Guest Report post Posted June 11, 2018 Henry Prior's words of wisdom: Quote Share this post Link to post Share on other sites
Houdini Report post Posted June 11, 2018 (edited) £1.7m will still be 40% too much when reality hits the market. There is still a long way to go and the sources of ready money are drying up. Edited June 11, 2018 by Houdini Quote Share this post Link to post Share on other sites
adarmo Report post Posted June 11, 2018 PCL is a bubble in another universe. Maybe they're seeing 25% falls, maybe they're not. This is rather like saying the price of second hand GulfStreams has fallen by 25% - there is no real relevance to the 99.9% who can't afford one, and could probably never have afforded one. Obviously I get the implied 'ripple' out but in really it is another world. I'd be interested in knowing what it last changed hands for though. Quote Share this post Link to post Share on other sites
jiltedjen Report post Posted June 11, 2018 seems a heck of a gamble to me. that’s some big money. and flats of all things, how many years supply is sitting unsold at the moment? but with that kind of life choice there is no middle ground. you either win big (live close to work and become very rich) or you get x period of time of no commute, then you go bust. at least he didn’t buy it at asking. Quote Share this post Link to post Share on other sites
stuckmojo Report post Posted June 11, 2018 It starts at the top, always. I'll be in London tomorrow, keen to see what the mood is like (I am in fact seeing some guys who work in real estate - not to buy, mind) Quote Share this post Link to post Share on other sites
FabulousSophie Report post Posted June 11, 2018 2 hours ago, The Crow said: Henry Prior's words of wisdom: That change in market psychology is going to take a long long time to sink in with some sellers. It has become so ingrained that the seller decides, that I doubt some sellers will ever be able to make the psychological shift. Quote Share this post Link to post Share on other sites
thewig Report post Posted June 11, 2018 17 minutes ago, adarmo said: PCL is a bubble in another universe. Maybe they're seeing 25% falls, maybe they're not. This is rather like saying the price of second hand GulfStreams has fallen by 25% - there is no real relevance to the 99.9% who can't afford one, and could probably never have afforded one. Obviously I get the implied 'ripple' out but in really it is another world. I'd be interested in knowing what it last changed hands for though. Pcl affects central London, zone 1 affects zone 2 etc all the way out to zone six and beyond London to the rest of the country. nowhere is immune, unless your house is speshul then you’ll be fine Quote Share this post Link to post Share on other sites
fru-gal Report post Posted June 11, 2018 Someone I know said that they were pleased that the house they overpaid for 2 years ago in a not very nice part of London has apparently gone "up" in price according to Zoopla. I did mention that it was likely any other property they would want to buy would therefore also have gone up in price, so they weren't actually better off. Still, we'll all be millionaires this time next year Rodders... Quote Share this post Link to post Share on other sites
ftb_fml Report post Posted June 11, 2018 All good bear food for eroding the "HPI forever" public sentiment.. Quote Share this post Link to post Share on other sites
Fishfinger Report post Posted June 11, 2018 5 hours ago, thewig said: Pcl affects central London, zone 1 affects zone 2 etc all the way out to zone six and beyond London to the rest of the country. nowhere is immune, unless your house is speshul then you’ll be fine Twigs in a vase and scented candles makes your house speshul and can never go down in price. That's what the teevee tells me so it must be true. Quote Share this post Link to post Share on other sites
goldbug9999 Report post Posted June 11, 2018 7 hours ago, The Crow said: Henry Prior's words of wisdom: This is pretty massive. The ES is the 4th biggest paper in the country by circulation (source) and a total readership of about 3 million including PC/phone users. Quote Share this post Link to post Share on other sites
thewig Report post Posted June 11, 2018 5 hours ago, FabulousSophie said: That change in market psychology is going to take a long long time to sink in with some sellers. It has become so ingrained that the seller decides, that I doubt some sellers will ever be able to make the psychological shift. we've been at that stage for the past 20+ years, this is precisely why and how bubbles burst Quote Share this post Link to post Share on other sites
zilly Report post Posted June 11, 2018 So basically contrary to what the Pollyannas say, here is concrete evidence that we already have 25% price falls from peak... London 2018 is in exactly the same situation as Tokyo was at the end of the 80s: ridiculous valuations based not on 'fundamentals of supply and demand' but on rampant, reckless speculation (and of course criminal money-laundering). Being the world's most populous area and a major G7 financial centre didn't stop Tokyo's massive RE bust...won't stop London's, either. Quote Share this post Link to post Share on other sites
warrior88 Report post Posted June 11, 2018 1 hour ago, zilly said: So basically contrary to what the Pollyannas say, here is concrete evidence that we already have 25% price falls from peak... London 2018 is in exactly the same situation as Tokyo was at the end of the 80s: ridiculous valuations based not on 'fundamentals of supply and demand' but on rampant, reckless speculation (and of course criminal money-laundering). Being the world's most populous area and a major G7 financial centre didn't stop Tokyo's massive RE bust...won't stop London's, either. But for all that too happen. UK needs to be in recession or no growth for two decades, as well as a declining population. Cant seem to happen anytime soon. Real estate in all major cities in the world is ridiculous. A friend's dad bought a house equivalent of £2m in Islamabad, Pakistan (a third world country with limited economy). Quote Share this post Link to post Share on other sites
Wayward Report post Posted June 11, 2018 3 hours ago, zilly said: So basically contrary to what the Pollyannas say, here is concrete evidence that we already have 25% price falls from peak... London 2018 is in exactly the same situation as Tokyo was at the end of the 80s: ridiculous valuations based not on 'fundamentals of supply and demand' but on rampant, reckless speculation (and of course criminal money-laundering). Being the world's most populous area and a major G7 financial centre didn't stop Tokyo's massive RE bust...won't stop London's, either. Did Tokyo ever attract much inward foreign investment? It isn't an international city , the Japanese like to keep Japan Japanese. Quote Share this post Link to post Share on other sites
Castlevania Report post Posted June 11, 2018 (edited) https://mobile.twitter.com/HenryPryor/status/1005096834115821571 With regards to Henry Pryor and his tweets, I thought this was far more eye opening Edited June 11, 2018 by Castlevania Quote Share this post Link to post Share on other sites
adarmo Report post Posted June 11, 2018 6 hours ago, zilly said: So basically contrary to what the Pollyannas say, here is concrete evidence that we already have 25% price falls from peak... London 2018 is in exactly the same situation as Tokyo was at the end of the 80s: ridiculous valuations based not on 'fundamentals of supply and demand' but on rampant, reckless speculation (and of course criminal money-laundering). Being the world's most populous area and a major G7 financial centre didn't stop Tokyo's massive RE bust...won't stop London's, either. Explain how afall in asking price is a fall in prices? I mean i could stick my house up for sale for double what it's worth, half the price and sell it and that would be a 50% price fall? Hmmm Then you bring up Japan. At the peak of the property boom in Japan the total vale of property there was worth 1.5 times the rest of the world, or between 4 and 5 times the value of the USA. London isn't Tokyo despite the current prices. Hmmm Good post Quote Share this post Link to post Share on other sites
house-down Report post Posted June 11, 2018 where is the evening standard article showing house price falls?! Quote Share this post Link to post Share on other sites
FabulousSophie Report post Posted June 11, 2018 Did Henry Pryor used to be an estate agent, now turned buyer's agent? Quote Share this post Link to post Share on other sites
FabulousSophie Report post Posted June 12, 2018 8 hours ago, FabulousSophie said: Did Henry Pryor used to be an estate agent, now turned buyer's agent? I just looked him up. He is indeed an ex-estate agent who went over to the other side. I wonder why more estate agents do not become buyer's agents, since it seems traditional estate agenting is dying and we will probably soon have lots of ex-estata agents. Quote Share this post Link to post Share on other sites
