How is the London market?

amateur_house

brit1234 wrote: »

Yes the suburbs were rising last year but that changed this year if you look at selling prices. Transactions have also collapsed. The slump in central London has now spread to suburbs and south east.

Unless the government come up with another crazy help to buy scheme its down hill for house prices from here on.

I know this thread is about London, but your comment that it is spreading to the suburbs makes me wonder whether it is better to buy now or wait and see if it spreads to the North? I can't see any sign of things slowing down where I am (North West), except that there is less property coming on the market. I've not noticed much change in asking prices.

ETA: I know, nobody has a crystal ball

mysterymurdoch

I wouldn't pay attention to comments on here to guide you! Most of the ones predicting doom and gloom are from people who have been predicting doom and gloom for decades and getting it wrong. And they are certainly not experts.

If you're in the position to buy a house, and you want to, then do it.

Crashy_Time

amateur_house wrote: »

I know this thread is about London, but your comment that it is spreading to the suburbs makes me wonder whether it is better to buy now or wait and see if it spreads to the North? I can't see any sign of things slowing down where I am (North West), except that there is less property coming on the market. I've not noticed much change in asking prices.

ETA: I know, nobody has a crystal ball

Surely less property coming to the market is "slowing down" because people are giving up on getting their asking price?

amateur_house

mysterymurdoch wrote: »

I wouldn't pay attention to comments on here to guide you! Most of the ones predicting doom and gloom are from people who have been predicting doom and gloom for decades and getting it wrong. And they are certainly not experts.

If you're in the position to buy a house, and you want to, then do it.

I can't afford to buy the type of house I would like to buy at the moment, only somewhere as a stepping stone to getting a better house in a few years.

Crashy_Time

mysterymurdoch wrote: »

I wouldn't pay attention to comments on here to guide you! Most of the ones predicting doom and gloom are from people who have been predicting doom and gloom for decades and getting it wrong. And they are certainly not experts.

If you're in the position to buy a house, and you want to, then do it.

Just don`t buy a BTL to go with it.

Crashy_Time

amateur_house wrote: »

I can't afford to buy the type of house I would like to buy at the moment, only somewhere as a stepping stone to getting a better house in a few years.

It might not be "stepping stone" if the market crashes though? Already it seems many people have accepted that they can`t afford to move?

amateur_house

Crashy_Time wrote: »

It might not be "stepping stone" if the market crashes though? Already it seems many people have accepted that they can`t afford to move?

That's what worries me, paying too much for a house now means a risk of getting stuck there if prices were to fall. Obviously it means other houses would fall in price too, but waiting till they fall before buying means I might be able to get a house I could stay in long term. That would also mean just one lot of buying costs instead of two.

economic

amateur_house wrote: »

That's what worries me, paying too much for a house now means a risk of getting stuck there if prices were to fall. Obviously it means other houses would fall in price too, but waiting till they fall before buying means I might be able to get a house I could stay in long term. That would also mean just one lot of buying costs instead of two.

how much do you need for your ideal house to fall by?

Crashy_Time

http://www.whatinvestment.co.uk/revealed-latest-uk-gdp-figures-really-tell-us-2553562/


http://www.whatinvestment.co.uk/uk-house-prices-set-decline-disastrous-2553568/

Crashy_Time

http://www.whatinvestment.co.uk/uk-house-prices-set-decline-disastrous-2553568/