It's amazing to hear people talking down London property just like they did before and during the financial crisis. ‘London was overcooked', ‘Don't buy London', ‘Stay away or lose your shirt'.
I have heard it all before and sure London isn't growing like it was but make no mistake London is still a world city, it's still the best fundamentals…
I know, I know… Brexit, tax changes, mortgage changes, they have all made it less attractive… Less attractive than what? Certainly not any other investments. Maybe less attractive against it's previous self but it's still very attractive against other countries and other strategies.
London is a robust market and a few changes by our baboon brained politicians isn't going to destroy it. Let's face it if Trump is governing the USA then London is in good hands by comparison.
I'm not saying that you should go out a buy London anywhere, but if you can afford the deposits and holding costs and you are in for the long term then now is actually a good time to buy. Developers have finally started to be a bit more flexible in their pricing, the volumes have dropped and
BUT don't think that prices are dropping massively (or will) it's more likely that we are at the end of the drops in London than the beginning. Things have been tight (dropping) for the past two years and we now see the market turning (stagnating) and no doubt, in preparation for growth again.
I am not going to call the timing for this growth but I am going to say this. London will astound, the last recession is fell for exactly six months then picked itself up and began moving again. This time the drops have been slower over the past two years but they seemed to have bottomed the past 3-6 months.
So is now I good time to get into London? I think so, sure you can wait and see what happens but you may find yourself paying more.
HOWEVER… weigh this with a grain of salt. Pick the best areas, pick the areas with the best fundamentals (or change in fundamentals). Stick to known areas and stick to proven rental area. Ideally, stick with quality proven builders.
If you are living overseas, the finance is harder to come by, don't worry it's just as bad for locals. The pound is lower and so you are actually getting the biggest discount likely of your life.
Brexit may change things (short term definitely) but I don't think so (longer term). We are a big country and if we get the negotiations worked out and the relationships with other countries. London is still the center of the earth for a lot of Asians, Indians, Middle Easterns, Yes and still many Commonwealth countries. They are the financial hub still and this is unlikely to change for Brexit.
For all those Remainers, who are thinking I am wrong, let's see in two years time. For all those Brexiteers, It's a massive pain in the bum to go through this and dangerous with the leadership (we don't have) I am not endorsing Brexit either way but I figure it's here so let's make the best of it.
So believe the media BS and hype, buy their newspapers but take it from me…
London is ASTOUND, just like it has for the past centuries.
If you can afford and you have a long term view, them buy now but ask for a better price, better terms, developers want to shift their stock and they are willing to listen.