Is it a good time to buy in London?

I keep being told (mainly by estate agents) that it is a buyer's market at the moment. Uncertainty caused by the ongoing Brexit saga has been partly responsible.

Any thoughts welcome.

Also, I need a good (and competitively priced) property lawyer to do the conveyance. London based.

I'd say yes, if you want to live here for at least the medium term

prices have fallen and you can still get excellent mortgage deals

Put it this way I'm looking on behalf of my parents and I've postponed a viewing on a flat for three weeks and not coming under any pressure from the seller which makes me think they've had very little other interest, if any.  Doesn't help there are two other similar flats for sale in the same block.

Sold my place earlier in the year and there were lots of people looking but very few actually making offers and a couple of the viewers were clearly time wasters.  Any offers that do come in are well under asking price as the few serious buyers around do have other options.

I've found the gap between what sellers put their properties on at and the actual price at which they'd be willing to sell is much bigger than I'd imagined it would be. £50k off in some cases.

I think it would be very hard to know what a good price looks like at the moment because the gap between advertised price and actual sale price seems absolutely huge. 

Round mine the odd place is popping up that seems to have been priced to actually sell and it will be a full 20-25% lower than most equivalent things are listed at. 

It's moving all the time as well so I put my place on the market at the bottom end of the valuations I got so it was priced to sell and still ended up accepting 5% less than that.

Of the two places I'm looking at seriously they're in the same bloke and very similar but there's a 10% difference in asking prices.

It is a good time to buy at the time when house prices have fallen.

At the moment, they are still falling fast.  So it is not quite yet a good time to buy.  

They may start picking up after Brexit (if it actually happens come the end of October).

I knew population density in London was pretty high, but hadn't realised it had gone that far. First house shares, then room shares, then places in the same bloke. Crikey.

I'm sure there is a joke in there, but I can't see it. I also feel like this post may make the joke funnier, though  I'm not sure how.

(read SummerSails post, then mine)

((making me explain the joke, damn you IG. Damn you to hell))

(((TO HELL)))

ofc only makes sense if read in conjunction with your post!

No, but it is better than renting. I cannot offer further 'London' advice as  I loathe London.

They may start picking up after Brexit (if it actually happens come the end of October).

Lol.

My parents are buying in London currently as it looks much better value than it has for a while and they're looking for something long term so not too worried about what happens in the immediate future.

I think you’d be mental to buy a flat in London right now. But if buying a family home and planning to live there long term I’d say just go for it. especially with finance being so cheap 

I lolled at that too.

IG M7 - if brexit happens then the price fall will really begin in earnest.

If you believe it’s actually going to happen then sit on your hands and wait.

 

Colleague just bought a lovely 1 bed for 250. I realise that isn't cheap but for Cannonbury it seemed reasonable.

F*ck off 1 bed for 250 in Canonbury! 450 at least and even then it's likely to be 400sqft or smaller.

As long as you are planning to stay there for 4 or 5 years then it's probably a decent time to buy. what areas are you looking at IG - are you buying alone or with a bird?

Legal alien flat prices in London remain costly when compared to the rest of the country. 250 k for a one bed is decent. I remember you posted something like this before. I think your issue is you want a spacious flat in a nice area in zone 1/2, at 2007 prices, it ain’t gonna happen. As my mother says you just have to cut your cloth accordingly.

I don't think it's sensible to make generalisations about 'London'.  the market in, say, Putney is completely different to the market in Barnet

Very true dice man I have put in an offer from a local developer who has finished a period house converted in to 2 bed flat . I offered 75k below asking, and they rejected it and would only accept 50k below asking price.

True Diceman but I've given up trying to explain that to most people who think you can also make meaningful comments about the market in a whole region of the country.

The issue is still a lot of vendors asking for 2016 prices and buyers want to pay 2007 prices hence the impasse. 

Vendors are being greedy , if you bought in 2007, your property in lots of parts of London will have doubled at least so they can take a hit from the giddy prices of 2016 unless they are leveraging up massively on their next purchase 

London prices are still falling fast and hard.  

By all means buy now if you want to, but you will get more for your money in a year or two.