£100K homes return to London

Yoshua

If these places in good areas of London are selling for 5 figure sums now what will they be like when the sh*t really hits the fan.

I still think wait another year or 2, we have seen nothing yet..............

RDB

Yes this isnothing special. There have been 2 bed flats in London for 79K for a few months, and things have got a lot worse since then.

When we see HOUSES for sub 100K in nice areas then we should think about buying

puddy

I cant get the hang of this, Ive been looking on rightmove for ages in the thanet area and the prices round there dont seem to be dropping very much at all, the gap between my flat and property that i was looking at down there was about 100k last year, now its about 30k, I dont get it

Doozergirl

jenner wrote: »

I cant get the hang of this, Ive been looking on rightmove for ages in the thanet area and the prices round there dont seem to be dropping very much at all, the gap between my flat and property that i was looking at down there was about 100k last year, now its about 30k, I dont get it

Asking prices aren't moving where I am - neither are the houses. I'm happy with that if it makes ours look cheap when we finally make it to the market.

bo_drinker

Don't forget all you cockney cor blimey guvnor wannabees down there you are in the stabbing capital of the UK. NICE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

And yes I have lived there and yes it is a sh1thole. You can't hide the fact.

RDB

Anyone can choose to put there house on the market for whatever price they want. 10 people could put their house for sale at high prices but it doesnt mean anything.

Dont look at right move and think this is what houses are worth in this area, look at the sites that show what prices have sold for. And then think half that price next year or the year after.

dopester

Here is the story of the auction referred to:

http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=458749&in_page_id=57

And sorry... but this BTL guy is just going to carry on getting educated by the market, with continued deeper drops in prices. £79K is not cheap as I see it, with deflationary depression kicking in.

One lot, a three-bedroom flat in a council block in Brixton, was sold for only £79,000 to a buy-to-let investor, said: 'I first saw this flat a few months ago, advertised by local agents at £149,000.

'Then by chance I saw it in the Allsop catalogue and went to the auction and got it for well below the limit of what I was prepared to spend. It was an absolute bargain. This is my fourth investment flat. I started buying last year and bought the third in August, also for a good price.

'I will let it until the market recovers, and when it comes back to what I think is its real value I'll sell.'

GracieP

bo_drinker wrote: »

Don't forget all you cockney cor blimey guvnor wannabees down there you are in the stabbing capital of the UK. NICE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

And yes I have lived there and yes it is a sh1thole. You can't hide the fact.

Parts of it are a sh!thole yes. I went through a period of hating London so very much. But there are parts that are very lovely. London is really a collection of towns and villages all gathered close together. Some are awful, some are ok and some are great.

Where I'm living now is fantastic. Lots of nature, a great community and so many amenities. That said I work at home, so I don't have to deal with the tube everyday anymore.

Eta; And it's possible to rent a 3 bed flat here for less than £250pw, so under no circumstances would I recommend anyone pay that much to live in a hellhole like Brixton.

Jimuth

£295k for a one bedroom ground floor flat!

That's still bonkers. I mean, what, 20% deposit, ermm 5%, that's what around £1400 pcm. Which is what, about take home of around £26-27K a year.

I know it's LLL, but still.

And anyway, no one in Clapham could ever get a seat on the Northern Line from what I remember (I was a smug Mordenite who got a seat both ways to and from work every day!).

WTF?_2

GracieP wrote: »

Parts of it are a sh!thole yes. I went through a period of hating London so very much. But there are parts that are very lovely. London is really a collection of towns and villages all gathered close together. Some are awful, some are ok and some are great.

Where I'm living now is fantastic. Lots of nature, a great community and so many amenities. That said I work at home, so I don't have to deal with the tube everyday anymore.

London is one of the greatest cities on the planet but the place is so big and diverse that even two people in a comparable peer group (never mind two people taken at random) can have wildly differing experiences of 'living in London'.

One thing that has been more or less uniform though is the stupidly overpriced property market, pumped on steroids with wealth generated in the City.