Crazy Asking Prices In Bromley - Suddenly

bluedrop

Since about 2 months, asking prices have gone up like mad.

Properties tht were asking around 280k are now asking 320-330k. I don't understand wht changed about this country's financial situation in the last few months to ask for 15% increase???

Similar trend in Orpington and Chelsfield too.

Wonder if we are getting close to the bubble burst.... Crazy increases in the last 2 months certainly looks very artificial to me...

Loughton_Monkey

No real surprise.

When did the so-called 'credit crunch' really bite? Getting on for 4 years ago? As I once predicted, while all the moaning goes on, there will be a 'canny' subset of people who knuckle down and save the deposit, ready to buy cheap in time for when prices start escalating.

We must be very near the time when there is a steady stream of deposit-laden buyers ready to come onto the market.

Another clue is that lenders have sensed this, and are starting to twist the knife by charging more

http://www.bbc.co.uk/news/business-17782451

Perhaps it may also be a legacy of the late, great, Harold Macmillan, a Bromley MP, who understood that we have "never had it so good".

Loopgames

bluedrop wrote: »

Since about 2 months, asking prices have gone up like mad.

Properties tht were asking around 280k are now asking 320-330k. I don't understand wht changed about this country's financial situation in the last few months to ask for 15% increase???

Similar trend in Orpington and Chelsfield too.

Wonder if we are getting close to the bubble burst.... Crazy increases in the last 2 months certainly looks very artificial to me...

I'm seeing the opposite in Ilford...there are more 1 bedroom flats under £100k and more 3 bedrm houses under £300k..in fact they are leaning more towards the £250k and there are a couple below that even.

So not sure what is happening in bromley - is it up and coming:D

Loopgames

Loughton_Monkey wrote: »

No real surprise.

When did the so-called 'credit crunch' really bite? Getting on for 4 years ago? As I once predicted, while all the moaning goes on, there will be a 'canny' subset of people who knuckle down and save the deposit, ready to buy cheap in time for when prices start escalating.

We must be very near the time when there is a steady stream of deposit-laden buyers ready to come onto the market.

Another clue is that lenders have sensed this, and are starting to twist the knife by charging more

http://www.bbc.co.uk/news/business-17782451

Perhaps it may also be a legacy of the late, great, Harold Macmillan, a Bromley MP, who understood that we have "never had it so good".

This is a good observation - many people in the last 4 years have either been put off buying or restricted from doing so due to high deposit demands. 4 years of saving will help knock the latter on its head so possibly higher demand these days hence increase in SVR.

Hmm..never thought of that...so maybe this will actually have a knock on effect on home owners who have to renew...they will be hit with higher mortgage rates...hence we may experience a double dip as there are more home owners than new buyers...Do you like my technical high level analytics:p

heathcote123

bluedrop wrote: »

Since about 2 months, asking prices have gone up like mad.

Properties tht were asking around 280k are now asking 320-330k. I don't understand wht changed about this country's financial situation in the last few months to ask for 15% increase???

Similar trend in Orpington and Chelsfield too.

Wonder if we are getting close to the bubble burst.... Crazy increases in the last 2 months certainly looks very artificial to me...

Seeing much the same round my way (herts) - houses coming onto the market that would have been 275-300 a few months back now asking for 330-350. (I'm thinking of buying again at the moment, in the 300k range so have been following this area carefully)

It's a bit of a !!!!!! isn't it?

Turnbull2000

The level of pent up demand is unprecedented. Once these buyers begin storming the market, we'll have experienced a good five years of very few houses being built and our population surging by at least another 1 million thanks to continued mass immigration. Ultra low interest rates will also be entrenched and new build buyer subsidies established as the norm.

But the big story of the property market over the next few years will be rents catching up with house prices. There's scope for some substantial rises outside London.

michaels

Are you also like this bit of herts seeing almost everything on RM being listed as sold, even stuff that has been around for months?

heathcote123 wrote: »

Seeing much the same round my way (herts) - houses coming onto the market that would have been 275-300 a few months back now asking for 330-350. (I'm thinking of buying again at the moment, in the 300k range so have been following this area carefully)

It's a bit of a !!!!!! isn't it?

COLOURBOUNCE

Turnbull2000 wrote: »

The level of pent up demand is unprecedented. Once these buyers begin storming the market, we'll have experienced a good five years of very few houses being built and our population surging by at least another 1 million thanks to continued mass immigration. Ultra low interest rates will also be entrenched and new build buyer subsidies established as the norm.

But the big story of the property market over the next few years will be rents catching up with house prices. There's scope for some substantial rises outside London.

I'll have a pint of what your on

shortchanged_2

DaisyWheel wrote: »

Same around my way.

Flats in my block that were on for 275 a year ago (going for just under 250), are now asking anywhere between 300 and 350 depending on the condition.

And they are going sale agreed very quickly indeed.

DW
xx

And are selling for under £250,000.

chucknorris

DaisyWheel wrote: »

Same around my way.

Flats in my block that were on for 275 a year ago (going for just under 250), are now asking anywhere between 300 and 350 depending on the condition.

And they are going sale agreed very quickly indeed.

DW
xx

I was quite surprised at what flats are now going for in Battersea (SW11). I own 3 flats in one block and would have guessed that a 3 bedder was only worth about 275k, but one in only average condition sold for 315k, in 2007 it would have been worth no more than 320k. London (at least certain parts of it) seems to be not too far off 2007 prices in nominal terms.

shortchanged_2

DaisyWheel wrote: »

All changing hands for at least £300k.

SW11 is really booming, both for rentals and for house prices.

DW
xx

Does SW11 reflect the rest of the UK market then?