dmmillers Posted January 23, 2009 Share Posted January 23, 2009 Dear subscribers, I am looking to reenter the london housing market with a view to letting. To be fair I just got out of an elongated sale and am looking to downsize and reinvest. I took the full 30% cut but was able to because I had the place ten years and still came out on top. I studied econimics at uni, though it's not my current profession and I must express my bewilderment at the denial of most sellers right now. This plight is very real yet many have cut asking prices by say only 5%. Estate agents should be telling these people they wasting everyones time. From what I have gleaned an absolute minimum of a 35% drop from 2007 highs is only realistic. People cant lie about there income anymore and folk no longer have 50 grand to fling down on deposits. I remember people in the classiest London enclaves whooping with delight in 19996/97, at getting offered what they paid ten years earlier. A whole lot of timewasters have got a whole lot of waking up to do. I know some people in the trade talking about 2001 prices and nothing would surprise me. I am looking to downsize greatly, I dont care how many sq m ( as long as it'll take a double bed and a flatscreen, with a long lease, and want to be near a tube station ). They can dream on into delerium if they want 200 grand for that. Cos it'snever gonna happen not before 2020. Please advise me of your experiences. Quote Link to comment Share on other sites More sharing options...
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