Property slump

[presidentfart]

It was on the news yesterday that the property market will crash in London. I'm about to buy up in Scotland do you think it will affect us? I'm shitting myself now

Its not something ive heard. London has its own market.

Certainly not something I would worry about and I am just down the road in Herts.

Which news?

Everything round here is selling very quickly in London and barely anything is coming on the market

I think there is perhaps less on the market at this time due to people being cautious around Brexit - no one really knows what impact triggering Art 50 is going to have, but I suspect once things are clearer it will probably pick up.

Thanks guys, I do like to worry 😀

Saw a similar report that predicted a little slump in 2018

The market hasn't been great in the most expensive parts of London, i.e. Slower with lower prices. (areas where 2 bed flats go for 7 figures). Eg asking prices in Kensington and Chelsea are down by 15% in a year (still around 2M on average). However, the parts of London that are 'affordable' seem to be doing very well.

I'm about to sell in london! Would be really interested to read about the potential crash. Where did you hear it? (Slightly concerned about selling now...)

Was it on the news?? I was listening to radio Scotland yesterday so might have been a report on that.

Well property prices are cyclical so there is bound to be a crash sooner or later. The important thing is that you like the house enough to stay even if you get stuck there through negative equity, and that you can afford the mortgage.

Yes planning to stay there for a long time so that's fine, should be able to afford the mortgage as much the same as before only I'll be working till I'm ancient 😃

I know it has happened before so I know it is entirely possible but with so many people wanting to get on the property ladder nowadays it is so very hard to envisage another crash.

I can't even imagine prices lowering let alone crashing although, I imagine people thought exactly the same before the last one

It's a "downturn" if you're selling in London. However, there's an "serious shortage" when you are buying. According to EAs anyway...

It's a "downturn" if you're selling in London. However, there's an "serious shortage" when you are buying. According to EAs anyway...

LOL :-)

OP I wouldn't worry about it rippling out to Scotland...

The 1m+ market in central London is going a bit South though. Serious shortage? Looks like a stalemate more like, not much is shifting. In fairness though, exceptional AND reasonably priced properties do sell ok.

I think things have definitely cooled.

I'm in Surrey and I can't believe the ridiculous prices houses are still go on at. It's as though they are being priced a year ago, riding a crest of a wave with prices rises pushing them forward.

That is what is resulting in price reductions.
The buy to let market is taking a hammering.
Also
Don't forget that the pound is cheap for foreign investors so they are still buying.

I dont see it crashing but I certainly see it cooling for a couple of years possibly longer in which time hopefully it will adjust re.salary multiples etc. Which can surely only be a good thing!!!