First time buyer: one bedroom in London

VincentVincent

Crashy_Time wrote: »

https://wolfstreet.com/2019/08/30/china-imposes-new-capital-controls-targets-foreign-real-estate-purchases-as-yuan-falls-to-11-year-low/

Why are you using this thread like your personal housing market doomsday blog? It's a rhetorical question.

csgohan4

VincentVincent wrote: »

Why are you using this thread like your personal housing market doomsday blog? It's a rhetorical question.

You haven't been here long enough, read his prev posts.

Crashy_Time

VincentVincent wrote: »

Why are you using this thread like your personal housing market doomsday blog? It's a rhetorical question.

Doomsday blog? Anyone about to buy an overpriced flat in London not paying attention to the Chinese moves on Chinese people buying over-seas property really shouldn`t be allowed to borrow large sums of money IMO (not referring to you directly here OP) BTW it is a smart way from the Chinese gov. to get back at the West for Trump`s tariff assault, pop a few housing bubbles but don`t go all out and start dumping US T-bills, not in a way that causes global market panic anyway.

https://www.cnbc.com/2018/04/05/chinas-1-point-2-trillion-weapon-that-could-be-used-in-a-us-trade-war.html

Interest rates will spike upwards if they start using the big guns.

redefinr

I don't really know what all this China/Trump has to do with this but anyway...

I went to see the reduced flat in Chelsea Wharf. It's basically the carbon copy of the same flats the EA showed me yesterday - it's just another building nearby. Inside is exactly the same, lease, costs etc all the same. It was great to discuss with the vendor she seems very honest. She's had lower offers until now she said she would happily sell it for 275-280k. She just texted me though she received an interesting offer and she is pushing me to offer by Monday.

Now, the previous flat in Goldhawk Rd apparently will be back on the market - but I'm afraid they won't let it go for less than 305k. That was my favourite so far but this one in Chelsea Wharf is super interesting too.

Decisions decisions.... should I make an offer to both or is better not to?

TiberUK

A studio for over £300,000? Don't get me wrong OP, if that is what you want then I wish you the best of luck. But good god, the London property market is mad for anyone who isnt a multi millionaire.

jonnygee2

redefinr wrote: »

@hazyjo to each its own....but.....council flats are not good, above the shops are not good.....new builds are not good too now. I start feeling like is never good enough?

Council flats are fine. Seriously I grew up in one and I live in one. And in London normally offer +50% of the space of private flats for the same money.

Studios though - have you ever actually lived in a studio? I did, for 6 months when I first came to London. Big mistake. Unless you are someone who doesn't cook, everything - including your bedding and clothes - is going to stink of food and absorb grease. Cooking in your bedroom is just unpleasant.

redefinr

I lived in a studio for 11 years and loved it. And I cook etc. it all depends on the type of maintenance you do of the space. If you cook and clean when you finish there is no stink or grease.. and I used to be in a 22sqm which is kinda tight.
So the min I want to buy is 30sqm which I think is a good size for one person.

Is it okay to make an offer for 2 properties and see which one it lands or it's better to do one at the time?

SallyAnneBooth

Yes, if you can realistically see yourself living in either property then go ahead and offer on both.

No need to wait around if you're ready to offer.

Crashy_Time

redefinr wrote: »

I don't really know what all this China/Trump has to do with this but anyway...

I went to see the reduced flat in Chelsea Wharf. It's basically the carbon copy of the same flats the EA showed me yesterday - it's just another building nearby. Inside is exactly the same, lease, costs etc all the same. It was great to discuss with the vendor she seems very honest. She's had lower offers until now she said she would happily sell it for 275-280k. She just texted me though she received an interesting offer and she is pushing me to offer by Monday.

Now, the previous flat in Goldhawk Rd apparently will be back on the market - but I'm afraid they won't let it go for less than 305k. That was my favourite so far but this one in Chelsea Wharf is super interesting too.

Decisions decisions.... should I make an offer to both or is better not to?

Because if Chinese/overseas money stops flowing into London property, especially studios/1 beds etc bought off plan for the purpose of investment/renting out then you are about to massively over-pay for a space that you won`t be happy in in 18 months or so, and will find hard to sell on after Brexit. IMO of course, no doubt the usual suspects will tell you to just buy buy and buy now.

Crashy_Time

TiberUK wrote: »

A studio for over £300,000? Don't get me wrong OP, if that is what you want then I wish you the best of luck. But good god, the London property market is mad for anyone who isnt a multi millionaire.

Laughable isn`t it? Unless you are the one buying of course, or borrowing to buy. The one saving grace is that interest rates are unlikely to be going anywhere.........unless the Chinese start dumping T-bills.....or there is a wider break up in the EU/EZ.......I wouldn`t want to be holding hundreds of thousands of pounds worth of debt on a cheaply built high-rise kitchen in that scenario.