Where in London would prices be worst hit because of Brexit/Whatever?

sann420

Jack_Johnson_the_acorn wrote: »

Worst hit because of brexit/whatever..... what does that mean?

Okay so I think the house prices were going to decrease in London because of market over heating even pre brexit.

So I dont want this to become a debate about whether prices went down because of brexit or for what ever other reason.

All I am interested in knowing is which areas would be hit hardest if prices do actually go down. For e.g. people who went through the downturn in the 90's and 2008 would know from personal experience which areas were hit the hardest.

I am also using the term 'go down' rather than crash as I think given the shortage of housing a correction of 10-20% is more likely than a 50% crash.


Thanks,
-A

lisyloo

I am in a position of buying in one area and selling in another and thats why asked this qustion

Everything in London is priced within an inch of it's life for general appeal.
What that means is that places next to a tube station (in general very desireable) are more highly priced than those 5 mins away which are priced more highly than those 10 mins away.
If your criteria fit in with the general world e.g. transport is pretty important, then you'll find everything priced according to desireability.
Of course your personal criteria might be a bit different to the general market.

Why are you moving? I'm asking because if you are moving for a specific reason (like work) then you're not completely free to choose where you live because presumably you want it to be near to work (or whatever the reason that prompted the move).

The problem you face is that once it's known that areas are "on the up" the future improvements are already priced in. For example new tube at nine elms, cross rail at wood green.

lisyloo

All I am interested in knowing is which areas would be hit hardest if prices do actually go down.

Larger properties are being badly hit because of stamp duty changes.
Are you looking at buying a multi-million pound house in Kensington and Chelsea though?

Might be helpful if you gave a bit of information about your budget and what your criteria are. Presumably you have a reason for moving which would give us a clue as to which areas might be suitable.

sann420

lisyloo wrote: »

Larger properties are being badly hit because of stamp duty changes.
Are you looking at buying a multi-million pound house in Kensington and Chelsea though?

Might be helpful if you gave a bit of information about your budget and what your criteria are. Presumably you have a reason for moving which would give us a clue as to which areas might be suitable.

I am selling a flat in Hackney and buying a 3/4 bed terrace in Redbridge due to growing family needs. Both seem very over prices to me

lisyloo

I don't know the area but Wikipedia says

The London Borough of Redbridge is a London borough in North-East London,[2] England. It is known for its award winning parks and open spaces, excellent transport links, thriving shopping areas and high-performing schools.[3] The borough is known as the 'leafy suburb'[4] with one quarter of the borough covered by forest and green, and three quarters of homes are owner-occupied.

then it's hardly surprising that somewhere so desireable within commuting distance of one of the most thriving capitals of the world is highly desireable and therefore expensive.


The options are to move somewhere less desireable or move further out. Are you tied to Redbridge or London in general?
I mention it as a colleague recently moved to Birmingham (for family reasons) and has a slightly longer but luxurious (in comparison) commute on a direct train. Could you consider moving further out (and before you ask, yes I am considering it myself).

buglawton

No particular area is affected. Overpriced and characterless new mass developments are hit (Nine Elms) as even foreigners have woken up to reality finally. But foreigners are still rampant and now moving into used property, keeping the sub-£1m market very firm IMO.

cells

London is moving Eastwards. I think Tower Hamlet will do well over the next 20 years. Right now its cheaper than Hackney (just) but its location is arguably better being in the middle and closer to the two big employment hubs of docklands and the square mile.

Leyton and Haringey further out have a higher portion of terrace homes and a somewhat higher portion of private homes so they will hold up OK .

Overall I don't think anyone call easily call where in London will do better. It's best to decide on your own needs

brit1234

Prices have been falling in central London well before the brexit. The estate agents blamed the stamp duty changes. We also have the world economic slowdown especially in the far east with all the capital controls. Foreign investors have dried up for the higher price properties however I believe there has been a big increase in cheaper parts of the country. Tens of thousands of luxury flats have been built or nearly built with no buyers in London and are being reduced in price or special packages added.

My biggest fears for the bubble collapse not continuing is Help to Buy and tax Havens. Help to Buy London gives you an additional 40% loan pushing prices up, just look at the local papers property section adverts. Heaven knows how these people are going to pay the 40% loan and the mortgage on their £600,000 1 bed flats after 5 years.


Then you have all the people laundering money through tax havens, its crazy just look at the Private eye map of all the tax haven properties in each street in London.:(

http://www.private-eye.co.uk/registry

Lets hope the price falls continue to ripple out from the center, they scrap help to buy and start tackling off shore tax havens used to buy property.

Jack_Johnson_the_acorn

brit1234 wrote: »

Prices have been falling in central London well before the brexit. The estate agents blamed the stamp duty changes. We also have the world economic slowdown especially in the far east with all the capital controls. Foreign investors have dried up for the higher price properties however I believe there has been a big increase in cheaper parts of the country. Tens of thousands of luxury flats have been built or nearly built with no buyers in London and are being reduced in price or special packages added.

My biggest fears for the bubble collapse not continuing is Help to Buy and tax Havens. Help to Buy London gives you an additional 40% loan pushing prices up, just look at the local papers property section adverts. Heaven knows how these people are going to pay the 40% loan and the mortgage on their £600,000 1 bed flats after 5 years.


Then you have all the people laundering money through tax havens, its crazy just look at the Private eye map of all the tax haven properties in each street in London.:(

http://www.private-eye.co.uk/registry

Lets hope the price falls continue to ripple out from the center, they scrap help to buy and start tackling off shore tax havens used to buy property.

Who cares about the prices of homes worth £10,000,000+ though..... A drop of £500,000 might sound like a lot, but if the house is still worth £34,000,000.00..... who cares.

lisyloo

Jack_Johnson_the_acorn wrote: »

Who cares about the prices of homes worth £10,000,000+ though..... A drop of £500,000 might sound like a lot, but if the house is still worth £34,000,000.00..... who cares.

Depends on whether that market is completely separate from the market for normal people (6 figures) or whether there is a trickle down effect.