London house prices?

[Downward]

Harry Flashman said:

Good lord!

And not even big...1500 square feet, which means that even at best post extension you are looking at 2000 square feet. And next to some monstrosity as well...

Meanwhile in the countryside...

http://www.rightmove.co.uk/property-for-sale/prope...

[Hackney]

IATM said:

Well this was always my assumption, I understand prices in London are going to be higher but they are disproportionately ompared to the salaries available in the city.

I think you are a prime example of this.
can I ask why not move completely to a different area not even close to London?

Work.
My wife works on the Strand, I work in Enfield.
Even though I'm in sales I'm office based. If I wasn't I'm sure we'd move elsewhere - I'm from North Nottinghamshire so that's a good start - with the option to live on just my salary and save ourselves the extortionate childcare we're currently paying. (it's more than we pay in rent and is not in any way exclusive or particularly high end)

[okgo]

AyBee said:

Where's your money for a 2+bed in SE London right now with a budget in the region of £400k please?

East Dulwich - at least you'll live to see next year

[okgo]

Downward said:

Meanwhile in the countryside...

http://www.rightmove.co.uk/property-for-sale/prope...

Yes, a good example of getting something wrong there too.

[EJH]

AyBee said:

Where's your money for a 2+bed in SE London right now with a budget in the region of £400k please?

Deptford
Greenwich
Catford
Lewisham

and, maybe (downhill with a following wind) Blackheath (but not Kidbrooke)


...at least to my mind!

[P1ato]

I'm trying to move to a detached house in Barnes. The cost of upgrading will be ridiculous per additional sq ft and the stamp duty alone will be almost as much as I paid for my 4 bed semi 17 years ago. Unfortunately supply's so limited there's always someone with more money than sense who's prepared to pay an over-inflated price. Really hope there's a re-adjustment soon...this type of thing is bonkers:
http://www.rightmove.co.uk/property-for-sale/prope...

[princeperch]

vixen1700 said:

R8Steve said:

I just don't see how it's sustainable. Everyone in London can't be making high 6/7 figure salaries to afford those properties.

This is the one thing I say to my wife that I just can't understand. So many houses are selling (& quickly) at these high prices, Leytonstone must be rammed with City traders, entrepreneurs and all round wealthy people.

Of the 3 couples that I know that have moved into our road over just over the last year (including us), we have 2 lawyers, one teacher, a graphic designer, the head of fund raising for a big charity, and a civil servant (not sure exactly what he does)

The area is definitely changing, antic have purchase The Lord rookwood on can hall road and we have a little tea shop opening round the corner too. I think you'll find a lot has changed since you last lived here..

[vixen1700]

The thing I do miss and look forward to is a decent Indian restaurant. It's very 'dumbed down' out this way.

[Chucklehead]

EJH said:

Deptford
Greenwich
Catford
Lewisham

and, maybe (downhill with a following wind) Blackheath (but not Kidbrooke)


...at least to my mind!

Not Greenwich, that ship has sailed.

[EJH]

Chucklehead said:

Not Greenwich, that ship has sailed.

Greenwich covers a multitude of sins (surprisingly large area). Middle of Greenwich, no; Royal Hill area, no...but look to the edges of Greenwich or around Deptford Creek (Greenwich officially runs to Church St), and I think it can be done...just. New Capital Key is outside this budget but the (larger) Creekside flats aren't.

Should have also said that Woolwich may be worth a look....but the Crossrail premium may already be priced in.

[Harry Flashman]

AyBee said:

Where's your money for a 2+bed in SE London right now with a budget in the region of £400k please?

Catford, Lea, Hither Green, Lewisham. But not a new build in a block - buy share of freehold/freehold, get either garden or off-street parking, and be either 5 minutes' walk to amenities or in a very pretty, quiet street. Do nor buy on a main road.

Top tip (what I did because I was lucky, rather than clever, in SE21) - buy a period conversion flat in a house with only one other flat in it. When your neighbour moves out, buy theirs and convert the property back into a full house. Still possible in the areas listed above...

Edited by Harry Flashman on Wednesday 23 December 00:23

[Murph7355]

P1ato said:

I'm trying to move to a detached house in Barnes. The cost of upgrading will be ridiculous per additional sq ft and the stamp duty alone will be almost as much as I paid for my 4 bed semi 17 years ago. Unfortunately supply's so limited there's always someone with more money than sense who's prepared to pay an over-inflated price. Really hope there's a re-adjustment soon...this type of thing is bonkers:
http://www.rightmove.co.uk/property-for-sale/prope...

You'll be waiting a long time IMO. House prices in that area were mental ages ago and I don't see them "correcting".

I lived in Richmond until 4yrs or so ago. Similar situation. I decided enough was enough and cashed in. Now live out in the countryside. Commute's a bummer but life is sooooooooo much better.

[ClaphamGT3]

vixen1700 said:

R8Steve said:

I just don't see how it's sustainable. Everyone in London can't be making high 6/7 figure salaries to afford those properties.

This is the one thing I say to my wife that I just can't understand. So many houses are selling (& quickly) at these high prices, Leytonstone must be rammed with City traders, entrepreneurs and all round wealthy people.

London isn't one housing market; it is dozens of separate markets, each with different players, characteristics and drivers.

In markets like Leytonstone, you're going to be seeing up-traders who bought a 1 bedder somewhere four or five years ago and have seen capital appreciation that has funded a large part of the price tag on the new place. The sort of thing that was happening in SW London 20 years ago, but that ship has sailed now so people are looking at SE and NE.

Oh, and 4 pages in and no one has mentioned the big game-changer in the London Resi market that is institutional PRS

[Harry Flashman]

ClaphamGT3 said:

vixen1700 said:

R8Steve said:

I just don't see how it's sustainable. Everyone in London can't be making high 6/7 figure salaries to afford those properties.

This is the one thing I say to my wife that I just can't understand. So many houses are selling (& quickly) at these high prices, Leytonstone must be rammed with City traders, entrepreneurs and all round wealthy people.

London isn't one housing market; it is dozens of separate markets, each with different players, characteristics and drivers.

In markets like Leytonstone, you're going to be seeing up-traders who bought a 1 bedder somewhere four or five years ago and have seen capital appreciation that has funded a large part of the price tag on the new place. The sort of thing that was happening in SW London 20 years ago, but that ship has sailed now so people are looking at SE and NE.

Oh, and 4 pages in and no one has mentioned the big game-changer in the London Resi market that is institutional PRS

Indeed.

Old, but relevant.

https://www.cityoflondon.gov.uk/business/economic-...

[jason61c]

Ignoring work, I'm not sure why anyone would want to live in London, if offers nothing you can't get anywhere else, however its just full of negatives.

[FourRings]

jason61c said:

Ignoring work, I'm not sure why anyone would want to live in London, if offers nothing you can't get anywhere else, however its just full of negatives.

I'm trying to get out! For just over a year I've been working in a more back-office role, which I'm hoping will better my chance of finding something. To reference your quote, I have found a distinct lack of front office roles outside of London - that aren't pure sales. Am still looking, occasionally, and will continue in the New Year!

[delta0]

jason61c said:

Ignoring work, I'm not sure why anyone would want to live in London, if offers nothing you can't get anywhere else, however its just full of negatives.

I think the opposite. I thought that before I lived there. Now I see everywhere else falls well short of what London offers.

[emicen]

Will be interesting to see how the continued oil price depression and commodity crunch does to Middle Eastern / Russian / Chinese money.

delta0 said:

I think the opposite. I thought that before I lived there. Now I see everywhere else falls well short of what London offers.

What London offers in terms of...?

[delta0]

emicen said:

What London offers in terms of...?

Everything. It offers everything in one location. I've lived all over the UK and London is by far the most interesting place I have lived. I find other places comparitively boring as a result.

[okgo]

A mate has just bought in Hither green, I suspect he will make a lot of money on the property rather quickly.