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Indeed, in fact a friend of mine and his fiance were 2 days from exchanging on a house in Wimbledon two weeks ago and the vendor decided they wanted another 4% on the asking price "based on what it's now worth".

Vendor was clear that no price rise meant no sale (had the money for their next purchase without completing the sale on the current one) and with thousands spent on surveyors etc., they paid up.

Hmmmmm Wimbledon. Prices rising and vendors extorting extra money, could this be another London Landlady alias??

Looks like one

Sounds like one

?

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I have noticed in the area's that I look a huge mark up on asking prices recently. Things were relatively (i.e a few months ago) cheap. Are vendors pushing the market too far??? Stuff seems to be selling though, very depressing. Where is all the money coming from? If FTB's can't afford to get on the ladder, who is buying all this property? Is it BTL investors who have made so much money in the last few years that they can afford to purchase loads of property? How do people do it? I would struggle to pay a mortgage on a decent place and I earn decent money. I just don't understand it. Has the market yet to peak? When I look on Rightmove etc. it seems that every second property is under offer. WHO IS BUYING?

:angry: :(

Edit- WAL is v. depressed today. All I see are prices rising and places selling. There is no hope.

In 2006, houses are a commodity a bit like gold or google shares. You wouldn't say gold is overpriced because an ounce costs too much in comparison to average earnings so why a house? In the days when houses were bought by FTB's you might have had a point but in 2006 the market is totally different - todays buyers are speculators and people already in the housing market trading up or down in much the same way that shares and other commodities operate. It's called capitalism and results in wealth being concentrated into the hands of the few at the expense of the many. In the future, renting will become the norm for most.

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New to posting here, but been reading and following the discussion for the past 2 years.

I bought a house 2 years ago and soon after thought I had made a bad move.

I got very depressed reading this site with all the predicting of a crash and falls of up to 50%.

Well here I am two years later and no crash so far.

In my area of the midlands there are lots of houses for sale and they are selling fast.

When I moved I paid £375K large 1935, 4 bedroomed detached with a 6000 sq ft garden, lots of space and trees.

House down the road just on the market and advertised for £570K, it sold within three days with armys of people coming to look.

It looks like people are buying again.

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New to posting here, but been reading and following the discussion for the past 2 years.

I bought a house 2 years ago and soon after thought I had made a bad move.

I got very depressed reading this site with all the predicting of a crash and falls of up to 50%.

Well here I am two years later and no crash so far.

In my area of the midlands there are lots of houses for sale and they are selling fast.

When I moved I paid £375K large 1935, 4 bedroomed detached with a 6000 sq ft garden, lots of space and trees.

House down the road just on the market and advertised for £570K, it sold within three days with armys of people coming to look.

It looks like people are buying again.

Hmmm how odd is this?

I suggest that the guy above is a London Landlady alias and lo and behold a brand new bull appears. Joined today How Strange?

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Guest Winners and Losers

Hmmmmm Wimbledon. Prices rising and vendors extorting extra money, could this be another London Landlady alias??

Looks like one

Sounds like one

?

Isnt it Googlygook's husbands log in - Livingthedream-too long winded (allegedly). Btw, Googly has gone a bit quiet. Probably a fresh assault!

I doubt London Landlady ever went away.

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Darksy,

Let us have the address and we will look out for what it sold for in a few months...... if it completes.

What I see (and I work in housing) is that very little is moving and prices have stalled/are falling from already flat prices since Mid 2004.

Yes there seems to be some movement with sheeple at the lower end piling in but these are last desperate fools.

Oh and by the way ...... awooga!!!

A

Couldn't resist the feeding .....sorry

Edited by Social Houser
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....

It looks like people are buying again.

And that's the crunch point. EAs are not under as much pressure aas they were a year ago, people are buying, it may not be boom years but there's no pressure on the market maker to barter prices down much. If money supply starts to drop, then it could be different.

<_<

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Guest Winners and Losers

Darksy,

Let us have the address and we will look out for what it sold for in a few months...... if it completes.

What I see (and I work in housing) is that very little is moving and prices have stalled/are falling from already flat prices since Mid 2004.

Yes there seems to be some movement with sheeple at the lower end piling in but these are last desperate fools.

Oh and by the way ...... awooga!!!

A

Couldn't resist the feeding .....sorry

WAL is liking Social Housing. Woof, woof. :);)

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todays buyers are speculators and people already in the housing market trading up or down in much the same way that shares and other commodities operate.

Correct, and they will do what all speculators do when they are sat on profit and the market starts to correct, they'll get out, especially if they are highly leveraged. Indeed I should imagine the canny ones still in the market will be selling into this rally. Sure there are people out there still buying, but I bet the biggest majority are "retail" buyers believing all they hear on the TV. Muppets and frustrated FTB'ers are buying this market, whilst the clever beggers are most likely selling it.

Darsky, I reckon one day those paper profits you salivate over will only be fit for wiping your @rse on, so enjoy em whilst you can . :D

Edited by Catch22
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Hmmm how odd is this?

I suggest that the guy above is a London Landlady alias and lo and behold a brand new bull appears. Joined today How Strange?

Not sure what a London Landlady is and I dont think I am a bull or a Bear, I am neither?

I bought because we needed to move, not to make money.

From my view I would prefer the prices not to go up and stay in line with inflation.

In the long run no one wins from run away house price inflation.

I have two kids in there 20s, they cannot aford a house of their own and have little chance to FTB.

If I sold my property to down size and gave my kids money to help them then Gordon would hit them for tax. Even if you own a property, you get clobbered at some point. In the long run only the government wins.

I am just stating what is going on in my location - which is not London and have no bais.

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I live in zone 1 London and I can tell you prices have been increased by over 10 % since Christmas. eg

a flat 375,000 would now be priced around 425,000, sell for around 410,000

It's very frustrating, the agents have all of a sudden become arrogant and greedy. This wasn't the case before christmas. I think people just got sick of waiting and bought.

I really can't understand why the agents would do this. Ok they get a couple of 100 pounds more in commission but they put themselves in a difficult poisition when things do turn.

In fact they just fuel the unrealistic seller who increasing wants more, and the buyer who then says no ******ing way. At some point they won't be able to sell anything and go bust.

Well let's hope so.

Anyway unfortunately asking prices have increased. But it just makes me think ****** it, I'll stay out of the madness.

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Guest Winners and Losers

I live in zone 1 London and I can tell you prices have been increased by over 10 % since Christmas. eg

a flat 375,000 would now be priced around 425,000, sell for around 410,000

It's very frustrating, the agents have all of a sudden become arrogant and greedy. This wasn't the case before christmas. I think people just got sick of waiting and bought.

I really can't understand why the agents would do this. Ok they get a couple of 100 pounds more in commission but they put themselves in a difficult poisition when things do turn.

In fact they just fuel the unrealistic seller who increasing wants more, and the buyer who then says no ******ing way. At some point they won't be able to sell anything and go bust.

Well let's hope so.

Anyway unfortunately asking prices have increased. But it just makes me think ****** it, I'll stay out of the madness.

Well, Zone 1 is a bit different. However, it smacks of desperation from the EA's does it not? Trying to rope in the last decent commissions they might see for a while?? Hey, why didnt TTRTR invest in Zone 1?

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Well, Zone 1 is a bit different. However, it smacks of desperation from the EA's does it not? Trying to rope in the last decent commissions they might see for a while?? Hey, why didnt TTRTR invest in Zone 1?

Yes, I think zone 1 is a bit of an economy all of its own, wihch doesn't have much impact on "normal" London property. Further out prices are twitching slightly upwards, but certainly not by 10%, and I'd be surprised if they do.

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Yes, I think zone 1 is a bit of an economy all of its own, wihch doesn't have much impact on "normal" London property. Further out prices are twitching slightly upwards, but certainly not by 10%, and I'd be surprised if they do.

Magpie, is it you who bought the place for 190k?? If so, I apologise. Don't take me too seriously - I'm a dog afterall. ;)

If prices do fall, just hang on in there! If it wasnt you, I take it back. :unsure:

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Central London including up to zone 4, has gone up.

I don't know what the ****** happened. All I know that all of my work collegues are looking to buy.

2 put in offers which went to sealed bids and both didn't get them due to figures over the asking price being given.

I'm not kidding you it has gone mad in london.

I'm lucky my rent hasn't increased for 5 years, (yes 5 years !!!!) I have a large deposit but if I buy I'll be paying more than my rent.

Also there is no way my job is secure. I have been working in the City for 7 years and for 5 of them I have fealt like my job could go at anytime.

I have tried to educate them but you wouldn't believe how thick people in finance actually are !!

Either that or they are just desperate. I'm getting a bit like that but after looking at the discussions and facts posted on this great website, their is noway I'm going to risk my savings. I just wish I converted to gold last year.

Another bubble I missed B)

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Guest Winners and Losers

Another bubble I missed B)

Notoriously hard to catch before they pop! :)

Btw - being a new poster, unless you can dig up some 'evidence' you could be branded a 'troll' or a 'VI'. Not saying that I don't believe you, but depends on what areas of London. For example, there are over 1100 properties for sale in SW16. I would be surprised if there was a need for 'sealed bids' there.

PS - If FTB's can't buy now, how on earth can they buy when prices go even higher??? In 2002 there was no where near this level of frenzy for BTL's or to 'get on the ladder'. What on earth happened while WAL was sunbathing????

Edited by Winners and Losers
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Magpie, is it you who bought the place for 190k?? If so, I apologise. Don't take me too seriously - I'm a dog afterall. ;)

If prices do fall, just hang on in there! If it wasnt you, I take it back. :unsure:

Yes, (actually it was a bit less than that...) but no worries, I wasn't too offended - why would I be here at all if I was that sure it's the right decision? It's just my gamble in a situation where there aren't any safe bets.

That's the plan - if prices fall, hang on in there and feel irritated about not waiting. If they don't (or only a bit), feel relieved but still angry at the factors that drove the market so high in the first place.

Central London including up to zone 4, has gone up.

I'm not sure that's true - there is admittedly a lot of activity and a lot of media noise. But in the areas I watch closely (a fair chink of North London, from N16 round to N2, zone 2/3) there's only fairly small rises in asking price, nothing more than you'd expect from a few vendors waiting till after xmas and trying it on. Even a few cheapish properties too, though nothing special. I do think London is slightly up, but I don't think it's any kind of big leap really, and we won't really know how asking prices feed through into sale prices for a while yet.

Twitchy, yes. "Gone mad", I'm not convinced.

Edited by Magpie
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Believe me I'm not a troll.

I joined 1 year a go but haven't posted although I have been reading the comments on this week site for over a year.

The areas I think things have gone up are, Zone 1, SE1, N5, SE10, ok zones 1-2, not zone 4 but I know my collegue has been looking around that region and has been outbid recently.

Didn't a surge in buyers happen before the last crash ?

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Believe me I'm not a troll.

I joined 1 year a go but haven't posted although I have been reading the comments on this week site for over a year.

The areas I think things have gone up are, Zone 1, SE1, N5, SE10, ok zones 1-2, not zone 4 but I know my collegue has been looking around that region and has been outbid recently.

Didn't a surge in buyers happen before the last crash ?

Well, I can see Bermondsey as being caught by city bonus territory, Greenwich having a bit of an Olympic effect, and Highbury is still being helped by the imminent closure of the old stadium, so maybe those are all slightly disproportionate in their own way. Up north there is some activity, but it's nothing too manic. I think it is true that good property is going quite fast at the minute.

I know what it's like to be labelled as a troll - I was hanging around a long time here myself before posting then got called a troll on my second post... Not to worry, it's all water under the bridge in the end.

Edit: oh, and yes, maybe it is just the last surge of fools, who knows. If so I'm one of them as I just bought.

Edited by Magpie
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Thanks Magpie,

I found the flat I wanted a month ago but it was overvalued by 50 K !!!! i.e the same flat in October went for 50 K cheaper. I think the city bonuses are a factor since I live in Zone 1.

Saying that my bonus was nothing to write home about.

Well guess I have to look to up my wage, helping to increase inflation and so contribute to a house price crash !! Saying that my job will be even more insecure so I'll never buy. What a vicious circle !

B)

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Guest Winners and Losers

It is worth bearing in mind that all the cities where house prices rose significantly during the Olympics were in the middle of the house price boom. Sydney for example. The prices soon went down again after the Olympics, in fact I believe that there is a huge glut of 'Olympic Village' property that still can't be shifted. I don't think this happened in Atlanta, because we were not in a global property boom. There is no guarantee that this will happen in London, particularly if we are in a house price bust cycle. Not something I would bank on anyway.

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It is worth bearing in mind that all the cities where house prices rose significantly during the Olympics were in the middle of the house price boom. Sydney for example. The prices soon went down again after the Olympics, in fact I believe that there is a huge glut of 'Olympic Village' property that still can't be shifted. I don't think this happened in Atlanta, because we were not in a global property boom. There is no guarantee that this will happen in London, particularly if we are in a house price bust cycle. Not something I would bank on anyway.

Yes I think the Olympic effect is a bit delusional - people are paying over the odds for stuff that was already overpriced. I can't believe an area like West Ham is really going to be magically transformed by having a few stadiums down the road. But at this stage people seem to be getting taken in by it.

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