the same fantasy at £850k

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Dorling heavily implied that being from the right background, and almost certainly employing leveraged inherited wealth, is 'doing the right thing' in life

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No good living in a place where people are busy earning and paying debt and rents.....go where money is disposable and needs are plenty....or live in a place where nobody cares what you paid for your house or how much it is worth....only bricks after all...PPI...people price increase.;)

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@tempus hahaha ha! That is peak insanity, even more so than the 'sky pool' from a year or so ago.

Insanity for sure.

You get 4 rooms and 2 bathrooms and a toilet http://media.rightmove.co.uk/8k/7231/39035721/7231_51488_FLP_00_0000_max_600x600.jpg in Woolwich, an area with high deprivation and where the 100-year-old Marks and Spencer recently closed down and reopened as a giant 99p Store.

Take £1 million off the price and it's still insane.

But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge.

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"A house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday"

THATS some FALL...!

Lets hope we get more of this from the MSM!

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This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html

Needless to say, brochures I saw for it were in Chinese.

It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train.

Penthouse? It looks like quite a modestly sized 3-bed flat.

I suppose these days that counts as a 'penthouse'.

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..Take £1 million off the price and it's still insane.

But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge.

Who made their own decisions at the end of it.

They should know they lack local knowledge. Buying from brochures. And these prices are a tell-tale sign for anyone, anywhere. If they're been in the market at these prices, to transact and proceed, then they've likely got some sophisticated mind reasoning to have that money in the first place. (Even the deposit). Unless inherited.

If values of these high end newbuild apartments fall, those who have paid have to wear their losses. 20% was standard deposit for a few other newbuild exclusive schemes I've read about. Some have completed, others not. Specific performance... keep the deposit, and sell again, at lower price. And it's been mad-gainz so far.

Newbuild buyers have very little impact on me, from my pov.

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ave.jpg

This house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday

Pure fantasy at £1.3 million. In fact, the same fantasy at £850k

Agreed. Hyper bubble excitement over nothing. Awaiting proper adjusting moves down.

Actually has been on at £899,950 as of 24 June 2015. (Possibly more info there... maybe the £1.3m asking price start.. but I don't have PB installed atm)

http://www.rightmove.co.uk/property-for-sale/property-35146248.html

Current listing http://www.rightmove.co.uk/property-for-sale/property-59745524.html

Sold prices for that postcode http://www.rightmove.co.uk/house-prices/SW16-2LS.html

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Insanity for sure.

You get 4 rooms and 2 bathrooms and a toilet http://media.rightmove.co.uk/8k/7231/39035721/7231_51488_FLP_00_0000_max_600x600.jpg in Woolwich, an area with high deprivation and where the 100-year-old Marks and Spencer recently closed down and reopened as a giant 99p Store.

Take £1 million off the price and it's still insane.

But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge.

Typical these days. Nobody has a brass penny to spend on the high street, but oh boy, if they can just somehow wangle a cheapo sub 2% £250,000 mortgage, they don't blink. Northampton has Abington St full of £1 and discount shops, then Bridge St full of estate agents advertising massively over-priced properties.

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Front page story on Fridays edition.

Here

"There’s no end to how far prices could fall."

Rosedene Avenue, Streatham, SW16

Five-bedroom house has off-street parking, large kitchen/dining room, four reception rooms and a large back garden. First for sale at £1.3 million last June. Price cut to £850,000 on Wednesday.

lol the homes there are crap.

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