London Has Peaked

Bubble_and_Squeak

chucknorris wrote: »

Tottenham Hale was also my area of focus, we bought a Victorian 3 bed terraced there in 2008 for just over £240k and have been keeping an eye on the area ever since. I think that you are being extremely optimistic thinking that you could have picked one up for only £250k to £275k in 2014. We were however limiting our search to 3 bedroom houses and within walking distance of Tottenham Hale station. One example I just found in my email inbox was a 3 bedroom house on Carew Road (a bit of a walk to the station) for £300k in Sept 2013, and the market was rising then.

i viewed several around the dowsett road area late 2013 which were around £270k. all 3 beds. as cher would say "if i could turn back time"

chucknorris

Bubble_and_Squeak wrote: »

i viewed several around the dowsett road area late 2013 which were around £270k. all 3 beds. as cher would say "if i could turn back time"

2008 was better, not that much cheaper but the tracker mortgage we got was only 0.38% above base for the life of the mortgage, that is worth a lot.


Why didn't you buy in 2013 then?


EDIT: We wouldn't have bought in Dowsett road, it is getting a bit far from the station (Hale not Bruce Grove) and IMO it has too much traffic, as you no doubt know, that road is a bit of a rat run for traffic. My sentiment isn't helped by having a bit of a bump on that road.

Jack_Johnson_the_acorn

I think the majority of posters on here agree that the London Market is cooling. What we disagree on is the severity of any cool down..... You seem to be making assertions without having the evidence to back up your claims..... The links you posted (rightmove) in other threads where frankly laughable.

Bubble_and_Squeak

Jack_Johnson_the_acorn wrote: »

I think the majority of posters on here agree that the London Market is cooling. What we disagree on is the severity of any cool down..... You seem to be making assertions without having the evidence to back up your claims..... The links you posted (rightmove) in other threads where frankly laughable.

as were the excuses you guys came up with for this one

http://www.rightmove.co.uk/property-for-sale/property-30952581.html

Bubble_and_Squeak

chucknorris wrote: »

2008 was better, not that much cheaper but the tracker mortgage we got was only 0.38% above base for the life of the mortgage, that is worth a lot.


Why didn't you buy in 2013 then?


EDIT: We wouldn't have bought in Dowsett road, IMO it has too much traffic, as you no doubt know, that road is a bit of a rat run for traffic. My sentiment isn't helped by having a bit of a bump on that road.

i had only just started looking so wanted to view a few more
i intended to live in it so was a bit more (probably too) picky than a BTLer

chucknorris

Bubble_and_Squeak wrote: »

i had only just started looking so wanted to view a few more
i intended to live in it so was a bit more (probably too) picky than a BTLer

I would not have thought that you were more picky than us, because as I said I wouldn't have entertained viewing anything on Dowsett road. When we bought the house in Tottenham Hale in 2008 we put in a new boiler, new kitchen, dpc, all new floor coverings, complete redec (obviously), new lawn to back garden and patio and numerous other minor improvements. Our relationships with our tenants are important to us so we would not try and palm them off with something not in very good condition.

Jack_Johnson_the_acorn

Bubble_and_Squeak wrote: »

as were the excuses you guys came up with for this one

http://www.rightmove.co.uk/property-for-sale/property-30952581.html

What is your conclusion re that link?

lukeh23

My speculation is we are just coming off the peak and peak was july, but its to early to call until October / November. Then the summer lull cannot be factored in. I base this on the fact that asking prices have seen the largest decline according to rightmove since figures began. I have seen this in my local area as well. Over august A goid number of houses have shaved 10 / 20k off the asking price. Now need to see if selling prices fall too with the LR data.

Again, in my humble opinion a lot of the uk is over inflated thanks to the past successive governments not building enough and people being able to borrow large LTV ratios to buy sad over inflated property. We also of course have the drastically contrasting national silos of price, with pockets of areas seeing stagnation or even drops in price.

wotsthat

Bubble_and_Squeak wrote: »

on which index
as i've pointed out land registry has a time lag of many months

It's your prediction - which index were you thinking of that shows April as a peak?

Jack_Johnson_the_acorn

lukeh23 wrote: »

My speculation is we are just coming off the peak and peak was july, but its to early to call until October / November. Then the summer lull cannot be factored in. I base this on the fact that asking prices have seen the largest decline according to rightmove since figures began. I have seen this in my local area as well. Over august A goid number of houses have shaved 10 / 20k off the asking price. Now need to see if selling prices fall too with the LR data.

Again, in my humble opinion a lot of the uk is over inflated thanks to the past successive governments not building enough and people being able to borrow large LTV ratios to buy sad over inflated property. We also of course have the drastically contrasting silos of price with pockets of areas seeing stagnation or even drops in price.

Sounds reasonable, although I couldn't predict the LR figures for the coming months. I think the London Markey will revert to stagnation, I just can't see massive price drops occurring unless something drastic happens internationally.