2 weeks, no viewings

Murphybear

numbercruncher8 wrote: »

I am looking in some parts of South London.

I do think people might be holding off on price for now, in that things might get cheaper. I have on the watch-list several flats that simply haven't sold in months.

No offence to anyone but many areas of South London aren't great, if I had more money I'd live elsewhere. (I live in South London). On the positive side, many parts have very good transport links to Central London.

The parts that are nice (mainly South West) are all quite overpriced to me, Clapham/Balham areas also. I think these have further to fall than others.

On a very small sample scale, the new-build flat block near where I live is down from peak.... 2-beds sold for £450k in 2018, there has been one at £400k for months, even one at £395k for 1 month with no takers... I would think similar is happening all across London. I would not be a buyer at these prices, as flats are relatively plentiful.

In that block anyway people seem to be afraid of taking a loss, I could envisage if there was a new listing people would simply pretend the value hasn't dropped and stick it on at £470k with a view to getting £450k, not getting it and taking it off the market after a few months. There have been a few like that.

I rented a basement flat in Balham a good few years ago. At the time it was a bit of a dump, but it was cheap(ish)

Crashy_Time

Diocletian_II wrote: »

Many people just want to identify a simple scapegoat cause for the deteriorating market, in order to
sweep the real reason under the carpet, because the real reason is too intractable and painful to face. The basic truth of the matter is that a massive debt bubble has been inflated, making property unaffordable on income multiples, and the bubble is now deflating.

Sounds pretty accurate to me.