Advice needed for flipping in London

Discussion in 'Property Market News and Trends' started by Silves6, Jul 8, 2017.

  1. Silves6

    Silves6 New Member

    Hi all - has anyone successfully managed to flip an off plan flat in London since the referendum? I reserved a 1 bed flat in Canary Wharf in 2015 (completing in 2019) and I'm trying to sell now. Would it be worth waiting much closer to completion i.e. 6 months away or is best to cut my losses now? Due to my change of circumstance (I've met a girl) moving into a 1 bed no longer works for me/us

    Thanks
     
  2. nmb

    nmb Well-Known Member

    From experience I have tried to hold on for the "best price" when I needed money only to see the asset value continue to fall. The market is very volatile in London in light of Brexit and nobody knows how this will pan out. It may turn out well for London which would help property prices or it could go the other way. All I would say is, the only definite price is the one today, nobody knows what might happen tomorrow never mind 2 years down the line.
     
  3. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    Flipping is always risky and having to sell when you don't want too is the worst position to be in. Can you perhaps afford to keep it and get a buy-to-let mortgage on it and then keep it as an investment? That should be a good alternative as Canary Wharf is a great lettable location... (lots of well paid professionals there e.t.c.).

    If you need some mortgage advice there are people on there who can help...
     
  4. Silves6

    Silves6 New Member

    Thanks both. I think it'll turn out to be too expensive to buy as a buy to let. It's one of those 'luxury' blocks where service charges are £4000 per year, plus stamp duty and taxes etc, it probably won't make it worthwhile to let out. Will just have to hope that if I am very realistic on price, someone may want it before it completes!
     
  5. Longterminvestor

    Longterminvestor Administrator

    Markets tend to look at the worst case scenario - in this case Brexit. So if you could afford to keep it that might be a better move for you. Even though there is talk of London losing up to 70k jobs in the financial sector - if they move to Europe - people forget London is one of the biggest financial centres in the world and it does not all hinge on Europe or the Euro.

    It is also worth remembering that London is the clearing house for all Euro transactions for a reason - it has the infrastructure, systems and the experience. The EU would have taken all this to mainland Europe many years ago if they could.
     
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