First time buyer: one bedroom in London

Crashy_Time

redefinr said:

Funny, I must be imagining the various bubbles that have happened in my lifetime.  As for dodgy landlords, so pleased to hear they no longer exist. Seven years ago when my marriage imploded I moved into rented (which incidentally cost more than a mortgage on a far bigger property). The first LL had a repossession order hanging over the property for non payment of (residential) mortgage and didn’t do repairs or deposit schemes; the second suddenly decided to sell up.  So nice to hear those things don’t happen any more. Look forward to Shelter winding itself up as there is no longer any need for its services.

There is still plenty of dodgy landlords in London, this is just few months ago:
https://www.islingtongazette.co.uk/news/andrew-panayi-denies-he-is-a-notorious-rogue-landlord-6555290
On another note:
https://www.theguardian.com/money/2021/jan/20/average-london-house-price-exceeds-500000-for-first-time-covid
Crashy sales are up and up and up in London, this is straight reality not personal opinion.

https://www.home.co.uk/guides/house_prices_report.htm?county=londonne&startmonth=10&startyear=2019&endmonth=10&endyear=2020

Nah, it is just a blip from the SD holiday, can`t see them being able to run that indefinitely can you? A lot of the posters who constantly try to cheerlead property bought in the 90`s, even in the 80`s in some cases! You really have skin in the game though, it really matters to you now what prices, sales volumes and interest rates do! Scary stuff.

numbercruncher8

TBH, it really doesn't matter from your own perspective now. But are you falling for estate-agent speak?

For interest here is the graph for London:
https://www.home.co.uk/guides/house_prices_report.htm?location=london&lastyear=1

As we can see completed sales volumes are actually down on this time last year, and the breakdown shows that flats have taken the brunt of it, as sales of houses have gone down less. The average price indices can mask a few trends.

For instance inside your development there is this; and a few others below your buy price; one could argue that prices have gone down where you are since you bought. It just goes to show that average price increases (and decreases) don't apply uniformly to every property.

That's the beauty of stats, it would be entirely possible for someone to argue that the market is incredibly busy compared to the summer and many more sales are going through, but at the same time still under levels seen before the pandemic.

redefinr

numbercruncher8 said:

TBH, it really doesn't matter from your own perspective now. But are you falling for estate-agent speak?

For interest here is the graph for London:
https://www.home.co.uk/guides/house_prices_report.htm?location=london&lastyear=1

As we can see completed sales volumes are actually down on this time last year, and the breakdown shows that flats have taken the brunt of it, as sales of houses have gone down less. The average price indices can mask a few trends.

For instance inside your development there is this; and a few others below your buy price; one could argue that prices have gone down where you are since you bought. It just goes to show that average price increases (and decreases) don't apply uniformly to every property.

That's the beauty of stats, it would be entirely possible for someone to argue that the market is incredibly busy compared to the summer and many more sales are going through, but at the same time still under levels seen before the pandemic.

yeah i saw that last week. pretty good price but I still wouldn't go for that, I've seen 2 more flats in that builds and the ones with concierge/gym/pool coming with a heavy service charge. Really good price for the property though...

Crashy_Time

https://www.ft.com/content/517ff59b-16a4-4412-9798-d06268771797