It looks like it's begun!

theEnd

It does seem that everywhere you look in London they're building some cheap flats.

wotsthat

AG47 wrote: »

So how bad is it? The average sale price of all apartments in the SW8 postcode has fallen by about 16% to £818,000 in the last year alone, says Foxtons. So there you have it. Nothing goes up for ever. Not even London house prices.

Presumably you lot aren't in the market for a £818k flat in SW8?

What's happened to prices in the London area more generally? You know - where you're more realistically expecting to live?

As far as I can see someone (don't know who) has said prices have fallen in a postcode (where you and I don't want to live) to levels we still can't afford.

I wish I'd STR'ed years ago to take advantage of this wondrous opportunity.

chucknorris

AG47 wrote: »

China has stepped up its campaign against corruption, with the obvious result that sales of all luxury goods exported to China have tanked (what is a brand new rabbit hutch in Battersea bought by a Chinese bureaucrat but an exported luxury good?).

And, of course, supply isn’t exactly as limited as it was. In this post we counted the developments on the way – in January it came to 54,000 units. The result? A new report from Lonres, compiled for Bloomberg, tells us that almost 30% of the properties on the market in London’s Nine Elms district have been on the market for more than a year (it is 12% in super-prime London), says Neil Callanan on Bloomberg.com.

So how bad is it? The average sale price of all apartments in the SW8 postcode has fallen by about 16% to £818,000 in the last year alone, says Foxtons. So there you have it. Nothing goes up for ever. Not even London house prices.

* Malaysian investors, bought almost third of the 866 homes in the first phase of the Battersea Power Station project, says Callanan

How familiar are you with Battersea? I've got 4 properties there, and have owned property there since 1991, and lived there for over 10 years. When they started building/selling all these new build flats there, I was amazed why people were buying them for so much, when you could get a decent 3 bed Victorian house for about £250k more. They were never (still not IMO) good value, when compared to the period houses in Battersea (which are usually also in a better micro area of Battersea).

Graham_Devon

mayonnaise wrote: »

Oh it's you. Welcome back.
Are you upgrading to the iPhone 6 anytime soon?


http://forums.moneysavingexpert.com/showpost.php?p=61620499&postcount=1

Why are you dragging this up? Preusmably you are trying to embarrass the OP after having gone through hard times?

Why though?

Conrad

Years ago I got burnt fingers on a new build flat, avoided ever since. I prefer established property that has a track record of high rental demand. I stuck to much cheaper outer edges of London, areas now experiencing a high influx of new residents. I like having small manageable mortgages which I can cover if a tenant defaults.

AG47

theEnd wrote: »

It does seem that everywhere you look in London they're building some cheap flats.

Can you say bubble?

chucknorris

Conrad wrote: »

Years ago I got burnt fingers on a new build flat, avoided ever since. I prefer established property that has a track record of high rental demand. I stuck to much cheaper outer edges of London, areas now experiencing a high influx of new residents. I like having small manageable mortgages which I can cover if a tenant defaults.

I've never understood why people spend almost as much on a 'luxury' 2 bed new build flat (with high service charges), when period houses offer so much better value.

kabayiri

chucknorris wrote: »

I've never understood why people spend almost as much on a 'luxury' 2 bed new build flat (with high service charges), when period houses offer so much better value.

Amongst the raft of programs following the GFC a few covered people who had lost heavily on property.

One lady had bought 2 flats in the NW area (I think it was Warrington), from a development outline only.

The lady in question lived down near London; had no knowledge of the Warrington area; had no appreciation of the pockets of desirability you get (yes, even Warrington! ). She was basically sticking it all on black, casino style.

It's when people ignore fundamentals and adopt blind trust that we will see problems. Even in new build developments of flats there will be certain properties which prove sticky when it comes to selling.

ChuckN : you demonstrate that there isn't really a substitute for knowing the area you are buying in.

(My own family has made the same mistake btw. We didn't understand the desirability of bits in Western Canada when buying. You live n learn - hopefully!)

mayonnaise

Graham_Devon wrote: »

Why are you dragging this up? Preusmably you are trying to embarrass the OP after having gone through hard times?

What hard times?

Gavin234 wrote: »

I have the last of us on PS3 and want to play the dlc game left behind.

Gavin234 wrote: »

I have an s3 Samsung with micro SIM card, I just bought iPhone 5c and trying to swap the SIM card but it won't fit.

Sapphire

I think there are a lot of gullible people who fall for all the advertising for 'luxury flats', which persuades many people that they absolutely must buy new-build properties. I think the same sort of thing happened a couple of decades ago (on a much smaller scale) before a crash? House builders such as Barretts were involved then as well as now, I believe, and the quality of their work was generally viewed as substandard.

From experience, a period property (house or something like a one-of-two maisonette) is so much better built than all these (to me) vile new-build buildings that are destroying London. IMHO.