Why are property prices rocketing?!

[totallyfedup77]

I’ve just been reading the very depressing article below and don’t understand - we’ve just had Brexit and are still in the midst of a global pandemic. You’d expect prices to be falling if anything but according to this article, in some places they’re up by as much as 48% in a year! Why?!?!

www.dailymail.co.uk/property/article-9621715/Most-expensive-seaside-property-revealed-Salcombe-topping-list.html

@Smurfsarethefuture, it was the 1990s property crash. The combination of negative equity, interest rates at 16% at one point and a major crack in the partywall thanks to the construction site next door made it feel like a subsidy at the time.

@Smurfsarethefuture

Guys, I want the market to maintain its position but it is clear to me from looking at rightmove, etc that the prices in London are definitely coming down. There is a 4 bed house, freehold, on at £150,000 in the Croydon suburbs. Needs work (no bathroom) but other than that is manageable.

I'm not sure your average buyer would consider that house manageable. It looks like it will need everything doing to it. It also has an unconventional layout with bedroom 4 having to go in the basement. & it's an auction property so the asking price is meaningless.

www.rightmove.co.uk/properties/108161834#/media?id=media15&ref=photoCollage

I think it is worth looking into as it is freehold. Didn’t register its auction though so yes that is a factor. I suspect it will go for quite a bit more.

Croydon isn’t seen as London by many. Zone 1 and convenient chic areas won’t change much in terms of desirability.

@PresentingPercy

Croydon isn’t seen as London by many. Zone 1 and convenient chic areas won’t change much in terms of desirability.

Croydon is Grand Theft Auto in real life.

@Randomo

Croydon is Grand Theft Auto in real life.

Only on weekends.