Home› Archived Forums› General Discussion
Options

London housing bubble

[Deleted User][Deleted User] Posts: 4,391
Forum Member
✭✭✭
in General Discussion #1
Can anyone not see the blatant housing bubble which is filling in London at the moment.

There are properties selling in my local area for DOUBLE what they are worth (or were worth last year), and some people are buying.

Its madness, it will all end in tears.

Comments

  • Options
    [Deleted User][Deleted User] Posts: 2,606
    Forum Member
    ✭✭✭
    #2
    Apart from an ageing population, it's the biggest risk to the country's stability. But governments (from all parties) are too interested in the short term to sort it out, and are all profiting from the housing bubble either directly or indirectly (and usually both).

    I'm just waiting for it to burst. I think any first time buyers buying in London at the moment are mad.
  • Options
    [Deleted User][Deleted User] Posts: 4,391
    Forum Member
    ✭✭✭
    #3
    It will be very short term, I can't see it lasting much longer. I think I will leave London when I buy a property, unless I can get part ownership and only own half.
  • Options
    [Deleted User][Deleted User] Posts: 2,063
    Forum Member
    ✭✭✭
    #4
    We're getting letters through the door from estate agents begging for properties to represent with ridiculous figures being quoted. Whether they are actually selling for these amounts I have no idea.
  • Options
    Mark39LondonMark39London Posts: 3,977
    Forum Member
    ✭✭✭
    #5
    It isn't anything different to the way its been for years now. Supply and demand I guess.
  • Options
    TakaeTakae Posts: 13,555
    Forum Member
    ✭✭
    #6
    It is a bit crazy at the moment.

    I received an unsolicited phone call from a solicitor about four or five months ago. Said he was calling on the behalf of his client, who was interested in buying my house and a house next door (which my dad owns). He was so persistent. Bad enough to get me hanging up on him, which I never did to anyone before.

    A couple of days later, I received a letter from his firm, outlining an offer and a suggestion to meet up and discuss the offer in details. He suggested I should bring along my own solicitor. I threw the letter away. Crazy.
  • Options
    [Deleted User][Deleted User] Posts: 4,391
    Forum Member
    ✭✭✭
    #7
    Mark39London wrote: »
    It isn't anything different to the way its been for years now. Supply and demand I guess.

    The prices are going up pretty fast, its just greed on the part of the home owners.

    Around here people are trying to sell a property they brought for £270,000 five years ago, for £1,100,000.:eek:
  • Options
    Mark39LondonMark39London Posts: 3,977
    Forum Member
    ✭✭✭
    #8
    tothegrand wrote: »
    The prices are going up pretty fast, its just greed on the part of the home owners.

    Around here people are trying to sell a property they brought for £270,000 five years ago, for £1,100,000.:eek:

    It's nothing to do with the homeowner. The agent will give you an average valuation, based on your location. You'd be a fool to undercut it by a significant amount and you might also be investigated by HMRC if the discount you give gets close to one of the stamp duty levels.
  • Options
    Mumof3Mumof3 Posts: 4,529
    Forum Member
    ✭✭✭
    #9
    Our place in London has increased by 45% in just over 2yrs, with buyers offering cash. The influx of foreign investment in West London is displacing UK residents in unprecedented ways.
  • Options
    [Deleted User][Deleted User] Posts: 2,063
    Forum Member
    ✭✭✭
    #10
    Mumof3 wrote: »
    Our place in London has increased by 45% in just over 2yrs, with buyers offering cash. The influx of foreign investment in West London is displacing UK residents in unprecedented ways.

    Yep, my neighbours who are selling or have sold (moving out of town to big houses on the proceeds) have all sold to overseas buyers.
Sign In or Register to comment.