E3LDN

Thats what we are finding during our searches, we're in London just sold for 16% lower than asking price, we carried out and modernised, fixed everything the buyer asked for like taking out fitted cupboards and making floors and ceiling good, now we have been looking around the S6 and S8 area of Sheffield some needed total modernisation nothing has been done for 30yrs etc they're holding out for full asking prices.

With the amount of new developments going up in E14 right through the surrounding areas including Stratford etc, with good links to the city but far too many units being built eventually they'll be under subscribed and some landlords will elect to go down the road of renting to the local councils on 5yr agreements, which won't look so promising once the local ASB families move in after being evicted form thier council estate properties and need emergency housing. I'd stay away from the new build flats, unless they're established properties, try a small 2 bed terraced house.

Being London there is normally more than the idiot or 3 running around with more money than sense. Kings new clothes springs to mind.

We have that problem we've had a couple of 2 bed flats sq ft 543 and a niehbour 719 sq ft ours is 1089sq ft, a previous 2 bed 543sq ft flat sold for £250,000 in Jan 2011but the prices are all over the place. http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^1069393&insId=1&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false Some say the flats are over priced others think we're being silly coming on to the market £100-200 under the £560-460 price per sq ft than some others currently that are trying to sell or sold in Jan. We're thinking just to be realistic as to what we need to buy in the North so what we do lose here we can manage better up in the North of England.

The only movement downwards in our area E3, has been those that were highly over priced pie in the sky. The last 2 bed flat on our estate sold in Jan for £250,000 543sq ft making that just over £460 per sq ft, another has just come on at £309,000 same sq ft, at £569 per sq ft. which would make our house same location 1089 sq ft would value at £460 sq ft price £500,000, or £619,707 based on the current flat for sales price, both we think are way too much. Especially as we have by a long way, the best property on the estate in terms of space and placement, plus we own our freehold, where as the flats are leasehold and we have allocated parking the flats don't. we've just priced ours at a buy it price way under the EA estimate, and gone for something realistic given the market and what our expectations are we hope for a quick sale, but if it takes awhile we're happy to wait too.

Typical newbie here, I'm looking for good advice on the pitfalls for buying renting etc.