House price crash?

Melissa177

Hapless wrote: »

As for renting, 3 bedroomed family house in Appledore £600pm, no DSS, no children (It's a family house!!!!), no pets, professional couples only. Oh yeah and it's an ex-council house too.

Bloody hell, that's cheap.

:rotfl:

Melissa177

Conrad wrote: »

THE SHEEPLE DONT STOP TO CONSIDER WHY IT IS ALL THE LONDON INVESTMENT BANKS ARE'NT PILING INTO B2L?

Interesting comment.

I had a drink (or five) with a City trader friend of mine yesterday. He's obscenely bright, aged 24, First Class Oxford PPE degree, and earns 6 figures already (but when he regularly makes six figures for his bank in an afternoon, that is hardly surprising).

He rents.

I asked him if he had thought about buying, and he said that he's quite bearish about the London property market - he thinks rental yields are way too low, that he would be paying a lot more in interest than he pays in rent for his shared penthouse in Docklands. He can make more money elsewhere with the amount he saves on rent buy would be paying on a mortgage.

He thinks that the property market is so out of kilter with average wages (although he took my point that average wages and average property prices mean jack-all in London, because of the distortion at the top end of the market) that there must be a correction soon. This guy reads charts all day and gambles a large amount of money on fractional price movements - I'm not surprised investment banks aren't putting money on property.