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Thank you. The consensus among agents here seems to be a belief that the fall had bottomed out, although this was before both Tory candidates started to at least boast that they would be willing to execute a no-deal Brexit. I am not prime central London, but arguably the most prestigious area in east London, a minutes' walk to the Tube, a conservation area with hugely desirable Victorian housing stock etc. I am also very near 2 new Crossrail stations so would expect an uplift 2021. My flat is beautiful and larger than many of the houses nearby and also has outside space and planning permission to double the size of the balcony so it would be like a roof terrace and able to comfortably sit 8 for dinner. All very leafy here, with an outlook at the back that could mean you were in the country. It seems none of these have been taken into account...
All above is true.
You have to remember who is the buyer?
You say £850k to £950k what are they selling to afford that? Do they not want a house rather than another flat?
If FTB its a couple of £100k each earnings. Yes they are about but not your average person/couple and plenty of competition for their money in the new builds in nine elms etc etc.
You say if crossrail comes prices will go up, why? are people going to be earning more? is the BOE going to relax affordability rules. These are now the drivers of actual price in london in my view.
My property is and always has been fairly niche. I earned quite a lot when I bought it 21 years ago. It is very near the City and Canary Wharf and I would expect that any buyer would be in banking. Quite a few have already moved in here...
Sure - but there are plenty of 2 bed flats being built in zone 1 near tower hill / aldwich at that price point. Then they have added advantage of walking to work rather than relying on crossrail or whatever.
This is not a "its clearly not worth that amount statement" just another view that the market has changed and there are literally thousands of flats being built at £800 - 900k for a two bed. Simply not enough bankers or other high earners to want them and prices will fall.
The advantage of mine is that not everyone wants those cookie-cutter new-build two beds. Yes, they kind of walking distance to work, 10 mins or so and, yes, they may have a gym, some over in Canary Wharf even have a pool etc. They are popular with typically younger affluent buyers, true. But there are people who really want a sense of community and a period property etc. Although I always said it is niche
I have been where you are now on two occasions when the market was falling
The Agents try and take it up and the Valuer looks at how much a property would go for in a forced sale
and the Valuer will be protection his IG insurance incase of the property was ever in a repo situation
Its not a great place to be as a Property Investor as I said I have been there
Best of Luck
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.