£100K homes return to London

Yoshua

botchjob wrote: »

What planet are you on?

Earth, and this planet may be going through the worst downturn ever. I agree that Londoncould be looking at 100K average prices sooner than most people think.

I would like to quote this thread in a few years time when ones like Botchjob are proved wrong.:T

RDB

Any other auctions coming up? Any other homes sub 100K that are better value than the last lot posted here.

I cant find many homes in London less than 100K now there used to loads when this thread was started.

Only new build flats or park homes, Im talking about a proper house in London for sub 100K

novazombie

Thrugelmir wrote: »

So why pay a £1,000 a month in rent? If prices are falling this far then a FTB might as well buy a property. As FTB's buy rather than rent this will then squeeze rental yields downwards.

Maybe auction prices are more representatative of the real value of property than head line prices in EA's.

Exactly, this just shows how far rents have to fall along with the HP crash.


Quote:
Originally Posted by ruggedtoast
It would be terrible if London fell from grace. I cant imagine the horror I would feel at seeing this lovely capital degenerate into a dirty, crime infested, eyesore. Hobbled by awful infrastructure, absurd social planning and riven with societal and immigration problems.

Oh hang on no, that all happened already.

This article just sums up what a sham the "boom years" were. What kind of boom leaves a country bankrupt, millions crippled by debt, and some of the worst state run services of any G7 country?

London is an embarrassment. And the fact there will be a few less arrogant prats bombing around the centre in brand new Audis isnt going to make a whole lot of difference.


So why havent prices droped so much yet then?

Peple are still holding out for way too high prices.

I was looking in EA window the other day in N London. Another bloke next to me, I said to him are these sellers living on the same planet I am, with these asking prices?

He said oh Im sure they will accept 10% even 20% bellow asking price. I laughed and said how Japan droped 80% and his face went white, I think he was trying to sell his house.

Yes London has further to fall than the rest of the country. In Japan Tokyo was worst affected by highest %age falls. It will be the same in London.

We are talking 50% down from the top. Maybe those in the 70% club will be proved right but Im staying in the 50% club by 2010.

crazygaijin

I am struggling to see how we can get through this without a system reset of some sort and the obvious effect on houseprices!

Just imagine if house prices went back to 1997, 12 years worth of house gains wiped out. Millions of people would be on the street. The stock markets are there give or take. At some stage there has to be intervention, I cannot see people holding cash going round snapping up properties at a third to half of peak value!!! There will be riots!

I have negotiated a 30% discount on a really nice house in Milton Keynes. I would have a 35% deposit and all the finances work ok assuming we do not implode (a big assumption).

I suppose like everyone waiting with a decent deposit, !!!!!! do I do? I also believe government intervention will serious skew the market in favour of home owners and my cash is getting screwed!!!!!

I know there are no answers but I cannot be the only one who is shi**ing themselves!!!!!!

Thanks

hethmar

The world seems a very desperate and insecure place at the moment. I feel the same - but we can only do what we feel is right for now, the big plan is too big to contemplate presently

beingjdc

1-bed flat round the corner from me on for an asking of £99,950 - and that's Zone 2.

Grotty, and the ground floor of a 6-storey council block, but in May 2005 they were asking £115k.

treliac

hethmar wrote: »

The world seems a very desperate and insecure place at the moment. I feel the same - but we can only do what we feel is right for now, the big plan is too big to contemplate presently

Nevertheless, life will go on for us all. We've come through bad times before - maybe not quite to worrying as this time, but we never had the benefit of easy access to information / propaganda before.

We're all still here!

dopester

honeypopper wrote: »

And that's gonna be the same as £100,000 houses in London - it will all get forgotten. Think it already has.

:rotfl:

Catastrophic. :rotfl:

chucky

beingjdc wrote: »

1-bed flat round the corner from me on for an asking of £99,950 - and that's Zone 2.

Grotty, and the ground floor of a 6-storey council block, but in May 2005 they were asking £115k.

that's only a 13% price drop since May 2005 - i would have expected more.

lostinrates

chucky wrote: »

that's only a 13% price drop since May 2005 - i would have expected more.

Its not clear that it hasn't dropped from a higher value in between times, e.g. what its worth was in 2007.