First time buyer: one bedroom in London

redefinr

I have a good deposit. I'm just concerned renting out a property my affect my taxes as a self employed

redefinr

I went to see the flat again yesterday. The EA said the sale didn't go through because he was offered 220K which he thought it was under-selling (asking price is 225K).
I think is just BS as when I made my offer months ago I've been told a bit more than 295K would do the deal.
Still like the flat quite a lot I may make another offer again but I won't go over 300-305K as it's still just a studio flat

Crashy_Time

redefinr wrote: »

I went to see the flat again yesterday. The EA said the sale didn't go through because he was offered 220K which he thought it was under-selling (asking price is 225K).
I think is just BS as when I made my offer months ago I've been told a bit more than 295K would do the deal.
Still like the flat quite a lot I may make another offer again but I won't go over 300-305K as it's still just a studio flat

EA isn`t working on your behalf, DMR IMO.

https://www.propertylog.net/

Crashy_Time

https://www.mortgagesolutions.co.uk/news/2019/08/21/residential-property-transactions-continue-to-slide-hmrc/

As always the graphs for actual sales completed make interesting reading....

http://www.plumplot.co.uk/London-property-transactions.html

redefinr

It seems like I won't have any luck with the property:

https://www.rightmove.co.uk/property-for-sale/property-72540922.html



EA told me the seller withdraw the last offer as she thought £315k was under-sold.

I went to see the property again and offered £300k. EA tell me to stretch it in order to be a considerable offer so I went to £305k. EA says unless is 307 there is no point in makin the offer.
I said £307k FINAL and EA said min £310k in order to be considered. This all of his own initiative as I was on the phone with him.
Very unpleasant negotiation with KFH. It just seems all a bit odd with this specific apartment.

jimbog

Just sit and wait and continue looking - i'm sure they'll be back, the difference in commission for the agent is negligible

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-65951737.html

45k price drop to maybe get a sale, and plenty of 25k price cuts coming through, more to come for sure, and for sure the politicians will mess Brexit up some more leading to many more months of uncertainty. Sit back and enjoy the show IMO.

redefinr

What do you guys think of new builds in London? They all look so nice (and expensive) but some people says the built in a rush with often crap choice of materials.
They definitely look appealing

Cakeguts

redefinr wrote: »

What do you guys think of new builds in London? They all look so nice (and expensive) but some people says the built in a rush with often crap choice of materials.
They definitely look appealing

New builds anywhere are all more expensive than you can sell them for once you have moved in. London is no different to this.

numbercruncher8

IMO you're mugging yourself off buying a studio... if prices do drift downwards they will be hit quite hard, as one-beds look more appealing.

I would only compromise to live in a studio either if the price was fantastic, or the location was fantastic, or maybe if the size of the studio was massive, I don't think any fall into the criteria here.

I'd move a tiny bit further out unless there is a concrete reason why you need these locations.