traditional buying season, London will be getting back to normal on the bar/restaurant/entertainment front and - most importantly- professionals will be realising that they need to be in the office more often than they thought.
Not sure where these supposed falls in prices for urban flats are to be honest. They don't seem to be in London. We have been looking for an investment property to take advantage of this 'dip' and prices and activity are way up on last year.
traditional “busy” buying season if you like.
surprised - and pleased- by your experience darko but perhaps the impact has been much less impactful on properties which appeal to investors; mind you I thought individual resi investors had pretty much abandoned the capital?
I was talking to someone who owns a property company yesterday- they have something like 30 properties. He was saying they can’t find anything to buy because demand is so high that most places are going for over asking price.
Small London flats definitely took a kicking last year during the height of the pandemic. We bought one for 5 grand less than the vendors had bought it for in 2012 and they had extended the lease since then as well.
A lot of individual investors have been badly stung by lengthy voids/defaults they could do 'eff all about during Covid and we struggled a bit to let the one we bought (it took 3 months to find a tenant) but the market seems quite different now. That said, short term given the way rents have fallen (which is much more than prices have) yields make feck all sense for individual investors if they can't get full tax deduction on their mortgage interest. That doesn't impact small time overseas resident investors like us though.
Agents in my neck of the woods , south west London say flats have taken a good kicking.vendors thinking they can get pre Covid prices which were toppy in any event.sellers refusing to reduce prices, so they sit there, with some I see have been on the market for two years. whilst there are couples with a kid or two realising the madness of living in a flat worth 7 figures, and are desperate to move to a house , and are prepared to loop 10% plus off the asking price just so they can move to a house.
apparently houses are selling as fast as agents can list them. I do wonder if flats long term will occupy a more normal price point. The big developers still mostly have their developments just about empty , and are offering huge discounts, stamp duty paid , mortgage payments made for a year , cars etc etc .
@ crypto my old man is having great difficulty selling two of his flats. Offers have been 20-25% off asking price , i suspect he’ll rent them out again
We complete next week on a place that we got for 100k off asking price but that’s because the agents had massively overpriced it and the vendor was already out and needed to get it sold.
There are deals to be done but we saw a lot of the zombie properties referred to above that had been on for 6 months or more. Some still on and reducing prices which makes me think there’s a lot of wishful thinking between agents and vendors atm.
There's always wishful thinking from seller's looking to trade up as they've fooled themselves into thinking they can buy their dream property if they just £x for their current house. Having made their plans on that basis they then won't change them because it means accepting the dream is unachievable.
If the youth are heading back to the cities I hope the idiots arent going to complain about property prices anymore. Or expect someone else to subsidise them when they dont have any money for childcare, savings or a pension etc etc. (Or indeed the property itself as most acquisitions in cities are now subsidised via Help to Sell etc).
Yes property prices in Cities are ridiculous - but people have just been handed (by a pathogen and technology rather thsn any of our corrupt or useless politicians, natch) - a golden opportunity to do something about it. If they are not prepared to take it, they now forfeit their right to complain.
Bailey , if I can ask was it a flat or a house . I got 75k off a newly refurbished period conversion. It was a one man band developer who bought a large house and converted it in 6 flats . He was insisting on the full asking price, but eventually he was frank and said he needed the cash out ASAP so he could move on to his next project.
It’s a house. Needs some work but the owner really needed to sell plus we were chain free so all the stars aligned for us on it.
She had been led to believe it would sell at an insane amount more than it was on for when we first saw it. Soft sell by an initial agent let her think it was worth 200k more. Trying to get her to see sense post that was a tough job for the replacement agent who was pretty great tbh. Unfortunately it meant in her head we were negotiating her down by 300k so it was a tough road. Agents have a lot to answer for on this stuff.
Being chain free is a huge , huge plus. Previously there was another flat I really liked. It’s been on with one agent for two years and another agent for 3 months. I’ve seen the other 3 flats overtime in the same building and they are stunning. This one however needs work. I was going to view it but I cancelled . The vendor in all that time reduced the flat by 10k. Would have been a complete waste of time . I imagine she is the sort of vendor who would up the price a day before exchange
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On average despite this being driven rising out of town prices which are masking price falls for urban flats.
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All good sun.
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The youth are heading back to the cities in droves now.
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urban flat prices are going to have a big bounce spring ‘22 fo’ sure.
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Why spring?
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It's become a seasonal bump
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traditional buying season, London will be getting back to normal on the bar/restaurant/entertainment front and - most importantly- professionals will be realising that they need to be in the office more often than they thought.
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The traditional buying season actually runs from January to December.
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Not sure where these supposed falls in prices for urban flats are to be honest. They don't seem to be in London. We have been looking for an investment property to take advantage of this 'dip' and prices and activity are way up on last year.
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traditional “busy” buying season if you like.
surprised - and pleased- by your experience darko but perhaps the impact has been much less impactful on properties which appeal to investors; mind you I thought individual resi investors had pretty much abandoned the capital?
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I was talking to someone who owns a property company yesterday- they have something like 30 properties. He was saying they can’t find anything to buy because demand is so high that most places are going for over asking price.
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Small London flats definitely took a kicking last year during the height of the pandemic. We bought one for 5 grand less than the vendors had bought it for in 2012 and they had extended the lease since then as well.
A lot of individual investors have been badly stung by lengthy voids/defaults they could do 'eff all about during Covid and we struggled a bit to let the one we bought (it took 3 months to find a tenant) but the market seems quite different now. That said, short term given the way rents have fallen (which is much more than prices have) yields make feck all sense for individual investors if they can't get full tax deduction on their mortgage interest. That doesn't impact small time overseas resident investors like us though.
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Rents in my part of England are up on 2019. My tiny portfolio is performing well.
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Agents in my neck of the woods , south west London say flats have taken a good kicking.vendors thinking they can get pre Covid prices which were toppy in any event.sellers refusing to reduce prices, so they sit there, with some I see have been on the market for two years. whilst there are couples with a kid or two realising the madness of living in a flat worth 7 figures, and are desperate to move to a house , and are prepared to loop 10% plus off the asking price just so they can move to a house.
apparently houses are selling as fast as agents can list them. I do wonder if flats long term will occupy a more normal price point. The big developers still mostly have their developments just about empty , and are offering huge discounts, stamp duty paid , mortgage payments made for a year , cars etc etc .
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@ crypto my old man is having great difficulty selling two of his flats. Offers have been 20-25% off asking price , i suspect he’ll rent them out again
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You don't sell property. You accumulate it and establish a dynastic holding.
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Hyoo haven’t you sold any of your mansions you bought in Clifton and Solihull and various other places as yet .
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See above. Trust that clarifies.
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We complete next week on a place that we got for 100k off asking price but that’s because the agents had massively overpriced it and the vendor was already out and needed to get it sold.
There are deals to be done but we saw a lot of the zombie properties referred to above that had been on for 6 months or more. Some still on and reducing prices which makes me think there’s a lot of wishful thinking between agents and vendors atm.
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Why???
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There's always wishful thinking from seller's looking to trade up as they've fooled themselves into thinking they can buy their dream property if they just £x for their current house. Having made their plans on that basis they then won't change them because it means accepting the dream is unachievable.
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If the youth are heading back to the cities I hope the idiots arent going to complain about property prices anymore. Or expect someone else to subsidise them when they dont have any money for childcare, savings or a pension etc etc. (Or indeed the property itself as most acquisitions in cities are now subsidised via Help to Sell etc).
Yes property prices in Cities are ridiculous - but people have just been handed (by a pathogen and technology rather thsn any of our corrupt or useless politicians, natch) - a golden opportunity to do something about it. If they are not prepared to take it, they now forfeit their right to complain.
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Bailey , if I can ask was it a flat or a house . I got 75k off a newly refurbished period conversion. It was a one man band developer who bought a large house and converted it in 6 flats . He was insisting on the full asking price, but eventually he was frank and said he needed the cash out ASAP so he could move on to his next project.
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It’s a house. Needs some work but the owner really needed to sell plus we were chain free so all the stars aligned for us on it.
She had been led to believe it would sell at an insane amount more than it was on for when we first saw it. Soft sell by an initial agent let her think it was worth 200k more. Trying to get her to see sense post that was a tough job for the replacement agent who was pretty great tbh. Unfortunately it meant in her head we were negotiating her down by 300k so it was a tough road. Agents have a lot to answer for on this stuff.
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Donny, I'm pretty sure non-resident landlords still have to file a tax return!
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Being chain free is a huge , huge plus. Previously there was another flat I really liked. It’s been on with one agent for two years and another agent for 3 months. I’ve seen the other 3 flats overtime in the same building and they are stunning. This one however needs work. I was going to view it but I cancelled . The vendor in all that time reduced the flat by 10k. Would have been a complete waste of time . I imagine she is the sort of vendor who would up the price a day before exchange
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