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58 minutes ago, Buzzardo2 said:

"Sunakonomics...."

 

The guy is the worst thing to happen to this country, politically and economically, for decades (and that's a pretty high bar to get over already...)

 

Sadly 90% of the population think he's the Messiah, because he's bribed them to stay in and drink Stella for a whole year, with their own tax cash.

 

And lots of people are touting him for the next PM.

 

We are well and truly f***ed, unless someone finds a handy grassy knoll somewhere in a London park....

Spot on !!!


Apart from...."with their own tax cash."  it's with their own tax cash, that of their children, their grand children etc.

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London does seem to have passed its peak, let alone flats with cladding issues.

you would expect to see loads of London tales of woe can’t sell threads? 

equally a few ‘these Londoners have just priced us out of our local town in the last 18 months’ threads. 

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6 hours ago, Buzzardo2 said:

"Sunakonomics...."

 

The guy is the worst thing to happen to this country, politically and economically, for decades (and that's a pretty high bar to get over already...)

 

 

Boris and Rishi S might be the best thing to happen to the country. I'm not saying they will be particularly celebrated for their HPC, that they probably won't have caused, but they will be remembered for it. They would have paid the ultimate political sacrifice, that of 'property losses' ( 😂 ) and I will celebrate them for it.

80% discount? Yes please :)

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1 hour ago, jiltedjen said:

London does seem to have passed its peak, let alone flats with cladding issues.

you would expect to see loads of London tales of woe can’t sell threads? 

equally a few ‘these Londoners have just priced us out of our local town in the last 18 months’ threads. 

Where you buying Jilted? 

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8 hours ago, Buzzardo2 said:

"Sunakonomics...."

 

The guy is the worst thing to happen to this country, politically and economically, for decades (and that's a pretty high bar to get over already...)

 

Sadly 90% of the population think he's the Messiah, because he's bribed them to stay in and drink Stella for a whole year, with their own tax cash.

 

And lots of people are touting him for the next PM.

 

We are well and truly f***ed, unless someone finds a handy grassy knoll somewhere in a London park....

Brilliant post, right on da money.  He is a **** though

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  • 2 weeks later...

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

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12 minutes ago, gerkin said:

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

Am I a fool for selling my massively over priced flat in London when prices are collapsing and no one wants to live there and mortgages rates shooting up......hhmmmm

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13 minutes ago, gerkin said:

 

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

it's ludicrous when you think about it.

That's 20x the average wage for a starter flat :lol: 

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22 minutes ago, gerkin said:

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

The usual kindergarten maths comments going on. Advert on forehead - dumb as f#ck.

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42 minutes ago, gerkin said:

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

Flat prices are collapsing in London, right now, and that's with restricted supply from what otherwise would be listed due to cladding and covid. There is massive pent up selling demand due to these factors that I don't think is spoken about enough.  This has to pop out at some point and then what happens? How do leaseholders make the step up when the housing recovery is K shaped, forked between houses and flats? There are only so many rich kids with BOMAD not affected by this or skipping a rung on the ladder to keep the market moving. At some point, its going to need these second steppers.  I think we will see some really encouraging numbers in London over the next 12 to 18 months.

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1 hour ago, gerkin said:

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

Oh, do the full quote:

Will be losing about 70k including the stamp duty and renovations I did to the place but it’s not really suitable for us any more with the stairs and buggy. Should I wait for things to improve or do you think the market will stay crappy for years to come?

TIA !!

 

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Reading a bit ....

Are the mumsnetters competing to say how money theyve *lost* on London property places now?

Yeah. We were going to lose just 50k so DH had the house decorated with Farrow n Ball and now we've lost 70k.

 

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The collapse of prices speaks loud about the rotten state of the housing market. Flats are often purchased by FTBs or BTLs and with the pandemic plus WFH the Dec 19 market simply does not exist anymore. 
This is happening all over the western world. It’s a trend. Barcelona, which I am following closely, it’s a bloodbath with an average drop of 6% and peaks reaching the double digits.  It took 1 year in this situation to show how naked the emperor was: without tourism and Airbnb’s potential yields, new immigrants in the cities willing to share a 4/5 bed house or flats, it didn’t take long to realize that locals cannot and will not sustain this insanity. They simply can’t, it’s not in their financial possibilities. The glamorous global cities were just a mean to park billions from god only know where plus a Disneyland for the Ryanair’s customers. 
I wouldn’t care too much about the multimillion properties still selling. This river will dry up quite soon. 

The London housing market ceased to exist on Feb 20. 

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18 minutes ago, NoHPCinTheUK said:

This is happening all over the western world. It’s a trend. Barcelona, which I am following closely, it’s a bloodbath with an average drop of 6% and peaks reaching the double digits.  It took 1 year in this situation to show how naked the emperor was: without tourism and Airbnb’s potential yields, new immigrants in the cities willing to share a 4/5 bed house or flats, it didn’t take long to realize that locals cannot and will not sustain this insanity. They simply can’t, it’s not in their financial possibilities. The glamorous global cities were just a mean to park billions from god only know where plus a Disneyland for the Ryanair’s customers. 
I wouldn’t care too much about the multimillion properties still selling. This river will dry up quite soon. 

So the other cities I put into the same basket are Amsterdam and Lisbon - huge tourist portals, to the point that Amsterdam was doing a negative tourist campaign urging people to go to OTHER cities instead. Does anyone have a good rightmove equivalent for these places I can have a poke around?

I've been saying for years now that Airbnb has skewed property and rental prices in vast swathes of the best towns and cities. Locals cannot compete. 

 

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5 minutes ago, PeanutButter said:

So the other cities I put into the same basket are Amsterdam and Lisbon - huge tourist portals, to the point that Amsterdam was doing a negative tourist campaign urging people to go to OTHER cities instead. Does anyone have a good rightmove equivalent for these places I can have a poke around?

I've been saying for years now that Airbnb has skewed property and rental prices in vast swathes of the best towns and cities. Locals cannot compete. 

 

Try https://www.funda.nl/ for Amsterdam/Netherlands - it has the useful added feature (sadly lacking on Rightmove) of filtering by square metre floorspace

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1 minute ago, PeanutButter said:

So the other cities I put into the same basket are Amsterdam and Lisbon - huge tourist portals, to the point that Amsterdam was doing a negative tourist campaign urging people to go to OTHER cities instead. Does anyone have a good rightmove equivalent for these places I can have a poke around?

I've been saying for years now that Airbnb has skewed property and rental prices in vast swathes of the best towns and cities. Locals cannot compete. 

 

Idealista for Lisbon and Barcelona. No idea about Amsterdam. 
Its not just Airbnb’s, I think the most important factor was BTLs and the equivalent in those cities PLUS all the development projects put in place with billions from foreign hubs. The scheme was simple: take a spot in the city with old buildings, old industrial land. Bring in foreign investors, hire a superstar urbanist and architect, build something to catch the first pages and the social media hype. Suddenly the city is cool, and the areas surrounding the new dev see prices going up too. Meanwhile, locals are still where they were before the builders came in, same wage same job, the area is still shit, and since most of the new builds are for offices and properties are all north of six figures nobody actually lives there and the city/council don’t bother bringing in infrastructures/schools etc. London’s full of these little bubbles. If you look at Barcelona Diagonal del Mar is a nice example. New luxury towers in the middle in nowhere, in what was once a industrial zone, surrounded by offices and they ask Montecarlo rents.

 

 

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7 hours ago, spyguy said:

Reading a bit ....

Are the mumsnetters competing to say how money theyve *lost* on London property places now?

Yeah. We were going to lose just 50k so DH had the house decorated with Farrow n Ball and now we've lost 70k.

 

I like the way they all refer to their blokes as DH (D*ck Head). but then again its traditional for a stay at home middle class wifey to have contempt for their husbands. 

 

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At least she's honest.... IMO if you bought a flat in 2016 in London I don't think there are many places that would have appreciated in value. Almost certainly any that did are not the modern ones.

Here is another case: https://forums.moneysavingexpert.com/discussion/6253445/issues-selling-flat-help/p1 

Nobody wants to tell the OP its price, rather just go around the edges and pretend removing a chair or putting some flowers on the table will do the trick.

It's quite funny that an investor posted as well - how could the yield ever stack up at £400k for a place like this? A 1-bed apartment would most likely go at £1,300 pcm. 

Less service charges of c.£300/month, less agents commission, less provisions for voids and maintenance.... the game always was capital appreciation and that looks to have gone for these type of flats, not least because they are building tonnes more of them.

Edited by simon2
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9 hours ago, gerkin said:

https://www.mumsnet.com/Talk/property/4168641-Am-I-a-fool-to-sell-my-flat-in-London-for-10k-less-than-what-I-bought-it-for-in-2017
 

The penny is dropping for London flats.

I do not know who is the bigger fool here, the one who bought a poky flat for 695k or the one who wants to buy now for 675k. What goes through the mind of these people? Are these just money launderers wanting to park their cash into assets in London?

 

8 hours ago, spyguy said:

Reading a bit ....

Are the mumsnetters competing to say how money theyve *lost* on London property places now?

Yeah. We were going to lose just 50k so DH had the house decorated with Farrow n Ball and now we've lost 70k.

 

Nice find. Have to say this mumsnet thread is more bearish the the HPC threads have been lately....myself included. 

Nice to see some bears around as a reminder of the elephant in the room.  

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1 hour ago, Pop321 said:

 

Nice find. Have to say this mumsnet thread is more bearish the the HPC threads have been lately....myself included. 

Nice to see some bears around as a reminder of the elephant in the room.  

Oh but there was the hackneyed old answer in there 'but compare your losses to how much rent you would have paid'

Tomy myfirstcalculator getting some airtime again there.

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24 minutes ago, Si1 said:

Oh but there was the hackneyed old answer in there 'but compare your losses to how much rent you would have paid'

Tomy myfirstcalculator getting some airtime again there.

They always forget the interest. 😬

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2 hours ago, Pop321 said:

 

Nice find. Have to say this mumsnet thread is more bearish the the HPC threads have been lately....myself included. 

Nice to see some bears around as a reminder of the elephant in the room.  

I think we all know prices are going up 🤣🤣🤣

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