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TheCountOfNowhere

London home-sellers cut prices by most since 2009 - Rightmove

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London home-sellers cut prices by most since 2009 - Rightmove

https://uk.reuters.com/article/uk-britain-houseprices/london-home-sellers-cut-prices-by-most-since-2009-rightmove-idUKKBN1F400L

 

Rightmove, Britain’s biggest property website, said the average asking price for a home in London this month was 600,926 pounds ($822,728), 3.5 percent lower than a year before and the biggest drop since June 2009.

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9 minutes ago, TheCountOfNowhere said:

Average wage around 30, 35K ?  So asking prices 15/20x that !!!!

Yeah, Count....  It's F*C*ING INSANE is'nt it.....  

It just beggars belief......  I just despair.....  And have done for years and years now...:wacko::unsure:

 

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I thought this was last months headline too.....maybe they'll roll it out every month :lol: 

 

Nice to see that the rest of the UK is rising...despite the prices being insane there too.

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2 minutes ago, eric pebble said:

Yeah, Count....  It's F*C*ING INSANE is'nt it.....  

It just beggars belief......  I just despair.....  And have done for years and years now...:wacko::unsure:

 

I know Eric, In 2007 prices were only 10x the average wage,,,,and that was mental, it took down the banking system!!!

A collapse is inevitable one way or another. 

We all know that.

We could all have bought a house in 2009 and sat there telling everyone we nare rich, but in reality, how many will cash out and profit ?

Paper profit is as much use as a chocolate tea pot.

The trolls are quite happy to tell us we are all wrong, but they can never explain how or why.

 

Edited by TheCountOfNowhere

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I don't know, you can eat a chocolate tea pot, could be worth bazillions soon.

I'm going to build a chocolate tea pot mining rig.

Edited by frederico

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17 minutes ago, frederico said:

I don't know, you can eat a chocolate tea pot, could be worth bazillions soon.

I'm going to build a chocolate tea pot mining rig.

Eating your melted choc tea pot would taste fantastic....much like boasting about your unearned untaxed paper housing profits.1

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40 minutes ago, TheCountOfNowhere said:

Average wage around 30, 35K ?  So asking prices 15/20x that !!!!

Keep in mind that London prices fell below HPE of 3 in 95.

 

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1 hour ago, spyguy said:

Keep in mind that London prices fell below HPE of 3 in 95.

 

That's what we are all waiting for :lol:

 

I've been busy with other stuff recently and I've just had a look at the stuff being listed for Northants.

it's property 2x 2007 prices now.

15x average wage for sub standard average houses.

The prices are unfathomable.  Maybe people really do see housing as a 1 way bet.

If you didnt buy and have lost out, FFS dont buy now and lose out.

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17 minutes ago, TheCountOfNowhere said:

That's what we are all waiting for :lol:

 

I've been busy with other stuff recently and I've just had a look at the stuff being listed for Northants.

it's property 2x 2007 prices now.

15x average wage for sub standard average houses.

The prices are unfathomable.  Maybe people really do see housing as a 1 way bet.

If you didnt buy and have lost out, FFS dont buy now and lose out.

The prices in nearby Rushden have gone insane also , especially considering it#s a decent commute to a train station or and large employment area's 

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3 minutes ago, Nabby81 said:

The prices in nearby Rushden have gone insane also , especially considering it#s a decent commute to a train station or and large employment area's 

I just dont get it...Northampton, wellingborough, Kettering, Rushden etc etc etc are pretty sh*ty places but the prices are now comaprable to the SE of england, worse is many of the places i've seen listed !!!

The prices make no sense, even for a pyramid owner trading up.

people seem to have lost their mind.

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9 hours ago, TheCountOfNowhere said:

 

If you didnt buy and have lost out, FFS dont buy now and lose out.

I have to tell myself this every day because every day I want to just throw in the towel and buy a house just so it's all bloody over and I never have to look at Rightmove ever, ever again.

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9 hours ago, TheCountOfNowhere said:

I just dont get it...Northampton, wellingborough, Kettering, Rushden etc etc etc are pretty sh*ty places but the prices are now comaprable to the SE of england, worse is many of the places i've seen listed !!!

The prices make no sense, even for a pyramid owner trading up.

people seem to have lost their mind.

I'm in SE renting and awaiting the implosion.

Currently, for me to move to a decent family home in a decent area I'm being asked to part with £400k+. Anything under that starts bringing in Dumpsville.

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4 minutes ago, Noallegiance said:

I'm in SE renting and awaiting the implosion.

Currently, for me to move to a decent family home in a decent area I'm being asked to part with £400k+. Anything under that starts bringing in Dumpsville.

so 10/15x average salary and you pay to live in a s*thole.

 

It's a sickness.

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10 hours ago, TheCountOfNowhere said:

I just dont get it...Northampton, Wellingborough, Kettering, Rushden etc etc etc are pretty sh*ty places but the prices are now comaprable to the SE of england, worse is many of the places i've seen listed !!!

The prices make no sense, even for a pyramid owner trading up.

people seem to have lost their mind.

Wellingborough was always cr4p enough that even with a mainline link into London, nobody wanted to live there. Now it seems, even a whiff of a commutable route into the big smoke is enough to push up prices beyond insanity for everyone, whether or not they have a city job.

I lived in Rushden for a while, many years ago. It was unpretentious and cheap, even if not actually a nice place to live. I've no idea what it's like now, but very much doubt it's 5+ times better than it was then, to match the rise in prices.

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If we ignore home owners selling and moving, I think the general idea is that buying London property is now meant only for the wealthy and for landlords and (often foreign) investors. Those on an average salary merely keep the city functioning and provide the rental fodder for the investors.

Trying to buy with what you can borrow on an average wage will get you laughed out of every estate agent in the city. 

And a reminder that London property is the #1 destination for the world's corrupt money and the Government does nothing to stop it.

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13 hours ago, TheCountOfNowhere said:

Average wage around 30, 35K ?  So asking prices 15/20x that !!!!

is London average wage really 35K I thought it would be more, I assume that includes all the financial services folks, thought the average would be higher with them included

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3 minutes ago, Talking Monkey said:

is London average wage really 35K I thought it would be more, I assume that includes all the financial services folks, thought the average would be higher with them included

The negative impact of BTL landlording is not only that they bid prices up using leverage not obtainable by regular owner occupiers but they also create a shortage of properties for sale because they compete to buy them and then because they don't sell as often.

So if you're wondering how average earners can be buying in London, don't, because they don't. The low volume of properties for sale means that we only need enough high earners willing to buy to sustain the prices. The average earner is now irrelevant, sadly. This is the same in most of the worlds richest cities.

Though having said that, there are still some rather mundane boroughs in greater London that a average earning couple with a 10% deposit can afford to buy. 

Eg.

http://www.rightmove.co.uk/property-for-sale/property-61858600.html

 

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23 minutes ago, dugsbody said:

The negative impact of BTL landlording is not only that they bid prices up using leverage not obtainable by regular owner occupiers but they also create a shortage of properties for sale because they compete to buy them and then because they don't sell as often.

So if you're wondering how average earners can be buying in London, don't, because they don't. The low volume of properties for sale means that we only need enough high earners willing to buy to sustain the prices. The average earner is now irrelevant, sadly. This is the same in most of the worlds richest cities.

Though having said that, there are still some rather mundane boroughs in greater London that a average earning couple with a 10% deposit can afford to buy. 

Eg.

http://www.rightmove.co.uk/property-for-sale/property-61858600.html

 

Come on, belvedere is hardly London, is it? That's like saying orpington is London, or Watford, just because they sit inside the m25 (just).

Edit: or is that really how wide people mean when they say greater London?

Edited by Henrik

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  • 407 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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