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kaktus

London Prices - Stabilizing Or In Some Cases Even Coming Down

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Observations from someone who has been in the market to buy for nearly 2 years now (unbelievable I know, I regret moving back to this city)

In any case I've been looking at areas such as Watford, Greenford, Perivale, Northolt, Acton, Neasden, Kingsbury. I regularly attend auctions every month, I've viewed maybe 400-600 properties.

So I had finally resigned myself to the notion that I will not buy anything in this market, I will patiently wait for rates to increase, affordability to become non-existent (nearly there) and for the majority of BTL scum and imbeciles overpaying on anything they can find, to finally die off.

Out the blue, and this has been consistent for the last 4 weeks now, almost every estate agent I've been in contact with, and 26 of those hundreds of properties I've viewed have come back to me including one I looked at 9 months ago! where the agents have asked if I'd still be interested in considering them.

It does seems as though steam is running out. I'm the type that usually talks a lot to people and tries to get a feel for what's really going on and every single agent who's called me up have said the same thing "yes sir, well it certainly does seem that things are slowing down".

I've literally had agents begging me to come and see properties that have been advertised for months, where 6 months ago I wouldn't even have had a call back regarding a viewing. I went to a view a property today which was advertised for 420k, the agent and the owner were there. The conversation went something like this: "well if you're serious and you're ready to move, I'll give serious consideration to any offer above 363k".

In literally 2 years of searching, this has never happened.

Just fyi for those looking to buy, there may be some hope yet.

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I would love to know which supply of funny money and buyers has been switched off? Is it the Chinese, FTB'ers & MMR, the Russians or a combination of?

If you can find out the answer to that then you know why prices are falling and for how longer they might continue to fall.

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This is exactly what happened in 1989 when I was in Goole. In the spring a house I looked at advertised at £23k had offers of around £34k and rising. I stepped back and said it was out of my reach on a bus driver's wage. In November 1989 I was asked by the vendor if I was interested at £23k. I said no and it was taken off the market unsold.

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