Brexit effect in London

Crashy_Time

Out,_Vile_Jelly wrote: »

Do you actually like Woolwich and would be happy to live there for some time? New builds always lose some value once the newness wears off, and you are always going to be benchmarked in terms of price against your many identical neighbours. Would your £300k get you something a bit further out that you may want to live in for longer (ie garden, potential for extension/loft conversion etc)?

Yes, that makes more sense, a new-build in Woolwich just sounds terrible value to me.

crondom

Hi, thanks for all the responses.

At the moment we rent in Greenwich, which is convenient for work (and lets be honest, a lot nicer than Woolwich).

Ultimately we aim to move to Bristol where a lot of our friends and my family live, within the next 5 years. So although we could put up with a little bit of up and down on a property, we wouldn't want to have to be stuck there for years riding out a recession.

If Woolwich wasn't getting Crossrail then I wouldn't be considering it, because some kind of price fall seems pretty likely, but the sheer scale of Crossrail and the way that it opens out the whole of London is almost certainly going to increase property value regardless of other factors. I think there would have to be some catastrophic falls in prices to cancel out the effect of Crossrail...

Out,_Vile_Jelly

The thing is, Crossrail is hardly a secret so those properties are priced accordingly. The bold thing was to buy along the route before the funding was confirmed.

I would personally enjoy renting in a nice part of town and save hard for your move to Bristol.

lewishardwick

I think Woolwich is going to be over-priced thanks to Crossrail and the DLR. Whilst the transport links are much improved, you cannot escape the fact that it's still Woolwich. It'll have your high street shops and a few chain restaurants might appear but don't expect it to become something amazing over-night.

Take a look at Lewisham, they're putting up hundreds, if not thousands of new homes. But actually, it's still as run down as it always was. People will use it as a 'base' and head up into (or out of) London for their social life.

if the housing market does indeed slow or even collapse as some suggest, all these developments will be halted and mothballed. They paid a premium for the land and wont want to reduce housing prices for the sake of a flakey market.

But hey, I'm looking at Erith lol But my long term is to stay in London / SE England.

paddyrg

With three property investment funds pulling out of London in the past week, there's still an insane amount of uncertainty. Those investment funds were all focused on commercial property, but it'd be naive to think it'll have no wider effect.