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crash2006

100k Drop In Price

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Below Market Value

http://www.ludlowthompson.com/particulars/...=2036&aff=2

2 Bed ex-local authority

Good rental investment or for re-sale:

Building is arranged over 4 floors, with intercom and lifts. The property is on the 2nd floor.

Close to all amenities. The property does require some modernisation

Remaining lease 118 years

Service Charge £648p/a

Ground rent £120p/a

Council Tax £1,080p/a

Approx area 550sq ft

Asking Price: £150,000 quick sale(Below-Market-Value)

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Starting to see a trickle of posts exclaiming London prices have peaked and some propery prices in the capital may be falling.

A bear I am, but I'm sorry to say that if you see a £100k price reduction in London, it means that the vendor has put the property on for £150k more than its current market value.

However, give it two months and that property will then be a bargain.

A sad indicment, but true at the moment.

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but before they were selling above the asking price, now nothing is moving and everything is going under, always pass local EAs now iam seeing less EAs and sad faces inside.

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Starting to see a trickle of posts exclaiming London prices have peaked and some propery prices in the capital may be falling.

A bear I am, but I'm sorry to say that if you see a £100k price reduction in London, it means that the vendor has put the property on for £150k more than its current market value.

However, give it two months and that property will then be a bargain.

A sad indicment, but true at the moment.

See http://www.foxtons.co.uk/property-for-sale...sea/chpk0240393 same block £599,950. Looks like a genuine fall. The seller in the gumtree advert (possibly up the gum tree) seems pretty desperate and is offering a further discount if you buy the two.....sounds like a BTLer jumping out!

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but before they were selling above the asking price, now nothing is moving and everything is going under, always pass local EAs now iam seeing less EAs and sad faces inside.

Sorry, but unless you the EA, you're not privy to what price the house went under offer for. You'll have to wait 4-6 months like everyone else until the LR figures are released. I appreaciate that the speed of a sale gives a clue to how close to the asking price was achieved.

What I do know is that since the turn of the year, prices have jumped significantly in London. There's little property for sale out there, and what you maybe seeing is some resistance from buyers to the EAs putting property on for riduiclous prices (sometimes £50-100k more than a couple on months ago, just to get the business).

Unfortunatley, I don't believe prices in London are falling yet. If your a bearish person, then it's easy to get into your head that the market's in trouble, when it isn't.

When the broader media starts calling it then I'll take notice. Read the London surveyors comments in the RICS April report - it's frightening to any bear, as effectively their surveyors on the ground are reporting a house price beanfeast.

Edited by Bobbins

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Sorry, but unless you the EA, you're not privy to what price the house went under offer for. You'll have to wait 4-6 months like everyone else until the LR figures are released. I appreaciate that the speed of a sale gives a clue to how close to the asking price was achieved.

What I do know is that since the turn of the year, prices have jumped significantly in London. There's little property for sale out there, and what you maybe seeing is some resistance from buyers to the EAs putting property on for riduiclous prices (sometimes £50-100k more than a couple on months ago, just to get the business).

Unfortunatley, I don't believe prices in London are falling yet. If your a bearish person, then it's easy to get into your head that the market's in trouble, when it isn't.

When the broader media starts calling it then I'll take notice. Read the London surveyors comments in the RICS April report - it's frightening to any bear as effectively they're people on the ground are reporting a house price beanfeast.

little property you must be joking, EA that i walk past everyday, his window is covered with property compared to 2 months ago when he had only 6.

Edited by crash2006

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little property you must be joking, EA that i walk past everyday, his window is covered with property compared to 2 months ago when he had only 6.

is the EA you walk past in the West Midlands?

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london

I do find your name quite ironic, given 2006 was the greatest boom year ever in London for property.

Anyway, who I am to disagree with you. All I can say in KT7, a propsperous suburb 12 miles SW of London there's f@ck all on the market to buy, and anything decent goes in days at ridiculous prices. Nothing's changes in the last month.

Let's hope that the your right, and that 'up town' things are slowing down.

As I said previously read the RICS April report (www.rics.org) - it's scary reading.

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london

Has that owner of the London Estate Agents..Foxtons ...managed to find a buyer for his business yet. It was reported recently he was thinking of selling up......it's all about timing.

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I do find your name quite ironic, given 2006 was the greatest boom year ever in London for property.

Anyway, who I am to disagree with you. All I can say in KT7, a propsperous suburb 12 miles SW of London there's f@ck all on the market to buy, and anything decent goes in days at ridiculous prices. Nothing's changes in the last month.

Let's hope that the your right, and that 'up town' things are slowing down.

As I said previously read the RICS April report (www.rics.org) - it's scary reading.

.......April's history......

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Has that owner of the London Estate Agents..Foxtons ...managed to find a buyer for his business yet. It was reported recently he was thinking of selling up......it's all about timing.

BC Partners are still talking about it as otehr buys have pulled out.

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The Candlemakers development, these are sold as "luxury" apartments but they're in Battersea, which may sound posh, but that's if you don't know Battersea.

Parts of the area are nice, but parts of the area have some of the cheapest council housing in London, for good reason.

These apartments are across from said council housing, squeezed between a noisy (York) road, homebase, car dealers and not much else. The public transport is rubbish. You'd have to be a complete fool to think these were ever luxury.

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I do find your name quite ironic, given 2006 was the greatest boom year ever in London for property.

Anyway, who I am to disagree with you. All I can say in KT7, a propsperous suburb 12 miles SW of London there's f@ck all on the market to buy, and anything decent goes in days at ridiculous prices. Nothing's changes in the last month.

Let's hope that the your right, and that 'up town' things are slowing down.

As I said previously read the RICS April report (www.rics.org) - it's scary reading.

Not where I live in far west London, prices increased about 5% over last year, however were totaly flat for about 3.5 yrs previous to that. Posh London is another world, they dont rely on wages, all determined by how much free money they get.

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