Cash Buyer In Prime London...Stop Search Or Continue ? (HELP!)

ArabellaLondon

Hi Everyone,

I am from NYC and moved here not too long ago, I work in finance...in Feb I made a thread excited to begin my hunt here but alot has since changed!

I am a first time buyer in London and a cash buyer at the time my budget was about 700k-900k for a 1-2 bedroom flat in Central London. I since raised that to 1million when as I decided I 100% wanted a 2 bedroom I realised the houses here were a little pricier than in NYC where I lived...

Now BREXIT has happened and I'm stuck and need advice whether to continue my search and how to go about this. I was looking forward to making London my home and this apartment and have seen some lovely places, as I'm a cash buyer negative equity etc isn't an issue but would spending 1 million on a 2 bedroom flat in Central London be an awful decision right now ? or should I just go ahead ?

Other questions..

1. Should I continue my offers at pre-brexit prices if I go ahead?
2. Is there any advantage of being a cash buyer in this time?
3. If I wait it out how long do you recommend.

Really need some opinions on this....

My fear is I invest in a house today in cash and in two years it's not worth as much!

Best,

A

anselld

ArabellaLondon wrote: »

Really need some opinions on this....

Really? Have you seen the quality of BREXIT debate on here? (and elsewhere for that matter).

brodawel

Buy in the best area's, there will always be more demand for a good location. If you can afford it it's a better investment and easier to sell should you ever need to.

marksoton

ArabellaLondon wrote: »

I work in finance...

Then as a financial professional why are you asking this lay forum community?

Oh.... There's really only two answers to that question isn't there....

ArabellaLondon

marksoton wrote: »

Then as a financial professional why are you asking this lay forum community?

Oh.... There's really only two answers to that question isn't there....

I'm not too sure what you mean....when I moved here Martin Lewis was hailed as the personal finance guru here and this is his forum no? why shouldn't I be allowed to ask personal finance questions here ? or the opinions of British people?

This isn't friendly at all.

ArabellaLondon

anselld wrote: »

Really? Have you seen the quality of BREXIT debate on here? (and elsewhere for that matter).

Hello Sir,

I've read the threads but not too much on cash buyers in prime London spending over the million mark.

Thanks

A

ArabellaLondon

brodawel wrote: »

Buy in the best area's, there will always be more demand for a good location. If you can afford it it's a better investment and easier to sell should you ever need to.

Thanks, I'll stick to the absolute highest prime areas, I was considering Angel etc but will stick to the West End and SW. I've been panicked over this but I don't want to just rent for years while waiting.

Do you think I should change my offer technique ?

Wyndham

I think that no one on here will be able to answer your question as at the moment it's all about unknowns, not knowns.

There are possibly a few unknown unknows around as well

marksoton

ArabellaLondon wrote: »

I'm not too sure what you mean....when I moved here Martin Lewis was hailed as the personal finance guru here and this is his forum no? why shouldn't I be allowed to ask personal finance questions here ? or the opinions of British people?

This isn't friendly at all.

You have £1 million pounds. Ask a mate at work.

On the assumption they haven't already got on a plane to Germany of course.

tomtontom

ArabellaLondon wrote: »

I'm not too sure what you mean....when I moved here Martin Lewis was hailed as the personal finance guru here and this is his forum no? why shouldn't I be allowed to ask personal finance questions here ? or the opinions of British people?

This isn't friendly at all.

Martin's "advice" is primarily aimed at the other end of the food chain, people that claim misselling due to lack of financial understanding, saving money through coupons etc. Whilst you'll get more informed views on some parts of the forum (including this board), I would not make any investment based on the opinion of MSE, forum members or ML.

jjgold

Dont feed the troll