Musings of a London Property Search Agent

London and Brighton property search agents like us with investment Clients and the odd buyer with less than a million have been turning up to the auctions with great glee in recent months, as better quality property has trickled onto the market, yet the bargains persist.

Regular readers will know we are not keen on new build flats and Clients and contacts will remember the sceptiscism with which we greeted pricing at Brighton’s New England Quarter development.  In fact we were watching the development with a very keen interest, as my sister was considering buying there, in view of it’s proximity to the station and other friends who live near by.

Those who missed out or refused to pay the inflated prices and opted for a period conversion instead, may have noticed that pricing in the development has plunged and Barratt have had to offer more part-buy part-rent than was initially anticipated, presumably due to poor take up.  But values have crept to new depths since Allsops last auction, when a 2 bed 2 bathroom flat in Sharpethorn Court failed to sell. 

According to property price website ourproperty.co.uk, the flat in question was sold for £320,000 in January 2007.  It is now available to bargain hunters at £180,000 and we are sure that with a little negotiation, a 50% discount could be achieved.  The timing of the auction was particularly poor from the vendor’s point of view.  About the time the auction catalogue was released, an article appeared in the Argos publicising yet again residents horror at fellow tenants.  Many flats were bought by buy-to-let investors who have rented their new flats to a variety of undesirable tenants.  The article highlighted the case of a flat in Sheffield Court which had been turned into a drug den.  Residents complained of shouting at all hours of the day and night, urinating in the stairwells and outside and persistent bell-ringing, again frequently in the middle of the night.

So it’s not all good news, but it will settle down.  Sharpethorn Court is almost adjacent to Sheffield Court, but in a development such as this, the problem could happen anywhere.  At £180,000 for a flat though, presuming it is still in good condition, without any dubious former tenants or neighbours, we think it is now fairly good value and my sister is considering buying there again.  For the city-phile who hates DIY and wants a 7 minute door to door trip to the station, good pubs and the nearest corner shop, it’s definitely a development to consider - at the right price, of course!  This London Property Search Agent  will only advise to buy while the price is right.

Technorati Tags: brighton first-time buyer, brighton flats, brighton flats near the station, London Property Search Agent

Tags: brighton first-time buyer, brighton flats, brighton flats near the station, London Property Search Agent

Musing of a London Property Finder

The Bank of England reduced the official base rate by a further 50 points today taking interest rates to a record low of 0.5%.  Citing projections that Consumer Price Index or CPI Inflation will fall below 2% in the second half of the year, the Monetary Policy Committee also announced a £75 billion programme of asset purchases as an additional measure to ease deflationary pressure. 

The news has been met with joy by borrowers but has been widely criticised by many concerned that the rate cut undermines savers income and exchange rates.  For those in stable employment, there has never been a better time to be a debtor, particularly for mortgagees on variable rate mortgages with no minimum interest rate. Many borrowers are saving in excess of £2,500 a year for each £100,000 of outstanding motgage borrowing.

Fortunately for property search agents like us, interest rate cuts are good news.  Now is a great time to buy as long as you get a reasonable discount off an accurate valuation.  So you see, every cloud has a silver lining.  Instead of investing in boring old gilts - maybe now is the time to think property instead?

London Property Search Agents, Brighton Property Search Agents, offer a nationwide Property Search on application

Technorati Tags: Bank of England Base Rate, Brighton Property Search Agents, Intrest Rates, London Property Search Agents, Monetary Policy Committee, property search agents

Tags: Bank of England Base Rate, Brighton Property Search Agents, Intrest Rates, London Property Search Agents, Monetary Policy Committee, property search agents