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ok...so i'm a 29 year old single doctor in central london... my paycheck is healthy...but when it comes to property prices, i feel completely powerless. i mean, the prices in london (nw1/2/3, ec1/2/3/4, wc1/2, w1/2, etc) are just out of reach. like, am i lookin at the wrong places or is the london property market just gone mad?? i'm now reachin this point in life where i want to own a property....and if i really really really stretch my finance, it's not unrealistic. however, i'm just way too scared about the impending x-day....

a friend of mine recently bought a 2 bedroom flat in a newly built devt for 250k....apparently was reduced from 275k in one single round of negotiation. though he's happy with the purchase, i'm just way too skeptical about it...

am i being paranoid, or using common sense?? i'd like to know what everyone thinks about the outlook on the central london property market...

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ok...so i'm a 29 year old single doctor in central london... my paycheck is healthy...but when it comes to property prices, i feel completely powerless. i mean, the prices in london (nw1/2/3, ec1/2/3/4, wc1/2, w1/2, etc) are just out of reach. like, am i lookin at the wrong places or is the london property market just gone mad?? i'm now reachin this point in life where i want to own a property....and if i really really really stretch my finance, it's not unrealistic. however, i'm just way too scared about the impending x-day....

a friend of mine recently bought a 2 bedroom flat in a newly built devt for 250k....apparently was reduced from 275k in one single round of negotiation. though he's happy with the purchase, i'm just way too skeptical about it...

am i being paranoid, or using common sense?? i'd like to know what everyone thinks about the outlook on the central london property market...

Isn't it a nuisance when you have trained for so many years & the only ill people are in the highest priced area of the country.

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Living in the centre of one of the best cities in the world is never gonna be cheap.

I take it your friend didn't buy a 2 bed flat in central London because if he did he's got himself a bargain.

There are people from all over the world that are willing to spend vast amounts of money to live in London so I am not surprised that prices are ridiculously high. The same as New York.

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ok...so i'm a 29 year old single doctor in central london... my paycheck is healthy...but when it comes to property prices, i feel completely powerless. i mean, the prices in london (nw1/2/3, ec1/2/3/4, wc1/2, w1/2, etc) are just out of reach. like, am i lookin at the wrong places or is the london property market just gone mad?? i'm now reachin this point in life where i want to own a property....and if i really really really stretch my finance, it's not unrealistic. however, i'm just way too scared about the impending x-day....

a friend of mine recently bought a 2 bedroom flat in a newly built devt for 250k....apparently was reduced from 275k in one single round of negotiation. though he's happy with the purchase, i'm just way too skeptical about it...

am i being paranoid, or using common sense?? i'd like to know what everyone thinks about the outlook on the central london property market...

I know people who have bought 2 bed executive apartments in Exeter for more then £275,000..

Crazy,,,,,,,,, all soooooooooooo crazy...

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Personally I think "comon sense" and "central london property market" have had no place in the same sentence together for many many years.

£250k would buy me a nice 4 bedroomed detached house around these parts (Leicester), within 3 miles of the city centre. (And still be overpriced ;))

MC.

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ok...so i'm a 29 year old single doctor in central london... my paycheck is healthy...but when it comes to property prices, i feel completely powerless. i mean, the prices in london (nw1/2/3, ec1/2/3/4, wc1/2, w1/2, etc) are just out of reach. like, am i lookin at the wrong places or is the london property market just gone mad?? i'm now reachin this point in life where i want to own a property....and if i really really really stretch my finance, it's not unrealistic. however, i'm just way too scared about the impending x-day....

a friend of mine recently bought a 2 bedroom flat in a newly built devt for 250k....apparently was reduced from 275k in one single round of negotiation. though he's happy with the purchase, i'm just way too skeptical about it...

am i being paranoid, or using common sense?? i'd like to know what everyone thinks about the outlook on the central london property market...

You can tell he's a real Doctor, just look at the writing... :blink:

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I am in a very similar situation. Here are my thoughts:

1. Assuming annual house price inflation of 4% (which is what the more optimistic Estate Agents predict), you would have to hold onto a £250k flat for 5 to 7 years before the costs of buying are outweighed by the financial benefits (based on my own 'house buying spreadsheet'). If HPI is lower than this, or if prices fall, you'd have to stay in the flat much longer than this!

2. If you're 29, I assume you're a hospital junior doctor, so you'll be likely to move within the next 3 years or so (almost all London registrar rotations include at least a year in a farflung district general hospital).

3. Gordon Brown is signalling a big squeeze on doctors' pay. The European Working Time directive will cut down your out-of-hours supplements, and this year's sub-inflationary pay-deal for consultants (equivalent to 1.4%) bodes poorly for the rest of us. Despite the rises for advancing through the training grades, there's a real chance your salary will fall over the next couple of years (and if you do research, you'll definitely take a pay cut).

My suggestion: Rent a flat near your place of work. Use all the hours you save on commuting and house renovation to enjoy your life, or to revise for your postgraduate exams. Pay off any outstanding student debts, save up a big house deposit in ISAs and high-interest accounts. Then buy a house when you've secured a permanent consultant job somewhere. Alternatively, emigrate to somewhere with a better work/life balance (that's my plan)!

DrBob

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ok...so i'm a 29 year old single doctor in central london... my paycheck is healthy...but when it comes to property prices, i feel completely powerless. i mean, the prices in london (nw1/2/3, ec1/2/3/4, wc1/2, w1/2, etc) are just out of reach. like, am i lookin at the wrong places or is the london property market just gone mad?? i'm now reachin this point in life where i want to own a property....and if i really really really stretch my finance, it's not unrealistic. however, i'm just way too scared about the impending x-day....

a friend of mine recently bought a 2 bedroom flat in a newly built devt for 250k....apparently was reduced from 275k in one single round of negotiation. though he's happy with the purchase, i'm just way too skeptical about it...

am i being paranoid, or using common sense?? i'd like to know what everyone thinks about the outlook on the central london property market...

i'm in a similar situation. i just decided to say 'sod it' and am buying a 1 bed flat for £275k. mortgage repayments are a bit higher than rent at present, although the interest element is less than rent. will still take a few years to recoup the transaction costs (less if sdlt planning works out).

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If its a home to live in, why not buy a house/flat now?

Your in a reccesion proof job and the London property market is rising at the moment.

So what if there is a housepricecrash? you just ride it out.

Or you could wait in the hope of picking up a bargain during an actual crash, but then you could end up waiting a long time.

EDIT: Also since your employed by the NHS you qualify for a 50k interest free deposit on a place, you would be crazy not to use that.

Edited by zag2me

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Living in the centre of one of the best cities in the world is never gonna be cheap.

I take it your friend didn't buy a 2 bed flat in central London because if he did he's got himself a bargain.

There are people from all over the world that are willing to spend vast amounts of money to live in London so I am not surprised that prices are ridiculously high. The same as New York.

I think you are missing the point here, a doctor could have afforded a decent pad in a nice part of London in the early nineties.

Since the rediclous and unprecendent HPI a doctor cant get a look in. The fact its a nice town is irrelevant!

It was a nice town in the early nineties too!

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I am in a very similar situation. Here are my thoughts:

1. Assuming annual house price inflation of 4% (which is what the more optimistic Estate Agents predict), you would have to hold onto a £250k flat for 5 to 7 years before the costs of buying are outweighed by the financial benefits (based on my own 'house buying spreadsheet'). If HPI is lower than this, or if prices fall, you'd have to stay in the flat much longer than this!

2. If you're 29, I assume you're a hospital junior doctor, so you'll be likely to move within the next 3 years or so (almost all London registrar rotations include at least a year in a farflung district general hospital).

3. Gordon Brown is signalling a big squeeze on doctors' pay. The European Working Time directive will cut down your out-of-hours supplements, and this year's sub-inflationary pay-deal for consultants (equivalent to 1.4%) bodes poorly for the rest of us. Despite the rises for advancing through the training grades, there's a real chance your salary will fall over the next couple of years (and if you do research, you'll definitely take a pay cut).

My suggestion: Rent a flat near your place of work. Use all the hours you save on commuting and house renovation to enjoy your life, or to revise for your postgraduate exams. Pay off any outstanding student debts, save up a big house deposit in ISAs and high-interest accounts. Then buy a house when you've secured a permanent consultant job somewhere. Alternatively, emigrate to somewhere with a better work/life balance (that's my plan)!

DrBob

in addition to the above, what also scares me at the moment is how this whole pmetb/mmc thing is gonna affect me next year....esp bcuz i'll be making the transition from sho to spr around that time.

btw, my friend's 275k flat is in nw london....zone 3.

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I think you are missing the point here, a doctor could have afforded a decent pad in a nice part of London in the early nineties.

Since the rediclous and unprecendent HPI a doctor cant get a look in. The fact its a nice town is irrelevant!

It was a nice town in the early nineties too!

My point is that living in acity is never cheap. And living in London is always going to be expensive.

You get what you pay for, location is everything when you are buying a house.

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  • 301 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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