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iamdamosuzuki

London Ftb Properties

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When I bought a house in Scotland last year, I idly compared prices with the SE. Obviously I couldn't get anything for the money I spent up here. But doing the same searches recently I have found literally THOUSANDS of sub 150k properties (no shared equity or retirement). And many hundreds sub 120k.

I have no evidence, but it looks to me like a massive drop is underway in the FTB market. However as I say I have no evidence, it's anecdotal on my rightmove searches.

Am I misguided, right or an idiot?

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When I bought a house in Scotland last year, I idly compared prices with the SE. Obviously I couldn't get anything for the money I spent up here. But doing the same searches recently I have found literally THOUSANDS of sub 150k properties (no shared equity or retirement). And many hundreds sub 120k.

I have no evidence, but it looks to me like a massive drop is underway in the FTB market. However as I say I have no evidence, it's anecdotal on my rightmove searches.

Am I misguided, right or an idiot?

I don't think that you looked properly last time.

Even at the peak there were houses available at 120K, just not somewhere that you would like to live.

Nothing has changed (unless you own an up-market city centre flat in a Northern town, where falls have been cataclysmic)

tim

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When I bought a house in Scotland last year, I idly compared prices with the SE. Obviously I couldn't get anything for the money I spent up here. But doing the same searches recently I have found literally THOUSANDS of sub 150k properties (no shared equity or retirement). And many hundreds sub 120k.

I have no evidence, but it looks to me like a massive drop is underway in the FTB market. However as I say I have no evidence, it's anecdotal on my rightmove searches.

Am I misguided, right or an idiot?

In 2007 when I felt the male menopause creeping, according to rightmove the cheapest property in a semi desirable zone 2 area was a crappy studio in Ravenscourt for £170k. I thought fck that. I'll be a happy renter forever and ever than go for that. Today you can get a 2 bed flat (Bedroom 1, bedroom 2, kitchen, loo and living room in Wembley (or NW11) at auction for £100K.

Ive seen 1 bed flat in a block being advertised for £170K and another 1 bed flat in the same block/street failing to hit £100k at auction. You tell me what that says about the market.

Edited by Earthling10

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One of the barometers I use around my area is the number of properties on the market for < £250K compared with those > £1m.

At the height of the bubble there were more £1m+ properties on the market than there were ones below £250K

These days the sub £250K properties outnumber the million pound homes by a factor of three.

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Timely post.

I am just looking for a rental in zone 1, and haven't been crazy at the prospect of paying £1500 a month for a hovel.

Though I had completely talked myself out of buying, after noticing the same as the OP I am now seriously looking at buying some equal hovel in London for cash and pressing on with the savings for a year whilst paying no rent.

Im not averse to doing a year in a rough area, and even if it drops 15% I would be break even after the rent saved.

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Im not averse to doing a year in a rough area, and even if it drops 15% I would be break even after the rent saved.

Huh? You can rent a studio in a semi decent part of London for £500/month. If you can tollerate a bedsit then you'll get something decent in a decent area. We're talking zone 2, possibly zone 3. Every grand saved goes towards your deposit. Im not sure why on earth you'd feel obliged to spend £1500/month or live in a London Shthole as an alternative.

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When I bought a house in Scotland last year, I idly compared prices with the SE. Obviously I couldn't get anything for the money I spent up here. But doing the same searches recently I have found literally THOUSANDS of sub 150k properties (no shared equity or retirement). And many hundreds sub 120k.

I have no evidence, but it looks to me like a massive drop is underway in the FTB market. However as I say I have no evidence, it's anecdotal on my rightmove searches.

Am I misguided, right or an idiot?

Have said this a few times on here. When it comes to the lower levels I really dont think London is that overpriced compared to places like Edinburgh.

Now when it comes to nice places in nice areas then yes there can be a huge difference. However that is because they are hugely different cities with hugely diferent earning potential.

FTB wanting to live 30/40 minutes on public transport from the relative 'city' and wanting to buy a one bed flat - in not the nicest area but not the worst ?

Really not a huge amount of difference between the two places. Not sure how it compares to other UK cities though ?

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problem ios - we all expect local RENTALS to fall a lot with housing benefits re-jigging obver the coming 3 years, the sales market is merely pricing that in and may still be overvalued compared to FUTURE rents if not CURRENT rents

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problem ios - we all expect local RENTALS to fall a lot with housing benefits re-jigging obver the coming 3 years, the sales market is merely pricing that in and may still be overvalued compared to FUTURE rents if not CURRENT rents

And why not? My LL was showing a couple around in the neighbouring flat today. Its certainly over priced and the viewers were not afraid of pointing out they'd seen bigger for cheaper elsewhere. Our LL needs to have full occupancy to make a profit and even with one flat vacant he's looking at a loss. London is crawling with vacant rooms, the smart LLs have reduced their prices, the stupid ones are not.

Everyone should view properties, make scathing remarks either as a route to negotiate and either pay the amount or walk away. These donkies need the Begeeezus scared out of them. Its a renters/buyers market out there. No one should be paying the asking price.

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And why not? My LL was showing a couple around in the neighbouring flat today. Its certainly over priced and the viewers were not afraid of pointing out they'd seen bigger for cheaper elsewhere. Our LL needs to have full occupancy to make a profit and even with one flat vacant he's looking at a loss. London is crawling with vacant rooms, the smart LLs have reduced their prices, the stupid ones are not.

Everyone should view properties, make scathing remarks either as a route to negotiate and either pay the amount or walk away. These donkies need the Begeeezus scared out of them. Its a renters/buyers market out there. No one should be paying the asking price.

Where about's in London , I was working in a lettings agency for a few months late last year E16 , people were outbidding each other for flats. Could have let 1 beds all day long but did not have any , if 1 came on in the morning it was gone by luchtime , one woman tried to arrange a viewing for a 1 bed but we could not tie up the appointment so she took it just via the picures we showed her . Flats that had been £220 pw two years back were going for £300 +.

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Where about's in London , I was working in a lettings agency for a few months late last year E16 , people were outbidding each other for flats. Could have let 1 beds all day long but did not have any , if 1 came on in the morning it was gone by luchtime , one woman tried to arrange a viewing for a 1 bed but we could not tie up the appointment so she took it just via the picures we showed her . Flats that had been £220 pw two years back were going for £300 +.

but that was under the previous govt with criminally generous housing benefits pushing up rental prices

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If you are talking outer zone London - yes, someone I know has been looking and there are drops, such as down from 150k to 140k but still out of reach for FTB on 25k.

There was a link here before to sales by price band from last LR report. Once you get down under 250k, sales plummet. FTBs just can't afford to get in.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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