Blackcurrant Wrote: ------------------------------------------------------- > aileking Wrote: > -------------------------------------------------- > ----- > > My experience: you look at Zoopla every day. As > > soon as something of interest comes up you > phone > > and get an appointment. They do a block viewing > a > > few days later on the Saturday where at least > 30 > > other people are looking at the property > > (apparently at the latest one 60.....). Offers > in > > on Monday where there is often 10-14 offers on > the > > table (you are out of the game if you would > want > > to think about it or have a second viewing). > I've > > done this at least six times without success. > I've > > got no chain, 20% deposit and usually have > ended > > up bidding over the asking price, but still > > haven't succeeded. And this isn't even East > > Dulwich, it's the surrounding areas. Sometimes > I > > could have afforded to bid higher, but you > start > > feeling uneasy about paying such ridiculous > > prices. On Zoopla it often says what the > property > > last sold for and in some cases the seller > bought > > that property for half the price about 5 years > > ago. Most have gone up at least ?100,000 in the > > last 3 years. But what do you do? Pay ?15,000 a > > year in rent towards your landlords mortgage or > > pay your own mortgage at an over inflated > price? > > Amazing. It was never this bad during the boom > that led up to the financial crisis. The last time > people were panic buying london property was > during the MIRAS fiasco back in 88. Like the > current frenzy, that was caused by the government > meddling clumsily with the market. After MIRAS was > withdrawn and the panic to buy ended abruptly, > prices in London fell 30% on average but a lot > more for cheaper properties in less salubrious > areas, such as ED and Peckham - neither were > remotely trendy back then. > > There currently seems to be a conviction that > London property is a one-way bet and that buyers > have to get on ladder before it's too late. The > faster prices rise, the greater the pressure to > buy. I've heard tales of prices rising 50% a year > in SE London. Clearly unsustainable, and likely to > end messily. Er, strange logic - Miras itself was actually the govt meddling with the market and giving middle-class homeowners a tax break. Whilst its withdrawal did indeed cause a massive buying frenzy and horrible crash...that withdrawal was actually moving to a purer market than a meddled in one (ie by removing tax relief on mortgages).