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spoon

Bearish Anecdotal

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Chigwell is a reasonably affluent residential suburb in North East London. It's one of a few locations my parents have been searching for their next house.

We come across a lovely house on the prestigous Hainault Rd backing onto Chigwell Golf Course. The asking price is 1.45 million. So I do a search on www.houseprices.co.uk. I discover this particular house changed hands in July 2003 at 1.375 million.

Here's the link. It's number 18 on the list.

http://www.houseprices.co.uk/e.php?q=haina...gwell&s=11&n=10

We conclude that the current vendors, having paid 1.375 M almost 3 years ago are unlikely to consider offers below that number, especially given the house has just come onto market.

Now the same house a few days later is being marketed by Fine and Country at a Guide Price of 1.25 M.

Here's the link.

http://www.rightmove.co.uk/viewdetails-989...pa_n=8&tr_t=buy

One would think they would let the house go for 1.2 M maybe even less now. That's a DROP OF 13% in the last three years. The key point to take away here is that these vendors are willing to take a LOSS on a house they bought three years ago.

This may or may not be representative of other homeowners in this fairly typical part of Greater London but it's a far cry from the figures we read about in the press.

Edited by spoon

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Well, that's 2 houses in London that have not soared up up and away as the VIs have been claiming recently. The other one is Tony's.

I wonder if anyone can come up with a single example (with link) of a house in London going up in price over the past 3-6 months? Excluding, of course, any major refurbishments which would naturally bump the price.

Or are all the meteoric rises simply "asking prices" a' la Rightmove bovine fecal matter?

Edited by Realistbear

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  • 302 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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