Im calling it.....
- Thread starter Dr House
- Start date
Up?
maybe... but as it weakened then the attraction of London property as a safe haven, which was the whole point in the first place, becomes lessened
regardless it was EU migration that was the factor originally mentioned and that is uncontrolled and significant meaning even more homes are needed to keep up with demand
so you should maybe see them becoming a bit more affordable still...
didn't realise they were quite so much, bit ridiculous given you can get a 2 bed for 100k less just outside Lewisham itself in (arguably) nicer areas
I don't think they can fall too much though - they are ideally placed for a short commute to Canary Wharf or the City with the station just on the door step
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My first flat with my ex was a 1 bed on zone 4, 150k in 2010, she just sold it for £300k, my gf's 2 bed we are in now is in Tottenham and worth 400k (but she only has 35% of it which is mostly still mortgaged.)
We'll be looking for a house next to settle down and have kids, but I work in Weybridge and she works in Chelmsford, so we'll have to both sacrifice on commute times. Not a huge amount of options for us under 300k, and we both earn above the London median.
you've kind of got your hand forced with those rather different work locations... otherwise parts of Essex would be a reasonable option
Soldato
- Joined
- 29 Jul 2004
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- 7,170
Why 300k? If you have a combined income of over 100k then surely you can afford more.
Because we don't earn that much? The London median is only £35k
Also we both have amazing jobs (relative to enjoy-ability, hours, pay and perks), , so neither wants to give it up, so the options are either equidistant from eachothers work and we both drive in (meaning Herts or Kent), or we do the Essex thing, and I try to wrangle working from home a few days a week.
Soldato
- Joined
- 29 Jul 2004
- Posts
- 7,170
Because we don't earn that much? The London median is only £35k
Also we both have amazing jobs (relative to enjoy-ability, hours, pay and perks), , so neither wants to give it up, so the options are either equidistant from eachothers work and we both drive in (meaning Herts or Kent), or we do the Essex thing, and I try to wrangle working from home a few days a week.
Ah City of London median is 48k!
https://www.theguardian.com/money/2...irst-time-in-almost-two-years-says-nationwide
House prices have declinded for the first time in two years, the tide is turning.
When you see two-bed flats at the very outskirts of London marketed at £720,000, http://www.rightmove.co.uk/new-homes-for-sale/property-47600103.html, be very wary, the speculator bubble is going to burst much like it did in Northern Ireland in 2006.
House prices have declinded for the first time in two years, the tide is turning.
When you see two-bed flats at the very outskirts of London marketed at £720,000, http://www.rightmove.co.uk/new-homes-for-sale/property-47600103.html, be very wary, the speculator bubble is going to burst much like it did in Northern Ireland in 2006.
Just over £8k/m2, which is insane. But then it's Foxtons who have made a ton of cash out of over speculating the London property market
I've been saying for about 2 years that the property market is going to crash. I was told I was wrong, I had no idea what I was talking about and that my mother dressed me funny.
This is only the start. The reluctance of EU migrants to come to London over insecurity about whether they will be able to stay and for how long, the insecurities in the job markets and Brexit in general are meaning that people are much less keen to move in to London or buy here. Give it another year and the competition will be extremely fierce. All these new "cheap homes" which have been slammed in to the ground over the last two years will be going for half their price now. Which is just as well, I've seen a few of these places and they're quite literally an insult to anyone looking to buy. They're about 4ft sq but because they have a kitchen they can be called a complete home. The fit & finish in them and the materials used are shocking, these homes, that people have spent years saving for, are a disgrace.
I should write to the Sun and tell them.
This is only the start. The reluctance of EU migrants to come to London over insecurity about whether they will be able to stay and for how long, the insecurities in the job markets and Brexit in general are meaning that people are much less keen to move in to London or buy here. Give it another year and the competition will be extremely fierce. All these new "cheap homes" which have been slammed in to the ground over the last two years will be going for half their price now. Which is just as well, I've seen a few of these places and they're quite literally an insult to anyone looking to buy. They're about 4ft sq but because they have a kitchen they can be called a complete home. The fit & finish in them and the materials used are shocking, these homes, that people have spent years saving for, are a disgrace.
I should write to the Sun and tell them.
But if you've been saying it for 2 years then you were wrong surely?
Unless you're going to predict something more specific then it isn't much different to a broken clock being right twice a day.
I remember being utterly convinced in 2006 and 2007 that the economy was going to crash, despite everyone calling me an idiot, and pull house prices down with it. I was spot on with the economy but house prices did nothing more that brush it off and keep on rising.
They dropped nearly a fifth in value, pretty significant. It was only because the gov dropped interest rates and injected a load of money that the prices were artificially inflated again.
What percentage of new properties are being sold to EU nationals wanting a home? I'd imagine it's very low. Everywhere around here is being marketed to investors speculating on house prices increasing. They're even out of the reach of BTL landlords.
If you're taking about property crash then you're probably talking about just London. Like always, London is in its own little property bubble, it may as well be a different state. The price of property there clearly has no bearing on the rest of us. London prices sky rocketed when the rest of us just relatively gently rose. Therefore, I'm not worried about any so called property crash. Flats in London might drop £100k+, the percentages involved are just not a factor any where else.