How far will house prices fall [volume 5]

[Saleen836]

motco said:

It's a tiny plot but £400k for a house like that in the western Home Counties would be gone before the ink was dry! There's nothing wrong with the interior that cannot be fixed fairly easily. Obviously either the local market is very different or there's something seriously wrong that the ad doesn't show.

This is approx 100yds further along the road and is sold stc..
https://www.rightmove.co.uk/property-for-sale/prop...

PP for 2 detached dwellings in the garden for that price, it was up originally for £650k but after 6 or 8 months they dropped it to 450 and it sold

[hyphen]

anonymous said:

[redacted]

The evening standard has one home featured every week as Im sure you know, "we got this little house and have made it an architectural marvel, but it only cost 10 p and is worth 2 million now"

[Greshamst]

hyphen said:

The evening standard has one home featured every week as Im sure you know, "we got this little house and have made it an architectural marvel, but it only cost 10 p and is worth 2 million now"

Ahh you mean the 'smug couple who bought in shoreditch at just the right time and happen to own an architects and interior design company" feature.

[hyphen]

Yup, that's the one!!

[matrignano]

Any thoughts on this?
https://www.onthemarket.com/details/4296020/?utm_c...

Love a warehouse conversion, sadly they mostly seem to be out East which is not where I want to live

[Earthdweller]

princeperch said:

People are now staying and having kids here. In my road, everyone who has moved there in the last 5 years have come from bethnal green, Islington, all that sort of thing. But, people are staying. Extending their houses. Becoming active in the area. Tidying up the road and their front gardens.

It's certainly changed around where I am Leyton/Leytonstone, and some of the schools are outstanding. We've just had a kid here and I can't see us moving anytime in the next 15/20 years. It's a 30 minutes commute to work for me either on the tube or the bike. Fantastic pubs. Easy to get to hackney and bethnal green where a lot of my friends live. Easy access to the M11/a406 etc when we need to get out of town. East London now isn't the sort of place people move to because they can't afford anything else - it's now becoming an area which is exciting and people are seeking to move to (assuming you are an ordinary household and wouldn't normally be otherwise looking in Chelsea et al)

(I also think the guardian will be writing a piece on Leytonstone in their 'lets move to' section shortly (possibly today) so I'll be interested to see what others have to say about the area)

Glad to see it’s changed .. I lived and worked around there in the 80’s/90’s and it was very rough and ready back then

[p1stonhead]

matrignano said:

Any thoughts on this?
https://www.onthemarket.com/details/4296020/?utm_c...

Love a warehouse conversion, sadly they mostly seem to be out East which is not where I want to live

Lovely flat. But a million quid or £1000/sqft? No way.

[ooid]

p1stonhead said:

Lovely flat. But a million quid or £1000/sqft? No way.

Agree. How much is the service charge? I think it should be top 700k. (I've lived and worked in that area -sw11- for 2 years)

[matrignano]

ooid said:

Agree. How much is the service charge? I think it should be top 700k. (I've lived and worked in that area -sw11- for 2 years)

I haven’t inquired but I guess it won’t be cheap!

Sadly £1000/sqft seems the asking price for newer stuff around that area, propped up by the Power Station newer builds.
Not saying it’s worth that, but that’s where they are priced at the moment

[number2]

matrignano said:

I haven’t inquired but I guess it won’t be cheap!

Sadly £1000/sqft seems the asking price for newer stuff around that area, propped up by the Power Station newer builds.
Not saying it’s worth that, but that’s where they are priced at the moment

Propped up? I would have thought the opposite - a lot of supply...

I love London, and my view is that it's only only worthwhile living in pissing distance of Marylebone etc. if one can afford the benefits of it... London has a lot to offer and none of it cheap... and that flat isn't in central London anyway... although it does look better then a lot of places within, and not too far out of, the M25... I retract my comment

[ooid]

matrignano said:

Sadly £1000/sqft seems the asking price for newer stuff around that area, propped up by the Power Station newer builds.
Not saying it’s worth that, but that’s where they are priced at the moment

Zoopla suggests this;

11th Sep 2018
£1,000,000
Price reduced by £125,000
22nd Feb 2018
£1,125,000

Wait till dooms day (29 March 2019), if they drop it further 100k, make an offer at 700k and see how it goes1

If it will get under offer, do not worry, London will never run out of warehouse-style flats..

[FocusRS3]

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

[p1stonhead]

FocusRS3 said:

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

Does he think demand will just fall off a cliff for some reason?

[daddy cool]

FocusRS3 said:

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

That's good isn't it? Houses will be 35% cheaper to buy? Bring it on!

[p1stonhead]

daddy cool said:

FocusRS3 said:

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

That's good isn't it? Houses will be 35% cheaper to buy? Bring it on!

Because people will definitely sell after a sudden 35% drop....

[Helicopter123]

FocusRS3 said:

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

I think these comments will likely see some 'pause' buying decisions until we get some clarity on brexit.

I don't see it myself, but given the concerns raised by a no-deal brexit and its impact across the economy on a daily basis, then we may see a short term hit.

[FocusRS3]

Helicopter123 said:

I think these comments will likely see some 'pause' buying decisions until we get some clarity on brexit.

I don't see it myself, but given the concerns raised by a no-deal brexit and its impact across the economy on a daily basis, then we may see a short term hit.

I see more and more property coming to the mkt where I live although not at hugely discounted prices and there are sales going ahead so its not panic stations I don't think.

That said there are also some that have been for sale a while and been reducing slowly over a period of time.

I'm about to buy after agreeing a sale and hoping to exchange on both next week although I'm downsizing as our need for a larger house has diminished so reading this I'm more comfortable reducing risk so to speak.

We still need a family home however (as do most) so we have to own somewhere.
If I truly believed they would reduce by 35% id go rent for a while but I think we will end up with a deal although it may still not be the best scenario.

I see owners in their 50's now trying to sell to cash in and worried about what may happen as their likely future duration in employment may not ride a turbulent wave we may be facing.

[powerstroke]

FocusRS3 said:

Carneys prediction of 35% slide over 3yrs with no deal is cause enough for alarm.

Yes so 65% in total when you add the 30% fall after a leave vote

[FocusRS3]

powerstroke said:

Yes so 65% in total when you add the 30% fall after a leave vote

Good point and don't forget a future Labour government too :-)

[loafer123]

Carney’s position was “clarified” on Today just now...this was just the Domesday Stress Test outcome and they don’t think it would happen.

Presumably, now the newspaper headlines have scared the population, his correction can be put out at the bottom of Page 13. Job done.