buying a London flat- doing the right thing?

neverdespairgirl

Cor, yes, the briefs would come flooding in, and I'd be Miss NDG QC in no time.

I gather there's a specific question on the application form about whether or not you own a house....

ixwood

http://forums.moneysavingexpert.com/showthread.html?t=1102081

http://www.guardian.co.uk/money/2008/aug/18/houseprices.housingmarket

So, that flat lost will have lost you £17,500ish last month then. What a buy!

GracieP

ixwood wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1102081

http://www.guardian.co.uk/money/2008/aug/18/houseprices.housingmarket

So, that flat lost will have lost you £17,500ish last month then. What a buy!

Which including interest is over a year of mortgage payments. In just one month.

chewmylegoff

ixwood wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1102081

http://www.guardian.co.uk/money/2008/aug/18/houseprices.housingmarket

So, that flat lost will have lost you £17,500ish last month then. What a buy!

although people cutting asking prices on websites isn't quite the same thing as property values actually falling.

Gangstabird

ojosverdes wrote: »

Thank you all so much for all the replies!!!!:T :T :T :T :T
It has been amusing reading the debate on Clapham and Balham- I hope I'm not opening another debate when I say that the flat I'm buying is between Clapham and Wandsworth, closer to Wandsworth Common side.

I so appreciate all the advice given. And also the encouragement from quite a few of you to go ahead with the flat. This will be my home!!:D

Hopefully it will all go smoothly now and I can move in soon. :beer:

I haven't read all of this, but I really think you may be making a huge mistake. It's how long it took you to save that huge deposit and then perhaps losing your savings in 6 months. If you feel that strongly, just wait until after Christmas and you will probably be able to buy that flat without using hardly any of your savings. I hope you dont' mind me saying this but it just seems such a shame.

WebJunkie007

I bought a flat in London last year and in the area I bought the prices are holding. They certainly haven't gone down. All the headlines about property crashes - maybe not so applicable to major metropolitian areas where there are always people looking to buy.

fatpig_2

Pull out of this purchase quick. House prices in London are falling like a stone!!

fatpig_2

WebJunkie007 wrote: »

I bought a flat in London last year and in the area I bought the prices are holding. They certainly haven't gone down. All the headlines about property crashes - maybe not so applicable to major metropolitian areas where there are always people looking to buy.

Oh dear! Time for a rethink!

House sellers in London are finally coming to terms with the credit crunch and have slashed the asking price of their homes by more than £20,000 in a single month.

http://www.thisislondon.co.uk/standard/article-23538669-details/Asking+prices+fall+%C2%A320%2C000+as+house+sellers+cave+in+to+the+credit+crunch/article.do

hethmar

I havent read the whole thread - you are earning a very good salary! and you have really done well to save that amount of money, so you obviously have your head screwed on but I just wonder if it would be better to look for a nice little period terrace house rather than a flat?

ds1980

Friends mum and dad's house just gone under offer after 2 viewings and being on the market for 7 days. £450k for a 3 bed 2 bath house in east london!

People are still buying in this climate....it says a lot really.