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Bobbins

Wandsworth - House Sold Dec 05 At £500k

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That's 30% in one year - and it's not even Central London - and there's no Russian buyers out there for this type of property either - it's a small Edwardian terrace.

Agent commented that there's not let up either. Looks like London's going to march even higher.

Those trying to buy in London are fooked

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That's 30% in one year - and it's not even Central London - and there's no Russian buyers out there for this type of property either - it's a small Edwardian terrace.

Agent commented that there's not let up either. Looks like London's going to march even higher.

Those trying to buy in London are fooked

This is all good news: are your wages going up 30% year..? No? Neither are anyone elses, so Edwardian terraces in Wandsworth at £600K+ will be a short-lived phonomenon.

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That's 30% in one year - and it's not even Central London - and there's no Russian buyers out there for this type of property either - it's a small Edwardian terrace.

Agent commented that there's not let up either. Looks like London's going to march even higher.

Those trying to buy in London are fooked

Show us where this is - and when it was sold last....

How does this square with THIS? - http://news.independent.co.uk/business/new...icle2064782.ece

"Homeowners selling property are cutting their asking prices in the run-up to Christmas in what could be the first sign that sellers are responding to growing pressure on buyers' finances from rising interest rates and fuel bills, two reports show today."

Edited by eric pebble

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Show us where this is - and when it was sold last....

You're obviously sceptical, and that somehow I've made this up to scaremonger - or that I'm a troll/EA etc. Search any sale in Dec 05 for SW18, and find a house in a similar road on a EA website. OK the EA might have inflated the price 20-30k to get the sale, but things are going at 30% higher than they were last year.

Well let me tell you this kind of price rise is (unfortuneately) reality. I sold in Jan 06 to rent (not STR to play the housing market). We wanted to buy the house of our dreams and thought being chain free was the way to go.

Some unfortunate personal circumstances meant that we had to rent longer than planned, so now I face an extra £150k to get me back to where I was last year. Oh well, it's only money.

I'm at the coal-face trying to buy in these areas, and I tell you 30% rise is what I'm seeing.

If house prices crashed 20% tomorrow, then I'd still be at a loss compared to last year.

For all you sceptics out there, it maybe quiet in West Yorks/Staffordshire, but it's fooking mad in London.

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You're obviously sceptical, and that somehow I've made this up to scaremonger - or that I'm a troll/EA etc. Search any sale in Dec 05 for SW18, and find a house in a similar road on a EA website. OK the EA might have inflated the price 20-30k to get the sale, but things are going at 30% higher than they were last year.

Well let me tell you this kind of price rise is (unfortuneately) reality. I sold in Jan 06 to rent (not STR to play the housing market). We wanted to buy the house of our dreams and thought being chain free was the way to go.

Some unfortunate personal circumstances meant that we had to rent longer than planned, so now I face an extra £150k to get me back to where I was last year. Oh well, it's only money.

I'm at the coal-face trying to buy in these areas, and I tell you 30% rise is what I'm seeing.

If house prices crashed 20% tomorrow, then I'd still be at a loss compared to last year.

For all you sceptics out there, it maybe quiet in West Yorks/Staffordshire, but it's fooking mad in London.

Fair enough but do you have evidence of Wnadsworth property :ph34r:

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That's 30% in one year - and it's not even Central London - and there's no Russian buyers out there for this type of property either - it's a small Edwardian terrace.

Agent commented that there's not let up either. Looks like London's going to march even higher.

Those trying to buy in London are fooked

Was it a shell? in 2005 and had a significant amount of money spent on it? loft conversion etc etc

could be many reasons.

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property only ever goes up in Wandsworth.....

according to a now departed prolific bull who used to post on here

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ttrtr, is that you ? ;)

Go on bury your heads in the sand, and carry on living in the internet HPC.com dreamland with everyone else, who's so convinced it crashing around our ears, that they can't see the wood for the trees.

I'll post later when I've finished work with all the details of how Wandsworth has gone up 30% in a year. I'd love it all to crash. I wish you were all right.

But I post what I see out in the market, trying to buy - yes trying to buy, and making offers on houses - not living in some electronic dreamworld.

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This is all good news: are your wages going up 30% year..? No? Neither are anyone elses, so Edwardian terraces in Wandsworth at £600K+ will be a short-lived phonomenon.

I've heard this sort of thing so much it's becoming a bit boring. Someone's income is going up by 30% because someone is buying that house. There are lots of people who earn commissions/bonuses in their jobs.

You guys've been saying these prices are gonna be short-lived for 2 years and in the meantime London shows no sign of abatement. My sales manager earns £200,000 a year, the next highest earner pulls down £160,000 etc. We earn basic salaries but they're dwarfed by commission payments. There's a lot of this going on in London and that is why these homes are fetching these prices . . . because lots of Londoners can afford them.

No one's disputing the idiocy of it all but you have the answers as to why these places are selling at these prices . . .

Go on bury your heads in the sand, and carry on living in the internet HPC.com dreamland with everyone else, who's so convinced it crashing around our ears, that they can't see the wood for the trees.

I'll post later when I've finished work with all the details of how Wandsworth has gone up 30% in a year. I'd love it all to crash. I wish you were all right.

But I post what I see out in the market, trying to buy - yes trying to buy, and making offers on houses - not living in some electronic dreamworld.

Fu**in' A !!

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My sales manager earns £200,000 a year, the next highest earner pulls down £160,000 etc. We earn basic salaries but they're dwarfed by commission payments. There's a lot of this going on in London and that is why these homes are fetching these prices . . . because lots of Londoners can afford them.

No one's disputing the idiocy of it all but you have the answers as to why these places are selling at these prices . . .

Fu**in' A !!

I've heard this sort of thing so much it's becoming a bit boring. Just because some people earn that sort of money, doesn't change the fact that the vast majority don't and that the average salary for London is around £35k a year.

Anyway Bobbins good luck with spending £650,000 on a terraced house :lol:

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I have to agree with tenroom and Bobbins, I have been looking in SW london since earlier this year. people can afford these prices, three / four bedroom places in SW11, SW12, SW18 selling from anything between low £500K up to £750K and upwards.

There are people, not only in the city, who earn significant salaries and commissions, who have benefitted from the preceeding seven years HPI. Some of which are sitting on deposits of between 200K to £300K. This is not a big stretch to go for a £600k house with that deposit. Interestingly, most of the people I know who live in the largest / nicest houses in this area are either City folk or property developers/builders.

While these prices sound ridiculous outside London, they are a reality at the moment.

Anecdotally having spoken to one estate agent I know they normally get around 450 instructions a year and in 2006 they have only had about 150.

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Was it a shell? in 2005 and had a significant amount of money spent on it? loft conversion etc etc

could be many reasons.

Has to be asked doesn't it.

Also, there is a wealth of difference between asking price and the price a house sells for.

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I have to agree with tenroom and Bobbins, I have been looking in SW london since earlier this year. people can afford these prices, three / four bedroom places in SW11, SW12, SW18 selling from anything between low £500K up to £750K and upwards.

There are people, not only in the city, who earn significant salaries and commissions, who have benefitted from the preceeding seven years HPI. Some of which are sitting on deposits of between 200K to £300K. This is not a big stretch to go for a £600k house with that deposit. Interestingly, most of the people I know who live in the largest / nicest houses in this area are either City folk or property developers/builders.

While these prices sound ridiculous outside London, they are a reality at the moment.

Anecdotally having spoken to one estate agent I know they normally get around 450 instructions a year and in 2006 they have only had about 150.

I'll add another anecdotal: private equity junior that I know bought 10 months ago in Clapham for 260k. Sold last week for 340. Believe it, don't believe it, whatever. What do you think's going to happen when this year's billions in bonuses hit the Jersey accounts of these types (and yes they do choose to live in Wandsworth). It's going to be a sh1tfight.

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........ three / four bedroom places in SW11, SW12, SW18 selling from anything between low £500K up to £750K and upwards.........While these prices sound ridiculous outside London, they are a reality at the moment.......

Don't sound ridiculous for the Winsor/Maidenhead area either. Competitively priced I'd say.

Anecdotally having spoken to one estate agent I know they normally get around 450 instructions a year and in 2006 they have only had about 150.

A good marker but I tend to use the LR approach.

Pick a postcode you're interested in, type into LR, filter out property you are not interested in, search back as many years as it will allow, create graph to show No of completions (and prices) per month/year, and compare.

Hours of fun for Christmas and the new year. :D

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I'll add another anecdotal: private equity junior that I know bought 10 months ago in Clapham for 260k. Sold last week for 340. Believe it, don't believe it, whatever. What do you think's going to happen when this year's billions in bonuses hit the Jersey accounts of these types (and yes they do choose to live in Wandsworth). It's going to be a sh1tfight.

People will still buy houses, good ones, bad ones...the housing market will never stop dead in its tracks. I know plenty of guys still flipping properties since this time last year who have made relative fortunes for the amount of capital they originally employed. Not sure about the billions in bonuses hitting property though...I'm not faced with that reality so can't vouch for the mentality, but I'd have thought most of 'em would keep their hands in their pockets and not rush out to buy....

Edited by Converted Lurker

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Wandsworth does appear to be in somthing of a 'boom' (after a couple of years of stagnation). Probably the last place in London worth living in that isn't completely unaffordable. Still, it will crash like all the rest.

Edited by othello

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If people are prepared to pay £650k for a 3 bed terrace then they seriously need some therapy. The cost of constructing something like that is going to be £150k absolute tops ... if people think paying a mark up of £500k is sensible then more fool them.

4 points:

1. London is not immune from HPC ... it crashed big last time - I know I was living there and owned a flat which I finally sold.

2. The wealth in London is all coming from financial services ... one of the sectors that is going to take an enormous hit ( as it did in the 90s ) when the cack finally hits the fan ie the Bull run comes to an end.

3. I suspect that the reason there is not much for sale is that normal people find they cannot afford to move so don't. Meanwhile half brained BTls and specultaors rush in believing that they will be able to sell for more the next year .. so far that has been true but I doubt for much longer.

4. In 2005 London took a big hit .. whilst on average the country showed only small losses, London especially central London saw drops of up to 20% in some areas. Inspite of city bonuses / immigration etc.

5. I've seen / heard it all before; the same hysteria was around in the late 80s - stories of people making a million in a year etc .. but in no time atall those very same people were going bankrupt with property on their hands they just couldn't shift. My brother played football with a guy who gave up his day job to make it big in property ... in no time atall he was driving s*****y cars and buying properties right left and centre. He got pretty unbearble by all accounts. One year later he was keeping very quiet about it all and was looking ashen and stressed. Apparently he had decided to move into commercial property and bought an office block that no one wanted to buy or rent.

Still if you think £650k is a sensible price for a terrace then go ahead fill your boots.

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I've heard this sort of thing so much it's becoming a bit boring. Someone's income is going up by 30% because someone is buying that house. There are lots of people who earn commissions/bonuses in their jobs.

I've heard this sort of thing so much it is becoming very boring. Just because somebody has the means to spend 30% more on a house doesn't mean that it makes sense for them to do so. Would you expect car prices to rise by 30% because somebody happened to have the money to buy a car at 30% more than last year? The whole thing rests on the notion that the value is locked in with a house. At some point houses become overpriced. The argument is as to whether we have passed this point or not. We will get all the way to the top of the market and there will still be people with 200K salaries sacraficing their large financial advantage to the gods of HPI. When prices turn, they will see they have wasted their money. If they still then think that they could "afford" the price they paid, then their notion of affordability is roughly equivalent to "I have the money therefore I can afford to chuck it away".

Edited by Levy process

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Stories like this don't really bother me. £650k is way out of reach for most people as is £550k or £450k or £350k. All this means is people who bought a house for 100k 7 years ago are now wasting that £250,000 equity on a bigger over priced property. Net result FTB can't buy, couple who bought house for £650,000 have now also got a £300,000 mortgage. Couple who sold £650,000 house emigrate removing £650,000 from the economy which can't be supported by local wages. Credit runs our, IR rise everybody who bought left holding the baby.

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Stories like this don't really bother me. £650k is way out of reach for most people as is £550k or £450k or £350k. All this means is people who bought a house for 100k 7 years ago are now wasting that £250,000 equity on a bigger over priced property. Net result FTB can't buy, couple who bought house for £650,000 have now also got a £300,000 mortgage. Couple who sold £650,000 house emigrate removing £650,000 from the economy which can't be supported by local wages. Credit runs our, IR rise everybody who bought left holding the baby.

Very good point STB, and one many people forget about.

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That's 30% in one year - and it's not even Central London - and there's no Russian buyers out there for this type of property either - it's a small Edwardian terrace.

Agent commented that there's not let up either. Looks like London's going to march even higher.

Those trying to buy in London are fooked

So! wotcha want me to do about it?

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Wandsworth does appear to be in somthing of a 'boom' (after a couple of years of stagnation). Probably the last place in London worth living in that isn't completely unaffordable. Still, it will crash like all the rest.

It is completely unafordable!! for workers, Wandsworth has been in bonusland for quite a few years now, only people with wads of free money can buy there and many other places in London.

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I've heard this sort of thing so much it is becoming very boring. Just because somebody has the means to spend 30% more on a house doesn't mean that it makes sense for them to do so. Would you expect car prices to rise by 30% because somebody happened to have the money to buy a car at 30% more than last year? The whole thing rests on the notion that the value is locked in with a house. At some point houses become overpriced. The argument is as to whether we have passed this point or not. We will get all the way to the top of the market and there will still be people with 200K salaries sacraficing their large financial advantage to the gods of HPI. When prices turn, they will see they have wasted their money. If they still then think that they could "afford" the price they paid, then their notion of affordability is roughly equivalent to "I have the money therefore I can afford to chuck it away".

No. There IS no argument. The property's been sold and while it may seem to defy your logic, the purchaser thinks it's worth it. As Bobbins said, we can all sit on hpc.co.uk debating when the crash is going to hit but, out in the real world where it really counts, people are doing whatever the hell their finances will let them do.

That purchaser may have a large family, he/she might have to move out of wherever he is at the moment or the property may have the subject of a bidding war. Just as, to you and I, spending that kind of money on a terrace in Wandsworth doesn't bear thinking about, to others - with their own unique set of circumstances - it seems ideal as Wandsworth isn't an undesirable area with easy access to Central London, lots of green areas and a fairly efficient local authority running it all.

Like I said before , there are lots of people living in London making an awful lot of money and they spend it however they see fit regardless of what conventional wisdom may say.

I suspect that the reason there is not much for sale is that normal people find they cannot afford to move so don't. Meanwhile half brained BTls and specultaors rush in believing that they will be able to sell for more the next year .. so far that has been true but I doubt for much longer.

4. In 2005 London took a big hit .. whilst on average the country showed only small losses, London especially central London saw drops of up to 20% in some areas. Inspite of city bonuses / immigration etc.

5. I've seen / heard it all before; the same hysteria was around in the late 80s - stories of people making a million in a year etc .. but in no time atall those very same people were going bankrupt with property on their hands they just couldn't shift.

What big hit ? I don't recall seeing any BIG hit. If there'd been 20% drops, I think people on here would be pointing to it as proof that London can crash rather than holding it up as the last bastion of HPI in the land when everywhere else seems to have stagnated.

Yes it all went Pete Tong in the 80s but as had been said time and time again, there was a completely different set of fundamentals in effect at that time. Can't be bothered to list 'em but I suspect you know what I'm referring to.

Edited by tenroom

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1. London is not immune from HPC ... it crashed big last time - I know I was living there and owned a flat which I finally sold.

2. The wealth in London is all coming from financial services ... one of the sectors that is going to take an enormous hit ( as it did in the 90s ) when the cack finally hits the fan ie the Bull run comes to an end.

3. I suspect that the reason there is not much for sale is that normal people find they cannot afford to move so don't. Meanwhile half brained BTls and specultaors rush in believing that they will be able to sell for more the next year .. so far that has been true but I doubt for much longer.

4. In 2005 London took a big hit .. whilst on average the country showed only small losses, London especially central London saw drops of up to 20% in some areas. Inspite of city bonuses / immigration etc.

Eh,

1. Where where you living, a wellestablished part of London or part that had rocketed ? The better postcodes did not fall at all in real terms (or not materially)

2. OK, well, financial services means a lot - some bits will suffer, some will boom. I work in it in private equity, M&A and distressed debt - I won't be begging for a few years yet.

3. I agree with this one. Or the first bit of it anyway,

4. Where took a big hit in London in 2005 - the better bits of London hardly rose from 2001, they then took off again in late 2005. Please tell me where in central London there were 20% falls ?

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  • 330 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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