Is the market cooling in London?

rubybloo

I had an offer accepted on a flat in zone 2 London in earlyApril, pretty much at the peak of the buying frenzy. At the time I knew the offer was a very goodprice above asking price, but it was one of the most suitable flats we’d viewed.



Pretty much as soon as Easter was over it ‘felt’ like ther ewas quite a few more properties available and looking at Rightmove, there’squite a lot I’d happily inspect (as opposed to there being very few duringJanuary – March)



The mortgage valuerhas signed off on the purchase price but my independent surveyor has quietlysuggested that I have offered too much after he did my homebuyers guide survey.



I’m starting to get quite cold feet about the price as I suspect the market is starting to cool and I was wondering if anyone could give me someadvice as a first home buyer. Should Itry to renegotiate now and what would be reasonable ? Or am I mad trying to do this in London? We are in a chain of 2 properties.

TrixA

If the survey has revealed genuine issues by all means try to renegotiate the price, but I don't think you should be too influenced by any perceptions of what the local market might be doing.

In London, I also wouldn't attempt to negotiate unless you're prepared to lose the property.

AndyGuil

The latest figure is 4.2% up in a month so no it is not cooling. 25 buyers per property is quite a lot of pressure. There has been recent rule changes for mortgages which have increased the time it takes for approval. This has created a lag which has just started to clear.

bmunky7

Perhaps in some parts it might be but certainly not where I am. If you really see lots of other properties you could go after and you have cold feet it could be right to pull out but you may well lose the property and later regret it.

ging84

how did you feel about your offer ? did you feel it was right for the property at the time, or did you feel pressured into putting an above asking price bid just to secure the property because nothing else was available?

pipster1969

Imagine if it was the other way round, believe me there's plenty of time for that to happen. Why would you make an offer then decide you offered too much? If you were buyer I know what I'd tell you to do. The way prices are rising in the South East and London your seller may well decide the day before exchange that he can now get more anyway, good luck.