How far will house prices fall [volume 4]
Discussion
princeperch said:
z4RRSchris said:
had the same agent round today to value my flat which im putting on the market, this time last year he said 865 to sell, today he says 800 and may need to go lower.
same time im looking to buy the next size up in highgate / hamstead / highbury etc and there is a huge oversupply of 3/4 beds at over £1m which have sat unsold for months and months, price reductions all the way along.
when did you buy? I thought you said a few months/possible a year or two back that you weren't going to buy because market was overpriced and unaffordable etc. perhaps I'm thinking of someone else..same time im looking to buy the next size up in highgate / hamstead / highbury etc and there is a huge oversupply of 3/4 beds at over £1m which have sat unsold for months and months, price reductions all the way along.
had the flat since 1995,
market is hard, but i need a larger place.
princeperch said:
You stumped up the cash or parents did? Not knocking you if the latter but buying in 1995 and sitting on a 600k capital gain will make market movements easier to swallow...
parents, 120k 2 bed 840sqft. savills and SAk have both said 775-800 to sell it today, a year ago they said 865k, -10% in a year.
we didn't know it at the time but 2009-2011 in London was a golden time. A lot of people made a lot of money then.
I also don't think we will see values drop to where they did in that period (which in some instances in east London was back to 2004 values) but who knows.
I presume Chris's flat also has a painful service charge and an increasingly crap lease?
I also don't think we will see values drop to where they did in that period (which in some instances in east London was back to 2004 values) but who knows.
I presume Chris's flat also has a painful service charge and an increasingly crap lease?
anonymous said:
[redacted]
its sentiment. i see stagnation also, but those who need more space have to move and will have to take a reduction, or rent it out and use the cash to rent elsewhere.
the below is a prime example and a house i would buy if they were more realistic with the price.
2 Bed was on at £1.1m, now have another agent and reduced to £950k. they paid 850k in 2014.
Date Sold Sold Price Price Difference
06 Jun 2014 £850,000 +42%
05 Jul 2007 £595,000
http://www.rightmove.co.uk/property-for-sale/prope...
house on the same street couldn't sell and so are now renting it out,
http://www.rightmove.co.uk/property-to-rent/proper...
they need the space obviously, two kids living in that room!
talk about trough to peak and smashing it out of the park:
http://www.rightmove.co.uk/house-prices/detailMatc...
http://www.rightmove.co.uk/house-prices/detailMatc...
princeperch said:
talk about trough to peak and smashing it out of the park:
http://www.rightmove.co.uk/house-prices/detailMatc...
That house was formally a shop, and has had a huge amount of work done to it, a lot spent, he also had a hard time selling it, was done by a developer. Still, im sure a handsome profit was made.http://www.rightmove.co.uk/house-prices/detailMatc...
It was up for around £1.5-1.6 i think, at £1,3m its cheap £/sq ft for the area, but its far from the best stock of house for the area.
princeperch said:
talk about trough to peak and smashing it out of the park:
http://www.rightmove.co.uk/house-prices/detailMatc...
Didnt even bother weeding the 5m2 patio.http://www.rightmove.co.uk/house-prices/detailMatc...
p1stonhead said:
princeperch said:
talk about trough to peak and smashing it out of the park:
http://www.rightmove.co.uk/house-prices/detailMatc...
Didnt even bother weeding the 5m2 patio.http://www.rightmove.co.uk/house-prices/detailMatc...
z4RRSchris said:
who is paying £1.3m to live in Mile End?
i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
Well, someone has just paid circa £4m.i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
http://www.rightmove.co.uk/property-for-sale/prope...
I guess you would be surprised then, exactly the kind of people you would expect to pay 7 figures for houses, mixed in with a few who have lived there a long time.
gibbon said:
z4RRSchris said:
who is paying £1.3m to live in Mile End?
i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
Well, someone has just paid circa £4m.i would love to know that buyer demographic, fair enough its close to work if you work in the city or the wharf, but the schools are st and you have to live in the scum of tower hamlets.
http://www.rightmove.co.uk/property-for-sale/prope...
I guess you would be surprised then, exactly the kind of people you would expect to pay 7 figures for houses, mixed in with a few who have lived there a long time.
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