House crash question?

Anyone remember/ know what happened (percentage fall) to house prices during the last crash in South West London. In particular Windsor area?

In fact, what happened to house prices in general in the London area?

Thanks

Adrian Smith

Reply to
Adrian Smith
Loading thread data ...

Roughly halved (central London) Irma

Inviato da X-Privat.Org - Registrazione gratuita

formatting link

Reply to
Irma Troll

Can't find any info on local areas before 1995. Is there data to back up the

50% drop in London.

Also anyone know what happened around Windsor.

Adrian Smith

Reply to
Adrian Smith

Since when was Windsor in London?

Difficult to say because a lot of people didn't sell at the bottom of the market hence they didn't have any benchmark for how low prices had fallen. A lot of estimates were based on speculation by estate agents.

I heard claims of people having negative equity of about 40% after the crash, however those affected seemed mostly to be naive buyers paying grossly inflated prices for apartments and housing that any sane buyer would have walked away from.

My own experience of prices in Godalming at the time (possibly close enough to Windsor to be affected in the same way) was of a "soft landing" on prices. We were in the process of selling at the time and had received what we thought was a series of unrealistic estimates of value before the crash of about £200,000 for a three bedroom house. After the crash we sold for £150,000 and bought another (much larger) house at the bottom of the market for £75,000 because the owner was tired of waiting to sell it. However I'm fairly sure that had they waited they would have realised a lot more money. Within a year prices seemed to have rebounded to something approaching pre-crash levels.

So, my guess is that it was a paper devaluation of 25-30% but starting from an unrealistic inflated value that few people realised. Going back a year before the peak of panic buying and the market was essentially flat.

Reply to
Steve Firth

I bought a flat in EC area for half what it sold for at the peak. So drop might have been slightly more than 50% Irma

Inviato da X-Privat.Org - Registrazione gratuita

formatting link

Reply to
Irma Troll

Greater London 88 - 93 -27% South East 88 - 92 -30%

Table 8 - Halifax Economic Factbook -

Reply to
Daytona

Good link, thank you....

Adrian

Reply to
Adrian Smith

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.