London property bubble 'about to burst'

rizla01

drc wrote: »

But who can afford to pay these prices??? If prices keep rising and we see small bedsits in mediocre areas costing half a million, who in their right mind would buy it, let alone be able to afford to buy it? There is a lack of affordable housing and this is precisely because prices are too high and UNAFFORDABLE for the majority. There are a finite amount of Ecclestones, Abramoviches, bankers, dentists and doctors in London who are able to pay millions for a very basic property and there are more of these basic properties than there are well salaried and rich people. Something has to give.

There is no point in using extreme priced property to back up this argument.

MILLIONS for a VERY BASIC property - I don't think so!

£500,00 for a small bedsit? One or two perhaps.

Are you a Sun reader perchance?

Most properties in London are pretty fairly priced and will sell at those prices.

chucky

Wookster wrote: »

£250k? What areas are you thinking of? Where I am, a 3 bedroom house is £500,000 and then some!

really?? on Rightmove there are 1,000s of 3 bedroom houses for sale for less than £250k in London.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&maxPrice=250000&minBedrooms=3&displayPropertyType=houses

maybe you need to look at it all again...

Flight2quality

chucky wrote: »

really?? on Rightmove there are 1,000s of 3 bedroom houses for sale for less than £250k in London.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&maxPrice=250000&minBedrooms=3&displayPropertyType=houses

maybe you need to look at it all again...

There will be a lot more 3 and even 4 bed houses for under £200K very soon. And not just the rough areas, even the nice areas of London will crash when the foreign buyers start pulling out.

The £ sterling is losing the race to debase that all currencies are racing each other to the bottom. Come on BOE, you can trash our £ more, try harder.

Turnbull2000

http://www.property118.com/index.php/london-property-prices-set-for-140-increase/18000/

Property investors are ready to see prices at least double in some London hotspots, according to estate agents Knight Frank.


Some neighbourhoods may see prices shoot up by up to 140 per cent by the end of 2016, says the study.

Flight2quality

Vested interest anyone?

It would be funny if they were right then some houses would be between 10x + 20x average earnings

rizla01

Lets face it, In the property market there will always be speculation...... and speculation.

IveSeenTheLight

Wookster wrote: »

£250k? What areas are you thinking of? Where I am, a 3 bedroom house is £500,000 and then some!

Interesting.
I'm about to put an offer on a 4 bed property at less than half that value (not London).

Indeed, my debt on two off 4 beds and one off 2 bed flat will only be around 70% of the 3 bed in your local area.

IronWolf

I can't imagine seeing a bust in London, even though it would greatly benefit me so fingers crossed.

FTBFun

TheMystery wrote: »

There are already bedsits in some areas costing half a million, no doubt we are in a bubble.

Well yes, but they're in the middle of Chelsea !!!!!!:

http://www.rightmove.co.uk/property-for-sale/property-35056322.html

What do you expect? You're purely paying for location here. I don't see how that means there is a bubble. Half a million for a studio is a drop in the ocean for some people.

FTBFun

47thElement wrote: »

You cant see foreigners pulling out? Or you cant see the cuts to housing benefit forcing millions to move out of London? Or what else do you see propping up these prices?

Woah woah woah.....millions leaving one of the most densely populated cities in the world?

Madness, utter madness.