I'm up 50k in 20 months

padington

ruggedtoast wrote: »

Do none of you crowing, gloating, groin thrusting homeowners feel any sort of empathy at all for people stuck renting?

People who are renting for no other reason than that they missed some property ponzi scheme by a few years and found themselves priced out?

Some people need to look up the meaning of 'hubris'.

I do feel for you rugged but this web site is about trying to decode the best ways to save money. I've followed the gold bugs and lost a bit and I've followed the property bulls and just reporting the situation from my end. In London they've been proven to be so right with their predications its audacious. Much more right from my experience that even the Daily Express is reporting right now because the express are going on monthly reports but I'm reporting news that couldn't have been broken sooner. The London prices have just last week in some parts of Haringey gone BALLISTIC. I'm honestly not trying rub your nose in it, I've been poor before, I'm trying to report the situation.

The odd backwash about property prices not being good for the person who enjoyed them had to be countered because it was nonsense which could only encourage others to sit and stay renting and paying way over the odds to a private landlord which would do them no good given the direction it seems this property market is going in, especially in London.

If London does act as a canary for the rest of the country, you guys should be scrambling in other parts of the UK to get on the property ladder ASAP if you haven't done it already. I'm not rubbing noses, just trying to share what I'm seeing on the ground to help others from my experience & sharing a state of shock I guess at the same time but I'm sure you would if you were in my shoes too, no ?

chewmylegoff

Paddington, is really your belief that one week ago the property that has just received a £390k offer would have only sold for £350k? Or do you think perhaps that the same people would have come to view it if it was advertised a week earlier and it would still have received an offer of £390k?

padington

chewmylegoff wrote: »

Paddington, is really your belief that one week ago the property that has just received a £390k offer would have only sold for £350k? Or do you think perhaps that the same people would have come to view it if it was advertised a week earlier and it would still have received an offer of £390k?

Well what I can say is that the buy it now prices in the area Shot up in one week. That pushed the zoopla prices which had not moved hardly for 12 months to shoot up 20k over night for my house alone and it's only ever moved by £500 since I've been here. Then the best local estate agent who was really nerdy about why 350k was the best price suddenly called to say 'scratch everything I said, there's been a complete change in real offers put in since I've seen you that changes everything'.

To add to that the local property forum is awash with incredible sale prices being reported in just in the last couple of weeks.

Believe me, when the stats come in, whenever they do, we are going to hear about some seriously massive jump in the London market going off if my local area is anything to go by.

chewmylegoff

So your agent gave you a theoretical valuation based on his opinion and then a property actually went on the market and an offer was received which demonstrated that your agent's opinion was incorrect and, for the first time ever, foxtons were right. That's what happens in an illiquid market - until a transaction actually happens no one knows what the market price is.

padington

chewmylegoff wrote: »

So your agent gave you a theoretical valuation based on his opinion and then a property actually went on the market and an offer was received which demonstrated that your agent's opinion was incorrect and, for the first time ever, foxtons were right. That's what happens in an illiquid market - until a transaction actually happens no one knows what the market price is.

There was precisely 124 properties sold in my first three digit post code in the last twelve months. So about one every three days. Not exactly illiquid in my book.

However I'm not sure what your saying makes any difference, the point isn't how prices go up, just the fact that they have, by 38% in my case in 20 months if real local sales are anything to go by and seemingly going up faster now than they were i.e. Very fast.

mystic_trev

padington wrote: »

There was precisely 124 properties sold in my first three digit post code in the last twelve months. So about one every three days. Not exactly illiquid in my book.

I'm surprised you're so bullish on house prices. I thought Padington was a bear?

padington

mystic_trev wrote: »

I'm surprised you're so bullish on house prices. I thought Padington was a bear?

Haha. Paddington was.

I however am just crap at spelling. :eek:

chewmylegoff

padington wrote: »

There was precisely 124 properties sold in my first three digit post code in the last twelve months. So about one every three days. Not exactly illiquid in my book.

However I'm not sure what your saying makes any difference, the point isn't how prices go up, just the fact that they have, by 38% in my case in 20 months if real local sales are anything to go by and seemingly going up faster now than they were i.e. Very fast.

I don't disagree that prices are you up very fast but your assertion that they increased 11% in the last week is obviously not true.

124 properties selling in a year. 250,000 people in harrigey. About 100,000 properties. About 4 full post codes. About 25,000 properties per post code. About 0.5% of the property stock changing hands a year. Obviously a very rough calculation but this is not a liquid market especially as a large detached house selling at one end of the post code is not going to be particularly relevant to the market for 1 bed flats at the other extremity.

padington

I've already clarified with this statement ...

'Well what I can say is that the buy it now prices in the area Shot up in one week. That pushed the zoopla prices which had not moved hardly for 12 months to shoot up 20k over night for my house alone and it's only ever moved by £500 since I've been here. Then the best local estate agent who was really nerdy about why 350k was the best price suddenly called to say 'scratch everything I said, there's been a complete change in real offers put in since I've seen you that changes everything'.

To add to that the local property forum is awash with incredible sale prices being reported in just in the last couple of weeks.

Believe me, when the stats come in, whenever they do, we are going to hear about some seriously massive jump in the London market going off if my local area is anything to go by.'

Enjoy your Saturday.

padington

Looks like another 200k to go very soon ...

http://www.standard.co.uk/news/london/average-london-home-will-cost-650000-by-2020-report-warns-8993294.html