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House Price Crash Forum


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  1. StainlessSteelCat. What you mentioned is interesting. I wasn't aware of such a requirement (the money laundering check). I was planning to use a conveyancer, but you mean a cash purchase can't go ahead unless I consult a solicitor and get this thing sorted out? Also, what does EA stand for? Thanks
  2. I'm currently searching for a property in South London, and I'm a non-resident first time buyer. My question: Since I'm a cash buyer, what's the likelihood of getting a discount from the seller, also considering that the market is still slow (although it seems to be turning now)? What I've understood, after searching on the internet, is that the only sellers who would be interested in reducing the price are those who are more or less desperate to sell, while others wouldn't generally care too much if the property is paid for in cash or through a mortgage. Would appreciate any advice on this.
  3. That's plenty of good advice, much appreciated. I'm trying to do whatever "homework" I can, to learn the ins and outs of buying property in the UK. I'm still unsure about how to get into contact with a good an honest solicitor, but I'll keep searching for info on this. I've often read that, once your offer has been accepted, you should ask the estate agent to take the property off the market... but how do you accomplish that if the seller has the house listed with several agents?
  4. I'm looking at SE9. I would wait to see the direction of the market, as I wouldn't like to buy a house now for 200k, and after a few years or so, realize that its market value has dropped significantly. Re. the cash buyer thing – what I understand is that sellers usually don't bother about cash buyers, unless they really need to do a quick sell. So I'm not sure how much bargaining power I will have as a cash buyer. Any advice would be much appreciated.
  5. Thanks to all for the feedback. But what is it that keeps property prices in London moving upward? - Because the jobs are in London? - Because of wealthy foreign buyers (are they really that many...)? - Because "London is London"? Why is it that London price indexes give the impression that London is isolated from the economic problems that affect prices in the rest of the UK property market?
  6. Hello, I'm planning to buy a house in the outskirts of London, but I'm not sure if now is the right time to buy, considering the predictions that the property market may be heading for a downturn. I'm a cash buyer, but I'm not sure if this would be to my advantage when it comes to negotiating prices, as I've understood that its mainly sellers who are in a hurry to sell that prefer cash buyers. Coming back to the market situation – is it likely that the London property market would see a turn upward or downward in the near future? Should I buy now, considering that it is currently a buyers' market, or should I wait? Any opinions and advice on the above would be much appreciated.
  7. Hello. I'm currently planning to buy a house for my children in the outskirts of London. I'm not a UK resident but my children are (they are currently renting). I've been searching this and other forums and online articles for opinions on whether London's property market is likely to turn down or upward in the near future. I'm aware that this is a subject that cannot have any definite answers, but the thing is that I wouldn't appreciate to buy a house now, only to find out in the near future, that prices started moving downward. Personally I support the theory that it is best to buy at the beginning of an upturn, but since I have never lived in the UK, I don't have much background knowledge about the housing market, and feel it's difficult for me to "spot the trend". So, since we are currently witnessing a buyers' market, does this mean now is a good time to buy, or should I wait another couple of months (I'm a cash buyer, if that may be of any significance)? Any advice would be much appreciated.
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