Housing market slowed to a crawl in London?

Gazump

Is it just this time of the year? It seems theres hardly anything for sale compared to 3 months ago. I thought maybe prices are going up but I upped the value in my Rightmove search and theres still not much more.

So what is the forecast for Autumn? Are sellers just sitting tight until the economy picks up?

Thrugelmir

Gazump wrote: »

Is it just this time of the year? It seems theres hardly anything for sale compared to 3 months ago. I thought maybe prices are going up but I upped the value in my Rightmove search and theres still not much more.

So what is the forecast for Autumn? Are sellers just sitting tight until the economy picks up?

People need a reason to move. With the downturn in the economy. Loss of employment, pay cuts and pay freezes. People are more likely to stay put.

Confidence in the property market may take some time to recover.

Get round the Agents in areas you want to buy. As property may only be on the market for a short period of time if there is limited supply.

chucky

there is a lack of quality properties out there. when they do come on the market they go very quickly.

people are not moving due to the lack of confidence mostly in their job security and also the strict mortgage lending.

looking at the RICS and house price index reports over the last few months London prices have flattend out and increased in some places. i would say on average they will remain flat.

which area are you looking at?

Gazump

Anywhere within Zone 2. But mostly East london.

When it begins to pick up, how different to do you think the prices will be? Problem for me I am a FTB, and will be a sole owner, so I can just about afford it and I don't want to live further out of london.

beccad

You may have to be flexible on location TBH as a first time buyer. We're zone 3 and it's fine - 40 mins door to door to the West End.

Well we're hoping to put our flat on the market sometime soon, when we finish sorting it out and deal with the damp patch that has suddenly appeared - why does that always happen at a time like this LOL!

There's not much on the market where we are (north London), and those that are have been on for a while. It's a street of Edwardian terraces, most of which are converted into flats, but some have been done in a really odd layout, galley kitchens, which is fine in a small-ish flat, but they've been built at the opposite end of the flat to the living room so you have to walk past the bathroom and bedrooms to sit down and eat! Others are just in poor condition, mostly ex-rental properties.

mbga9pgf

Sellers are going to be waiting a while for a recovery... We may slip out of recession next year (temporarily in my view) but it aint going to feel better for a couple of years, I reckon it will be as late as 2015 before we see any meaningful recovery. How long are potential sellers going to wait? 6 Years may be pushing it!

beccad

I'm certainly not waiting that long! We'll be selling our flat to the first suitable person who comes along with a reasonable offer and mortgage in place. We just want to get moving to be honest.

Out,_Vile_Jelly

I'm keeping an eye on prices in SW London and rarely see anything tempting (admittedly my budget is low). There are an awful lot of generic tower block 1 bed flats knocking around. I amused myself one afternoon by seeing what I could afford in Croydon (quite a lot), where I lived for a while. My favourite was a studio flat in West Croydon for £170k.

Gazump

Thanks guys. Which places in north london are good areas to live? without being too far out?

and going off topic, beccad what can you do about a damp patch? I've seen a few places which were really nice but had damp patches and thought it would be too much hard work to fix.

ILW

Gazump wrote: »

and going off topic, beccad what can you do about a damp patch? .

Make the wife sleep on it.

JayZed

Gazump, I agree with beccad, you may need to be flexible on location in terms of how far out you go. I live in zone 3/zone 4 borders in North London, and by tube it would take me about 45 mins to most places in the West End or the City. I commute by scooter, though, which makes it about 25-30 mins. Anywhere within Zone 2 is going to be fairly expensive.

In North London, for a FTB you may want to look at flats on the Harringay Ladder (close to Harringay and Hornsey overland trains, which are very quick into Kings Cross and Moorgate. I used to live there and it's not a bad area, still a bit gritty but you've got gentrified Crouch End a short walk away, and more importantly fantastic kebabs on Green Lanes.

A bit further out you could look at Bounds Green, Bowes Park, or possibly some of the nicer parts of Wood Green (all on the Piccadilly line; Bounds Green/Bowes Park are also on the overland).