Million Pound property - really?

[Mooserp]

Is this genuinely a realistic asking price?

https://www.rightmove.co.uk/properties/86382162?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

Just look at the historical prices (when rates were last at these levels, and remember back then they were dishing out 100% mortgages, even 125% mortgages!) and use PropertyLog, that is the best guide to where prices are heading IMO, people cant get the debt any more, the numbers just dont stack up for a house like this!

I have seen you on other threads. I think it was you trying to convince someone to sell their house for a multiplier of average income and not what it was worth? So for example if it was 600k house, and average income was 50k, you felt they should sell it for 200k?

is the issue maybe you can’t afford to buy and are hoping for a crash? I really don’t think posting will make it happen to be honest.

How much did that house eventually sell for?

Give it up Crashy 😂

A 600k property in London is probably a 2 bed flat not a massive house

Before rates went up, yes, now no. The seller still thinks it is but they will come round to reality eventually.

I think it's just natural for people to compare house prices in their own areas.

Plus it's somewhat unique to London that you can pay lottery winner money to still end up living in a complete dump.

Also, it's one thing being from London or your whole family being there but I'm struggling to see why anyone would move to London for work reasons in 2023 when the costs are so disproportionate to the rewards (for most). I live in the SE and I'd have to triple or quadruple my salary to make it worthwhile. And imagine working your way up the career ladder to a decent 6 figure salary just to be able to afford the same lifestyle as a £30K earner living in Sunderland.

Look at historical prices and look at interest rates from the same time period, it was all pushed up by cheap debt, there is no way round that, sorry.

It just needs a 'Live, Laugh, Love' sign.

"And imagine working your way up the career ladder to a decent 6 figure salary just to be able to afford the same lifestyle as a £30K earner living in Sunderland."

Laughable isn`t it? Hopefully more people in London are waking up.

LOL

I grew up on this street. Just the nicest childhood playing out freely with neighbours (cul de sac, v quiet) yet in fairly central London. Still connected to the area now but don’t live locally anymore, friends who live closer say it’s still pretty much the same. This has made me a bit 🥹

You will come round to reality eventually. Probably would come round a bit quicker if you were actually trying to buy a property yourself and were making rock bottom offers all over the place and getting nowhere.

It is the next two years you need to worry about if you bought in the last two.

It's all relative. Look at sold prices for that street. Once extended and renovated there's several £100k profit to be made.

But 50% less people are trying to buy property than before rates went up, rates have risen at the fastest pace on record, people need time to adjust to reality, in no previous property crash has wishing for prices not to crash worked, it won`t work in this one either, sorry.

Wishing for the market to crash doesn't work either @CrashyTime

Yes, it is stagnating or falling in most areas but it isn't crashing to the tune of 50% so it's ridiculous for you to think a house being professionally valued at 1.2M in a good part of London will sell for 600k.

You would like to think so but your bias is not reality anymore than people overvaluing their properties by 50% would be realistic.

The asking price is 1 million not 1.2 million (hard not to laugh out loud at those numbers actually) and a few years ago, when rates were at about the same as now, it probably changed hands for 350k or so.

Ok my mistake the price is 1M but still - no one will get it for 600k, that’s an unrealistic figure.

It doesn’t matter what it changed hands for years ago. Properly prices are set by what is happening in the present, not the past or future.

"Properly prices are set by what is happening in the present, not the past or future."

So my thinking is that rates have gone back up to where they were in the past, so that means that present prices are far too expensive for people to borrow. What are you seeing that contradicts that, and why wouldn`t prices just go back to the same as they were when mortgages at 5 or 6% was normal?

It's in Dollis Hill see map in Rightmove link.

Mortgages at 5-6% are still normal.

There are many fixed rate mortgages at 5-6% currently available to people with a good deposit as you know from the 6% mortgage rate threads. Some people on there are even saying their children are getting rates starting with a 4.

Exactly 😂😂😂