Would you buy a house in London today?

Generali

ladyabouttown wrote: »

Is your house on the central reservation!?

Perhaps (s)he lives on a flyover.

[Deleted User]

I'm about 10 minutes walk from the M25 bridge.. but i'm on the 'London' side

AndyGuil

TickersPlaysPop wrote: »

Can people when posting please quote either....

Central London
Greater London
'London' inside the M25

The stats and situations are very different in these "londons"

Greater London is everything but the City. For the purposes of property pretty much all London properties are in Greater London. Often inner and outer London is referred to. Both have gained strongly, inner more so. Earlier in the year outer was predicted to gain even stronger.

sebtomato

AndyGuil wrote: »

Greater London is everything but the City. For the purposes of property pretty much all London properties are in Greater London. Often inner and outer London is referred to. Both have gained strongly, inner more so. Earlier in the year outer was predicted to gain even stronger.

I think Central London is a bit more than just the City (1 square mile)...

CLAPTON

although the definition of central london has changed over the years currently it would comprise parts of Camden, Islington, Westminster, Southark, Kensington and Chelsea, City, bits of Hackney and thereabout

AndyGuil

sebtomato wrote: »

I think Central London is a bit more than just the City (1 square mile)...

It is but many of these including inner and outer London are vague. Mostly zone 2 inwards is inner london and the rest outer london. Despite this both have gained well. There is more property in outer than inner of course.

However Greater London is everything but the City.

padington

A friend of mine got really stressed recently because he only got his first offer of almost asking price in the outer edges of south London after two weeks of it being on the market.

Only in London.

dominoman

Jason74 wrote: »

Much of the London market is driven by foreigin investment and speculative behaviour in a way that isn't present in the rest of the UK. That has led to a situation where the London market no longer bares any meaningful relation with the earnings of people who live in those areas, and where for many owners, their property is seen in the same way as a share portfolio.

I hear this a lot, but apart from prime central London I just don't believe it.

People are buying in London because they live and work in London and the option of buying is currently as cheap (almost) as renting, so long as you can afford the deposit.

I really can't see it lasting much longer at this pace of increase. There is a limit to how many people can afford to pay over a million pounds for a pokey 3-bed terraced house in zone 2 or 3.

lisyloo

DH has recently got a contract in London and we want to live there mid-week as the commute is too long.
However I think house prices are insane.
I can't see it lasting much longer. Interest rates will rise and foreign investors could turn on a sixpence.
We're going to get serviced appartments short term and check out where we might want to live at the same time.

My answer is no and I could afford to buy somehwere (small) for cash.

AndyGuil

As I mentioned before foreign investors only own 3%. They could dump their entire lot of property and it would make no difference. They generally hold onto property longer and have been buying UK property for a few decades now. They do like new builds and so if there was less money coming in then those would constrict supply which the majority of the demand is domestic. Rents are high so buying has been better just avoid the rent. This also means those that have properties for let do well.