Plenty of property on sale, need to buy urgently, can't do a deal!

ILW

westlondonbuyer wrote: »

Thanks for feeling the pain Seraphina!

I just want a home, you know? Happy to pay a good price even though the world is very different in 2010 than it was in 2007. But getting nowhere.

Problem may be that your are in a hurry to buy, but very few sellers are in a hurry to sell. Most are happy to wait for years in the hope of getting what they think their place is worth. In some areas 2007 and above prices are being achieved, others nowhere near.

Running_Horse

That's why it's called a market. You won't pay what you consider RIDICULOUS prices, and they won't sell at what they consider RIDICULOUS prices. If you're in a shop and can't afford the price tag, go to a cheaper shop. No doubt all these overpriced houses will come down if no one buys. Or maybe they will sell and the price is correct. You can't force someone to sell at the price you can afford.

westlondonbuyer

I do understand that, Running Horse. It's like there's a stand-off between vendors and buyers at the moment. Strange market, for no-one benefits!

My roomie at work has just said lots of people will have remortgaged at 2007 prices and will now need to inflate their asking price to ensure there isn't a shortfall on the mortgage in 2010.

Running_Horse

If I had that much money I'd buy a proper detached house and land less than an hour away by train.

kmmr

I live in W14 (Brook Green area) and I think prices are at around 2007 prices and then some, but the problem more tends to be availability of 'family' homes. Anything with a garden in the area is snapped up immediately, and often over asking prices.

Things without a garden are going a bit slower, but obviously a garden is preferable if you want to have kids.

There is a big renovation project on Milson Rd of a house beside the Jam Tree pub. I think the plan was to make it into a number of flats, with the basement linked to the first floor as a larger flat with garden. Might be worth chatting to the developer...

But, I suppose if you want a terrace then the W6 area down the Fulham Palace Rd is probably a good area for nice little houses.

Good luck!

westlondonbuyer

The other thing that puzzles me: I check out 'ceiling prices' for various streets on the internet. This is all based on Land Registry data, so more accurate than estate agents' estimates (case in point, a house not far from here went on the market at £1.15m and eventually sold at £790k a year later). Do vendors not look at these types of sites?

westlondonbuyer

Running Horse, I'd happily do that (country girl originally), but unfortunately the practicalities of my job make a commute virtually impossible.

Thanks for the info, KMMR. Brook Green is a lovely area. Completely out of our price range, sadly.

kmmr

westlondonbuyer wrote: »

Running Horse, I'd happily do that (country girl originally), but unfortunately the practicalities of my job make a commute virtually impossible.

Thanks for the info, KMMR. Brook Green is a lovely area. Completely out of our price range, sadly.

Maybe not if you are willing to do work. People who buy in the area tend to want 'finished' properties, so there are some better value projects in the area. I'll grant you 'better value' is all relative!

lee636

westlondonbuyer wrote: »

I do understand that, Running Horse. It's like there's a stand-off between vendors and buyers at the moment. Strange market, for no-one benefits!

You mean you dont benefit?

In most cases someone who sets their price at a certain limit (you may say over-inflated) can afford to wait. If someones not in a hurry to sell then why should they accept less than they want, the market deems that something is worth what someone will pay.

You say 2007 peak prices +15%, maybe they are worth that? If people feel they can ask and wait for an inflated price then do you really think they will reduce their price based on a silly gazunder tactic?

FTBFun

I think you should consider a different area.

I lived in NW London for 5.5 years (Hampstead, West Hampstead), but the property prices were extortionate. I ended up buying a flat in a decent part of London, south of the river with the same time in commuting.

I have given up the tube, but there has to be some compromise IMO if you want to actually buy your own place.