Buying in London. Come here and share your stories

[Flowers2014]

So we are trying to buy in London and the market is crazy. Everything that we've seen has gone for 10%-20% over the asking price. Because of DP and his work we can't go too out of London which is making this whole process much harder than it needs to be. We have a good budget but in this market it's just not enough.

I'm tired by the process now so we are taking a break from it. We have until Nov to move out of out rented flat so we are going take the spring off and try again in the summer.

Anyone else in the same boat of trying to buy in London? Come share your stories with me!

My friends are in a similar position - buying their second property and got a good deal at the time (as they know the vendors), but even more so now it's been a few months and prices have gone up even further. And in a chain too so it's quite precarious. The vendors are buying a house in an area with rising prices and things seem to be moving very slowly with the place they're buying. But if that falls through then they can't afford to sell to my friend at the agreed price, and then my friend couldn't buy anything else in this area as prices have risen so much already.

flowers we did just that - moved abroad in order to save a deposit for a London property

I actually think that this London rise upon rise is a disaster. We bought a 3 bed house in an up and coming are in January this year and it has apparently gained significantly in value already. But all I can think is that this isn't sustainable. Either it'll crash or London will become a bland bankers-ville of premium unaffordable property. The university graduates won't flock here anymore as what joy is there in living in a 6 bed house share with a 50 min commute? I'd go to Bristol, Newcastle, Sheffield etc if I was starting out. So no new blood into London. = end of an era. When I left uni (2002) you could rent in earls court. I wouldn't have come here of if the only option was zone 5/6 50 min commute

Me2 the commute from zone 5/6 has to be more than 50mins. I lived at the eastern end of zone 2 for a bit and my commute to work in North/central was 60/70mins.

But I agree with everyone you said. The new builds are tiny (one we went to see the bedroom didn't fit a normal double bed). A lot need to be done for London housing stock. Rent controls and proper building regulations so that a master bedroom it's a standard double bed.

Honestly not much of what's needed will be done because it's not popular with construction firms and they are apparently supporting our recovery

It depends where you live and what station you need. Sometimes there are fast trains from further out. 15 mins Wealdstone to Euston. I used to commute there from Camberwell and it took much longer although it's far closer in.

It is indeed mad; we bought our North London house for £278k about 12 years ago and we just had it valued at £650k minimum, although the agent thinks we should push for offers in excess of that. That means it has gone up in value by £400,000 which is mental. It's only 3 bed semi .....

I've just thought that another reason prices have gone up is computers - people need less stuff. The generation having children now don't have boxes of books, or toys or clothes - my generation used to keep things for years as purchases were more precious/rare. This generation can buy what they want fairly cheaply and so are less attached to objects.

Children have different needs - as a SAHM I had all the paints and easel, craft kits, mini climbing frame - nowadays most children go to nursery all day, then preschool then school and just don't need the stuff that we did. By the time they reach 5 they are doing most of their playing on screens - that's enough entertainment often (not being snooty about it, it's often great and as good as other forms of play).

Adults have kindles, macs, everything they need. Entertainment can be done in good restaurants and bars, no need for a big kitchen. Things are so different in that sense and we live more like the Europeans do now - in small flats, living our social lives outside the home.

So people just need less space. All the London homes are being divided up into flats. Where I grew up is long gone that way and I can't afford to live there. Nearly everyone my dd went to school with lived in a flat.

So although there is a housing shortage I think homes are just different now and you have to be prepared to pay now for a flat what previously you would have paid for a house. I believe this has certainly added to the housing bubble - perceptions of a 'home' are different, just as the dual income family changed the game in the 70s and 80s, this lifestyle change is fuelling it now.

Now my dcs are older, if we shed our old books and things-that-people-used-to-keep-in-the-old-days we could live in a flat too.

Having said that, I wouldn't want to live in central london now - it is full of temporary stay residents, either foreign investors and their staff, or foreign professionals on contracts. Lovely buzzy vibe, but not much real community for families unless you want to make friends with people who will be leaving in a couple of years time.

A flat we offered on in Bow has just gone for 20% over the guide price. Is it estate agents speculating by marketing below market value in the knowledge that people will pay more? The more people through the door, thinking they can afford it, the more offers they get. It does appear to be a frenzy. I had 3 phone calls from the estate agent today before bids closed. They certainly aren't helping the situation- why would they, when they are making a fortune?
I can't see it crashing, however; there are too many buyers chasing very few properties.

DH and I are very computer/screen orientated but we do need space for the 9 (!) computer/tablets we have in the flat. And my clothes take up a lot of room! Families I know here still have lots of traditional, space-demanding toys. But it's true that in central London, families here are used to living in flats in a way that seems to horrify people in suburbia. We socialise a lot with families in each other's homes, but tend to meet up outside the home with friends (but I think that is more of a choice as there are so many nice bars/restaurants around).

My experience of living in zone 1 London (but not prime central) is that there is a strong community, in fact in boroughs like Islington, Tower Hamlets and Camden there are families (quite working class, sometimes in social/shared ownership housing) who have lived here for generations. There are a lot of primary schools in central London so of course there must be families who are living here and not just those who are only staying for a few years.

Any signs of a slowdown? Any areas where it is becoming less frantic?

I saw someone on FB link to this earlier.

1,000 new homes in SE14, targeted at the Chinese complete with translations. www.hamptons-asia.com/en-asia/New-Developments/Aberfeldy-Village-E14/

The video is laughable. As if any or that would appeal to any young Londoner.

Looks like it's from the end of last year.

What an annoying video! But I think it's very clever from a marketing pov- clearly targeting the rich foreign investors looking to buy property in London when they have very little knowledge of the city, hence all the glitzy images and emphasis on commuting times. Tis sad indeed. I've given up hope really. We've been looking since last July and so little has come on in our area that is suitable. We're in the process of buying at the moment (a/w survey etc) but frankly not holding my breath. If this one falls through as we're going to start looking for a long term let that'll fit the bill. ??

Absolutely gutted here this morning Made offer 22k over asking on house (zone 5 terraced 3bed) on Monday and were told we were front runners.. Naively assumed we were ok when heard nothing from agents on Tues. Got call this morning to say a significantly higher offer was accepted (we could have easily gone higher!!) DH thinks some kind of deal was struck with buyers and agent, otherwise we would have been called to make a higher bid... agents knew we could go much higher! So upset and frustrated... in a third floor two bed flat with 2 yr old and baby, no lift, desperate to move... I know that lots of people are much much worse off than us but I am allowing myself a 'poor me' moment this morning and a very large slice of cake

I think that foreign investors should only be allowed to purchase if they either live in the property or let it out, it's a ridiculous situation

I do think it is calming down anecdotal

That video makes my blood boil.

It's wrong on every level.

Sorry to hear that goosey. Who knows if/when it'll end.

We finally had an offer accepted on a flat but now wrangling over the mortgage valuation.

Seems to me that buyers are putting in crazy offers to secure properties and lenders are refusing to value them in line with the (insane) market. So buyers end up with a higher LTV and a higher rate.. Which is fine when interest rates are low but it doesn't bode well, even with the additional checks on new borrowers.

So after many months and expense on this property, which I now have my heart set on, we could lose it and now be priced out of the area.

Barmy!

That video! Hahaha. And boak too.

Poplar is… not where I'd choose to live. Note how ALL the places the young beautifuls go are looooong way away from 'AV'. Nuts.