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Is it the right time to buy in London?

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  • Is it the right time to buy in London?

    Hello,

    I'm planning to buy a house in the outskirts of London, but I'm not sure if now is the right time to buy, considering the predictions that the property market may be heading for a downturn.

    I'm a cash buyer, but I'm not sure if this would be to my advantage when it comes to negotiating prices, as I've understood that its mainly sellers who are in a hurry to sell that prefer cash buyers.

    Coming back to the market situation – is it likely that the London property market would see a turn upward or downward in the near future? Should I buy now, considering that it is currently a buyers' market, or should I wait? Any opinions and advice on the above would be greatly appreciated.

  • #2
    Re: Is it the right time to buy in London?

    Personally I think the Olympics has resulted in a wave of extra market interest in London from overseas - and that after the Olympics have finished, a number of these owners will start selling up.

    In my opinion, this will result in a downturn because I think it's primarily been Olympic interest keeping that market bouyed.

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    • #3
      Re: Is it the right time to buy in London?

      I would avoid buying in East London for the timebeing as the prices may fall due to over-supply when a lot of sellers will try to get out quickly. If you do want to invest in that area you might be well advised to wait. That said, other areas in Greater London where there are good tube links are still doing well.

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      • #4
        Re: Is it the right time to buy in London?

        If you will ask my personal opinion then I will say it's not the good time that you buy the property in London because London is very expensive.

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        • #5
          Re: Is it the right time to buy in London?

          A few good and interesting points mentioned by other members.

          1. Olympics have created extra interest
          2. Avoid East London
          3. London is expensive

          1-2. I agree the Olypics have - hyper-inflated the Olympic area somewhat, I had a seller trying to sell his 2 bed flat for £260k, he had offers for £250k, which personally would have been good for him, but because he bought at the height of the bubble he could not sell his flat for any less than £260 (his cost). He was under the impression that he was onto a good earner when he purchased it.

          3. I bought my first property (3 bed terraced) around 1997 for £75k, funny enough, that was in London, at the time it just seemed like a good idea (and I was fed up of renting), but it turns out it was a good investment, the property now has almost quadrupled. Point here was at that time £75k was expensive, so in my opinion the price is relative to the price of everything else, inflation, fuel, etc.

          Anders, can I ask whereabouts (you say outskirts) did you have in mind and do you want to buy to let or buy to live?
          Helping people to sell their homes all over the UK
          http://www.swift-property-sale.co.uk/

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          • #6
            Re: Is it the right time to buy in London?

            I agree me to also that

            1. Olympics have created extra interest
            2. Avoid East London
            3. London is expensive

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            • #7
              Re: Is it the right time to buy in London?

              Hi,
              I will suggest you to buy your property after the Olympics but due to Olympic event the properties are becoming high in rates after that property rates will go down.

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              • #8
                Re: Is it the right time to buy in London?

                London is great place to live and its always good to invest in property!

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                • #9
                  Re: Is it the right time to buy in London?

                  Choosing the right location is key. And if you can afford the property prices, I would say its right to buy there since it is a good place but we cannot deny that it's too much expensive.

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                  • #10
                    Re: Is it the right time to buy in London?

                    The councils have decided to cap housing benefits and as a result many people are having to move to places like Stoke on Trent because the prices are cheaper. London is pretty secure though, mainly due to it's demand and the fact it's the capital.

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                    • #11
                      Re: Is it the right time to buy in London?

                      I think housing prices in London will remain pretty high & constant. A lot of the wealthier areas are dominated by foreign business people who don't even live there!
                      There are certain areas in places which may have not been so desirable, like Woolwich, that have a number of new housing developments. They'll be cheaper than places more central and you won't get the hustle & bustle!

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                      • #12
                        Re: Is it the right time to buy in London?

                        Is there ever a right time to buy in London? Prices are always and will always be far much more than the rest of the UK.

                        With the Help to Buy scheme more people are now accessing mortgages and prices have increased to reflect this. With reports that prices have risen between 6.9% and 10.2% sellers are now holding on to their properties waiting to cash in as much as possible.

                        Simple economics of supply and demand.

                        However these reported rises are on advertised prices and not sold prices so there would be room for negotiations.

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                        • #13
                          Re: Is it the right time to buy in London?

                          Its always a good time to buy property.

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                          • #14
                            Re: Is it the right time to buy in London?

                            In London there is always a good time to buy property dude ..
                            iPhone App Development

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                            • #15
                              Re: Is it the right time to buy in London?

                              Is London a great place to stay at this time? I also heard it during the Olympics. Hope they have benefits living there.

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