London Has Peaked

Bubble_and_Squeak

Crashy_Time wrote: »

I have already told him that, but like many on here he doesn`t want to hear. The credit event that caused this bubble won`t be repeated in our lifetimes. My view on Europe is that it is breaking up anyway, UKIP and the UK are a sideshow, we would be better to leave while it is a negotiation instead of a disorganised breakup though, IMO.

my fear is that leaving europe will lead us into a situation like they have in japan where a diminishing working age population has to support an ever growing number of people who are economically inactive.
an even bigger fear would be the fact that we'll be completely dependent on the USA economically and politically.

padington

Once you'be bought a freehold house you've secured your family a home for hundreds of years. What the markets look like today or tomorrow or next week or next month or even next year really don't matter. As long as you are happy with your place and it rents really well should you want to go elsewhere is all that matters.

Ps We won't leave Europe for a lomg while, it's not in our economic interests to do so. London is a moster-big-seriously-powerful-ball-out-of-the-park-success story. That wouldn't be the case of we went it alone.

... And boy do we need London to keep bringing home the bacon.

ukcarper

Bubble_and_Squeak wrote: »

i'm saying its like a ponzi, its not an actual ponzi
currently we're in a situation where people think their property is worth a bubble amount. the reality is the money just isn't there to pay that price. people can't borrow the amounts required to keep it going at this level and hot money is no longer pouring in from abroad. somethings got to give. as we won't have many distressed sellers i would expect this is be slow correction (until the government intervenes)

People are still buying and we will have to see what happens over the next year or so. I can see prices falling but not the big crash some are expecting.

Bubble_and_Squeak

ukcarper wrote: »

But that happens all the time.

and this is where the ponzi thing comes in
it is currently not happening
people are outbidding each other with money they think they will get from selling their property
but their property is not selling for the price they think it should be

Bubble_and_Squeak

padington wrote: »

Once you'be bought a freehold house you've secured your family a home for hundreds of years. What the markets look like today or tomorrow or next week or next month or even next year really don't matter. As long as you are happy with your place and it rents really well should you want to go elsewhere is all that matters.

foxtons are feeling bullish about wooders it seems
http://www.rightmove.co.uk/property-for-sale/property-46937354.html
sale fell through (probably couldn't get the bubble price on their last place) so they stick £50k on the asking price

Bubble_and_Squeak

ukcarper wrote: »

People are still buying and we will have to see what happens over the next year or so. I can see prices falling but not the big crash some are expecting.

volumes are well down, though
it will be interesting to see how EAs react to this in january

ukcarper

Bubble_and_Squeak wrote: »

volumes are well down, though
it will be interesting to see how EAs react to this in january

Less people sell this time of year we will have to see what happens in the new year. As I said I can see prices staying where they are or falling a bit but not the big crash some are hoping for.

Crashy_Time

padington wrote: »

Once you'be bought a freehold house you've secured your family a home for hundreds of years. What the markets look like today or tomorrow or next week or next month or even next year really don't matter. As long as you are happy with your place and it rents really well should you want to go elsewhere is all that matters.

Ps We won't leave Europe for a lomg while, it's not in our economic interests to do so. London is a moster-big-seriously-powerful-ball-out-of-the-park-success story. That wouldn't be the case of we went it alone.

... And boy do we need London to keep bringing home the bacon.

London riots showed us a little taste of what is under the surface, areas can change a lot in ten years, let alone 30 or 40. One way to be ahead of this change is to be flexible with a large cash pillow to rest your head on.

Crashy_Time

padington wrote: »

Once you'be bought a freehold house you've secured your family a home for hundreds of years. What the markets look like today or tomorrow or next week or next month or even next year really don't matter. As long as you are happy with your place and it rents really well should you want to go elsewhere is all that matters.

Ps We won't leave Europe for a lomg while, it's not in our economic interests to do so. London is a moster-big-seriously-powerful-ball-out-of-the-park-success story. That wouldn't be the case of we went it alone.

... And boy do we need London to keep bringing home the bacon.

Are you taking drugs? Are you some kind of banker/trader person and taking drugs?

ukcarper

Bubble_and_Squeak wrote: »

and this is where the ponzi thing comes in
it is currently not happening
people are outbidding each other with money they think they will get from selling their property
but their property is not selling for the price they think it should be

But as you have said people aren't out bidding each other now that madness seems to be over for now.