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Debate House Prices


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Continued surge in South West London house prices

South West London house prices continue to surge ahead:
http://www.thisislondon.co.uk/standard/article-23964585-sw-london-tops-property-hotspots.do

Nice to see things round my way, doing so well

Glad I topped up my portfolio in early 2009 with a couple of BTLs in Ealing, which is firing ahead well above the inflation rate. Add that to double digit rental price growth, and everyone’s a winner!
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Comments

  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    edited 28 June 2011 at 1:38PM
    nollag2006 wrote: »
    South West London house prices continue to surge ahead:
    http://www.thisislondon.co.uk/standard/article-23964585-sw-london-tops-property-hotspots.do

    Nice to see things round my way, doing so well

    Glad I topped up my portfolio in early 2009 with a couple of BTLs in Ealing, which is firing ahead well above the inflation rate. Add that to double digit rental price growth, and everyone’s a winner!


    interesting, will have to see if this apparent increase in asking prices is actually corroborated by any sales data. prices in richmond and wandsworth are still below their peak (although they have both recovered most of the falls from 2008/9), and volumes are at roughly 1/3 of what they were in 2007.

    certainly my own experience doesn't suggest there is any boom in the property market. i am currently renting a flat (edit: in central richmond) which is on the market to be sold. there have been 5 viewings since february and none since early april. it's not particularly overpriced either, at least compared to the competition. the rent hasn't gone up either.

    i suspect what is really happening is that due to very low sales volumes there is a bit of a clamour for decent 4/5 bed detached houses which is getting knight frank and savills and agents like that all excited.

    land registry suggests that SW london has flat lined in terms of prices since about July 2010, and that volumes are down approximately 33% since then (although no volume data for april and may yet, and july 2010 may have been higher because it was summer).

    same for ealing, which as i'm sure you know is not in SW london.
  • angrypirate
    angrypirate Posts: 1,151 Forumite
    Um, i read this report as "estate agents say asking prices in prime streets in prime areas are up". I imagine most of the people who buy in these areas are minted cash buyers and a significant percentage of which are wealthy foreigners. Win win for everyone as you put it, apart from the young British hard working.
  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Um, i read this report as "estate agents say asking prices in prime streets in prime areas are up". I imagine most of the people who buy in these areas are minted cash buyers and a significant percentage of which are wealthy foreigners. Win win for everyone as you put it, apart from the young British hard working.

    it's more "irrelevant / irrelevant" for the young british hard working as far as i can see, as if you look at the disaggregated land registry data there are only a handful of these £1m+ properties changing hands. e.g. 20 detached houses sold in the whole of wandsworth during the final quarter of 2010 (and apparently prices fell by 15% in that quarter - irrelevant of course because the number of transactions is so low). it doesn't really matter (to me anyway) what a few rich people are prepared to pay for a 5 bed house in a nice bit of london.
  • doire_2
    doire_2 Posts: 2,280 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    nollag2006 wrote: »
    South West London house prices continue to surge ahead:
    http://www.thisislondon.co.uk/standard/article-23964585-sw-london-tops-property-hotspots.do

    Nice to see things round my way, doing so well

    Glad I topped up my portfolio in early 2009 with a couple of BTLs in Ealing, which is firing ahead well above the inflation rate. Add that to double digit rental price growth, and everyone’s a winner!

    You forgot to put 'asking prices' in your thread title
  • Sibley
    Sibley Posts: 1,557 Forumite
    Ninth Anniversary Combo Breaker
    Really pleased for you.
    The Express is predicting 16% rises. We might be lucky and get more.
    We love Sarah O Grady
  • DaddyBear
    DaddyBear Posts: 1,208 Forumite
    Great news. Maybe I should sell my house and cash in.
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    DaddyBear wrote: »
    Great news. Maybe I should sell my house and cash in.

    If I was you I would wait, unless of course you really want to retire and don't want to deal with tenants any more. Obviously it's an everchanging outlook but I reckon 10-15 years time will be a much better time to sell your investment properties.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • If I was you I would wait, unless of course you really want to retire and don't want to deal with tenants any more. Obviously it's an everchanging outlook but I reckon 10-15 years time will be a much better time to sell your investment properties.

    Somehow I doubt DaddyBear is heavily into BTL. :D
    Set your goals high, and don't stop till you get there.
    Bo Jackson
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Somehow I doubt DaddyBear is heavily into BTL. :D

    So do I, but don't you think sarcasm is an appropriate response to sarcasm?
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
    DaddyBear wrote: »
    Great news. Maybe I should sell my house and cash in.


    Didn’t Jonny Davies try this in 2003, waiting for the “crash”?

    :rotfl:

    I see he’s given up waiting bought back in a few months ago. Didn’t that horrid woman with the double barrel name from MoneyWeek also just buy back in too? Oh dear…

    :)
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