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And if so, how are you finding the market, purchase-wise?
I can't help but look in London - there's a mystique about it that I'm sure a few others get.
I'm looking at a maximum PP of £425k, and there seem to be some interesting properties around.
Just starting the DD process on a few locations, and I'm in no real hurry to buy as I've set myself a 1 year to purchase deadline or the money will go into an AIM portfolio instead.
Hi Adam_, for £425k in my borough will get you a 2 bed flat max.
2 bed houses start at £100k+ more.
Out of intrest are you buying BMV and if you are what sort of percentage are you looking at
I am buying in the North at present But I look for 20% below market value
and I am finding property to buy but its slow finding the right deals
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
If your getting the deals the market is most likely dropping if your not its hit the bottom
The trouble is if your buying you dont need prices to rise otherwise you wont get a bargain
I've been active in London for the past 2 years, pretty much since stamp duty increase and Brexit. My purchases have been:
April 2017: 2 bed 2 bath in E3. Purchase price £330k. Current rental £1420pcm
Sept 2017: 2 bed 1 bath in E14. Purchase price £377k. Current rental £1500pcm
Nov 2017: 2 bed 2 bath in E3. Purchase price £385. Current rental £1500pcm
July 2018: 2 bed 2 bath in E3. Purchase price £325k. Current rental £1550pcm
Aug 2018: 1 bed 1 bath in E14. Purchase price £260k. Current rental £1250pcm
Apr 2019: 1 bed 1 bath in E14. Purchase price £273k. Current rental £1300pcm
Personally, I think now is a great time to buy in London. I'm doing lots of viewings, and making 'speculative' offers on almost everything I see. The majority are rejected, but the ones that say yes mean instant equity and really good cashflow. You have to follow up on every offer you make every 4-6 weeks as you never know what might happen. Don't rely on the agent to follow up with you as this has never happened to me!
A 2 bed 2 bath top floor flat in E3 came on the market at £425k about 4/5 months ago. It was larger than your average flat in London and looked like it would rent well as it was on a local bus route and about 5 mins walk to Devons Road DLR. I saved it in my favourites on Rightmove. About 2 months ago it dropped in value to £400k. I arranged a viewing, and offered £351k. It was worth about £360k to me in regards to my ROI. The offer was rejected.
Last week, I followed up with the agent to see how they were getting on. He said they had a few more viewings but no-one had actually offered. The flat had been sitting empty for 5 months and the owner was paying service charges, ground rent and of course mortgage payments. I increased my offer to £355k and the vendor accepted.
@ Adam. I still believe in the London market. It is in a bit of a slump, but if the numbers work for you then its definitely worth offering. And if the offer is rejected make sure you put a reminder in your calender to follow up 4/6 weeks later!
London market has lots of new flats already built and coming onto the market. As with elsewhere it all depends upon the area you want. Also depends upon the local authorities as more and more will start to look at the rental market as a source of income. Licenses etc. I would wait a while as the true fall in london property prices has not yet materialized.
Agreed Douglas. Until this Brexit nightmare is resolved, nobody can call the bottom of the market.
I get loads of Rightmove alerts for reduced properties in my postcodes every day.