the_duke_of_hazzard
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I live in London and intend to buy at the end of 2010, as we need to move for my first son's school. I may rent a further year if necessary.
It does seem that London hasn't really been whacked yet, but has definitely fallen. The problem is that there appear to be relatively few forced sellers in the decent areas (unlike elsewhere in the UK). So I suspect we'll see the low end collapse quickly, followed by a later (and faster) capitulation at the top end.
Interestingly, I did notice some very quick falls in some high-end property asking prices a few days after the Lehman collapse.
I have thought about doing a colour-map of falls. I suspect you'd see epicentres of poverty showing high falls at the moment, surrounded by nicer areas with no falls.
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It's nice to see their customer service being so frank and transparent.