How is the London market?

I think it's been fairly static since we bought almost exactly two years ago in a North London suburb. The luxury market in central London's really collapsed, the normal one is holding, though I think compared to when we bought, more of a gap is opening up between properties in a good state and ones in need of work or with odd layouts that might be harder to sell, so you may get a better deal with a property with more flaws, although best to make sure they're solvable ones.

Yazmina wrote: »

What effect does anyone think the election will have? We're under offer in SW17. I think the offer is reasonable considering recent sales in the area. Hubby wants to wait until after 8/6.

People don't like a deadline so I suppose a lot will wait until after. Most won't even know why they're waiting, it's a bit like lemmings


Not sure if it will have an impact on prices, just that it'll be static. People do tend to panic though (me included) and think it's not selling so it's the price and drop - and it still won't sell. That may cause wider panic and everyone runs around like headless chooks screaming RECESSION.


Who knows. I just wish it would bloody hurry up and happen.


I want to move and election or no election, I'm still moving as soon as I get an offer!


Jx

Crashy_Time wrote: »

The property market runs on sentiment not scientific fact though?

If I believed Zoopla was correct, there is no way I would pay £150k over the odds because of sentiment. Don't believe others would either so really not sure what point you're making... Are you saying everyone paying over a Zoopla estimation is obviously overpaying on its true value and it should be trusted more? It's often way out! It overvalued my last house by around £150k!

Hi OP!

Here is my anecdotal experience of the London Market in April 2017. As background, I've been monitoring selected areas for over 2 years.

My first advice is to go onto Zoopla and search your areas, filtering for new builds. Then sort according to Most Reduced. This will give you a good idea of what is happening.

Here is what I have noticed. People are scared to move/can't afford to move. The price difference between a 2 bed and a 3 bed in my areas is 250k upwards, that's a heck of a step up for one extra room. As a result of fewer properties coming on the market, agents are over-valuing by crazy amounts. I have watched a basic 3 bed go from 1.3mil to 810k in a year. It hasn't sold.

On the bright side higher stamp duty for BTL has allowed FTBs to start buying. This has helped to keep the lower end buoyant.

If priced correctly, ie not overpriced, places sell quickly. But they can still fall through (I've had 2 calls from agents this week with broken chains). Surveyors are being conservative in their estimates and banks are under stricter lending rules.

In London a lot of new build flats are going up in the next few years. Something like 50,000 of them. China has recently talked about stemming capital outflows (stopping Chinese citizens safe-havening their money overseas). And of course there's the Brexit elephant which could stomp on the jobs in the City (a big driver of central London prices).

I would be very cautious about new build flats in London at the moment. Also, Foxtons are the absolute pits and everything they say is complete b0ll0cks.

Good luck