London house prices still crazy!

ukcarper

drc wrote: »

There are average terrace houses in the area I live which have sold (at 2007 prices) for £1.5 million. There are houses still on the market for that price (albeit not selling). The houses in Beverley Hills are huge, in a very desirable area full of wealthy and famous people. They have things like swimming pools etc. The houses in this area are no doubt beautiful but nothing like the size of those houses, the area is not full of famous rich celebrities (unless you count Robert Peston and Eastenders actors), we do not have year round sunshine or tourist attractions. I just don't understand why 3 or 4 bed terrace houses in suburban London are valued at the same price as huge mansions in Beverley Hills? I think a lot of people around here have delusions of grandeur or just want to become millioinaires the easy way :rolleyes:

Shouldnt you be comparing beverley hills to somewhere like Weybridge or Bray

setmefree2

drc wrote: »

There are average terrace houses in the area I live which have sold (at 2007 prices) for £1.5 million. There are houses still on the market for that price (albeit not selling). The houses in Beverley Hills are huge, in a very desirable area full of wealthy and famous people. They have things like swimming pools etc. The houses in this area are no doubt beautiful but nothing like the size of those houses, the area is not full of famous rich celebrities (unless you count Robert Peston and Eastenders actors), we do not have year round sunshine or tourist attractions. I just don't understand why 3 or 4 bed terrace houses in suburban London are valued at the same price as huge mansions in Beverley Hills? I think a lot of people around here have delusions of grandeur or just want to become millioinaires the easy way :rolleyes:

Not being funny but many of the houses in the link don't look that huge to me.....

setmefree2

ad44downey wrote: »

If you look at that document you will see that prices only rose in 5 London Boroughs and fell in 26 boroughs so that suggests otherwise.

I think you are splitting hairs. The poster said HPs in London were going down - they are in fact going up. Are house prices in England going up or down? Most people would say down - despite the fact that in some areas they are indeed going up.....

Out,_Vile_Jelly

I walk past a new block of flats just being completed right on Wimbledon Broadway every day, and out of interest looked up what they are being sold for. Prices start at (ie for a 1 bed) £285k. I can't see them flogging many of those in the current climate.

Wookster

Out,_Vile_Jelly wrote: »

I walk past a new block of flats just being completed right on Wimbledon Broadway every day, and out of interest looked up what they are being sold for. Prices start at (ie for a 1 bed) £285k. I can't see them flogging many of those in the current climate.

Wimbledon is a nice area and demand is good for flats there but man they are overpriced.

I don't see where the money to buy 1 bedroomed flats at £285k a pop will come from. Certainly not from those dead international money markets.

Austin_Allegro

Relax everyone. London vendors are still in denial. The main reasons for insane (as opposed to just normally high) London prices were the international super rich fighting over the top layer of the market and the bonus boys in the City pumping up the layer below that. Both those groups are severely curtailed now.

So I'd say wait a while - 1-2 years perhaps - and some realism MIGHT return to the market.

If not, I'd forget it and b*gger off somewhere else. Life's too short to worry about stupid overpriced property. I'd rather live in a static caravan in the country and work part time in Tesco's than slave in a 'professional' job for the right to bankrupt and kill myself with overwork trying to pay what some deluded London vendor thinks his property is 'worth'.

drc

Out,_Vile_Jelly wrote: »

I walk past a new block of flats just being completed right on Wimbledon Broadway every day, and out of interest looked up what they are being sold for. Prices start at (ie for a 1 bed) £285k. I can't see them flogging many of those in the current climate.

I agree. Here are some more hideous new build flats on Colney Hatch Lane in Muswell Hill;

http://www.rightmove.co.uk/property-for-sale/new-homes/property-21749155.html?locationIdentifier=BRANCH%5E58075&maxPrice=375000&includeSSTC=true&_includeSSTC=on&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DBRANCH%255E58075%26previousSearchLocation%3DKinleigh%2BFolkard%2B%2526%2BHayward%2B-%2BSales%252C%2BLand%2B%2526%2BNew%2BHomes%26savedSearchId%3D%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D375000%26maxDaysSinceAdded%3D%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26retirement%3D%26partBuyPartRent%3Dfalse%26sortByPriceDescending%3D%26x%3D101%26y%3D20

They want 375k for a 2 bed in a building with one of the ugliest facades in North London :eek:. Don't give the square meterage but I imagine they are not that big and they are not that near Muswell Hill either. Unless the whole block has been insulated with gold, god knows why they are so crazily expensive.

penguine

drc wrote: »

Unless the whole block has been insulated with gold, god knows why they are so crazily expensive.

Because the building has a "state-of-the-art library"?

ukcarper

land reg shows average price of flat is almost the same as semi so what is an average property

GracieP

Wookster wrote: »

Wimbledon is a nice area and demand is good for flats there but man they are overpriced.

I don't see where the money to buy 1 bedroomed flats at £285k a pop will come from. Certainly not from those dead international money markets.

Especially when the street I live on is a couple of 100m from these flats and as I mentioned one of these sold for £347k at auction. Granted it needed redecoration, but it's a house with 2 bedrooms, a nice garden, potential to extend, no management fees and it's a quite street with an established community, none of the noise of the Broadway but only an added 2 minute walk from the amenities.