London

[TheCountOfNowhere]

[Dreamcasting]

You miserable person.

[sammersmith]

10 minutes ago, Dreamcasting said:

You miserable person.

You think it's perfectly fine and sustainable that 3 bed terraces in Balham are demanding close to 1 million? 

[Huggy]

15 minutes ago, Dreamcasting said:

You miserable person.

It's a miserable city.

[dougless]

2 minutes ago, Huggy said:

It's a miserable city.

+1

[ubuntu]

This shithole has sold/completed in last few days, Seven Sisters area

Will be interesting to see actual price, last sold 460K 5 years ago, this is Tottenham!

https://www.zoopla.co.uk/for-sale/details/54991840

 

[TheCountOfNowhere]

16 minutes ago, sammersmith said:

You think it's perfectly fine and sustainable that 3 bed terraces in Balham are demanding close to 1 million? 

I know, it's hilarious.

The one that gets me was people in rootin tootin asking/paying £800,000 for a 1 bed flat last year.  

I hope to hell no one paid that.  

[desertorchid]

11 minutes ago, ubuntu said:

This shithole has sold/completed in last few days, Seven Sisters area

Will be interesting to see actual price, last sold 460K 5 years ago, this is Tottenham!

https://www.zoopla.co.uk/for-sale/details/54991840

 

Christ , those photos! Red flags to me if there is so much effort going into making everything look twee and pristine.

 

 

[highcontrast]

1 hour ago, Dreamcasting said:

You miserable person.

You sad loser. 

Oh sorry I thought we were just calling each other unnecesary names? No? Just me?

But seriously why is a poster who's posting about significant house prices falls in it's capital city...on a website call "house price crash" no less...being called a "miserable person"?

Actually maybe you are a sad loser/btl leech after all!!?

Truth about the housing market is starting to hurt a little huh..?

Edited September 8, 2020 by highcontrast

[ubuntu]

Even Gorgeous George is cashing out 

 

[richmondtw]

1 hour ago, sammersmith said:

You think it's perfectly fine and sustainable that 3 bed terraces in Balham are demanding close to 1 million? 

Fine yes if that is what a person is prepared to pay it is their choice. Personally I would not live in Balham but for some it works. Depends usually on things such as work and friendship circle and good luck to them.  Sustainable ? Depends what you mean by that I guess.I am sure there were people years ago  who thought a terraced house in Balham would never sell at above £200,00 

 

42 minutes ago, highcontrast said:

Truth about the housing market is starting to hurt a little huh..?

No need for name calling it is infantile.

The market seems to be doing well with no sign of big falls. Truth about the housing market is starting to hurt a little - HUH?

Personally I cloud not care less if prices go up or down as I have no intention of moving for many years. If they go up the next place I buy will have gone up and ditto if they go down.  

 

[Former postman]

2 hours ago, TheCountOfNowhere said:

I know, it's hilarious.

The one that gets me was people in rootin tootin asking/paying £800,000 for a 1 bed flat last year.  

I hope to hell no one paid that.  

LOL tooting is an absolute chithole dive

[TheCountOfNowhere]

2 hours ago, highcontrast said:

You sad loser. 

Oh sorry I thought we were just calling each other unnecesary names? No? Just me?

But seriously why is a poster who's posting about significant house prices falls in it's capital city...on a website call "house price crash" no less...being called a "miserable person"?

Actually maybe you are a sad loser/btl leech after all!!?

Truth about the housing market is starting to hurt a little huh..?

To be fair, I am miserable, 20 years of insane monetary policy and systematic theft does that to sane people.

 

Oddly, whatsherface was already on the blocked list.

[Roman Roady]

But:-

• I thought we were in the middle of a post COVID Boom,
• I thought the entire population of Hong Kong were going to bail the London market out.

[TheCountOfNowhere]

14 minutes ago, Postman said:

LOL tooting is an absolute chithole dive

I know, hence why I use it as yard stick for the insanity.

 

 

[TheCountOfNowhere]

1 hour ago, richmondtw said:

Fine yes if that is what a person is prepared to pay it is their choice.

Is it ?

We all need shelter and if some agent of the BoE is running round paying silly money buying up pwoatee and you need shelter you have very few choices.

 

[The Spaniard]

2 hours ago, ubuntu said:

Even Gorgeous George is cashing out 

 

I would like Janey Godley to use this clip of George for a comedy voiceover. 🤣

Here is a typical JG take off of Nicola Sturgeon:

 

[winkie]

 

[simon2]

London is just a mash of lots of separate markets. Both area and property type.

There have been some really sharp falls in some places. Modern flats in the E14/E16 postcodes for example, I see quite big falls off sky-high asking prices. Poor quality houses in unfashionable postcodes also falling. I wouldn't be surprised for some flats that they are more than 20% off the peak once sold.

Nicer properties in more desirable areas not so weak, or perhaps their falls are to come later if chains break.

Personally I think it's really interesting just watching. There is some clear psychological pricing at play where I see. Some blocks of flats just don't sell, their price reduced because someone doesn't want to bank a loss. But once this is breached and the loss becomes accepted, weakness produces weakness.

An example is outer South London. Very few modern flats change hands, because locals could only afford them on buying schemes, and if you had the money to not use the schemes you could get somewhere nicer. £400k for a 2-bed, 2-bath used the be the lined but there are now plenty under and still not going. But that's because other surrounding properties have dropped as well.

[Si1]

3 minutes ago, simon2 said:

London is just a mash of lots of separate markets. Both area and property type.

There have been some really sharp falls in some places. Modern flats in the E14/E16 postcodes for example, I see quite big falls off sky-high asking prices. Poor quality houses in unfashionable postcodes also falling. I wouldn't be surprised for some flats that they are more than 20% off the peak once sold.

Nicer properties in more desirable areas not so weak, or perhaps their falls are to come later if chains break.

Personally I think it's really interesting just watching. There is some clear psychological pricing at play where I see. Some blocks of flats just don't sell, their price reduced because someone doesn't want to bank a loss. But once this is breached and the loss becomes accepted, weakness produces weakness.

An example is outer South London. Very few modern flats change hands, because locals could only afford them on buying schemes, and if you had the money to not use the schemes you could get somewhere nicer. £400k for a 2-bed, 2-bath used the be the lined but there are now plenty under and still not going. But that's because other surrounding properties have dropped as well.

Really interesting post, thanks.

[sammersmith]

3 hours ago, richmondtw said:

Fine yes if that is what a person is prepared to pay it is their choice. Personally I would not live in Balham but for some it works. Depends usually on things such as work and friendship circle and good luck to them.  Sustainable ? Depends what you mean by that I guess.I am sure there were people years ago  who thought a terraced house in Balham would never sell at above £200,00 

London prices were/are propped up by money laundering. For many years new builds didn't even bother to advertise on RM or put banners outside their developments. Why bother selling to local plebs with all their questions and demands, when you can market new builds overseas primarily as a vehicle to get money out of China/Russia/Ukraine. Cameron kept giving grand speeches about cleaning this up but of course no one ever will. It's far too lucrative for existing owners and so much employment is dependant on it continuing. 

If the Chinese and Russians stopped buying then I very much doubt £1mil 3 bed new build houses in Balham would be snapped up by the locals, even if they had the means to afford them. 

[Locke]

[TheCountOfNowhere]

2 hours ago, sammersmith said:

London prices were/are propped up by money laundering. For many years new builds didn't even bother to advertise on RM or put banners outside their developments. Why bother selling to local plebs with all their questions and demands, when you can market new builds overseas primarily as a vehicle to get money out of China/Russia/Ukraine. Cameron kept giving grand speeches about cleaning this up but of course no one ever will. It's far too lucrative for existing owners and so much employment is dependant on it continuing. 

If the Chinese and Russians stopped buying then I very much doubt £1mil 3 bed new build houses in Balham would be snapped up by the locals, even if they had the means to afford them. 

The actual locals are all getting their rent paid by us idiots.

[richmondtw]

15 hours ago, TheCountOfNowhere said:

London prices were/are propped up by money laundering. For many years new builds didn't even bother to advertise on RM or put banners outside their developments

I agree with much of what you say.  Personally I would not allow anyone who has not lived and paid tax in the UK for at least 5 years to buy a property here. 

It may  have been the case that new builds did not advertise locally but that is not the situation now.  

15 hours ago, TheCountOfNowhere said:

Cameron kept giving grand speeches about cleaning this up but of course no one ever will.

Agree I think the money made from stamp duty from foreign buyers is too much of an incentive

15 hours ago, TheCountOfNowhere said:

If the Chinese and Russians stopped buying then I very much doubt £1mil 3 bed new build houses in Balham would be snapped up by the locals, even if they had the means to afford them. 

I do not disagree that foreign buyers have increased values on apartments but they do not usually buy houses as they want something that is secure and does not need outside or a garden. Foreign buyers who buy houses tend to at least use them to live in for part of the year rather than letb them deteriorate with no one ever living in them.

I do not agree though that it is only foreign nationals who are buying here.  I personally know British people who have bought in places like Clapham, Brixton, Tooting etc as it gives them easy access to work, family friends. 

I would never want to live there myself but some do. 

 

[Peter Hun]

22 hours ago, Postman said:

LOL tooting is an absolute chithole dive

In some parts and not in others. 

I'm confused what the point of this thread is about. Yes, house prices are falling nd have been for a long time in London. My area, loads of reductions, like always. Houses are worse.

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^2497&maxBedrooms=1&minBedrooms=1&maxPrice=400000&minPrice=175000&sortType=6&propertyTypes=&includeSSTC=true&mustHave=&dontShow=&furnishTypes=&keywords=