What about London?

Officer_Dibble

sircharles wrote: »

If you do win the lottery old chap you could always buy this pad in London. It only has one bedroommind.........................

That's 19 apartments for sale as one lot...mind you, still a bit above budget.

chewmylegoff

blakalycious wrote: »

Hi,

I have just joined this great website after reading very insightful and interesting posts over the last couple of days.

I am a FTB and have been secretely wishing and dreaming for a little while about the HP crashes we are seeing now to jump on the property ladder. As I might finally be in position to buy something i.e. in terms of having enough deposit relative to the HP, I hear and read a lot on how difficult borrowing is and how uncompetitive deals are with small deposits.

I live in London and would like to buy here and need to understand how it all compares here (as London often is the exception to the rule!), as far as ease of borrowing and buying are concerned.

Has any of view attempted to buy in London since the crisis was 'declared'? Have you observed the significant price reductions everybody is talking about?

I have 10K on the side and am working towards saving a further 5K by September this year, meaning I would have a 12% deposit on a £100K flat/house with a couple spare thousands for fees.

I am on 32K and have credit score with Experian of 900 (although this doesnt seem to mean much?). I am 27 and got a new job a few months ago.

I think now (this year) is a good time and I am really keen but do I stand a chance?

download property bee, which is an add-on for firefox. then load up rightmove and look at the asking prices for properties in the area you want to buy, then you can get an idea of how much asking prices are being reduced in order to sell places. i have only been paying attention to flats in wandsworth between 300-350k. generally the only ones that are selling are the ones that have been aggressively reduced in price - by up to £50k, and one presumes that they took offers below the final asking price as well. that said, this doesn't represent a fall in actual value, only a fall in ridiculous asking price.

blakalycious

I am on it chewmylegoff, Property Bee is so very useful. Priceless really! I will keep on monitoring and get ready in the meanwhile.

Thanks!

sircharles

Officer_Dibble wrote: »

That's 19 apartments for sale as one lot...mind you, still a bit above budget.

Still a bargain though! No wonder the Russians are eyeing up our properties.

We're going to be runover..........