Buying a house in London - tips and advice

[milliemanzi]

Hi my husband and I are currently looking to buy for the first time in London, does anyone have any dos or don'ts to share?!
We've only looked at a few places so far but we're seeing one tomorrow that I LOVE the look of.
When putting an offer in is there is any point in offering below the asking price?! My dad reckons so but I think he is naive about London!

It depends on the area really, and the level of the market you're at (basically whether the market at that level is hot or not).

Even in London it's always worth offering under asking price. Because it's London many people get greedy or agents overvalue, have a look at what's sold locally (the asking place on our price was the value of a 4 bed not a 3 bed!). Are you first time buyers generally (ie nowhere to sell)? If so that gives you better negotiating power, you can offer less on the basis of a quick sale.

Yeah I'm not really sure, we're looking at abbey wood which is pretty nothingy part of se London but will be getting crossrail in a couple of years...I've definitely noticed some houses being advertised for crazy prices compared to others and couldn't seem to work out why but maybe they're just pushing their luck as you say!

Yes we're first time buyers so no chain..we're really trying to push ourselves mortgage wise to get a 3 bed so we don't have to move again in a few years!

Get a solid mortgage offer and be ready to make an offer quickly if you like somewhere. Do offer below asking as you never know. Good luck

Prices are rising round Abbey Wood, I think people are looking forward to cross rail. If it is fairly priced and you want it I wouldn't risk going in too low, you want to be taken seriously. If there are other offers on the table and you go in too low you will not be considered. Have your decision in principle in place, and let them know you are chain free. You could be up against investors in an area like abbey wood.

It's easier to make a judgement on a fair price when you have seen lots of properties in same area to compare it to.
We just sold our 2 bed flat in an ok part of North London. It was listed at £20k higher than other flats in area and it still went to bids £10-£15k over the asking price. We had 20 viewings on the first Saturday... BUT - ours is smartly done up with lots of period features and so appeals to certain crowd with money and no kids... The area is "up and coming" so there are still lots of scruffy places in the area and I guess ours stood out because we've done it up... Whether you go in low with your offer really depends on a) how fairly it has been priced and b) how many other interested parties there are!
Agree with Mrsjones - there may well be investors interested in Abbey Wood because of cross rail - but investors want bargains whereas you want a home... In short, if it is a lovely house it is worth paying asking price for, if it needs work then you might get a bargain...