How Much.. (have property proces really dropped in East D?)

[benmorg]

Mick Mac Wrote:

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> Benmorg - Why do we factor in a fall in sterling

> if we live in the uk?

Because you might want to retire to live the south of france or buy a holiday home abroad, or your kids might emigrate and you might want to spend part of the year living near then. Who knows how life will pan out. But if you're happy to commit to staying trapped in the UK for life then the fall in sterling needn't bother you.

Fortunately house prices are now falling in france too, down nearly 10% in last quarter of 2008 apparently. Maybe the euro will start sliding too.

[Mick Mac]

Oh I see - yep, I may want to retire to France, true enough. Love France and all things French, although i suspect the ex rate may move a few times this way and that before I am lucky enough to retire.

[benmorg]

I think the euro might catch up with sterling's fall. Or more likely it will cease to exist if european economic union is torn apart by the recession/depression. As long as there isn't a full-blown run on sterling or hyperinflation in the UK, then exchange rate may well not be a long-term problem.

[Jeremy]

ibilly99 Wrote:

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> Crystal Palace Road tip top 3 bed room top grade

> refurb - marble work tops NEFF ovens etc - on

> market July 2007 ?725,000 eventually went on

> private sale for ?565,000 that's 22% - as others

> have said the market price is what the property

> sells for not what you think it's worth. I've said

> before there's no cavalry waiting for the party to

> begin again we're heading for /in a depression

> (IMF says so and the Economist) and we'll be lucky

> if prices don't fall 40% from peak.

I think examples like this give a skewed perspective. There's no way a terraced house (3 bed!!) was ever genuinely worth 725k on Crystal Palace Road, no matter what worktops it has in the kitchen. The developer was obviously just trying their luck, hoping someone with more money than sense would come along and "fall in love with it".

[benmorg]

56 crystal palace road sold for ?750,000 in July 2007 (admittedly a semi rather than a terrace), so the ?725,000 asking price may not have been unrealistic at the peak of the market.

[Jeremy]

Do you know if that's the strange looking one with the huge extension at the side?