where next for house prices?

[daysoftheweek]

yes sorry that old chestnut again.....
we are S London

all the agents round here are telling us lots of BTL landlords are selling up

one of my rightmove postcode searches has suddenly gone from 4 pages of over priced c^&p to 8 (and i mean over about 2 weeks)

so the market is being flooded with what are generally overpriced poorly maintained properties

still think it will take a rise in interest rates (coming but when?) and a rise in unemployment, interestingly a local public sector organisation i know well has gone from planning for 15% cut in budget to 15% cut in staff

still is any 3 bed terrace really work over 1 million even if it is SW11?

met someone the other day who told me prices in S London didn't fall the last time!!!
predicting 505 down for some places even round here.

it is weird though there was another just opposite the entrance to belleville on for around 1 million
my friend took me to see it she thought it was so crazy

sold in a short time
that's some premium not to do the school run11

so in addition to rising unemployment and interest rates we need something to happen to bonuses......!?

personally i think rising interest rates will do it and don't doubt that they will go up
am i not right in saying that from 0.5 to 1% will double your interest repayments from 1 to 2% will do the same long term average is around 6%, i pity anyone who is fixing now at 4.whatever % above base.
I'm not actually sure that spending all you salary on living costs and relying on your bonus to pay your mortgage is actually that comfortable is it?

Salcott road was over 1 million asking price
you would get 3 beds plus prob attic bedrooma dn bathroom or 4 beds plus 5th and bathroom in attic, through living dining abot 26 feet by 14 feet would be generous if you are lucky you will get a kitchen wiht side return done allready and a patio garden 9yes i mean a patio)

however you will likley get a place at a school called belleville which once you have got for your first dc you can pyramid sell your house on to the next idiot and move to somewhere more affordable

alternatively maybe wandsworth council will go all funky bring in a school place lottery and there will be a real shake up in house prices

pigs might fly!

what is interesting is that a few years ago when someone moved in they would hire a skip, gut the house rip out the previous owners new kitchen and do it all up all over again don't see that anymore
now it's all the grot places being done up

2 places I walk past going shopping were done up recently both really run down lived in by old people, one went for 480 pre work and the other one 500
totally crazy
rubbish area, tiny house, no garden lousy school options
what was impressive was the speed the work on one was done at