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Debate House Prices


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£100K homes return to London

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Comments

  • hethmar
    hethmar Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Car Insurance Carver!
    No, we didnt mean the really cheap guide price one rooms that were linked, they really are doss holes - and we dont know what they will actually go for - but generally you find that a lot of the low priced ones listed on sites are in fact shared ownership.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    SGE1 wrote: »
    My monthly Zoopla email landed in my inbox today, and has informed that that the houses in my area that have sold, did so on average at 2006 prices - which are still quite high!

    So I'm really not convinced this is as bad as it will get (I bloody well hope not anyway), because in truth, it's not that bad at all.

    Which bit of London?
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Tassotti wrote: »
    Prices are rising...rents are rising...as they always do..

    Had to thank you, I needed a good giggle (-:
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • SGE1
    SGE1 Posts: 784 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    neverdespairgirl wrote: »
    Which bit of London?

    East London - Stepney, Bethnal Green, Whitechapel area.
  • crazygaijin
    crazygaijin Posts: 272 Forumite
    Tassotti wrote: »
    Exactly, they are complete s.it holes in complete s.hit holes....They would never sell anyway.

    Prices are rising...rents are rising...as they always do..



    This 20K flat is about 10miles South of central London so you are the sh.t hole Tass
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    SGE1 wrote: »
    East London - Stepney, Bethnal Green, Whitechapel area.

    DO you have Property Bee? It's amazing, do try it if you've not got it already.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • SGE1
    SGE1 Posts: 784 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    neverdespairgirl wrote: »
    DO you have Property Bee? It's amazing, do try it if you've not got it already.

    Yes I do. The problem is, as I'm not really viewing any properties (I'm still building my deposit up), it's hard to tell whether the initial price was reasonable or completely ridiculous. Part of me sees a flat at 250k, reduced to 230k, but instead of thinking, 'yippee, 20k savings', I automatically think 'hmm, clearly the £250k valuation was pure wishful thinking, and even the new figure is unreasonable'.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Fair enough!

    I've been keeping an eye on the area where we live (WC1) for some time, since the thought of buying as opposed to renting first crossed our minds. That's about 3 years ago, now.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • novazombie
    novazombie Posts: 327 Forumite
    neverdespairgirl wrote: »
    Fair enough!

    I've been keeping an eye on the area where we live (WC1) for some time, since the thought of buying as opposed to renting first crossed our minds. That's about 3 years ago, now.


    Can I ask what you have noticed in WC1? Rents and buying prices? What is the truth in practice? These sites like zoopla and proertybee are all very well but a little behind the times. It takes time for new info to show up on there and this market is changing very fast. I wish they had an option for estimating the future.

    One friend of mine was trying to get a mortgage aproved and as he was sitting in the bank the some big changes happened so that his almost approved mortgage was actually reduced what he could get. So when this happens all the buyers will do is reduce their offer to the sellers.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    novazombie wrote: »
    Can I ask what you have noticed in WC1? Rents and buying prices? What is the truth in practice?

    As far as places for sale are concerned, prices seemed to rise fast in 2005 and 2006, and rise quite a bit in 2007.

    They are now falling pretty fast.

    A studio flat in a block full of them is one indication - have a look at this thread, here:

    http://forums.moneysavingexpert.com/showthread.html?t=1281849&highlight=studio

    By comparison, a run-down 5 storey Georgian house in Great James Street (a useful road, because the houses are all about the same size) sold for £1 million in 2001, a similar one sold for £1.5 million in August 2004, and another for £2.5 million in 2007. My best guess is that a similarly run-down place in that road would now go for about £1.75 million.

    Rents - not gone up nearly as fast. When I was at uni, 1996 to 2001, people were paying about £100 a week for a room in a shared house / flat in WC1. It's not much more now - £175 a week, perhaps.

    Rents for whole places have been static or falling slightly since 2007.

    Renting is cheaper than owning, even with recent falls. You could rent a studio flat for £200 a week, incl. hot water and heating, now, so £10,400 a year. You would pay mortgage interest on the cheapest such flat for sale (getting a discount on the asking price) of about £10,000 a year, plus £2,000 a year in service charges.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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