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Debate House Prices
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How far will prices fall in London?
Comments
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I think it will be interesting to see how technology affects the London house market too. London's the hub of the country and so the demand for jobs and accomodation has always driven the prices higher than anywhere else.
Most jobs require you to be at the place of work, but there are lots of jobs that can be done remotely. Culturally, I don't think We're really a nation accepting of remote working, but companies financial constraints could drive that attitude change in the coming years? Congestion and cost of commuting could also be a factor?
If remote working really does take off in this country, then that would decrease the demand for accomodation in London. I think London will always be more expensive to live in my lifetime because it's not only the jobs people live there for. But I'm fairly confident that there won't be such a huge difference if people are not restricted to where they live by their job.An uneffected guitar sounds like a little girl crying. An uneffected bass sounds like an angry Rhino!0 -
I know a woman who is just going round ringing up every house she likes and putting in 50% offers. Obviously she is going to upset a few people. But she maintains one day soon someone desperate will say yes, or at least come back to her and say 60% or something.
Its interesting to see what happens. She is in no hurry she has the cash in savings account, so she will keep on her `hobby` until she finds someone who says yes.
Time is on the buyers side for the next few years at least.:D0 -
ragingbass wrote: »I think it will be interesting to see how technology affects the London house market too. London's the hub of the country and so the demand for jobs and accomodation has always driven the prices higher than anywhere else.
Most jobs require you to be at the place of work, but there are lots of jobs that can be done remotely. Culturally, I don't think We're really a nation accepting of remote working, but companies financial constraints could drive that attitude change in the coming years? Congestion and cost of commuting could also be a factor?
If remote working really does take off in this country, then that would decrease the demand for accomodation in London. I think London will always be more expensive to live in my lifetime because it's not only the jobs people live there for. But I'm fairly confident that there won't be such a huge difference if people are not restricted to where they live by their job.
Yes faster internet is making Globalisation more a reality.
People want to live in beautiful areas in England and Wales rather than London. More and more people have jobs that can be done at home over the net so dont need to go to an office, also they are thinking about air and water quality so want to get away from London and other city`s.
I agree with every one who says 50% drops in London, as to when it could be by next year but more likely the year after.
Whats for certain is that house prices are crashing at an alarming rate ALL over the country. London is not imune, all eyes are on London which has further to fall.0 -
crazygaijin wrote: »My area of interest in still about 300K for a 3 bed. So I am waiting to get something like this :-
http://www.rightmove.co.uk/viewdetails-20003125.rsp?pa_n=1&tr_t=buy&mam_disp=true
- for about 150K.
Ah Mill Hill. Was brought up not far from that house. Nice area. I can't see 3 beds dropping to 150k though (at least not the average 3 bed house). I still think you'll be looking at prices in the 200's, around 215-250k I would say."Boonowa tweepi, ha, ha."0 -
Ah Mill Hill. Was brought up not far from that house. Nice area. I can't see 3 beds dropping to 150k though (at least not the average 3 bed house). I still think you'll be looking at prices in the 200's, around 215-250k I would say.
This year yes still above 200K but not many would be foolish enough to buy now when they know prices sky diving.
What about next year and the year after, and the year after that? It will be very hard to find a buyer who can actually get a mortgage.0 -
A friend of a friend recently sold their house in Dulwich, London and had 3 bidders after it - so good property in London is still selling.
For those who don't know, Dulwich Village is about 20 minutes from the West End of London.:j
http://www.rightmove.co.uk/viewdetails-11036901.rsp?pa_n=1&tr_t=buy&mam_disp=true0 -
30% at least for poor properties
better properties will see drops but would say up and around 10%.
if the poorer property drops more this will drag down the general price of all London property.
been looking at something for a while that never really moved in price and has gone for £1,100 sq foot. that is just crazy0 -
Are you saying that London is some how unaffected by whats going on?
If there is mass unemployment and resession how can prices not fall 50% in London the same as the rest of the country.0 -
I too am looking in North London, so far (from Aug 2007) prices have fallen about 18% in the particular area that I am looking. I will probably buy when they have fallen about another 12% (ish).0
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This house looks great at the moment for 250K. I am looking to buy a house like this http://www.rightmove.co.uk/viewdetails-11308149.rsp?pa_n=1&tr_t=buy&mam_disp=true for 125K.
Im not going to hold my breath though, I think minimum end of next year. But more likely prices wont be down 50% until 2010 even 2011.
After that prices will stay down for years. Its a buyer market for years yet.
Spooky! I looked at the exact same style of house to rent in that very street about 4-5 years ago .
It was nothing special (aged, middle of nowhere...not a particularly good area)...bourne out by the terrible trouble the landlady actually had in getting it let (it took yonks).
In my opinion, about £120k would be about right for such a property.
We need to keep reminding ourselves - the average UK salary is £23k...with the average prob nearer £30k for London, therefore 4x average London salary for a very average London house.0
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