Somebody read this to the guy nearby who has just put his house on the market for a million quid, that he bought for 700K in 2017, having added solar panels, a garden house and a paved front drive.
Of note: unless I’m misinterpreting this completely, these are nominal changes. That means real term falls of c.5% even in the better performing boroughs like Hackney.
“Oh no, my £900k house in battersea that i bought for £500k is now only worth £869k :(“
Bought a flat in Croydon. Probably stuck here for life now
scary to be fair. considering how inflated prices in london are, and the interest rate, this looks like the property market bubble could burst.
we could see investors desperate to sell property before prices fall, and people stuck with mortgages above the value of the property.
the fact that west london is the most affected also is very telling, are rich people leaving the ship already? or maybe london doesn’t attract the elites anymore.
not looking good but hopefully there is some resilience because I’m not sure politicians are going to be able to solve this mess
Sounds fantastic. Let’s get that down even further, or at least stall growth until wages catch up. Perhaps then we’ll see less of this trend of using houses as investment vehicles.
6 comments
Somebody read this to the guy nearby who has just put his house on the market for a million quid, that he bought for 700K in 2017, having added solar panels, a garden house and a paved front drive.
Of note: unless I’m misinterpreting this completely, these are nominal changes. That means real term falls of c.5% even in the better performing boroughs like Hackney.
“Oh no, my £900k house in battersea that i bought for £500k is now only worth £869k :(“
Bought a flat in Croydon. Probably stuck here for life now
scary to be fair. considering how inflated prices in london are, and the interest rate, this looks like the property market bubble could burst.
we could see investors desperate to sell property before prices fall, and people stuck with mortgages above the value of the property.
the fact that west london is the most affected also is very telling, are rich people leaving the ship already? or maybe london doesn’t attract the elites anymore.
not looking good but hopefully there is some resilience because I’m not sure politicians are going to be able to solve this mess
Sounds fantastic. Let’s get that down even further, or at least stall growth until wages catch up. Perhaps then we’ll see less of this trend of using houses as investment vehicles.