Lunatic London Property market starting to turn?

economic

a house is first and foremost a utility. you buy it to serve a purpose - for shelter. human nature typically is greedy and humans want the best and biggest houses in the best areas they can afford. they will not be thinking about IHT issues.

chucknorris

elliotwave wrote: »

Search Zoopla for flats in SW8 and filter it by “most reduced”. You’ll find at least 25 pages of reductions – over 1,000 flats – in SW8 alone

Locals won’t buy them – Stamp duty, as well as prices, is deterring foreign buyers, while new legislation and rock-bottom yields have deterred the buy-to-let investor. These flats aren’t selling.

We've just sold two properties, well almost, one completed today, and we are expecting to exchange on the other next week. A 4 bed house in Hackney and a 2 bed flat in Battersea, both were on the market for about 5 months, and followed exactly the same pattern. Both properties were valued higher than we anticipated, we both thought that the agents were being optimistic. However both properties were under offer for the asking price (£1.1m and £475k) within a week, then both buyers dropped out, and eventually they were sold for just over £1m and £440k (still waiting to exchange on the latter), which was more or less bang on what we originally valued the properties at.

Electrum

Sapphire wrote: »

Slums of the future starting up already?:eek:

If you look near Colindale tube station, it used to be a huge council estate called Grayham park. Even the Rottweilers went round in twos, and the milk float had a rear gunner because its so rough there.

They build literally thousands of new 'luxury' flats with paper thin walls and shoddy quality.

These are all empty, been on the market for a long time, nobody is buying them.

Soon they will say buy two get one flat free, but still nobody wants to buy at these elevated levels.

The super slums of the future for sure.

economic

Electrum wrote: »

If you look near Colindale tube station, it used to be a huge council estate called Grayham park. Even the Rottweilers went round in twos, and the milk float had a rear gunner because its so rough there.

They build literally thousands of new 'luxury' flats with paper thin walls and shoddy quality.

These are all empty, been on the market for a long time, nobody is buying them.

Soon they will say buy two get one flat free, but still nobody wants to buy at these elevated levels.

The super slums of the future for sure.

i went past these yesterday. the area is a cr*phole. the new builds all look the same and do look cheap quality. hate to think of the quality inside.

Electrum

Rents and asking prices still falling in London, where will the bottom be?

Or should that be when will the bottom be?

Filo25

Electrum wrote: »

Rents and asking prices still falling in London, where will the bottom be?

Or should that be when will the bottom be?

Depends what you mean by "London" really, Superprime, Prime and New builds are under continuing pressure, although in the medium term that is bound to have an impact on new supply of properties coming on the market.

The rest of London hasn't turned decisively yet, around where i live its been flatlining for a year or so, I do think there will still be a correction there for a number of reasons but its a bit disingenuous to make out that the whole London market is collapsing at present.

Conrad

I think the new costs being imposed on Landlords (I have not looked at the detail yet) will feed through into rents. Remember pensions and ISA's very often contain property assets and as such are Landlords, and pension holders expect those fund managers to maximise profits on their behalf.


There's no way lets say Standard Life on an individual flat will be paying for multiple reference and other checks on POTENTIAL tenants that may be complete wasters / have dodgy backgrounds. Some Tenants will think nothing of wasting other peoples money and time on referencing etc, knowing full well they have poor history.

westernpromise

Electrum wrote: »

Rents and asking prices still falling in London, where will the bottom be?

Or should that be when will the bottom be?

Really?
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/indexofprivatehousingrentalprices/may2017

London private rental prices grew by 1.3% in the 12 months to May 2017, 0.5 percentage points below the Great Britain 12-month growth rate.

Sapphire

economic wrote: »

as for me, i own a modest flat in a nice area (highgate). i dont need or want any more then this. for me having a large house has its costs in all sorts of ways and i rather spend that money enjoying my life. whats the point showing off?

Yes, me too. I love my maisonette and it's just right for my purposes (living and working at home).

I have friends and family who own large houses (generally inherited via large payments from relatives, etc.), for example in 'good' areas of Islington (where I would hate to live myself). They generally use and pay for cleaners, then there's all the business of having to run up and down stairs, having more and more 'stuff' to fill the space, and generally keeping up the place. I'd simply not want all that hassle, and much prefer to spend my life in a self-contained way, doing things that interest me, than to have all the pressure of owning a large property. I'm pleased with what I've achieved in life through my own hard efforts (despite some dodgy obstacles), and feel I have no need to prove anything to anyone.

Your remark about 'showing off' is apt, I think. I do feel that many people think that owning 'stuff', including property, somehow raises them in status, defines them and makes them appear better than others. I've noticed that attitude in quite a few people, and for me it is singularly unimpressive. I suppose that's how a majority of people have always thought, though …

Conrad

Filo25 wrote: »

The rest of London hasn't turned decisively yet, around where i live its been flatlining for a year or so, I do think there will still be a correction there for a number of reasons but its a bit disingenuous to make out that the whole London market is collapsing at present.

I well recall a respected chap I know in 1998/9 saying the market hat topped and was deffo falling and going to collapse. Heard the same predictions endlessly, year in year out.


Watch old news reels to get a sense of perspective on Human pessimism. No matter what the year you can find old news pieces / documentaries claiming the world has never been more dangerous / troublesome with so much risk on the horizon.


Look at this recent BBC documentary on oil, and how the Mid East held the west to ransom many times, when our oil was turned off and western economies literally ground to a halt, and yet life went on, house prices still rose in general despite enormous issues around energy security. By comparison, life is far more orderly now.


What I'm saying is people massively over estimate property downside on the whole, because in the end prices keep rising in spite of all sorts of TEMPORARY issues


http://www.bbc.co.uk/iplayer/episode/b053gf85/planet-oil-the-treasure-that-conquered-the-world-episode-2#