London house prices?
Discussion
okgo said:
Approx 4 weeks ago you were asking this forum what to do with your London property, and you were leaning towards sell.
Interesting you've formed such a strong opinion since then...
indeed and I went with the consensus of the advice givenInteresting you've formed such a strong opinion since then...
and my issue wasn't really CG potential ...but the service charge costs
at the same time I was asking the question a similar flat went on the mkt in my block and sold in 10 days well above my expectations
im not predicting either way im just saying its still strong and if u have a better idea to invest a large amount of money with 50% low interest leverage with the added bonus of having a bed and roof over your head ...pls let us all know
i only have experience of the new build market and my two mates who are selling old stock
new build we are giving 10% to 30%. we were selling at asking previously.
my mate is selling his 2 bed in clapham. Bought in March, advertised at less than he bought it for.
another friend 2 bed in chiswick, Bought in 2014, advertised at less than they bought it for.
new build we are giving 10% to 30%. we were selling at asking previously.
my mate is selling his 2 bed in clapham. Bought in March, advertised at less than he bought it for.
another friend 2 bed in chiswick, Bought in 2014, advertised at less than they bought it for.
The price of my house has tripled every ten years since 1971, my ex council flat 2.5 times. I have known two couples who were adamant they were doing the right thing selling up as there would be a crash, now they can't afford to move back to London and are renting or living in the sticks!
Mark300zx said:
The price of my house has tripled every ten years since 1971, my ex council flat 2.5 times. I have known two couples who were adamant they were doing the right thing selling up as there would be a crash, now they can't afford to move back to London and are renting or living in the sticks!
completely different scenario; sell your house to time the market vs selling some of your investments.Just old stock tbh
I never look at new builds always been over priced and undersized
Not sure who bought them at those silly levels
It's a easy trade I guess always brand new etc obvs but normal London population see no value in them
U need to do your homework for months or years to get the right price and most importantly area
But if your buying property and trying to chop out 2/3 years later your doing it wrong (unless you are forced to )
only my opinion guys and view ...thats all i have
I never look at new builds always been over priced and undersized
Not sure who bought them at those silly levels
It's a easy trade I guess always brand new etc obvs but normal London population see no value in them
U need to do your homework for months or years to get the right price and most importantly area
But if your buying property and trying to chop out 2/3 years later your doing it wrong (unless you are forced to )
only my opinion guys and view ...thats all i have
Edited by housen on Monday 17th October 19:16
My house in a popular street in SW London has been on the market 3 months now.
Had only 5 viewings, no offers and 2 price reductions.
This is a street where houses usually went within days of the board going up with many bidding wars.
The house we are hoping to buy, bigger but in a less salubrious part of SW London, has been on the market 18 months now with a number of price reductions.
Something is going on.
Had only 5 viewings, no offers and 2 price reductions.
This is a street where houses usually went within days of the board going up with many bidding wars.
The house we are hoping to buy, bigger but in a less salubrious part of SW London, has been on the market 18 months now with a number of price reductions.
Something is going on.
Guardian ran with a story yesterday about how few expensive places have traded hands in the last 3 months...
https://www.theguardian.com/business/2016/oct/17/l...
"Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year."
https://www.theguardian.com/business/2016/oct/17/l...
"Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year."
croyde said:
My house in a popular street in SW London has been on the market 3 months now.
Had only 5 viewings, no offers and 2 price reductions.
Ditto. Live on a popular SW London road and hardly any sales last 6 months - mostly flats and cheaper (<£500k) houses. The market has turned.Had only 5 viewings, no offers and 2 price reductions.
okgo said:
Guardian ran with a story yesterday about how few expensive places have traded hands in the last 3 months...
https://www.theguardian.com/business/2016/oct/17/l...
"Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year."
How many businesses were bought which own houses? People often just buy the entire ownership company to get a house.https://www.theguardian.com/business/2016/oct/17/l...
"Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year."
This happens a lot and may not be included.
p1stonhead said:
How many businesses were bought which own houses? People often just buy the entire ownership company to get a house.
This happens a lot and may not be included.
Doesn't happen that much anymore due to the increase in SDLT and that you cant hide them from IHT anymore. This happens a lot and may not be included.
I have only done a few corporate sales this year, used to get loads.
The super-prime market is down by more than 80% - a very good example of what happens when you raise taxes too much...
At the lower end of the market, sale prices are up, but sales volumes are down significantly.
In June, in Wandsworth borough (av price £624k), there were 259 sales. In Islington (£676k) there were 119 and Merton (£532k) there were 179, according to the Land Registry. RBKC had 91 deals!
London is simply too expensive for most 'normal' people. The average price is £490,000. You need to be on a very significant salary to get on the ladder or you need some very generous (grand)parents to help you out. With rents so high, it's near-on impossible to save any money for a deposit.
It's a ticking financial timebomb.
At the lower end of the market, sale prices are up, but sales volumes are down significantly.
In June, in Wandsworth borough (av price £624k), there were 259 sales. In Islington (£676k) there were 119 and Merton (£532k) there were 179, according to the Land Registry. RBKC had 91 deals!
London is simply too expensive for most 'normal' people. The average price is £490,000. You need to be on a very significant salary to get on the ladder or you need some very generous (grand)parents to help you out. With rents so high, it's near-on impossible to save any money for a deposit.
It's a ticking financial timebomb.
camshafted said:
The super-prime market is down by more than 80% - a very good example of what happens when you raise taxes too much...
At the lower end of the market, sale prices are up, but sales volumes are down significantly.
In June, in Wandsworth borough (av price £624k), there were 259 sales. In Islington (£676k) there were 119 and Merton (£532k) there were 179, according to the Land Registry. RBKC had 91 deals!
London is simply too expensive for most 'normal' people. The average price is £490,000. You need to be on a very significant salary to get on the ladder or you need some very generous (grand)parents to help you out. With rents so high, it's near-on impossible to save any money for a deposit.
It's a ticking financial timebomb.
To be accurate quantity of sales are supposedly down 80%, not the market is down 80%. Samsung's 7 sales are probably down 80% or more, there is a massive difference in what you are saying. At the lower end of the market, sale prices are up, but sales volumes are down significantly.
In June, in Wandsworth borough (av price £624k), there were 259 sales. In Islington (£676k) there were 119 and Merton (£532k) there were 179, according to the Land Registry. RBKC had 91 deals!
London is simply too expensive for most 'normal' people. The average price is £490,000. You need to be on a very significant salary to get on the ladder or you need some very generous (grand)parents to help you out. With rents so high, it's near-on impossible to save any money for a deposit.
It's a ticking financial timebomb.
We are noticing buyers are definitely on the fence a lot more at the moment and not sure of committing. You are right however that PCL is definitely fuelled by international buyers. With the cheap £, they continue to purchase. A client last week purchase in Chinese Yuan and saved 10% just on currency conversion hence a £1m apartment cost £900k, and thats before we even started negotiating on his behalf!
JiggyJaggy said:
To be accurate quantity of sales are supposedly down 80%, not the market is down 80%. Samsung's 7 sales are probably down 80% or more, there is a massive difference in what you are saying.
We are noticing buyers are definitely on the fence a lot more at the moment and not sure of committing. You are right however that PCL is definitely fuelled by international buyers. With the cheap £, they continue to purchase. A client last week purchase in Chinese Yuan and saved 10% just on currency conversion hence a £1m apartment cost £900k, and thats before we even started negotiating on his behalf!
I'm guessing this makes it an interesting time for a buying agent with dollar-based foreign clients then? We are noticing buyers are definitely on the fence a lot more at the moment and not sure of committing. You are right however that PCL is definitely fuelled by international buyers. With the cheap £, they continue to purchase. A client last week purchase in Chinese Yuan and saved 10% just on currency conversion hence a £1m apartment cost £900k, and thats before we even started negotiating on his behalf!
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