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TheCountOfNowhere

Balham ( the gateway to the property bubble going south )

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Balham ( the gateway to the property bubble going south )

Had a look at Balham (London) today and there are 128 properties listed in the last 2 weeks....of which 63 were price drops.

That's a grand total of 49%

Read into that what you will.

One thing I did notice is all the drops were small, 25K at the bottom end to 150K at the top end.

Looks like the market is trying to find it's level.

me thinks the level is much lower :lol:

Looks to be propertly 60% over priced.

 

 

 

 

 

 

 

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Signs of what may or may not be happening fair enough.......but most would have no yearning, aspiration or intention of living in various places dotted here or there....they wouldn't care if dropped 60%, will never be part of their life......prices in Europe have dropped that or more in recent years, is there a rush to buy anywhere just because it's ' so called' cheaper?;)

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Good chance a lot of those selling in Balham will be 30/40 year olds carrying a decent level of debt; and seeing no salary increases on horizon (or from 2007). That equity erosion will be all the more painful.

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I think the key is that Balham is a supposedly desirable place to live, so if this bit of (non prime) London is adjusting then the contagion is spreading. This is a bit of an anecdotal though count...Maybe we can get Sancho in here with his magic supply / price charts to get some data going. 

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Im seeing a similar thing in Acton (Zone 2/3). Lots of price drops and noticed a few 20-30% drops. Wondering if this is BTL running for the exit as looking at the history they aren't waiting for 2-3 months but a matter of weeks before reducing each time. Hoping this will be a self re-enforcing trend over the next year or two so I can have a chance of living near work again!

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37 minutes ago, anonlymouse said:

I think the key is that Balham is a supposedly desirable place to live, so if this bit of (non prime) London is adjusting then the contagion is spreading. This is a bit of an anecdotal though count...Maybe we can get Sancho in here with his magic supply / price charts to get some data going. 

Anecdotal,  This is directly lifted from rightmove, it's 100% verifiable.

anecdotal
ˌanɪkˈdəʊtl/
adjective
 
  1. (of an account) not necessarily true or reliable, because based on personal accounts rather than facts or research.
     
     
    You need to get yourself a dictionary.
Edited by TheCountOfNowhere

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4 hours ago, TheCountOfNowhere said:

Anecdotal,  This is directly lifted from rightmove, it's 100% verifiable.

anecdotal
ˌanɪkˈdəʊtl/
adjective
 
  1. (of an account) not necessarily true or reliable, because based on personal accounts rather than facts or research.
     
     
    You need to get yourself a dictionary.

Harsh but fair...

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I've been doing a similar exercise off and on for different locations and one of them (Crowthorne, Berks) had approx 50% reductions about 2 months back.  Now it's only about 40%:D   I think there are waves to this HPC.  We had the first one when PCL dropped a bit.....now it's spreading outwards and at each drop in London there's a bit of a leg down in the surrounding areas.  It's reached the home counties and I've a hunch it's jumped to Bath (but I need to do a count).  People move to Bath from London so I would expect that.........

The normal market seems to have approx 1/3 reductions and some sneaky people take the propery off the market and then re-list at a cheaper price.  I've also seen "marketed by....." in the place where it usually says "reduced".  I suppose when everyone is reducing it doesn't draw so much attention to the fact the price has been lowered:D

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27 listings in the last 24 hours in Balham, 17 of them drops...

 

63% of listings.

 

Ive been watching the bubble for a long time but that is quite remarkable,

 

Id'd have to say, parts of london are about to go into free fall.  There just musnt be the buyers out there...at those insane prices

Edited by TheCountOfNowhere

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Know this part of london like the back of my hand. 1 beds were 600k when I left. This is actually the area I lived when I said enough is enough. Its time to leave. 

Insanely overpriced. Full of wannabees livingbin shitty houseshares dining out at franco manca

Edited by 999house

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11 minutes ago, 999house said:

Know this part of london like the back of my hand. 1 beds were 600k when I left. This is actually the area I lived when I said enough is enough. Its time to leave. 

Insanely overpriced. Full of wannabees livingbin shitty houseshares dining out at franco manca

1 bed 600k ???  :o  

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Is banana cabarat still there? I remember a female heckler lobbing a glass at the comedian back in 1999/2000!

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1 hour ago, 999house said:

Know this part of london like the back of my hand. 1 beds were 600k when I left. This is actually the area I lived when I said enough is enough. Its time to leave. 

Insanely overpriced. Full of wannabees livingbin shitty houseshares dining out at franco manca

1 beds down to 350 and just another 300 to go

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42 minutes ago, GreenDevil said:

I drove through Balham a good few times, what a shit hole. . I'm sure the prices are just as shite.

As I said...a northern town centre strip that loons paid a fortune to buy a 1 bed flat....which have already dropped30% and still no buyers. TSIATHTF

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24 minutes ago, iamnumerate said:

That makes places like Lewisham look good value.  I would buy that flat if it were sub £70k.

Au contraire, it's places like Lewisham that make Balham look nicer than your average dull London suburb.

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I added up the transactions for the few streets I was looking at a few years ago (and have since been too depressed to look at). Numbers in 2016 have halved from the last few years, and one third of peak. Similar to 2008/2009, and 2017 looks like it will be much the same.

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10 minutes ago, Steppenpig said:

Au contraire, it's places like Lewisham that make Balham look nicer than your average dull London suburb.

But is it worth the £300k extra?

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