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The East Dulwich Forum
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messageRe: Are houses selling around here at all?
Posted by ljrodgers 04 July, 2018 08:15

My house has been on the market for a year or so (although I took it off last summer for a few weeks). I’ve had 3 ‘buyers’. The last one pulled out only after I had found a flat, had an offer accepted on it and commissioned and paid for a survey. It is now on for £140k than it was 12 months ago. All very frustrating.

messageRe: Are houses selling around here at all?
Posted by Jim1234 04 July, 2018 09:05

Would appreciate a bit of advice: if we have a flat locally and are looking to buy a small house or larger flat (perhaps £700k max budget, assuming our current flat stays approx £350k), would you wait and see or try to buy?

messageRe: Are houses selling around here at all?
Posted by Calsug 04 July, 2018 09:15

Definitely the prices have come off from last year, but houses are selling if they are priced to take this into account.

messageRe: Are houses selling around here at all?
Posted by rendelharris 04 July, 2018 09:18

Jim1234 Wrote:
-------------------------------------------------------
> Would appreciate a bit of advice: if we have a
> flat locally and are looking to buy a small house
> or larger flat (perhaps £700k max budget, assuming
> our current flat stays approx £350k), would you
> wait and see or try to buy?

If you're planning to settle down, work out what you can afford to pay in terms of mortgage and go for it. We dallied for ten years in a flat we weren't particularly happy with (our first buy, all we could afford), trying to work out where the market was going etc, before eventually taking the plunge and buying a flat we adore and plan to spend the rest of our lives in (barring lottery wins etc). We have mortgage payments we can (just about!) afford and which will be finished before we retire, so it really doesn't matter a damn to us if it's worth £100k or £1M. If you're planning to move on later on the back of profits it might be different, but if you're looking to settle down and find somewhere you love why wait?

messageRe: Are houses selling around here at all?
Posted by womanofdulwich 04 July, 2018 09:29

Its usual for the housing market to die between June and early September. People are away - both vendors and sellers, and their minds are on other things.

messageRe: Are houses selling around here at all?
Posted by JohnL 04 July, 2018 09:52

womanofdulwich Wrote:
-------------------------------------------------------
> Its usual for the housing market to die between
> June and early September. People are away - both
> vendors and sellers, and their minds are on other
> things.

what on earth wou "it's coming home" ld that be smiling smiley

messageRe: Are houses selling around here at all?
Posted by Jules-and-Boo 04 July, 2018 10:06

this is hardly a seasonal adjustment because people are on holiday

messageRe: Are houses selling around here at all?
Posted by Mick Mac 04 July, 2018 10:46

James Wrote:
-------------------------------------------------------

given the secrecy around sold
> prices. Hence my original post.

There isnt ultinatley any secrecy. Within a month of the actual transaction, sold prices are freely available.

Althouh the process from "under offer" to completion can of course take some time, if that is what you mean.

messageRe: Are houses selling around here at all?
Posted by alex_b 04 July, 2018 11:33

JohnL Wrote:

> It depends how desperate you are to sell. Those
> not desperate probably holding at present if
> they're in your situation I'd think. But you
> can't put your life on hold for ever I suppose.


I think that's what we saw during 2008/9 (certainly in West London where I lived at the time), the only houses that were selling were 'distressed' sales at a significant discount. Those who didn't urgently need to move just waited it out.

The difficulty it for those trying to sell now is lining up a chain of buyers and sellers who all have a similar view of the property market.

messageRe: Are houses selling around here at all?
Posted by micromacromonkey 04 July, 2018 16:30

We just exchanged on our house, for 15% less than we almost sold for 18 months ago. That time we had 2 viewings, this time we had over 50.

One lesson you learn is that it is only worth what someone will pay for it, not what you think it is worth. I am reminded of this every time I get a rightmove notification about another 3 bed terrace for 1.2 million quid. You aren't going to get an extra 200 grand just because the walls are tastefully done in Farrow and Ball Mouse's Arsehole grey or whatever it's called.

messageRe: Are houses selling around here at all?
Posted by dbboy 04 July, 2018 16:57

Nope but you will dependant on location near transport links, schools, open space and of course depends on what you are offering and the condition of the property.

Some buyers move in and gradually make their changes while others from day one, arrive like a whirlwind and start making changes almost immediately, which actually depends on what your budget is you have for future works, personally I'd say don;t rush, take your time to make up your mind.

messageRe: Are houses selling around here at all?
Posted by womanofdulwich 04 July, 2018 17:19

Mick mac. İt's usually 3 months to get sold price? Where do you get it in 1 month please?

messageRe: Are houses selling around here at all?
Posted by flocker spotter 04 July, 2018 18:07

People cannot afford to move. Young people cannot afford to buy. It is the buy to let market that pushed prices so high by creating demand over supply. Buy to let is at last becoming less attractive which is a good thing for everyone who cannot afford a home to live in - let alone a second place to rent out.

It is terrible when people have negative equity, but I am not sure that is happening yet. People have very short memories - in the late 1980s/early 90's prices fell by over 25%. Another readjustment is probably happening now - and the younger generations will be greatful.

messageRe: Are houses selling around here at all?
Posted by Abe_froeman 04 July, 2018 21:04

The younger generations have never been grateful!

messageRe: Are houses selling around here at all?
Posted by JohnL 05 July, 2018 11:00

flocker spotter Wrote:
-------------------------------------------------------
> People cannot afford to move. Young people cannot
> afford to buy. It is the buy to let market that
> pushed prices so high by creating demand over
> supply. Buy to let is at last becoming less
> attractive which is a good thing for everyone who
> cannot afford a home to live in - let alone a
> second place to rent out.
>
> It is terrible when people have negative equity,
> but I am not sure that is happening yet. People
> have very short memories - in the late 1980s/early
> 90's prices fell by over 25%. Another
> readjustment is probably happening now - and the
> younger generations will be greatful.

I'm surrounded by young people - they seem to buy 25% to get their foot in then staircase as fast as they can (I haven't in 10 years being me). Still requires £50K combined salary though.

I lost 12% the very year after buying in 2008 - and should have increased my share then LOL. Didn't give two hoots at that time - still paid the same.

messageRe: Are houses selling around here at all?
Posted by JohnL 05 July, 2018 11:19

The one thing I have noticed about house prices historically.

When they're going up everyone seems to think they'll go up forever and when they're going down everyone seems to think they'll go down forever - then it changes and everyone forgets there previous thinkings.

messageRe: Are houses selling around here at all?
Posted by Jules-and-Boo 05 July, 2018 12:44

that's because -they're young and have different priorities, but that's a bit of a generalization.

I bought flats for my kids and I'm glad I did as they won't be able to afford one when they are working.

Just as our parents bought property which now they wouldn't be able to afford either.

messageRe: Are houses selling around here at all?
Posted by Lu 05 July, 2018 17:42

I'm trying to sell in New Cross Gate and having the same experience. I'm looking to buy too and properties I viewed three months ago when I put mine up for sale are still on the market.
I thought the problem might be mine is a one-bed flat and the likely buyers are first-time buyers (who can't because they can't get the deposit together) or investors (for whom it's now far less lucrative to do buy to let). You say yours is a house though so maybe it's the whole market in the doldrums...
Good luck!

messageRe: Are houses selling around here at all?
Posted by Blackcurrant 05 July, 2018 18:39

JohnL Wrote:
-------------------------------------------------------
> The one thing I have noticed about house prices
> historically.
>
> When they're going up everyone seems to think
> they'll go up forever and when they're going down
> everyone seems to think they'll go down forever -
> then it changes and everyone forgets there
> previous thinkings.

And the faster prices shoot up, the more people jump on the bandwagon, worried they'll get left behind.

messageRe: Are houses selling around here at all?
Posted by stephen509 06 July, 2018 12:34

It's all relative isn't it?

If you lower yours down by £100k then the one you buy should be lowered by £100k.

Nobody loses and you are saddled with less debt.

messageRe: Are houses selling around here at all?
Posted by flocker spotter 06 July, 2018 12:46

yes it is usually relative



Edited 1 time(s). Last edit was 2018:07:06:12:47:18 by flocker spotter.

messageRe: Are houses selling around here at all?
Posted by James 06 July, 2018 17:18

>>It's all relative isn't it?
>>If you lower yours down by £100k then the one you buy should be lowered by £100k.
>>Nobody loses and you are saddled with less debt.

This is utter nonsense. "Should" be lowered? Who says it "should"? The great God of the Housing Market in the sky above? Surely you know that this is not how markets work? If (like us) the seller is not happy with what they are offered, they simply won't budge. Which seems to be what is happening en masse at the moment. You are also forgetting that when the market changes it can affect different levels in different ways. From what I hear, one-bed flats are moving faster than two or three-bed houses.

It never ceases to amaze me how people who know nothing about a subject are so happy to hold forth as if they are experts. The everyday perils of the internet forum I guess.

messageRe: Are houses selling around here at all?
Posted by rendelharris 06 July, 2018 17:54

I think you've misunderstood James, I'm sure Stephen meant if yours drops then others on the market will, not that there's any order in place that mandates it!

messageRe: Are houses selling around here at all?
Posted by flocker spotter 06 July, 2018 18:33

.



Edited 1 time(s). Last edit was 2018:07:06:22:34:49 by flocker spotter.

messageRe: Are houses selling around here at all?
Posted by rendelharris 06 July, 2018 23:27

flocker spotter Wrote:
-------------------------------------------------------
> .

Well done, this is very much to be encouraged from you. More please!

messageRe: Are houses selling around here at all?
Posted by ruthief 09 July, 2018 08:13

JohnL Wrote:
-------------------------------------------------------
> First time buyers are OK (they get relief up to
> 500K) - it's 2nd home owners and expensive
> properties that are hit.
>
> 2nd home owners have been hit hard - and the
> government is looking for money for the NHS this
> autumn too.


Having been a first time buyer recently i can say with certainty this is not true in my experience - it is harder than ever for people in our situation. Firstly, the government scheme only allows up to 450k which, although a huge amount for first timers, will buy you virtually nothing in most of London. Certainly not in ED. Secondly, without the benefit of the huge increase in property values over recent years providing equity for a deposit you have to save incredibly hard to afford the outlay (even with the current sluggish market, assuming you didnt buy here very recently there will have been a significant increase in your property value). Finally, with the absurdly expensive and largely unregulated private rental sector, where does the disposable income come from for first time buyers to save a deposit plus stamp duty, as well as afford increasing cost of living in london?

I appreciate its hard for everyone, but to say first time buyers are okay is a bit of a stretch

messageRe: Are houses selling around here at all?
Posted by JohnL 09 July, 2018 09:59

ruthief Wrote:
-------------------------------------------------------
> JohnL Wrote:
> --------------------------------------------------
> -----
> > First time buyers are OK (they get relief up to
> > 500K) - it's 2nd home owners and expensive
> > properties that are hit.
> >
> > 2nd home owners have been hit hard - and the
> > government is looking for money for the NHS
> this
> > autumn too.
>
>
> Having been a first time buyer recently i can say
> with certainty this is not true in my experience -
> it is harder than ever for people in our
> situation. Firstly, the government scheme only
> allows up to 450k which, although a huge amount
> for first timers, will buy you virtually nothing
> in most of London. Certainly not in ED. Secondly,
> without the benefit of the huge increase in
> property values over recent years providing equity
> for a deposit you have to save incredibly hard to
> afford the outlay (even with the current sluggish
> market, assuming you didnt buy here very recently
> there will have been a significant increase in
> your property value). Finally, with the absurdly
> expensive and largely unregulated private rental
> sector, where does the disposable income come from
> for first time buyers to save a deposit plus stamp
> duty, as well as afford increasing cost of living
> in london?
>
> I appreciate its hard for everyone, but to say
> first time buyers are okay is a bit of a stretch

It depends what OK means and what your aspirations are.

I own 30% of my flat on shared ownership - I admit I should have brought more and could have but you do other things - the total flat value is just over 400K (I'm SE15 not SE22). I paid about 7K in deposit etc 10 years ago.

If you're talking about houses then totally agree it's almost impossible - but houses in London are not for first time buyers (although many people I knew lied about their salary to get on the ladder 15 or so years ago when you could do that unbelievably).

(self certification mortgages they were called - no wonder we had issues in 2008)



Edited 1 time(s). Last edit was 2018:07:09:10:00:19 by JohnL.

messageRe: Are houses selling around here at all?
Posted by Jules-and-Boo 09 July, 2018 12:04

You can buy a flat for £450k in London and the Help to Buy scheme is fantastic.

As with all first time buyers, you will start small and build up (I suppose, should you aspire to a bigger house).

messageRe: Are houses selling around here at all?
Posted by AbDabs 09 July, 2018 12:43

I've just looked on Rightmove for flats in and around East Dulwich, up to the value of £450K. There were five pages of them, and even included a few with 3 beds.

messageRe: Are houses selling around here at all?
Posted by gabys1st 13 July, 2018 00:40

No probs selling ours.

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