In September I wrote:
Mystreet property price index (yes, literally the 40 homes in my street)
has been predictably active lately. From a 2007 mean index base
of 100, asking prices dropped to 94 with the crash. By last year, 2012,
they were back at 100 and earlier this year one was sold at 104, marking
a modest and realistic return of the market. This week, another's just
sold at 115.5 - 15.5% above the 2007 bubble high, marking a new
price-point for us all. This is now solid Foxtons territory. And it's a
Well, another one went in October for the same after just a few days on the market, and now an identical third has just gone on the market at an index of 121 - 21% above the 2007 high and last year's recovered price.
How can we be so friggin stoopid? It's a bubble.