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Additional Details
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TommyT | Why can't I find a cheap property in London? |
The Press are full of stories about the fall in property prices, and people defaulting on their mortgages, causing the Banks to re-posses their homes and sell the properties on.
As a want-to-be first-time buyer, I am keeping my eyes peeled on the property market in anticipation of being able to finally get my foot on the first rung.
And yet, according to Right Move, Primelocation and Nestoria, I don't seem to be seeing any of these "cheaper" properties.
I am still seeing overpriced studio flats in old council flats being sold in excess of £300,000.
I find it hard to believe that these properties are selling, especially at this time of the credit crunch.
The Evening Standard and the BBC both listed West Hampstead in NW London as the worst area for people trying to sell, and yet there is no decent stock listed on the market.
So, where can I find out about these cheaper sales? The Estate Agents are useless (as always). Are these properties being auctioned, and if so where do I hear about them? |
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Cari
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You've hit the nail on the head with this sentence: I find it hard to believe that these properties are selling, especially at this time of the credit crunch.
These properties are NOT selling. I am looking in the Rotherhithe / Canada Water area. What is listed in the local estate agents' is exactly the same as what was listed six months ago. These properties aren't selling, and this brings me to my next point ...
... no new properties are being listed. Why not? Well, if you knew that you'd have to take a lot lower price than what you paid for it, you simply wouldn't sell, right? Only those who are extremely desperate are selling now, and let's face it, most people aren't extremely desperate, because you could hang on for a while, and even if you really needed to relocate you could simply rent that house out or something.
Yes, average selling prices are getting cheaper, BUT what the papers aren't pointing out is that this is based on a much, much smaller number of sales than say, this time one year ago. So obviously, if there is only a very small number then the average is skewed for one thing, and for another thing the small number of sales is due to the fact that only the very desperate are selling so everyone else would simply reject a low offer.
Basically, there are no cheaper properties in London. However, as a first-time buyer, if you're really struggling, you might want to consider Shared Ownership.
Don't bother with auctions. First of all, because everyone now thinks that it's a way of finding a cheap property, the increased interest means that this is pushing prices up. Second, it's a false economy in that you end up spending a lot on fees which might go to waste, which you wouldn't do in a normal sale. |
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Daisyhill
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Auctions are listed in the local press...also look in the yellow pages for property auction companies. That's where you get the bargains. |
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codysdoor
 |
Funny you post this. I've been looking to buy something in the Hyde Park area (W2 I believe) forever. The values were way too high and the dollar was weak against the pound.
But with the $GBP falling, and the home prices falling, I thought I'd look again.
You're right. I found a bunch of 300sq/ft (WHAT??) places for £300k. With taxes and such that's still a half million $USD for a closet sized home.
My suggestion is to wait. However some places have a natural floor. As long as the population in the UK stays steady, the DEMAND for homes will stay fixed. People that have to sell their homes still have to move somewhere. This puts pressure on the low end which doesn't help you (or I) out much |
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wizjp
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uh...because stories to the contrary, there really AREN'T ANY. |
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WelshLad
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Try http://www.rightmove.co.uk and http://www.gumtree.co.uk
Being London that it's always "expensive". |
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Lily B Talus
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People dont want to sell for less than they paid, they wont accept that they cant make a profit...so they keep the prices high and really hope. |
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badwolf_got_suspended
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firstly your looking at the most expensive place in the UK, its the capital so yes its going to be expensive, have you tried looking a bit further outside of London?
What you also have to remember about "fallen property prices" is that the prices that properties were achieving in the boom where above what was perceived as normal prices, now they are going back to a normal level so yes prices have fallen but only because in the past they were very inflated so people mistakenly think that properties are going to be dirt cheap when in fact they have just returned to a normal or slightly below normal level |
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plyrshrk791
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"Cheaper" is relative. In London it just means slightly less than before.
Dont get me wrong London now has "cheaper" properties but non are "cheap" |
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Helen P
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because U R LUKING IN LONDON |
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