How is the London market?

Crashy_Time

http://www.cityam.com/262960/uk-house-prices-unattainable-no-not-just-london-most

hazyjo

Lamy wrote: »

If you were buying a house in London at this point in time would you buy now or wait then?

I'd buy when the time was right for me. There will ALWAYS be something making you say today is more of a risk. If you're buying for a 'home', ride out anything that comes along. Make sure you're not buying something you'll outgrow in say 2 years. Two years until Brexit, and probably the same again after that. Think of all the rent that could have been paying down a mortgage...

Jx

Crashy_Time

hazyjo wrote: »

I'd buy when the time was right for me. There will ALWAYS be something making you say today is more of a risk. If you're buying for a 'home', ride out anything that comes along. Make sure you're not buying something you'll outgrow in say 2 years. Two years until Brexit, and probably the same again after that. Think of all the rent that could have been paying down a mortgage...

Jx

Depends how much you are paying in rent. If France is the catalyst for EZ break up, watch rates rise.

Crashy_Time

cashbackproblems wrote: »

key is to make offers, as already mentioned i offered well below asking and stuck to my guns (don't show seller/EA how much you really like it), a few more weeks and no offers the seller came begging, and even managed to include all the newish white goods he had bought, into my original offer.

Many sellers won`t do this though, it looks like it will take rate rises or recession to get many to come round to the idea of dropping their price?

hutman

I'm a hovering FTB so have vested interest in the developments of this topic.

To me, London has to quote UBS "elevated risk of prices correction" due to it being completely out of tune with market fundamentals - riding the wave of positive expectations, basement rates and foreign capital inflows. The fundamentals being price-income ratios, inflation, wages, economic policy.

Thus i too am hoping for a crash but fear due to the nature of property being an illiquid asset, the phasing of monetary policy and watering down of burgeoning expectations.. it will take time.
The biggest factor which would stop this was relentless pace of migration into London holding it up... So FTB are sincerely hoping Mrs May does mean "Brexit means Brexit"

chucknorris

hutman wrote: »

I'm a hovering FTB so have vested interest in the developments of this topic.

To me, London has to quote UBS "elevated risk of prices correction" due to it being completely out of tune with market fundamentals - riding the wave of positive expectations, basement rates and foreign capital inflows. The fundamentals being price-income ratios, inflation, wages, economic policy.

Thus i too am hoping for a crash but fear due to the nature of property being an illiquid asset, the phasing of monetary policy and watering down of burgeoning expectations.. it will take time.
The biggest factor which would stop this was relentless pace of migration into London holding it up... So FTB are sincerely hoping Mrs May does mean "Brexit means Brexit"

We have given up extending our existing home (which would be better value, but we can't be bothered with the hassle). So we are looking to buy and upsize our home (not in London but in nearby Surrey: Dorking, Leatherhead, Ashtead or Guildford). So although we still hold investment property, a temporary fall would actually suit us (I bet that is a surprise to Crashy).

Planet_Switzerland

According to Zoopla my flat is worth 6% more than what I paid for it last year, but you have to take that with a pinch of salt.


Not too sure about now, but when I was looking there were properties coming onto the market for quite ambitious prices but eventually selling at the typical area price, so being made to look like bargains when they weren't, just nobody was foolish enough to pay the original asking prices.

hazyjo

Planet_Switzerland wrote: »

According to Zoopla my flat is worth 6% more than what I paid for it last year, but you have to take that with a pinch of salt.


Not too sure about now, but when I was looking there were properties coming onto the market for quite ambitious prices but eventually selling at the typical area price, so being made to look like bargains when they weren't, just nobody was foolish enough to pay the original asking prices.

A whole sack of salt lol. Undervalues mine and what I'm looking at by up to around £150k

Prices are at last sticking in Leigh-on-Sea, along with several reductions. At last we may be able to afford what we want - although our E4 market is very slow. The EA said it's not been like this for months/years. Way down on viewings/offers compared to last year. Seems to be certain areas that are affected at the mo, not everywhere (yet).

I suspect they will pick up in the next three months or so, but I do think they'll start creeping down again the closer to Brexit we get - and prob for a good year or so after. But I'm only guessing (along with the 'experts'!). It's all an unknown.

Crashy_Time

hazyjo wrote: »

A whole sack of salt lol. Undervalues mine and what I'm looking at by up to around £150k

Prices are at last sticking in Leigh-on-Sea, along with several reductions. At last we may be able to afford what we want - although our E4 market is very slow. The EA said it's not been like this for months/years. Way down on viewings/offers compared to last year. Seems to be certain areas that are affected at the mo, not everywhere (yet).

I suspect they will pick up in the next three months or so, but I do think they'll start creeping down again the closer to Brexit we get - and prob for a good year or so after. But I'm only guessing (along with the 'experts'!). It's all an unknown.

Buyers might not see it that way though?

hazyjo

Crashy_Time wrote: »

Buyers might not see it that way though?

Then they need to give their heads a wobble. If they don't know Zoopla is not to be trusted and start quoting it as scientific fact, then I really don't think they're ever going to find a house in my area.


Thankfully I know it's BS and won't be offering £150k-ish lower on the houses we like.