London property market

[LH1987]

We are looking to move to London to be closer to family and have some support with childcare. Just had an offer on our flat in berkshire, which I am delighted about.

However, having now done some serious house hunting in London, everything is moving so quickly. By the time I get there (having taken time off work), everything good is gone.

My reason for posting is partially to vent but to also ask do people think if we were to wait till next year the market will slow down. Part of me thinks renting for a while would be good but then we are faced with breakage fee on our fixed term mortgage.

I don’t want to string the buyer along if ultimately I’m just going to drop out of the sale.

I think it's quite area-dependent tbh. Here in relatively urban z2, property is quite static whereas in leafy z3 suburbs houses with gardens seem to be moving super quickly. Maybe tell us where and what you're hoping to buy?

My observation of living in London and looking for a house currently is that the market has cooled off already. The financial markets are getting spooked by the potential collapse of Evergrande and inflation spikes, I think the property market will slow down even more. If you're selling a flat, is it to a FTB - can they be flexible about moving dates?

Following

What’s your budget? And what you’re after?
I think flats have picked up a bit. Houses are also moved I think in certain areas.

Some areas aren't moving quickly. My house is up for sale in Streatham and not many viewings so far 🙄.

I think the frenzy has stopped here in east london....6 sold in my road within days a few months ago....but obvs cash about as all having lofts done and big refurbs.

Small flats without a garden in/near central london don’t have much interest. Family homes with garden or big flats near green spaces in leafy suburbs are snapped up quickly. Where in london are you looking for?

We're in london and being trying to move for THREE years. The market is mad. A tiny number of houses coming on, and those that do, go in seconds to people with literally millions in the bank so mere mortals have no chance (some relocations from central I think)

In our area now it's the occasional probate coming on. The usual churn just isn't happening, and hasn't been for 2 years now.

Spoke to an agent yesterday who said that if anything new is to come on it will be in next 4-6 weeks then it will die off again. It then again he says agents really have no idea what's going g to happen because it's still all weird.

I'm thinking of giving up,again until spring. I think people are staying out because everyone is worried about job security and unpredictable market.

Very frustrating!

It has definitely slowed in South-west London, I'm not seeing things getting snapped up, and there are lots of reductions.

definitely slowed in parts of SE London. there are still some areas that are moving quick but more normal/slow elsewhere due to end of stamp duty, time of year, I guess

Totally depends on what you want to buy and where. In my zone 3 neighbourhood, popular with young families, 3 bed houses on the right streets sell within days - often to cash buyers. Flats, however, linger on the market for months.

Dead in my area. Currently on second attempt to sell to relocate. Last time I posted on a thread I was told that the market is dead hot and I was wrong. House back on market (not really because of that thread although it did lurk at the back of my mind) and, as before, market still unmoving. We've reduced quite a bit too.

I was viewing flats in east London with my daughter last weekend and both estate agents we met told us the same thing - that the market has cooled now

They were encouraging us to put in low offers if we wanted to because they said not many people are even doing viewings now compared to the Summer

We are in Teddington and there are much fewer properties coming on the market, with a fair few reductions happening to things that have been hanging around on the market. Just a few weeks ago things were being snapped up within days but things have really slowed down now. We are no longer looking but have been receiving calls from agents the past couple couple of weeks offering us viewings, which wouldn't have happened a month or so ago -previously you had to book a viewing the day a house went on the market or you wouldn't get a look in!

I guess now we are entering the dark half of the year with all the current economic uncertainty, people are less inclined to pay over the odds to move and those that wanted to already have.