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As I have not been purchasing property for a number of years I have lost touch with the local market
Other then going on line to RightMove etc.
I went on my high st and visited five estate agents to ask their opinion on the sales market
They all said very similar things
The Market had stalled and sales were few and far between
One said she thought the market was worse than it was in the crash of 2007
I forecast stagnation and it looks as if my opinion two years ago is now coming true
Landlords have all but disappeared. I was welcomed in all five with similar words - "Hi Stranger" ...
I am not surprised the market has slowed - my own belief is that Landlords leaving has had an impact
This Govt needs to be careful what it wishes for
We could see the biggest crash of all time in my view.
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.
Totally agree, the sales market is a disaster
I just sold a flat, right between West Hampstead and Kilburn tube stations and because it was quite near the train line the value was lower but the rents still good, very good, and so the yields were amazing. A perfect BTL flat, but not one BTL buyer came to view, all first (or second) time buyers.And of course I had to take an offer 15% below a realistic asking price. Especially in the suburbs of London where there is a huge part of the market which is rental, the market has dropped massively, and I am so sure there is way more still to go.
Actually thinking about it, they were almost all second time buyers, few first-time buyers
But it was a 3 bedroom flat, so perhaps I would not expect FTB's to want that sort of flat
FTBs paying that sort of money would be better off in Home Counties with a 3 bed house with gardens
I can honestly say I have never met agents so down as I have today
I think you're right, we are just at the start of a correction
I am not surprised you did not have a landlord viewing - the same is happening here too
That correlates with 80% drop in new BTL investment over past 12/18 months.
I wonder if the 80% drop in BTL is just purchases in Landlords own name, maybe some are still buying but have created a Ltd company and buying through that?
So it has hit the north then?
"Change is a prerequisite to longterm survival".
The establishment is rigged so that the rich stay very rich, and the poor get poorer.
It’s going to hit evewhere
On the plus side - whenever housing market goes in to reverse - it tends to be like a coil spring being compressed - and later that potential energy is released and the market rebounds to even higher levels.
Does not apply across whole country of course as we know that many places in North etc have yet to recover pre Credit Crunch peak prices