Your Q&A with London Buying Agent Emma Fildes

[@tomroland5467]

She exudes the emollient calm that I've come to expect from those who speak for the property industry.

[@flyinghedgehog3833]

Nice pad Charlie. Studios start around 300K++ in decent areas zone 1/2...as you are of course well aware.1 Bed 400/2Bed 500...and up..telephone numbers to most workers in rest of UK.

[@jasonjay1111]

I think inflation is the big elephant in the room. I don't think inflation is coming down anytime soon. We might be going into some sort of Wage/Inflation spiral which keeps inflation high. If this is the case then BoE will need to put interest rates up which makes housing more unaffordable for a lot of people. So house prices will drop even further. I think by the middle of the year when people realise inflation is being stubborn and not dropping we will be in for a shock

[@aesopshair6690]

If you haven't come across him yet Mario Eneco (@Maneco64) is often good to listen to.. he nails the whole inflation aspect along with many other macro economic issues.. kzbin.info/www/bejne/hZ3VhqSIit2Id9k

[@nelsonmaodeferro5984]

I just saw this morning a 1 bedroom flat I tagged to my favourites originally priced at 460k 3 weeks ago and last week it dropped to 425k, in London fields area. So not sure if Emma's small drop prediction is quite right.

[@MovingHomewithCharlie]

Predictions are hard! There will always be individual properties doing more and less than predicted. 😊

[@andrewtaylor6737]

I wouldn't live in London, even if it was for free! Nice vid though Charlie, and interesting viewing.

[@adedayo7875]

Hi Charlie, our £510k offer for a new-build house that’s at an asking price of £540k was accepted by the developer. However, we said we will only proceed with the deal if the developer will cover our £4,250 stamp duty cost as an incentive but they insisted they will not, on the ground that the house was initially listed at £570k and a lot of upgrades had been done to the house. We feel like we should at least get some form of incentive from them in form of payment of our stamp duty, considering we haven’t been offered any other incentives, including 3% key worker discount (my partner is a key worker), mortgage contribution and energy bill contribution. Do you think we should proceed with the deal?

[@chloes3897]

From another video Charlie has posted, if I understand correctly the developer can reclaim the stamp duty amount as an expense. I would 100% push for it or if not more off of the asking price.

[@adedayo7875]

@@chloes3897 Thanks so much for your response, Chloe. I’ll check out the said video for the full gist. That they can claim the stamp duty amount as expense and have shown no willingness to offer us the incentive makes us wonder why.

[@MovingHomewithCharlie]

The initial listing price is totally irrelevant to the negotiation. Initial listing prices are made up. I can't advise on whether or not you should proceed or not, but you can either insist on them paying stamp duty, or knock the stamp duty off the price if they won't pay it. You'll risk the deal if you try, so it's down to how strongly you feel about it. Would you kick yourself if you lost the deal to someone else by trying to renegotiate? If so, don't try. Is this matter important enough for you to walk away if they don't agree? In which case revise your offer. I cannot say which is the right choice, it's a personal decision. Good luck!

[@adedayo7875]

Well said; thanks so much Charlie!🙏

[@OmarS]

The 35% figure seems interesting, but not sure if it's plucked out of thin air as there always seems to be a caveat around regions, property type, new or old building, lease/freehold etc. I think Emma knows her stuff, but the history of property has shown that externalities are key. I feel this video will either age like a fine wine or like fresh fish.

[@tourrhythmgolf-3to1]

London is a foreign country to me. Not seeing big reductions in Plymouth yet, not much selling either though....

[@aliaksandrasaywell3826]

How much are the buying agent's fees?

[@MovingHomewithCharlie]

Just published this video where she talks about Buying Agents kzbin.info/www/bejne/qZPMp5uja8SKjsk

[@chloes3897]

Charlie does this include Greater London too?

[@MovingHomewithCharlie]

More central London

[@JJ-ni3xd]

"Sellers will wait it out". Wait for rates to go back to zero?

[@daddo1600]

national avergae will be 35% some areas 15%.... to average it out you would need alot above 35% if you have 10-15% drops mixed it.....

[@MovingHomewithCharlie]

Yes. Hence my expectation that some places may drop 50%

[@daddo1600]

@@MovingHomewithCharlie Lud-i-crous

[@PeterBrough-q2e]

She was an actress in Doctors 2004.She was very good, surprised she didn’t make it 😎

[@farhanaziz2700]

Yesss she is

[@TheNorliss]

Interesting chat. Emma is a babe 😍

[@emmafournier6903]

Sorry but Emma comes across as patronising to every day people who would like to buy in London . I'm looking for a property in London and her attitude is like other agents I've come across with the concrete belief that the London market will never significantly drop but only dip. Many apartments for sale in Fulham on Rightmove are reduced I know of one property has been reduced by 125 000. If there were all these International buyers surely this wouldn't be the case. Or are they buying mainly in zone1

[@TheSpanishGuitarHub]

I am looking in Chingford I do not believe the 10% either. In my area the listings doubled from the summer and half of them reduced already. There are houses sitting on a market for one year.

[@Alex82pd]

I think that is exactly what I thought, then I realized probably the market she is in is very specific: as a buying agent even the first time buyers buying with her are probably on the high class spectrum. That market might be completely different, but also as a minimum, it might be the last to be affected by whatever is going on. And it is true people from oversea are buying with over valued offers still,even just outside London. That can only be mitigated with higher stock, or a policy that at least would require buyers from abroad to actually live in the property and not just speculate and make the situation harder for families making a living :(

[@TheSpanishGuitarHub]

@@Alex82pd In Canada they banned overseas buyers for 2 years and suddenly prices went down 10%. In the UK it won't be possible with this government.

[@sevecc939]

You may have watched the same vlog I did which mentions that in Portugal they are changing conditions for overseas investors and are offering incentives for Air B&B investors to rent out their properties long term.

[@benb7432]

Yoooooooo Charlie!

[@stephengreen2626]

90% of us aren’t in or thinking about London. Is this therefore irrelevant? Not if you are serious. Whether you are a buyer or a seller it is my belief that you need to really understand the energy and subtlety of the market. It’s an immersive market and reading the mood of the market is vital. If you after just one house and nothing else will do then you will pay more. The right price of house requires flexibility. I have bought only a third of houses that I wanted because sometimes somebody wants it more or sometimes the seller won’t budge or, if selling the buyer doesn’t want it enough. Charlie advises elsewhere that getting a good solicitor or conveyancer is vital. I couldn’t agree more. Good luck and happy hunting.

[@aliak3983]

Where did you get that figure of 90% from?

[@AM_o2000]

Just under 9 million people live in London. Expand out to the wider London metropolitan area and that figure rises to just over 14 million live in London. As Charlie is only dealing with England in his videos, that equates to nearly one quarter of the nation's population. On top of that, London's housing market has significant knock-on effects on areas within commuting distance, which include places 90-120 minutes away by train/car. We're easily looking at half the nation being directly or indirectly affected by London prices.

[@Noallegiance]

Second hand house salesperson who's pay depends upon high prices says product she touts will never be priced significantly lower, then claims she likes 'protecting people' while shoehorning people into life-crippling debt at peak bubble prices. Shock. The biggest falls will be in the biggest bubble areas. She doesn't understand the global debt bubble. It doesn't care about her (or anybody elses) point of view, which includes politicians who think they can perpetually overpower the debt markets. Interview her again in 2029.

[@stevo728822]

Emma comes across as someone used to how the market has been for the last two decades. A socialist government and the threat of nukes from Putin could jolt her complacency.