Wednesday, 20 June 2007

Russian millionaires in South London? Not very likely

I found this interesting post from House Price Crash that illustrates the delusionary behavour of some sellers in London:

SW London 3 bed Victorian Terrace - nice but not fantastic area. Owner has redecorated, fitted a better kitchen/bathroom - can't have spent more than about £35k 'improving' it. Bought 2005 for £450k On market for £800k - thats more than 75% increase in two years...

I bought a similar house in the same street for £137k in the mid 1980's .. Both missus and me earning a good wage and we only just afforded the mortgage.

My question if 2 professionals on a good salary (at least twice the national average at the time ) in their early 30's only *just* managed to pay the mortgage on £167k then who the fudge can afford £800k now??? It's only a small 3 bed, no garden front or rear - I can't see Russian millionaires piling in???

If anyone sees any prospective Russian homebuyers in South London, be sure to let everyone know.

2 comments:

Anonymous said...

hi excellent blogg....

You have a lot information on here, and more than i know of - and i spend most of the day on HPC or GHPC!!! May I ask who you are? Are you a journalist or someone working on the inside!?

A mysterty to me........

jdc said...

Clearly it's not Russian Billionaires, but South-West London is a big place. There are quite a lot of wealthy-ish foreigners. A lot of senior diplomatic staff live around Wimbledon, for example.