London property prices are STILL going up!

[teapotl]

I live on the zone 2/3 border in what is now considered a desirable part of London (but didn’t used to be). I’ve been keeping an eye on the market over the past 4 years and property prices in my area have continued to rise and rise. I thought the London market was meant to be falling due to Brexit and now Covid, but it doesn’t seem to have had any effect at all. Will London prices ever plateau or are they just destined to go up and up forever?

@Alsohuman How amazing! I am so jealous. Your life must be so fabulous. Don’t forget to take pictures for the ‘gram.

Oh wait... it’s paper wealth that you’ll never actually realise till you downsize and then you’ll be lucky if you have the energy or the health to use what’s left of it after paying for pension/care home costs etc.

tbf that depends on age - someone old now might have made enough to fund smaller home/retirement/care costs/deposits for dc etc.

I don't expect my property to see anything like the historic growth.

Lots of London houses that cost 40-70k in the 80s are worth 1.5m plus now. That means the 700k flats discussed on here will be worth 12m, unlikely!

Your life must be so fabulous

In the middle of a pandemic locked up at home? Yes, fabulous doesn’t even begin to cover it. It’s truly amazing.

We’re about to downsize and had big plans for travelling and having a whale of a time for at least the next ten years. Then a global pandemic came along ....

Surely you can plan to travel next year @Alsohuman?

Who knows what next year will bring? Like Lennon said “Life’s what happens when you’re busy making plans”. The last four months have certainly proved him right.

But you've got options though & are already retired & not indebted so it's a bit more predictable for you then it is for others, chin up!

@clearedfortakeoff

I remember growing up in the 70's/80's. Interest rates were 16% at one point.. can you just imagine that now! We are so lucky with the low rates nowadays.

That interest rate will have been matched by a high inflation rate that will have eroded the cost of mortgages . I'd rather pay 1970s interest rates if I could get a house at 1970 prices.

@inglory

But you've got options though & are already retired & not indebted so it's a bit more predictable for you then it is for others, chin up!

Yes, that’s the point I was trying - obviously unsuccessfully - to make in response the pp who reckoned that the only thing to look forward to after repaying your mortgage was care home fees! We’re very, very lucky and greatly appreciative of it.

That interest rate will have been matched by a high inflation rate that will have eroded the cost of mortgages . I'd rather pay 1970s interest rates if I could get a house at 1970 prices

But then you’d be on a 1970s salary. Mine hit the dizzy heights of £900 a year.

Average wage to average house price I'm guessing would be alot easier in the 1970s despite interest rates than now with very low interest rates.

Oh wait... it’s paper wealth that you’ll never actually realise till you downsize and then you’ll be lucky if you have the energy or the health to use what’s left of it after paying for pension/care home costs etc.*

I made 200k in 10 years. Helped me upsize. As I overpay the new larger mortgage will be repaid in 15 years when I am in my 50s at which point we will definitely downsize to a cottage. This gives me at least 20 years to fritter away my money.

Lots of London houses that cost 40-70k in the 80s are worth 1.5m plus now. That means the 700k flats discussed on here will be worth 12m, unlikely!

Good point

@GrumpyHoonMain

Ever thought of mentoring? I ‘d love to know how you did it.

[quote serenada]@GrumpyHoonMain

Ever thought of mentoring? I ‘d love to know how you did it.[/quote]
Combination of things from using investments to build my deposit, budgeting in my regular savings / investments, to chasing the money (like men do) when it comes to looking for jobs or pay rise discussions.

@GrumpyHoonMain thanks

So, using what’s out there and having set goals to achieve it?

Good on you.

This is a really interesting thread.

We bought our current house (zone 2, renowned for good schools and transport) in 2017, and had it valued exactly a year ago for our remortgage, which came back at exactly what we had paid for it, despite having done quite a bit of work (so a loss in real terms).

A neighbour has just had an offer on their place for nearly 20% more than we paid/were valued at, within 2 weeks of going on the market, and it is arguably not as nice a house as ours.

There has been a spike in places going onto Rightmove in the last few weeks, and a noticable number of speculative estate agent letters through our door.

It just feels like the market is buzzier...

I am curious to see what our next valuation will come back at in 9 months time, but at least if the sale on our street goes through, we will have some good compatibles to point the surveyor towards

Hahahaha! What a saddo. That’s right darling, you’ll be a billionaire at this rate by the time you’re 50 and have sold the house. Then you can buy those louboutins and that G5.

The sheep of lower middle street

[quote serenada]@GrumpyHoonMain thanks

So, using what’s out there and having set goals to achieve it?

Good on you.[/quote]
I have daily goals, weekly goals, monthly, yearly and 5 yearly for most areas of my life. Find it helps to keep me on track as I am a natural born spender lol.

@plainsailing01

Hahahaha! What a saddo. That’s right darling, you’ll be a billionaire at this rate by the time you’re 50 and have sold the house. Then you can buy those louboutins and that G5.

No louboutins for me, but I should be able to give my DS a 50k deposit for a house, a big fat Indian wedding, and pay for uni outright for him without even need to touch my main savings. Then of course there are the extras like being able to set up investment trusts for the grandkids and paying for everyone to go on holiday once a year like my parents do.

Good on you GrumpyHoonMain!

@plainsailing01

I don’t understand your post but the tone seems contemptuous. May I ask why?

@plainsailing01 I don’t understand your post but the tone seems contemptuous. May I ask why?

@serenada I've noticed the same. I'm going to put it down to jealousy and bitterness.