First time buyer: one bedroom in London

Crashy_Time

redefinr said:

Crashy_Time said:

https://www.rightmove.co.uk/properties/84200677#/
First one I found, £300 p.m price drop.

£300 p.m.....yeah, right lol

Price Change History

29/09/2020	Price Changed: £800 pcm £757 pcm
17/09/2020	Price Changed: £900 pcm £800 pcm
09/09/2020	Price Changed: £1,048 pcm £900 pcm
28/08/2020	Initial entry found.

numbercruncher8

To be fair, it is put on at a stupid price to start with, so that is why there is a massive price drop.

But going on that, I think rents have dropped in many placecs (not all) in London this year. Look at 'Let Agreed' for Deptford Bridge with Propertylog, there are several price drops, 1-bed flats on that development dropping from £1,200 to £1,000 before being taken.

I know someone know moved near to there and is paying £930 for a 1-bed new-ish place, that's a pretty good price for Zone 2 but it is more of a renters market at the moment.

Crashy_Time

The OP was saying though that London rents have not gone down at all in the pandemic, that their mortgage is better value than rent...and that they hope their flat goes up in value! I am just saying that rents are going down, mortgage rates could easily jump up, and I don`t think a one bed in London has anywhere but down to go in price.... the OP now has to justify that purchase to themselves, the problem with that is that most people cheerleading property on forums bought in the 90`s, or even 80`s, they just want their house to stay pricey, the OP on the other hand is now very exposed to mortgage rate rises and the ongoing health crisis in London?

BookmobileBadGirl

Redefinr, I am glad it all worked out. Depending on which side of the road you are on welcome to the borough.

Crashy_Time

redefinr said:

personally, I'm tired to read about this Rent/House price falling. Yeah, sale prices have been falling - but it's not like they are WAY down. I don't see anything cheaper than what I bought few months ago.
And for the rent, I didn't see any major fall. I just had a quick look:
https://www.rightmove.co.uk/properties/76925457#/

This is a building next to mine, studio flat for £900pcm so this is a 'price drop'? I don't think so. This looks as pricey as it was 1 year ago.
It's full on covid, brexit it's on, anything that was supposed to happen to drop prices it's happened. Shall we wait for an apocalypse now to see further drops? This is not the 90's anymore.... time is moving on

No it hasn`t, the government are still backstopping wages and hoping/pretending that things will bounce back to "normal" (the economy was in trouble before Covid anyway?) because some people have had an injection, and the effects of Brexit are certainly not going to become clear until much later, with Covid it would be hard to separate the "Brexit Effect" anyway?

Hannimal

Does anyone find Crashy's scaremongering actually helpful?

redefinr

BookmobileBadGirl said:

Redefinr, I am glad it all worked out. Depending on which side of the road you are on welcome to the borough.

thank you!!!

Hannimal said:

Does anyone find Crashy's scaremongering actually helpful?

At the beginning he got me questioning my choices quite a lot - but after a while...meh. It's good to have different opinions and all but I think he's not feeling 'buying properties' or 'buying properties in London'.

Crashy_Time

One way of rationalising it I suppose?

Crashy_Time

Hannimal said:

Does anyone find Crashy's scaremongering actually helpful?

Do you think the OP has made a good financial move by taking out a mortgage on this London flat at this time?

Hannimal

redefinr said:

Hannimal said:

Does anyone find Crashy's scaremongering actually helpful?

At the beginning he got me questioning my choices quite a lot - but after a while...meh. It's good to have different opinions and all but I think he's not feeling 'buying properties' or 'buying properties in London'.

I wonder how much unnecessary anxiety he is giving people who've recently bought or are looking to buy, who haven't yet seen the benefit of house ownership and are mainly just paying interest..