Bargain in N1?
15th January 2003 by Simon
I’m old enough to remember the last property madness that was London at the end of the 80’s. The peak of that time I remember, what I thought was madness at the time, single car garages selling in Hampstead for £60k.
I think we must have finally reached the current peak of this property boom. The Times property section has a piece on what they describe as a “Shoebox in Islington” and what the estate agent calls a “highly individual freehold studio house”. It’s just short of £80k and it’s a single room, with a bathroom but doesn’t have kitchen facilities!
Since I first looked up the Hamptons property on the site, it become unavailable. So either they’re a little embarrassed and have removed it or someone’s snapped up this bargain up - I’m sure the garage in Hampstead is worth way more than £60k these days.
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When is the crash going to finally happen?
I read a newspaper article a few months back that had four properties which had sold for ridiculous amounts of money.
One was a small, on-street public toilet, another was a one room beach house (?120K IIRC).
When I bought my house 2 years ago the media was full of predictions of a crash, but prices have risen 15%-20% per annum ever since. You won’t get that in any building society, and my ISA has been doing that in the other direction.
I wish I’d bought a more expensive house - the gap between my modest one and my next purchase is rapidly growing.
And yet the Bank of England still maintains that we will enjoy a gentle levelling off of house prices.
So who knows? I believe that if you have a gut feeling that something is being sold for an unrealistic price, then that probably is the case.
The thing I reflect on is both New York and Z?rich.
Property prices in New York are in their own league, driven up by some people earning humongous amounts of money and that it’s a World capital city. Both of these things are also true of London - so perhaps the rise is prices will continue.
Very few people own their own house in Z?rich as most of the property is owned and let out - people don’t have the option to buy. This is could become the same in London - think how many people have bought-to-let over the last few years.
This is, of course, all guess work and I’m sure there are very few people, if any, who know what’s going to happen.
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