London house price since 2019?

Crashy_Time

Salemicus said:

If the property is a good price for the area, that's a good price. It doesn't matter what the vendor paid for it in 2019 - you don't know the circumstances of that sale. By the same token, don't buy a property at a bad price, even if you're getting a massive discount from a previous transaction.

It doesn't matter that you thought your offer was fair. The vendor didn't. You should proceed to either:

• Make a higher offer
• Move on, and look at other properties.

Do you have any notion of how long the flat has been on the market and what other interest there has been? Did you get any indication from the agent as to what price the vendor might accept?

It does as far as the vendor using that as a benchmark price that they can`t or won`t go below, it seems that 2019 was possibly the worst time to buy a house in recent history so if a seller won`t engage with reality and start discounting their price just walk away.

ZeroSum

Personally think City centre flats are going to drop in value now the genie is out of the bottle with regard to home working

hazyjo

Crashy_Time said:

Salemicus said:

If the property is a good price for the area, that's a good price. It doesn't matter what the vendor paid for it in 2019 - you don't know the circumstances of that sale. By the same token, don't buy a property at a bad price, even if you're getting a massive discount from a previous transaction.

It doesn't matter that you thought your offer was fair. The vendor didn't. You should proceed to either:

• Make a higher offer
• Move on, and look at other properties.

Do you have any notion of how long the flat has been on the market and what other interest there has been? Did you get any indication from the agent as to what price the vendor might accept?

It does as far as the vendor using that as a benchmark price that they can`t or won`t go below, it seems that 2019 was possibly the worst time to buy a house in recent history so if a seller won`t engage with reality and start discounting their price just walk away.

Many house prices have gone up in the last year, mine included. Wouldn't say 2019 was the worst year at all. Many prices have been static or have risen.

That's not me trying to talk the market up Crashy, I'd like it to drop and am surprised there's not been a huge drop already. I predicted there would be what with Brexit and Covid. Many areas are rising again though.

todaytom578

Crashy_Time said:

Salemicus said:

If the property is a good price for the area, that's a good price. It doesn't matter what the vendor paid for it in 2019 - you don't know the circumstances of that sale. By the same token, don't buy a property at a bad price, even if you're getting a massive discount from a previous transaction.

It doesn't matter that you thought your offer was fair. The vendor didn't. You should proceed to either:

• Make a higher offer
• Move on, and look at other properties.

Do you have any notion of how long the flat has been on the market and what other interest there has been? Did you get any indication from the agent as to what price the vendor might accept?

It does as far as the vendor using that as a benchmark price that they can`t or won`t go below, it seems that 2019 was possibly the worst time to buy a house in recent history so if a seller won`t engage with reality and start discounting their price just walk away.

Yes 2019-2020 could prove to have been the worst time ever in history to have bought property 

right at the top of the largest property bubble ever in the history of property bubbles

and right before the largest crash in the history of property crashes 

mind you, we are in the everything bubble so same can be said for stocks and bonds etc

GDB2222

The trend in London has been away from the Central London areas and into the leafier  suburbs. Houses with gardens have gone up, whereas flats without have gone down. Flats with garden space have probably at least held their value. 

People working from home are valuing more space to do so, rather than easy commutes that they no longer make or access to nightlife that is closed. 

AdrianC

Crashy_Time said:
it seems that 2019 was possibly the worst time to buy a house in recent history

You've forgotten 2006-7 already?

Because that was the best chance of your perpetual pessimism coming true... and it didn't happen then. It certainly isn't happening now.
https://www.bbc.co.uk/news/business-53995878 - that was a month ago. R4 Today, first thing this morning, mentioned that the September figures show another rise.
https://www.bloomberg.com/news/articles/2020-09-30/u-k-house-prices-post-biggest-annual-increase-since-2016

Have you considered changing your posting name?

GDB2222

The Bloomberg article says
The relative outperformance of the housing market is in large part due to a government decision to suspend a tax on home purchases until the end of March as part of it stimulus package for the economy. Many analysts say the property boom will probably peter out after a few months as unemployment rises and aid packages come to an end.

AdrianC

GDB2222 said:

The Bloomberg article says
The relative outperformance of the housing market is in large part due to a government decision to suspend a tax on home purchases until the end of March as part of it stimulus package for the economy. Many analysts say the property boom will probably peter out after a few months as unemployment rises and aid packages come to an end.

Indeed. It might... or they might extend (again) stimuli.

As I actually said, this time with emphasis for clarity... "It certainly isn't happening now."

steve866

What type of property is it? Big difference between selling a flat in a big block vs a garden flat. I would imagine the seller might be looking for what they paid, plus the stamp duty they paid (assume higher rate as second property?)

As others have said, what other properties are going for is a more suitable indicator.

blue_max_3

Wanted to view a flat that came on the market on Sunday and had gone by Monday morning. It's like dropping red meat into a pool of piranhas! Rubbish falls to the bottom though.
Now the drop has been pushed back until next year. I'm paying a fortune for rent, so rather disillusioned. And my savings are set to reduce to 0.01% : (