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uncle_monty

Central London Motors On

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An identical flat to mine has gone under offer at "close" to asking price of £650k (cash buyer). It is a 3 bed, 2 bath c.1,000 sqft flat, with the same dated kitchen and bathroom as mine (both definitely need replacing).

I paid around £400k less than 2 years ago. On these figures (call it £600k), even a a 30% crash would see me avoid negative equity.

This is the kind of dynamic that continues in the more attractive parts of central London.

I'll report the actual figure when it gets published in a few months.

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I can see these sorts of rises continuing in London for the next year or so. If you want to buy and sell property in the next 12 months, then I would say London is a no-brainer. Easy money.

The problem with London is that anybody in the WORLD who has money seems to want to own want a piece of it. While there is so much international money in this city, its difficult to see how prices can actually stop increasing.

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An identical flat to mine has gone under offer at "close" to asking price of £650k (cash buyer). It is a 3 bed, 2 bath c.1,000 sqft flat, with the same dated kitchen and bathroom as mine (both definitely need replacing).

I paid around £400k less than 2 years ago. On these figures (call it £600k), even a a 30% crash would see me avoid negative equity.

This is the kind of dynamic that continues in the more attractive parts of central London.

I'll report the actual figure when it gets published in a few months.

affluent areas wont be as badly affected in london .during the last recession while areas like hounslow ,acton had house price falls off 30% places like chiswick,richmond ,putney ect had falls off 15%-20% (i can only vouch for in these w.london areas) the gaps will be larger this time as a lot off our new arrivals cannot afford to live in the leafy suburbs, our elected intelligencia wouldn,t have them spoiling their patch or mixing with their kids or perish the thought going to the same schools

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It's a "buyers market" and many sellers have missed out in selling at the top.

Anecdotal from SW18 - Wandsworth

Identical house (and similar standard of decor) a few doors away was sold for £600k at the turn of the year.

Friend has put his house on for £665k (represents 10%+ in less than 6 months). However even just 3 months ago they'd have had 20+ buyers in one weekend and sealed bids. Now in two weeks they've had 3 people and no offers. This is a nice Edwardian house in a very desirable area, with the best schools in Wandsworth (not saying much) in the catchment area.

This is even before the SM crash (sorry, correction :lol: ) this week.

Sealed bids were pushing up prices 10% over asking as people fought over London property. With this froth now gone, I'd say prices will fall 10% overnight (although the official figures will not pick up on this. If this SM crash continues, then every speculator considering buying in London will disappear overnight.

The top has been called many times in London, but I think we may have it this time. All those blue sky people couldn't see any trigger coming - but one has, in spades. With all the b(w)ankers bonuses evaporating, I'd expected the London property market to be down by 10% (that's the official figures) by Xmas. With all the sealed bids disappearing, that 10% could in reality be 20%.

If you're an FTB in London - don't do it at the moment.

Edited by Bobbins

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