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Is anyone on hpc buying now in London?


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On 24/02/2019 at 10:38, 24gray24 said:

Is anyone on hpc buying now in London?

No!

After many years of successfully dodging stable employment, I'm now in a "job for life" type situation, with an OK deposit saved up.  As prozac says, the crash doesn't seem to have started happening where I am (SW London / Surrey borders).  Annoyingly prices here have flatlined and the drops just mean central London (Zone 1-3) is often cheaper / comparable than this part of town.

Personally I'm taking a much keener interest in prices, ready to buy in 2-3 years if there's a sudden drop, or 5-10 years if there's more protracted "negative price rises".

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2 hours ago, naturals said:

No!

After many years of successfully dodging stable employment, I'm now in a "job for life" type situation, with an OK deposit saved up.  As prozac says, the crash doesn't seem to have started happening where I am (SW London / Surrey borders).  Annoyingly prices here have flatlined and the drops just mean central London (Zone 1-3) is often cheaper / comparable than this part of town.

Personally I'm taking a much keener interest in prices, ready to buy in 2-3 years if there's a sudden drop, or 5-10 years if there's more protracted "negative price rises".

I think that Kingston and surrounds are a bit of a mixed bag price-wise. Houses in the 'good' parts of the area have held their (asking) prices but are not selling. Flats in those area and houses in the less sought-after parts have dropped a bit in asking price, but not enough and they are still not selling.

Then there is the HTB-funded new builds which are still on for huge prices that are out of kilter evne compared to the very peak of the market.

Other suburban areas seem to have been hit later by the ripple-effect, even though they are sometimes closer in to central London (e.g Beckenham/Bromley in the SE, Harrow in the NW). There is much less difference in price between Kingston and those places than there was two years ago.

All over London, the market seems incredibly slow and I think (hope) that buyers are wisely sitting out as they are confident of further falls.

Edited by worried1
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  • 4 months later...

I'm looking in north London - zone 4 and 5. There seem to be some slight reductions in established areas, much more notable in East London. As a general theme there is very little supply. Areas which really should have 20 flats for sale at any one time in whatever price bracket you look for have at most 5-10. Some priced fairly high (needed for next move?). Others priced a little lower seem to move quickly.

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  • 6 months later...
On 25/02/2019 at 14:26, worried1 said:

All over London, the market seems incredibly slow and I think (hope) that buyers are wisely sitting out as they are confident of further falls.

This for me, Mexican standoff going on between those sellers confident their places are worth 20% more than similar properties sold last 12-18 months (delusion is high), and buyers like myself who could "afford" to buy said places but see little value and too much risk/debt to take on.

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The estate agents we’ve met have all been playing the “it’s only just come on the market”, “we’ve had a lot of interest”, “if you like it make an offer. NOW” cards. Presumably standard EA patter whatever the conditions. 
 

Also, an a few occasions they’ve double booked viewings to ramp up the sense of interest, but speaking to the other viewers we seemed to wholly agree that things are just too bl00dy expensive right now! 

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  • 2 weeks later...
  • 4 weeks later...

For me, it’s not about a crash. One thing I think I agree with on this forum is that a gradual decline is more likely (but who would dare make predictions?). The point now is that I’m ready to buy, other circumstances mean that it “feels” like I’m doing the appropriate thing, and any market factors are secondary to that. Still haven’t made an offer on anything though. 

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I am desperate to move out of my east London rental due to terrible noisy neighbours - three young kids running around and stomping above your one bed flat is no fun let alone the general degredation of that part of the capital! Those stomping kids perhaps can't help it but I can !

But there is such poor value and perhaps the last week or so - and its reminders of summer 2011 - make me think its time to leave entirely. I really would rather not be robbed at knifepoint for a pack of bog rolls - I was the victim of a moped gang last year.

Good deposit and good salary - but where to buy that is decent and commutable. HS1 line perhaps?

But do we wait as you say for things to go pear shaped and risk being stuck in London as things turn sour? 

Edited by MARTINX9
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Semi anecdotal;

Wife and I rent. Landlord is currently selling the flat we live in (as the financials no longer make sense) but the arrival of a little one has also hastened our search for a new rental.

Started looking end of January. Several reasonable offers made. Limited interest in LLs accepting (despite us both having very respectable sounding jobs and good references). Onus constantly on us to chase up viewings, offers, etc. Hopeless. 

Stopped looking last week as baby turned up early. We’ve made zero attempt to re engage in our search but now phones ringing off the hook with agents trying to get us to view properties. Clearly the rental market is dead as a dodo right now. 

I can only imagine sales are even worse. 

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In the process of buying in Croydon currently - a couple of weeks away from exchange hopefully. No outside assistance, just a saved deposit, a mortgage and a joint income of just north of 100k. Speaking from experience of having joined this site some 15 years ago convinced it was all about to go tail side up, trying to guess the property market is a fools game. Now in my early 40's, I can no longer sit and wait for any sort of crash, and I am done with renting as looking to put down roots, try for a family etc etc. I know this is going to fly against the mantra of many on here, but I just can't see any downside to buying. Even if the COVID-19 situation does cause a correction, how bad is it really going to get? Plenty of people will post very, or you're crazy, but only time is going to tell. I have sat through all the prophecies on this site when big things have happened - Northern rock, the con/dem alliance, Brexit, now corona, and all that has happened is housing has continued its steady climb upwards bar a few blips. Ultimately, it's a 4 bed house and therefore if we do manage one or two kids then we have plenty of room. I'm not after a quick profit, and we see ourselves there for the long term.

Anecdotally, when we put our offer in houses were absolutely flying off the shelf. We would view somewhere, and then ask for a second viewing at the weekend to see in daylight and would get a mail back saying sorry, it's sold STC. With the house we are hopefully shortly completing on, it had been on the market for a week, and we got in a bidding war. I have 8 pages of saved properties on my Rightmove account from the last 6 months of looking, and all bar a few of the poorer ones have all now sold or sold STC. 

Whatever happens with prices, we both work in the NHS, so couldn't be in any more stable employment, certainly not at the current time. It may not make sense for all, but for us it 100% makes sense to buy, and if as luck would have it the crash starts next month, then such is life and I'll survive. 

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Why don’t you try a price drop just before exchange? I don’t think it’s unreasonable and if seller doesn’t accept you will always have a second chance to go back and exchange at originally agreed price. No seller in their right mind will want to go back to the market at the moment to find a fresh buyer

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