How far will prices fall in London?

stevetodd

dopester wrote: »

Originally Posted by mitchaa View Post

I personally thought the place was a sh*thole, over run by immigrants and foreigners. .

My, you sound positively charming.
botchjob is offline Report Post Reply With Quote
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Oops I didn't mean to thank mitchaa's post there. I like London, but property prices there are going to crash so hard. Welcome to deflationary depression.

I've done that before too, it's a pity there is not the facility to 'un-thank' a post, it can be particularly annoying if you are arguing with the person or even worse there are racist overtones in the post (like here)

Really2

neverdespairgirl wrote: »

£250k to £300k in Blackheath, I think

Where I live a average house (3 bed semi) you could now get for
£140,000 = £877 Mortgage(5%) Average wage = £30K So 4.6X average wage

Black Heath
£275,000 = £1625 Mortgage (5%) Average wage = £50k? so 5.5 x average wage.

Going on those figures the average house in london needs to fall quiet a bit
(i know the wage figure may be out) to bring it in line with typical UK places.
I know London may be typical higher than any where else in the country but surly that is just a reason to justify HPI?

stevetodd

Really2 wrote: »

Where I live a average house (3 bed semi) you could now get for
£140,000 = £877 Mortgage(5%) Average wage = £30K So 4.6X average wage

Black Heath
£275,000 = £1625 Mortgage (5%) Average wage = £50k? so 5.5 x average wage.

Goin on those figures the average house in london need to fall quiet a bit
(i know the wage figure may be out) to bring it in line with typical UK places.
I know London may be typical higher than any where else in the country but surly that is just a reason to justify HPI?

My parents live in bedlington (15 miles North of Newcastle) in a 3 bed semi that would in this market now have an 'asking price' of about 140k. I would like to get them down to Dorking as they are both in their 70's. We are looking at this now with a capital injection from me. So as well as looking at investment property I am keeping an eye on 2 bed houses (they need a smaller place now). It really highlights the difference when you look at 2 different geographical markets, semi's in Dorking would have an asking price of about 325-350k and 2 bed terrace about 260-290k (in a good street).

neverdespairgirl

Really2 wrote: »

I know London may be typical higher than any where else in the country but surly that is just a reason to justify HPI?

I'm not quite following you here, could you explain?

mitchaa

stevetodd wrote: »

I've done that before too, it's a pity there is not the facility to 'un-thank' a post, it can be particularly annoying if you are arguing with the person or even worse there are racist overtones in the post (like here)

Are you being serious

I gave my unbiased opinion of the area i lived in for 4yrs of my life, not something i just dreamt up. Having been around the whole country from the South to the Midlands to N.Yorkshire to Edinburgh/Dundee and now Aberdeen i think i have the right to give unbiased views on the places where i have lived.

We are all adults here, London in my opinion is as i stated and there is nothing at all in my post that can be deemed to be racist.

Should we all just agree with each another so as to not cause any bother? We dont on house prices so there's no reason apart from being nicety nice that we cant on certain places?

Many people dont like Aberdeen, great, couldn't care less. Move on, ignore. Im certainly not going to lose sleep and get my knickers in a twist about it

Really2

neverdespairgirl wrote: »

I'm not quite following you here, could you explain?

Well for reasons given before more oppertunity, theter night life etc.
So some would argue that it justifies the distortion between the averages.

chucky

ad44downey wrote: »

This is a useful site for average london house prices/rentals for each postcode:

http://www.londonpropertywatch.co.uk/avg_prices.html

it's not the most accurate site - but according to those figures i'm not doing too bad. happy days :rotfl: :rotfl: :rotfl:

stevetodd

mitchaa wrote: »

Are you being serious

I gave my unbiased opinion of the area i lived in for 4yrs of my life, not something i just dreamt up. Having been around the whole country from the South to the Midlands to N.Yorkshire to Edinburgh/Dundee and now Aberdeen i think i have the right to give unbiased views of the places i have lived.

We are all adults here, London in my opinion is as i stated and there is nothing at all in my post that can be deemed to be racist.

Should we all just agree with each so as to not cause any bother? We dont on house prices so why cant we on places?

I didn't say you were a racist, I said there were racist overtones, I think your comment 'over run by immigrants and foreigners' fits that description. Although the fact that you have come back quickly probably backs up the fact that you are not racist, so please accept my appologies.

I would add however that merely not agreeing with someone and your comments (I personally thought the place was a sh*thole, over run by immigrants and foreigners) are poles apart

neverdespairgirl

Because it is such a centre of government, finance, business, education, and international focus, prices are bound to be higher than most other UK places. But the current levels are ridiculous.

Really2

neverdespairgirl wrote: »

Because it is such a centre of government, finance, business, education, and international focus, prices are bound to be higher than most other UK places. But the current levels are ridiculous.

I am not trying to make out they will be the same price as the rest of the UK.

Just that the %age ratio between earnings (in the locality) and property values needs to be nearer the UK average.

It looks to be at least 1 multiple more than the rest of the UK at the moment.