Home Buying Nightmare

[rootsnall]

Whats going on here. Gentlemen, the East End is still a dump. WTF is it impossible to even find anything remotely decent for this money.

What's going on is the later stages of an asset price bubble, how late is still open to debate. Read today's FT for a decent article on bubbles and how they all pop in the end. I would think 1 bed flats in Bethnel Green will be in the front line when it bursts. Dodgy bits of London took the biggest hammering last time out, flats in not great areas were 50% down when I had mates trying to bale out.

[NoddY]

... Dodgy bits of London took the biggest hammering last time out, flats in not great areas were 50% down when I had mates trying to bale out.

And remember, a 50% cut is bigger than a 50% increase.

[TheRightStuff]

8 yrs ago I bought a flat in E.Croydon for 68K. 18 months later I sold it for £125K.

I bought my 4 bed semi in Selsdon (South Croydon) 6 yrs ago for 185K. It was valued at 375K at the start of Dec 07. Yesterday same agent valued it a 400K. Thing is I wouldn't pay 400K for it. It's outrageous.

Managed to wipe the mortgage off (135K) in 6 yrs so now looking to step up to the next property - detached. I really do feel sorry for 1st time buyers. I wouldn't be able to afford my current place even if I had a 50K deposit.

Looking to spend around 550K with a 200K mortgage - the wife has stopped working because we've just had a baby girl. 200K is 1.5K per month so that is manageable. 550K gets you a nice house in Sanderstead but you still need to do some work on it.

[DimPrawn]

Selling my flat in Bethnal Green. Made a nice tidy 40k to use for deposit which allows me to look in the 280k - 300k mark for a new 1 bed in the same area.

Can I find anything? Anything that is still on the market is cr@p and anything worth buying is gone in a morning.

Whats going on here. Gentlemen, the East End is still a dump. WTF is it impossible to even find anything remotely decent for this money.

Spoekn to someone on the 350-400k mark and having exactly the same problems

I dont want to move anywhere where I have to commute but hey, I dont want to live next to mr and mrs Pit Bull breeder either.

Sunny "Ranting" San

Supply and demand. If property is selling quickly at these prices then there are more buyers than sellers and the price is not an issue.

Or to put it another way, you are too poor to afford a shabby little flat in a grotty crime ridden tulipe hole. Aim lower.

HTH

[TheRightStuff]

don't understand why people don't want to travel to work. Takes me an 1hr to get in. There's trains from london to e.croydon (24 hrs) and if the buses have stopped for the night then get a taxi and 10 mins later your home.

Why live in middle of concreate when you can live next to golf courses, tennis clubs, country pubs and the country side.

[TheRightStuff]

P.S just in case your wondering. Yes Croydon is a dump but Sanderstead is a great village on the out skirts of south croydon situated on the north downs.

[hunterm]

You're understandably happy about the £40K you made but quite rightly p*ssed off about the fact you can't afford a better place.

This is the miracle of house price inflation. It's not just first time buyers who are shafted, it's people trying to move up the ladder. Not many people benefit from rising prices.

[Bagpuss]

Supply and demand. If property is selling quickly at these prices then there are more buyers than sellers and the price is not an issue.

obviously lending is not an issue (at the moment)

[Euro-commuter]

And remember, a 50% cut is bigger than a 50% increase.

Is it 50% bigger?

[Euro-commuter]

Or to put it another way, you are too poor to afford a shabby little flat in a grotty crime ridden tulipe hole. Aim lower.

HTH

LOL!