BenH Posted July 16, 2006 Share Posted July 16, 2006 (edited) Can any of you HPC “predictionists” tell me what is happening where I am in SW London, and what is being seen in other parts of London. The prices here are rocketing. The bungalow in New Malden I saw 2 weeks ago that needed total renovation has had its asking price increased from £450K to £500k. This is 2 days after we put in an offer of £430K. They had so many offers above the asking price the vendor has raised the asking price. This has happened to 3 other properties around our way in the past few weeks. Sh*tty semi's that would sell for £150K in a suburb in Brum are selling for £600k here. There seemed a lull in the market in June, but it has really picked up here & prices seemed to have gone up by 10-20% since last year when we sold. A drop of 20% would be deemed a HPC by many on here, so how and what do u call this ?.. The SSTR like ourselves have lost out on a huge scale as we have missed out on the price increases in the past year.. It seems to me that all the post made by people here on the BOJ IR rises or the Euro IR rate rises are just clutching at straws hoping it will affect the HP in this country. And pray, tell me, how the f*ck will interest rises made by the BoJ affect us.?. Sweet eff all. Unless our IR rise significantly, I will continue to sound cheesed off, and just accept high house prices are here to stay.. Edited July 16, 2006 by BenH Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted July 16, 2006 Share Posted July 16, 2006 Stop panicking, sit tight and wait! Quote Link to comment Share on other sites More sharing options...
bearwithaconscience Posted July 17, 2006 Share Posted July 17, 2006 See the threads already on New Malden and Sutton/Kingston/Croydon. I think prices have been more or less static for about 5 years, maybe going up slightly until now. The supply and demand round here is out of synch. I think you would now need to be in the top 10% of earners to even buy a flat. But there seems to be no need for London to be affordable any more. People are still buying because there is no more land. It has all been built on. The green belt is not a possibility. And commuter towns like Guildford are even worse. Actually I was about to buy in New Malden because I felt it was very cheap for Kingston district, so perhaps it is correcting. Sutton is also very affordable compared to other more horrible areas. New Malden - is this to do with the missile tests in North Korea because it does have the largest Korean population in Britain? Quote Link to comment Share on other sites More sharing options...
expatowner Posted July 18, 2006 Share Posted July 18, 2006 Can any of you HPC “predictionists” tell me what is happening where I am in SW London, and what is being seen in other parts of London. The prices here are rocketing. The bungalow in New Malden I saw 2 weeks ago that needed total renovation has had its asking price increased from £450K to £500k. This is 2 days after we put in an offer of £430K. They had so many offers above the asking price the vendor has raised the asking price. This has happened to 3 other properties around our way in the past few weeks. Sh*tty semi's that would sell for £150K in a suburb in Brum are selling for £600k here. There seemed a lull in the market in June, but it has really picked up here & prices seemed to have gone up by 10-20% since last year when we sold. A drop of 20% would be deemed a HPC by many on here, so how and what do u call this ?.. The SSTR like ourselves have lost out on a huge scale as we have missed out on the price increases in the past year.. It seems to me that all the post made by people here on the BOJ IR rises or the Euro IR rate rises are just clutching at straws hoping it will affect the HP in this country. And pray, tell me, how the f*ck will interest rises made by the BoJ affect us.?. Sweet eff all. Unless our IR rise significantly, I will continue to sound cheesed off, and just accept high house prices are here to stay.. Sit tight and dont buy now. Quote Link to comment Share on other sites More sharing options...
Tempest Posted July 18, 2006 Share Posted July 18, 2006 BenH, See my post on the recent "buyor rent" thread on the main board. An example of how STR in SW London could have been disastrous. If you can afford it and have good equity, hopefully from a much earlier property purchase, I'd say go for it. If not be prepared for a wait (1-5 years). I am a bear and saying that is difficult but it is where I am coming out personally in my affairs. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.