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  1. #1
    Join Date
    Jul 2003
    Kapiti in New Zealand

    Default After G20, reasons to be cheerful

    As well as last week’s summit deal, other chinks of light are emerging in the economic gloom

    Early last month, Ben James and his girlfriend decided to put their two-bedroom flat in south London up for sale, despite all the dire news about collapsing house prices. They weren’t expecting what happened next.

    Within five days of the property going on the market for £225,000, they had a buyer at the asking price. Contracts have been exchanged and they are set to complete in two weeks. For all the stories of property losing the gains of recent years, they stand to make a profit of £70,000 on the flat, which they bought in 2004.

    “We were surprised at how easy it all was, particularly because it’s much harder to get a mortgage on an ex-council property,” said James. “Obviously, we could have got more if we had sold before the downturn, but we are very happy with what we’ve got, though we did make some improvements to the flat. We will be in a good position to buy our next property with no onward chain.”

    Even if James struck lucky, there are other tales of life returning to the property market amid the gloom of the recession. Two weeks ago, a property in Fulham, west London, was put on the market by Savills for £795,000 and attracted 22 viewers. In the ensuing bidding battle, it sold for £900,000.

    Read more....

    Also watch "British Banking Crisis: Puppets Say Sorry" video here...


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