Repairs guru Rajeev Nayyar fears London housing bubble will pop in 2015
Repairs guru Rajeev Nayyar fears London bubble will pop in 2015
Repairs guru Raj of Fixflo says the housing bubble will pop (Picture: Supplied)
This week’s property spotlight falls on Rajeev Nayyar MD of Smart Tenant Repairs system fixflo.com.
My first buy was… In Islington. While you can’t time a market perfectly, I finally found what I considered to be good value near the bottom of the market after 18 months in 2008.
The best thing about my home… Is the location. East Dulwich combines a village feel with easy access to central London and the green space of Peckham Rye.
I got into property… Because of blood and training.
My grandmother started investing in property in the 60s and I worked as a property lawyer in London and New Zealand. Bricks and mortar are tangible, functional and can be beautiful.
I want to see property prices… Reflect underlying value rather than speculative value. I fear that this will happen with a pop some time in 2015.
The solution to London’s housing crisis is… To move to longer-term demand-side planning.
Supply is constrained by the availability of land but by committing to the economic growth of the UKs other major cities, demand can be rebalanced.
My top tip for adding value to your home… Is to treat it like a business. Don’t start work until you have decided your desired outcome and have clearly defined your strategy.
The most I’ve spent on something for my home is… Stamp duty. When you think about what you paid to buy a place, don’t forget to factor in the transaction costs!
My best property coup… Was managing to get to work in the property sector in New Zealand.
My biggest missed opportunity was… Not backing my instinct and buying ground rents when they offered great value and a relatively low risk.
First time buyers trying to get on London’s property ladder… Should wait to see the impact of the mortgage market review.
The market is driven by expectations and a dip in growth may accelerate as owners who have been sat on the sidelines put their homes on the market.
Is there a London property bubble? Yes! Having the price of an asset class rise many times faster than real wages is unsustainable.
If I was mayor for a day I would… Listen to the calls of lettings professionals, consumers and their representative groups in pushing for proper regulation for the industry on a national level.
What keeps me awake at night is… Working out how to make property repairs easier, quicker and cheaper.