First time buyer: one bedroom in London

redefinr

bouicca21 said:

I recently talked to a young couple who live in the Deals Gateway development. They are quite convinced that their flat has lost value, so if OP is really determined to buy there, a low offer would seem to be the way to go.

I'm just a bit concerned about this EWS1 certificate but to be honest it seems like not many building comes supplied with it. That's my main worries to be honest, recession or not recession I will be still living in that flat so pretty much I don't see all this problem. As I stated way back in this thread I work quite a lot around Central in various location (carrying film equipments) I don't have a car and I'm not planning to get one...so for me, moving around it's pretty important. 
Some people want the garden, some people want the 2 bedrooms. I'm ok with a decent size place in a good location.
Also, not to mention that people keep chatting about upscaling and upscaling.. but none has ever said that with a bigger house you have more expenses: heating, council tax, service charge, etc etc. 

redefinr

bouicca21 said:

I recently talked to a young couple who live in the Deals Gateway development. They are quite convinced that their flat has lost value, so if OP is really determined to buy there, a low offer would seem to be the way to go.

Are they happy with the area though? I do understand it can be disappointing if they plan to sell it...
Wether there will be recession I personally think it's still a good place to live in. And if we get to business as usual (and we will, at some point) the area is just developing and developing. Matter of fact, they doing a huge redevelopment in Kidbrooke which is far away but still around Greenwich so it's quite evident that Greenwich will be super popular soon.

bouicca21

oh yes, very happy with it, but may need to move. 

Filo25

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

I do feel central London flats are likely to come under valuation pressure, that said out in the wilds of Zone 4 NE London where I live prices appear to have been surprisingly strong since the end of lockdown and that was even before the stamp duty holiday was announced.

Crashy_Time

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

Yes, but people have always been getting inheritance, why is it suddenly a game changer? Why did they introduce HTB if people are so flush with cash? - Answer - because most people are not flush with cash! And even less will be now that we are in a health/economic state of emergency. The game changer is that it is now harder for mum and dad to sell granny`s house in the Midlands and give little Johnny or Jenny money to throw at sky boxes in London. Interesting times indeed.

lisyloo

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

Yes, but people have always been getting inheritance, why is it suddenly a game changer? Why did they introduce HTB if people are so flush with cash? - Answer - because most people are not flush with cash! And even less will be now that we are in a health/economic state of emergency. The game changer is that it is now harder for mum and dad to sell granny`s house in the Midlands and give little Johnny or Jenny money to throw at sky boxes in London. Interesting times indeed.

It's changed because the state killed quite a few people in nursing homes recently.

see graph for excess deaths here

https://www.bbc.co.uk/news/health-53592881

I am not saying everyone is flush with cash (only the genuine buyers matter), but its a factor that counters your bnking restriction for BOMAD for some buyers.

It doesn't matter about most people.

What matters is whether demand exceeds supply.

I've already posted the nationwide figures for July so no need to post them again, but as usual we are silll waiting for the long awaited crash.

The problem for most ordinary people wanting to buy a home is will it come before they've paid so much in rent that the gamble of waiting hasn't paid off.

How long do you suggest people wait? 6 months? 12 months?

What if we get a vaccine and they are vaccinated in 9 months time, go ahead then?

How long have you been waiting, since 2001?

Did it change your plans to start a family or involve you in massive IVF costs because you left it too late?

How many examples do you have where waiting to buy has paid off over say the last 2 decades?

lisyloo

Filo25 said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

I do feel central London flats are likely to come under valuation pressure, that said out in the wilds of Zone 4 NE London where I live prices appear to have been surprisingly strong since the end of lockdown and that was even before the stamp duty holiday was announced.

Zone 4 is very much commuter belt.

All I can say is it's very quiet in London e.g. previously rammed commuter trains having a few people per carriage.

Only time will tell (I may move out myself in 8 months, depends where work is, it's not clear at the moment).

Crashy_Time

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

Yes, but people have always been getting inheritance, why is it suddenly a game changer? Why did they introduce HTB if people are so flush with cash? - Answer - because most people are not flush with cash! And even less will be now that we are in a health/economic state of emergency. The game changer is that it is now harder for mum and dad to sell granny`s house in the Midlands and give little Johnny or Jenny money to throw at sky boxes in London. Interesting times indeed.

It's changed because the state killed quite a few people in nursing homes recently.

see graph for excess deaths here

https://www.bbc.co.uk/news/health-53592881

I am not saying everyone is flush with cash (only the genuine buyers matter), but its a factor that counters your bnking restriction for BOMAD for some buyers.

It doesn't matter about most people.

What matters is whether demand exceeds supply.

I've already posted the nationwide figures for July so no need to post them again, but as usual we are silll waiting for the long awaited crash.

The problem for most ordinary people wanting to buy a home is will it come before they've paid so much in rent that the gamble of waiting hasn't paid off.

How long do you suggest people wait? 6 months? 12 months?

What if we get a vaccine and they are vaccinated in 9 months time, go ahead then?

How long have you been waiting, since 2001?

Did it change your plans to start a family or involve you in massive IVF costs because you left it too late?

How many examples do you have where waiting to buy has paid off over say the last 2 decades?

As I say, I think you may have gone past the point where ANY suggestion of ANYTHING other than getting mortgaged up for the next 25-30 years will do? Of course you bought in the 90`s before the bubble so you are basically advising people to do what you didn`t do i.e take out ten times their income in debt for basic accommodation.

redefinr

This is just a 10min walk from Canary Wharf it looks pretty good:

https://www.rightmove.co.uk/property-for-sale/property-82644061.html

lisyloo

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

Yes, but people have always been getting inheritance, why is it suddenly a game changer? Why did they introduce HTB if people are so flush with cash? - Answer - because most people are not flush with cash! And even less will be now that we are in a health/economic state of emergency. The game changer is that it is now harder for mum and dad to sell granny`s house in the Midlands and give little Johnny or Jenny money to throw at sky boxes in London. Interesting times indeed.

It's changed because the state killed quite a few people in nursing homes recently.

see graph for excess deaths here

https://www.bbc.co.uk/news/health-53592881

I am not saying everyone is flush with cash (only the genuine buyers matter), but its a factor that counters your bnking restriction for BOMAD for some buyers.

It doesn't matter about most people.

What matters is whether demand exceeds supply.

I've already posted the nationwide figures for July so no need to post them again, but as usual we are silll waiting for the long awaited crash.

The problem for most ordinary people wanting to buy a home is will it come before they've paid so much in rent that the gamble of waiting hasn't paid off.

How long do you suggest people wait? 6 months? 12 months?

What if we get a vaccine and they are vaccinated in 9 months time, go ahead then?

How long have you been waiting, since 2001?

Did it change your plans to start a family or involve you in massive IVF costs because you left it too late?

How many examples do you have where waiting to buy has paid off over say the last 2 decades?

As I say, I think you may have gone past the point where ANY suggestion of ANYTHING other than getting mortgaged up for the next 25-30 years will do? Of course you bought in the 90`s before the bubble so you are basically advising people to do what you didn`t do i.e take out ten times their income in debt for basic accommodation.

You need to explain why 60 years of renting is better.
btw - mortgages get smaller over time 
actually the property I bought in 1991 went down until 1996 (if you are going to stalk personal details you need to be accurate). It wasn’t a big issue for the majority who don’t monitor the paper value and get on with a happy stable family life.
who said 10 times income?
tell us why 60-70 years renting is better.