London house price since 2019?

Crashy_Time

hazyjo said:

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.

House prices are detached from any measure of a healthy economy now, they went up because of the stamp duty holiday and because of the safety net provided by furlough, when that ends they will be under pressure again, some commentators are talking early 80`s level job losses or worse, there is no way to spin that as a positive for house prices IMO.

https://www.bbc.co.uk/news/business-54336746?intlink_from_url=&link_location=live-reporting-story

hazyjo

Crashy_Time said:

hazyjo said:

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.

House prices are detached from any measure of a healthy economy now, they went up because of the stamp duty holiday and because of the safety net provided by furlough, when that ends they will be under pressure again, some commentators are talking early 80`s level job losses or worse, there is no way to spin that as a positive for house prices IMO.

https://www.bbc.co.uk/news/business-54336746?intlink_from_url=&link_location=live-reporting-story

Not getting into this with you. This thread is about a house which is priced higher than 2019. I've said many are.

Not much security being furloughed, I can't even fix a £50k mortgage (with 90% equity) lol.

Crashy_Time

hazyjo said:

Crashy_Time said:

hazyjo said:

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.

House prices are detached from any measure of a healthy economy now, they went up because of the stamp duty holiday and because of the safety net provided by furlough, when that ends they will be under pressure again, some commentators are talking early 80`s level job losses or worse, there is no way to spin that as a positive for house prices IMO.

https://www.bbc.co.uk/news/business-54336746?intlink_from_url=&link_location=live-reporting-story

Not getting into this with you. This thread is about a house which is priced higher than 2019. I've said many are.

Not much security being furloughed, I can't even fix a £50k mortgage (with 90% equity) lol.

Fine, the only prices that matter anyway are sold prices.

nickstone

I can confirm rents are now in noticeable decline in London.

Its starting from the centre and working its way further out, the odd thing is some of the outside parts haven’t yet fallen as much as the central areas, so rents are lower in central areas then formerly cheaper areas.

the outer areas will catch up with the falls.

the problem is that so many businesses are going bust and laying off huge swaths of Londoners, and most of those who haven’t been laid off yet are working from home. They find they can move somewhere much cheaper which is why the urban flight situation is so common now.

if this trend continues there are going to be more and more empty properties adding even more to supply when demand is reducing every month.

plus there was a building bubble in London adding even more supply to the empty property market.

Its good news for tenants in London, there are so many increasingly desperate LLs looking to find someone to rent their properties to, causing a rent reduction bidding war, all trying to undercut each other fighting over the decreasing number of good tenants left.