What is going on with London house prices?!

[WhataSook]

My neighbour has just had a ridiculous asking price accepted on her house...over £60,000 more than we paid for ours 2.5 years ago. These are FTB homes or downsizers in a not very glamorous part of SW London (think no tube, but good links to V, LB).

Her house is a bit nicer than ours with a bigger back yard (both end of terraces) - but £60,000 worth?!

I have said before that there are affordable parts to London if you look and aren't snobbish (as in my area!) but this news has made me have to have a rethink. I should be happy that my house is 'worth' more but I actually feel a bit depressed by it!

Lots of wealthy forriners investing in what is considered the safe haven of London, partly.

I don't know, the whole thing seems mad to me.

Just seen our old house - also an end of terrace, FTB or downsizer type home - go on the market for £80,000 more than we sold it for, 4 years ago. The new owners have put in a new bathroom and shagged up the garden.

I also feel unreasonably depressed by it all.

Bowlers DH and I are forriners - unfortunately not wealthy though!

I didn't even want to buy in London but DH insisted and I blame my pregnancy hormones for it all. But I'm starting to think he made the right call.

Grendel Ouch! That's why I'm not sure being able to see the purchase price history for houses is a good idea.

OP I suppose I really meant foreign investors/businessmen. People from other countries (Russia, Greece? Etc) buying up properties to keep their money safe.

I hope I didn't offend you .

Incidentally we sold our house in London about 10 years ago to move to the countryside. Our London house has gone up about three times in value. Unfortunately the house we now live in, hasn't!

not offended at all. I like the idea of being a wealthy forriner buying in London...unfortunately the reality isn't quite so!

We've noticed rocketing values too - extremely shocked at the increase in prices. Local agent said this is not just due to demand but because banks are making more funds available. More mortgages means more buyers plus demand = prices going up. I thought they were exaggerating. We put our house on the market and had two asking price offers on the first day, so the agent was actually correct.

its not even forriners who want to live there though (another forriner here)
its people buying investment property as a safe have for assets so that are not looking at the properties as homes but as cash cows

I live in Essex and prices are rocketing here too it is crazy. Makes me wish we stretched ourselves when we bought 5 years ago because we can't afford to sell and upsize now.

Streatham?

Hate to play top trumps but our neighbours have just sold their 3 bed terrace for £200,000 more than they paid for it exactly 3 years ago.

We live in west London and we now couldn't afford the house we live in. Gone up by about £100,000

We live in west London and we now couldn't afford the house we live in. Gone up by about £100,000

There's still demand, amazingly!

Where we are its mainly folks from ME (mega rich, Dubai plated Rolls Royces and sports cars that look like Batman's), China and ex Soviet Union (mega mega rich) or people from countries where the economy is going/has gone belly up (ie Greece) or they are having civil ward (ie Syria) and want to get their money out ASAP.

We have a super-block near us and apparently a lot of the apartments (starting at £1m+ for a large studio) were bought by people who never actually saw it in 'the flesh'.

Yes, the London house price roundabout has always been a bit mad but its madder than ever at the moment.

It's depressing. I feel like a little villager muttering 'bloody townies- coming down 'ere with their city ways, buying up the 'ouses so our kids can't afford to but their first 'ome'...