How much for theses houses next year?

Thrugelmir

RDB wrote: »

Interesting. Do you really think houses like this in very good areas like Mill Hill will come down to about 3 or 4x average wage?

I can see them falling another 100K by the end of next year tops as the OP said.

But by then you could get a really nice house in N,London for about 150K.

Currently there is no way of knowing how the current financial crisis is going to unwind. Previous statistics from recessions of the past are in a way meaningless. As the world at the moment seems to be going through a period of degloblisation in a financial sense. With banks retrenching to their bases. So the impact on employment , house prices etc in the UK could go in any direction. One thing is for sure the ability to borrow large sums of money at cheap rates of interest has past. So house prices will be driven by market forces rather than cheap borrowing.

Austin_Allegro

daveb975 wrote: »

This is an interesting thread.

Do people think that this 'location snobbery' will subside in the recession, causing less than ideal houses in ideal areas to go down more than the rest?

I am personally happy to live in a flat in an area I like rather than a house in an area that I am less happy in (not necessarily a dangerous area, just worse). I also know some people who are the polar opposite, and will buy a nice house in the middle of nowhere, and be very pleased with it because it is the biggest house they could afford in their budget.

I think areas that have always been desirable, like South Kensington, Hampstead etc will remain relatively more expensive, but their prices will still drop.

What will change I suspect is that middle class FTBs will stop buying in slum areas and 'gentrifying' them in the hope of making a profit. If they can afford property they will just buy in nice areas instead of pretending they like slums because they are 'vibrant'. So yes, 'less than ideal' areas will be hit harder.

So you won't get so many 'up and coming' areas, more likely 'down and going'.

Yoshua

interesting one has sold the other is going through

anyone got the sold price from land registry yet?

hearts

There is nochance of these houses falling another 100k. Look elsewhere you aint buying one of these ;-)

GDB2222

hearts wrote: »

There is nochance of these houses falling another 100k. Look elsewhere you aint buying one of these ;-)

Even though they are incredibly over-priced?