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spunko2010

-£300k in a month

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It has to be Kensington & Chelsea. The average asking price there is now £300,000 LESS than it was this time last month.

https://www.theguardian.com/money/2017/sep/18/asking-price-house-london-fall-kensington-chelsea

Asking prices for homes in London have recorded their biggest annual fall so far this decade and have dropped on average by £18,000 in the space of just a month, the property site Rightmove said on Monday.

But this headline finding masks much larger falls in some of the capital’s most expensive boroughs. The average asking price of a home in Kensington and Chelsea plummeted by more than £300,000 between August and September, and Camden was also hit hard.

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Two bed flats in my search area seem to be down more that ten percent in the last year or so. The flat we nearly bought had two offers over ten percent more than we were going to pay about a year ago - they went with the higher one and the buyers failed to sell their place (the other buyers bought something else so we're probably in a position to actually pay what they offered). There's another flat that keeps getting reduced and is now on for 340k, the last comparable one sold last summer for 390k - it looked a bit nicer but not 50k nicer. Another one is going to devalue a large number of flats when it hits the land reg data as it went for about ten percent less than similar flats were selling for just a few months ago, it had a few issues but they're not immediately apparent from the photos and would only cost about 10k to put right.

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On 19/09/2017 at 07:54, This Time said:

Two bed flats in my search area seem to be down more that ten percent in the last year or so. The flat we nearly bought had two offers over ten percent more than we were going to pay about a year ago - they went with the higher one and the buyers failed to sell their place (the other buyers bought something else so we're probably in a position to actually pay what they offered). There's another flat that keeps getting reduced and is now on for 340k, the last comparable one sold last summer for 390k - it looked a bit nicer but not 50k nicer. Another one is going to devalue a large number of flats when it hits the land reg data as it went for about ten percent less than similar flats were selling for just a few months ago, it had a few issues but they're not immediately apparent from the photos and would only cost about 10k to put right.

Perhaps a lucky escape that your flat fell through?  

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2 hours ago, One percent said:

Perhaps a lucky escape that your flat fell through?  

Yeah, probably. There's been a lot added to Rightmove this week and some of it looks quite cheap compared with pre-summer asking prices - I think next month's report is going to be more of the same. Plenty of reductions, even on stuff that didn't look too overpriced to begin with. Still some kite flying from the usual suspects though. 

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Who knows where this will end up. There's another factor into the mix this time, potential just a virulent as the debt load potentially, parts of the country are changing so quickly who exactly will want to commit to a lifetime of debt (or savings)  when in 10/20 years time it could be one of the last places in the western world they would want to live. 

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3 hours ago, onlyme said:

Who knows where this will end up. There's another factor into the mix this time, potential just a virulent as the debt load potentially, parts of the country are changing so quickly who exactly will want to commit to a lifetime of debt (or savings)  when in 10/20 years time it could be one of the last places in the western world they would want to live. 

Can't even imagine what London will be like on 20 years.....

No wonder the prices are crashing and everywhere else is rising.

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Another (large) house for sale with an asking price of £100k less than they bought it for in 2007.

http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/3113?prop=42484908&sale=55894218&country=england

http://www.rightmove.co.uk/property-for-sale/property-65789333.html

Bought for £2.35m in 2007, now on the market for £2.25m.

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