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bR0Ken_H3arT | Is it too risky to buy a flat in central London this year? |
Hello.
I really need to get a flat in Bloomsbury.
The estate agent I saw reckons central London prices are still rising in 2008? I am somewhat skeptical, but know nothing about the housing market in the 'City'....
They want £500,000 for a 2 double bed flat ( 720 Sq ft) 1st floor art-deco style block in good condition, above shops - off Tottenham Court Road.
I cannot afford for it to loose 20% of this value anytime soon if the housing market develops a crisis - as this is my lifes savings.
Do you think to some degree, central London prices are protected more than other areas of the country, because there is such high demand for space? This is what I keep hearing from the estate agent - it seems a logical argument, but is it true?
Please tell me your views, I'd really appreciate it.
Many thanks. |
 |
 
selina.evans
|
Prices in this fashionable part of London are very much protected from reality but still, they are rising less quickly now than they have done in the past decade and there is a real risk that they may begin to fall before the crisis is over. One thing that you can rely upon, however, is that these crisis always do end and prices start to climb again and in the meantime you have lost money only if you put the property back on the market soon after buying it.If you mean to actually live in the property then whatever the market value falls to it will soon climb again and over any ten year period you can safely assume that property will gain in value, sometimes by a considerable amount.
Right now,whatever values are actually doing, buyers are nervous for the same reason you are and sellers are having to wait for longer than many of them expected or have become accustomed ..it is not so long since a Bloomsbury apartment would be sold within days of going on the market..and the delay is making sellers nervous in turn, especially if they are buying in part of the country where prices have fallen substantially. If I wanted the property and meant to live in it for at least three years then I would be seriously tempted to make a cheeky offer, followed, if it was refused, by a still very tightfisted one..say £430,000..or even a little less, followed by £450,000...or possibly a little more. If such an offer was accepted then you would be buffered against any future fall in value and would have got a bargain as well.
One thing I do not believe right now is that any seller expects to receive an asking price offer, if they do then they are taking a break from reality no matter where they live...And, by the way, if a second offer was refused I would leave it on the table for a month because if they do not find a buyer in that time it would start to look very good without committing me to anything including that specific offer. |
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shanky
|
even if their is a housing crisis, it is very unlikely it will effect zone 1 of london, that is and will be vor a very long time a prosperous and important area, therfore prices shouldn't go down in that area and it would be a great investement |
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roshariouk
 |
Simple - if you want to buy and sell within the next year or so then it's a risk that the value will go down. If you want to stay for 5 years then perhaps buying now is no bad thing. the market is not moving because everyone is waiting to see what happens next. While everyone's waiting and property is not shifting, there are bargains to be had but I don't think that this will last long in traditionally strong markets like central london - it's not as if the overall economy is looking too bad. The point is that if you buy now and live in the flat for 3-5 years, you will not lose money. If the market dips, OK then you wish you had waited to get it cheaper but at least you have a house to live in and one which will certainly gain in value in the next few years. However, if the market rises and you haven't bought you may not be able to afford the flat you want next year.
If you decide to buy, I'd low ball at first as there is an opportunity now to offer a reduced price. Do some research in the local area and see if sale boards are staying put for long, look and see if agents are reducing prices. Be specific and try to find direct comparisons in the same block/street area as the flat you are interested in. |
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Purple
|
I hear this all the time from people wanting to buy just now. Why wait until the market picks up? The flat will just cost you more! How long are planning to own the property for? If it's only a few months then you may be wise not to (I imagine this is not the case though!)
If you can afford to buy property this is the time to buy one. It's a buyers market out there at the moment... there aren't so many buyers out there right due to banks not lending... interest rates blah blah.... you know all the stuff the media is scaring everyone with. Think about it for a second. Central London is at the top end of the housing market. There will always be a demand for properties. The reports you are hearing about a house prices falling are talking about Britain as a whole. Parts of the country where demand for property is poorer and house prices are much MUCH cheaper. If you feel uneasy about buying now then don't but basically the 500K flat you want to buy now won't be 500K when the market picks up again and it will, it'll be a lot more expensive and you may regret your decision. You might even be able to negociate a better deal with the seller now if the flats been on the market for a while. My advice go for it while it's a bargain! |
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Wilhelmo
 |
idk whether risky but certainly expensive in the centre of London. |
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Polo
|
If I were you, I'd wait a few months. London property prices are artificially high at the moment and look set for a fall. |
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J
 |
personally I wouldnt, you would still get some money if you chose to sell, but you may be able to break even, not make money- unless they discover a way out of the credit crisis. |
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miss london
|
Oh its very risky at the moment. Personally I would rent for a while until it stabilises.
PS: Don't always believe estate agents - its there job to sell! |
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silverfishuk
 |
who gives a toss for the price u livin in london pick somewhere else and tube it
better than gettin stabbed on ur way home |
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