Wednesday 24 August 2011

Help! The London riots have put me off buying a house in Hackney | Money | guardian.co.uk

Help! The London riots have put me off buying a house in Hackney | Money | guardian.co.uk

Q I've just had an offer accepted on a two-bed ex-council flat in central Hackney. I was happy with the property until the riots last week, which took place 100 yards from the building.

Now I am having serious doubts as to whether this is a good idea. The estate agent has naturally told me not to worry about it as it's a one-off incident and that the value of the property will definitely appreciate over time.

I'm buying at the bottom of the market – the property is in a six-floor council block, built in the 1950s, and the vendor has accepted £189,000. In relation to amenities and transport links, it's perfect for me. The flat and building are in good condition and 50% of the flats are privately owned. The current resident (a tenant) has lived there for seven years with her young family and has told me she has never had any problems and will be sorry to leave.

I'm spooked and don't know where to turn for advice. Aside from the rioting incident, I am also concerned that this is not an opportune time to buy.

A. ....

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