London Prices

[SarfEasticated]

Hi all, am still languishing in a small flat in SE4, hoping against hope that someone wants to offload their gracious home for the same price as our flat - anyone know of any bargains?

I thought the prices would be due to go down soon, as interest-only mortgages aren't so easy to get, and apparently the market is 'cooling'.

What do you all think?

[sh77]

I am in Central London. Yesterday, an agent said that prices are levelling off. More stock seems to be coming on the market.

[SarfEasticated]

Hasn't the way landlords get paid for DSS tenants changed? Probably easier to sell maybe. Lots of 3 bed Victorian houses near us for sale that used to be 5 bedsits.

[unrealhousewife]

I think the housing benefit cap has resulted in people having to leave Central London. This means landlords there will be finding it harder to get tenants?

[SarfEasticated]

Wouldn't the help to buy scheme have a negative impact on the rental market too? In the 3 bed terrace house next door to us, there are 5 different rooms that they let out and one room is let out to a very nice woman and her two little boys. Makes me sad to think of them in that room all day. The landlord has recently sold the house and they all seem to have gone now, I hope they found somewhere nice.

[unrealhousewife]

The only reason rents went so high was because there were always plenty of tenants who could afford it through housing benefit and tax credits. The restrictions plus the help to buy alternative will mean landlords not getting the rent they need to cover their btl mortgage.

Even a slight fear of not getting the necessary yield will scare them into selling.

It's great. I can't wait to see it all crashing down.