depends on the price point. I'm selling a place now in fulham for under £1m. Its on a busy main road and is the @rse end of Fulham. The agent seems pretty confident that a) its priced right and , b) while the market is slow she'd be surprised if it took more than 3 months to get an offer.
my PPR is a large 2 bed in a well maintained mansion block in little venice and has a value over £1m, and also offers great value per sq ft for zone 1. The same agent told me a month ago that it could sell in a week or sell in a year, he really has no idea. (not that i'm selling)
So its an odd situation. An average flat in a second tier postcode in a pretty average location should sell relatively quickly, but a nice flat in a prime postcode offering good value for money will be harder to sell
also had a beer with a mate the other night who's been a developer for 20 years in prime and super-prime london. he's said he's seen this all before. prices come off a bit or stagnate and then you get a great big bounce.
Trouble is when does that uncertainty end? I can see a cobbled together transition arrangement with a further period of negotiation after that and don't think the confidence will return until the ultimate agreement is signed off. My parents are considering selling and my dad thinks that everything will return to normal next April if we don't have a no-deal and I don't agree.
Just about to sell my place but it's a good flat in an extremely convenient location and I've put it on at less than both agents suggested so should go reasonably quickly.
I need them to market it and do viewings but I've made a decent profit on it and want to sell quickly so I'm not looking to absolutely max the sale price and we all know they inflate it to get your business then tell you to reduce it after a couple of weeks. If three people happen to be interested and the agents can bid them up that's fine but if I get close to the asking price from just one buyer I'm all good.
Depends on what part of London really. That said I am actively lookinng and see the same properties have been on the market for a year or more. Some vendors have reduced their prices to reflect the moribund state of the market, still leaving them with a huge profit. Some loons are sticking to 2013 prices.
My ideal flat which I could have bought in 2008 had I been able to stretch to it was 375k, an identical flat in the same building went for 900k in 2013, said flat is now on at 750 and asking offers in which the agent says the vendors( mortgagees in posession) will take 700.
I did a development in Wandsworth a couple of years back. In the best bit, The Tonsleys. unfortunately it went on the market about 3 months before the scottish election, so couldnt shift it. then as soon as the scottish referendum was done we had a GE to look forward to, so couldn't shift it. Sold for £50k below asking after 6 months on the market
LF, the think that annoys me , especially when I watch programs like locationn, location, you get purchasers trying to chip a couple of grand off the asking price, and the vendors refusing to drop by anything more than a grand, so there is an impasse, if you realy want this dream property pull up the dough, if you cannot afford 2 k, you can't afford it at all it seems to me. WTF, get a grip, if only I think.
In London the scenario is vendor will only chip 50k off the asking price for a 800k property, and purchaser wants 100k off, another world
i never really understood people having pride when it comes to a commercial transaction. Set your base price (hopefully a realistic one) and anything above this is a bonus, anything below is a deal breaker. pretty fvcking simple really. but people arguing over a couple of grand here or there, to buy sometehing that they will spend the next decade in, is really very silly
that said, each day i walk past the an apartment i loved that i didnt buy because i wouldnt spend the extra £25k they wanted.....and instead i bought a place for £25k less, but spent £50 refurbing.....which in hindsight was a very silly and painful thing to do
LF, taking a 50k haircut on a £1MM property is peanuts really, if a vendor wasn't prepared to do that in todays market I would question their desire to sell.
Equally I look if I am genuinely interested to see what the vendor paid. If they paid 300k in 2010 , and are marketing the property at 800k in 2018, and I offer 700 in todays market, that is still a gross profit of 400k in 8 years or an incredible grand a week. Greedy bastards.
The big killer is the big developers who insist on taking a 5k non-refunadble deposit on new builds, and insisting on completion in 28 days, fvcking jokers.
Ebit for several years developers have been demanding exchange in 14 days and I’ve just ignored them as I know there isn’t a queue of buyers. Managed to stretch one out for several months without the developer ever threatening to sell it to someone else.
sail, I don't doubt you for a moment, but many do. Which is bizarre because there are thousands of unsold new builds across london and the south east, hence they are offereing deposit contributions, 12 months mortgage payments, free cars, stamp duty paid etc, etc.
The small independent developers are fine its just the large ones that take the piss. Why do they insist on 14 days exchange, that is nearly impossible even with a following wind??
It’s possible because they tend to provide old searches and an insurance policy to cover that. I fear lots of conveyancers also just rely on the title summary provided by the developer.
It's pretty clear the market is going to be fvcked until Brexit is sorted. We are looking at a potential investment purchase in London and by the standards of the last few years there is value out there. I am pretty sure on a rational level that sense will prevail, a decent brexit deal will be done and things will go back to normal. But then some absolute fvcking moron opens their mouth on they telly and says we should start a war with france or something and you think 'oh fvck this really could go to sh1t'. Then you think 'oh hang on, that's just some moron on the telly, don't sweat it. Then you realise they are a cabinet minister...
It is a weird phenominum of the housing market that in a falling market vendors think that the "real value" of their house is what it was at its peak and will not sell for a smaller amount. There is no independent arbiter of value - if your house is on the market for more than say 6 months it is clearly overpriced.
Talked to an agent recently who's got a client who's had over 70 viewings and no offers. The agent pointed out that the asking price is too high and the seller's response was to employ a second agent to provide the first agent with some competition. The second agent has also pointed out that it's overpriced.
that lobby is pretty cool and some of those apartments will have the most spectacular views. Location isn't for everyone but there's no denying how cool it would be to live in one of the bigger apartments
Centrepoint has aways been pretty grotty an area. I've given talks in there and it feels like the Newcastle town hall built in the 60s. I don't think I'd like to live in it and certainly not at that price.
As for London property generally as London's worst property investor I am probably the last person to ask. If you are selling to buy somewhere more expensve which is the case with most lawyers if your own place has gone down the next place will have gone down even more so it doesn't much matter otehr than that you will pay less SDLT.
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depends on the price point. I'm selling a place now in fulham for under £1m. Its on a busy main road and is the @rse end of Fulham. The agent seems pretty confident that a) its priced right and , b) while the market is slow she'd be surprised if it took more than 3 months to get an offer.
my PPR is a large 2 bed in a well maintained mansion block in little venice and has a value over £1m, and also offers great value per sq ft for zone 1. The same agent told me a month ago that it could sell in a week or sell in a year, he really has no idea. (not that i'm selling)
So its an odd situation. An average flat in a second tier postcode in a pretty average location should sell relatively quickly, but a nice flat in a prime postcode offering good value for money will be harder to sell
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also had a beer with a mate the other night who's been a developer for 20 years in prime and super-prime london. he's said he's seen this all before. prices come off a bit or stagnate and then you get a great big bounce.
just need to get past the brexit uncertainty
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Trouble is when does that uncertainty end? I can see a cobbled together transition arrangement with a further period of negotiation after that and don't think the confidence will return until the ultimate agreement is signed off. My parents are considering selling and my dad thinks that everything will return to normal next April if we don't have a no-deal and I don't agree.
Just about to sell my place but it's a good flat in an extremely convenient location and I've put it on at less than both agents suggested so should go reasonably quickly.
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I need them to market it and do viewings but I've made a decent profit on it and want to sell quickly so I'm not looking to absolutely max the sale price and we all know they inflate it to get your business then tell you to reduce it after a couple of weeks. If three people happen to be interested and the agents can bid them up that's fine but if I get close to the asking price from just one buyer I'm all good.
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186% correction by January imho
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/swing
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beat me to it ZG
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Depends on what part of London really. That said I am actively lookinng and see the same properties have been on the market for a year or more. Some vendors have reduced their prices to reflect the moribund state of the market, still leaving them with a huge profit. Some loons are sticking to 2013 prices.
My ideal flat which I could have bought in 2008 had I been able to stretch to it was 375k, an identical flat in the same building went for 900k in 2013, said flat is now on at 750 and asking offers in which the agent says the vendors( mortgagees in posession) will take 700.
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I did a development in Wandsworth a couple of years back. In the best bit, The Tonsleys. unfortunately it went on the market about 3 months before the scottish election, so couldnt shift it. then as soon as the scottish referendum was done we had a GE to look forward to, so couldn't shift it. Sold for £50k below asking after 6 months on the market
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LF, the think that annoys me , especially when I watch programs like locationn, location, you get purchasers trying to chip a couple of grand off the asking price, and the vendors refusing to drop by anything more than a grand, so there is an impasse, if you realy want this dream property pull up the dough, if you cannot afford 2 k, you can't afford it at all it seems to me. WTF, get a grip, if only I think.
In London the scenario is vendor will only chip 50k off the asking price for a 800k property, and purchaser wants 100k off, another world
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i never really understood people having pride when it comes to a commercial transaction. Set your base price (hopefully a realistic one) and anything above this is a bonus, anything below is a deal breaker. pretty fvcking simple really. but people arguing over a couple of grand here or there, to buy sometehing that they will spend the next decade in, is really very silly
that said, each day i walk past the an apartment i loved that i didnt buy because i wouldnt spend the extra £25k they wanted.....and instead i bought a place for £25k less, but spent £50 refurbing.....which in hindsight was a very silly and painful thing to do
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1
LF, taking a 50k haircut on a £1MM property is peanuts really, if a vendor wasn't prepared to do that in todays market I would question their desire to sell.
Equally I look if I am genuinely interested to see what the vendor paid. If they paid 300k in 2010 , and are marketing the property at 800k in 2018, and I offer 700 in todays market, that is still a gross profit of 400k in 8 years or an incredible grand a week. Greedy bastards.
The big killer is the big developers who insist on taking a 5k non-refunadble deposit on new builds, and insisting on completion in 28 days, fvcking jokers.
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Ebit for several years developers have been demanding exchange in 14 days and I’ve just ignored them as I know there isn’t a queue of buyers. Managed to stretch one out for several months without the developer ever threatening to sell it to someone else.
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sail, I don't doubt you for a moment, but many do. Which is bizarre because there are thousands of unsold new builds across london and the south east, hence they are offereing deposit contributions, 12 months mortgage payments, free cars, stamp duty paid etc, etc.
The small independent developers are fine its just the large ones that take the piss. Why do they insist on 14 days exchange, that is nearly impossible even with a following wind??
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1
It’s possible because they tend to provide old searches and an insurance policy to cover that. I fear lots of conveyancers also just rely on the title summary provided by the developer.
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1
It's pretty clear the market is going to be fvcked until Brexit is sorted. We are looking at a potential investment purchase in London and by the standards of the last few years there is value out there. I am pretty sure on a rational level that sense will prevail, a decent brexit deal will be done and things will go back to normal. But then some absolute fvcking moron opens their mouth on they telly and says we should start a war with france or something and you think 'oh fvck this really could go to sh1t'. Then you think 'oh hang on, that's just some moron on the telly, don't sweat it. Then you realise they are a cabinet minister...
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multi culti?!
Is it 1996 again, or are there still people who believe in that stuff?
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It is a weird phenominum of the housing market that in a falling market vendors think that the "real value" of their house is what it was at its peak and will not sell for a smaller amount. There is no independent arbiter of value - if your house is on the market for more than say 6 months it is clearly overpriced.
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Talked to an agent recently who's got a client who's had over 70 viewings and no offers. The agent pointed out that the asking price is too high and the seller's response was to employ a second agent to provide the first agent with some competition. The second agent has also pointed out that it's overpriced.
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Another thing I have noticed you can always tell the loons , because they have their property on with 4/5 agents . Steer fooking clear .
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amazed the agents bother with him
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A reduction across the board of 25% would be a good thing, it would still result in a massive profit for those who bought prior to 2015.
1 bed flats in lewisham et al for 400k plus is unsastainable .
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As i'm planning to upsticks and buy a McMansion in Madrid in a few years i seriously hope this does not happen.
Dont want to have to buy a mini-McMansion
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3 bikes, fooking jokers £ 2MM for a 1 bed flat and 55MM for the penthouse in a shit busy part of london, just who is going to buy there.
That said their ability to accept low offers/any offers below a certain price is likely to be driven by their banking covenants.
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that lobby is pretty cool and some of those apartments will have the most spectacular views. Location isn't for everyone but there's no denying how cool it would be to live in one of the bigger apartments
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LF, BUT the traffic and the noise though, and no outside space. Imagine the service charge.
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Anyone ballin' hard enough to get a decent sized place in there will not GAF about service charge
thats not me unfortunately, and mines just gone up to £5k
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LF, Dear lord, I bet that hurts. I pulled out of a purchase because the SC was 3 k, and the communal areas were woeful.
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Centrepoint has aways been pretty grotty an area. I've given talks in there and it feels like the Newcastle town hall built in the 60s. I don't think I'd like to live in it and certainly not at that price.
As for London property generally as London's worst property investor I am probably the last person to ask. If you are selling to buy somewhere more expensve which is the case with most lawyers if your own place has gone down the next place will have gone down even more so it doesn't much matter otehr than that you will pay less SDLT.
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I think I speak for many when I say, If I had £2MM to spend on a flat it would not be in centrepoint, why would you?
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Heh, if you want a parking space with your Centre Point flat that's an extra £250,000.
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Pancakes, the world has gone mad. Just what market are they targeting? I saw reference to first time buyers, yeah right oh.
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