£100K homes return to London

carolt

Have to admit, whilst slightly on the fence on this, I'm coming round to the view that we're heading for inflation not deflation - well, deflation of property prices and other assets, but inflation, surely, of things like food.

As the pound sinks, how can food prices do anything other than shoot up, given we import most of it (60% I think I read somewhere)?

crazygaijin

Even if interest rates go as low as they are in Japan right now (Bank of Japan base rate 0.1% at the moment) its ok to have cash savings because we are going to be looking at a period of deflation. If your money is in the bank getting virtually no interest or under the mattress its the same, cash is still king because its going up in value compared with everything else.

But our crazy government is going to try and print its way out of this catastrophe. They will go into printing overdrive even more than the Americans. Truck loads of new money will be printed every week which we all know what that will mean. Hyperinflation, Zimbabwean style.

So your average 2 bed terraced house in London which you may be able to buy for about 100K after the deflationary period will be looking at being worth literally millions of pounds. This sounds like a lot but not if you have to take a wheel barrow full of 50quid notes just to buy a loaf of Tesco value bread.

novazombie

Our way of life is unsustainable in every way, infinite growth in a finite world is impossible. The next 50 years will make the last 50 look like a picnic.

We are in for the real deal, the truth is there just isnt enough money.

What will really happen is anyones guess.

But it is going to be worse than what most guess.

crazygaijin

In the new year we are going to see more drastic price drops all over.

People know that we are in for the worst time in recent history and want to get at least something for their home before the things the doomongers have been predictiong for ages really start to happen big time.

Yes anything is possible in these times.

novazombie

This place is typical now in SE London for 50K

http://www.rightmove.co.uk/property-for-sale/property-24022754.html?pageNumber=4&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E87490%26sortByPriceDescending%3Dfalse%26maxPrice%3D100000%26radius%3D40.0%26auction%3Dtrue%26_auction%3Don%26index%3D30&locationIdentifier=REGION^87490&radius=40.0&maxPrice=100000


Perhaps this thread should be called 50K homes return to London.

Can anyone beat this?

Not quite as good as that 20K flat in Penge.

hethmar

novazombie wrote: »

This place is typical now in SE London for 50K

http://www.rightmove.co.uk/property-for-sale/property-24022754.html?pageNumber=4&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E87490%26sortByPriceDescending%3Dfalse%26maxPrice%3D100000%26radius%3D40.0%26auction%3Dtrue%26_auction%3Don%26index%3D30&locationIdentifier=REGION^87490&radius=40.0&maxPrice=100000


Perhaps this thread should be called 50K homes return to London.

Can anyone beat this?"



BUT the one in Penge with a GUIDE price of £20k didnt sell for that, it was withdrawn (and probably sold for a lot more) before the auction.

The above 1 bed flat has a GUIDE price of £50,000 - do you know what it actually went for in the auction?

NB - I just checked on it, it was sold for £68000 - and its not a flat - its a bed sit (studio). How on earth can you say its typical for SE London? I could find 1 bed flats for £300k in that area if I wanted to.

Dont wish too hard for a crash, you may find its not good for anyone including you.

besonders1

In the new year we are going to see more drastic price drops all over.

People know that we are in for the worst time in recent history and want to get at least something for their home before the things the doomongers have been predictiong for ages really start to happen big time.

Yes anything is possible in these times.


I think in the new year there will be case of panic selling especially when the prices come down even further more sellers will be worried and the competition will begin just like the big retailers are now. The only homes you see for sale now are worried landlords or people who can't afford to pay their mortgage and are hoping that a desperate buyer will come along and bail them out now before their house is worth less but even now I think its too late. The housing market is doomed!

Yoshua

That 50Kguide price flat in London is typical, yes it sold for 68K that is about right at the moment. Next year it will be nearer to the 50K mark.

You say there are flats like this for 300K but thats what they used to be worth, now only a fool will pay that sort of money for a flat in London. Even houses in the city are coming down less than that.

chucky

Yoshua wrote: »

That 50Kguide price flat in London is typical, yes it sold for 68K that is about right at the moment. Next year it will be nearer to the 50K mark.

You say there are flats like this for 300K but thats what they used to be worth, now only a fool will pay that sort of money for a flat in London. Even houses in the city are coming down less than that.

typical now for London, dream on chaps - i don't think so and you probably know so yourself.

here's a link for a Rightmove search for exactly the same post code SE14 and the average prices is £160k.
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^2314&maxBedrooms=1&displayPropertyType=flats&oldDisplayPropertyType=flats
you're 50k is for an auction property also a new-build and is an exception not the norm. you may be able to find property. anything under £100,000 is probably a shared ownership or an auction guide price.

here's a summary for the area - but well done for picking one of the less "nice" areas of London. http://www.upmystreet.com/local/my-neighbours/neighbourhood-profile/l/SE14.html

"Unemployment levels are high, although given the large numbers of lone parents with children under school age, a high proportion of people are not on the job market at all. The working population tends to be employed in retail jobs and basic occupations, where the skill levels required are relatively low.

With low incomes and living in the city, car ownership levels are low and people use public transport. Money is primarily spent on the children and there is little left for luxuries. Religion is an important part of the social life of some of the ethnic minority population."

hethmar

Yoshua wrote: »

That 50Kguide price flat in London is typical, yes it sold for 68K that is about right at the moment. Next year it will be nearer to the 50K mark.

You say there are flats like this for 300K but thats what they used to be worth, now only a fool will pay that sort of money for a flat in London. Even houses in the city are coming down less than that.

I dont understand what you mean? "50K guide price flat is typical"? As I said, its not a flat, its a bed sit and anyway it went for £68k. Neither is it typical.

I didnt say there are flats "like this" for £300k - I said I could put forward a one bedroom flat in London for £300k and simply state as you have done "this is typical for London" and I would also be talking nonsense.

You have given unrealistic information as fact.