Dramatic downturn in new flat market

[Keef]

They are fugly, I'd go with the wrecking ball.

[Robb71]

I think quite a few of the new overpriced builds have been caught out purely because of the economic situation, and buyers being more wary. On the flipside a few good deals to be had perhaps???

[Jeremy]

Do you mean the funny shaped white building? Yeah they've been on the market for ages now. As Robb says, I'm sure you could pick one up for a massive reduction from the asking price.

On the other hand, there have been new-builds in the area which have sold fairly well recently.

[Robb71]

I have been looking around ED, Clapham and Palace to purchase and there are plenty of excellent deals to be had. Still not completely comfortable with the market so am still holding off, but sellers seem to be more aware that the golden selling days of the last couple of years with hiked up prices have cooled off a bit.

[SimonM]

>>They are fugly, I'd go with the wrecking ball.<<

I agree they are ugly and cramped, but I'd hold off on the wrecking ball as they did replace a horrible, wrecked house that stood there for years. These flats are clearly overpriced - you'd think they'd be ideal for young professional (cycling!) singletons in not terrbly well-paid jobs. I imagine though they must have cost a fortune to put up because of all the demoltion and ground clearance and excavation beforehand.

I think the new block facing the Rye near Piermnt Green is much nicer in every way - as it should be though at ?325K for a 1.5 bedroom flat...

[Jeremy]

Cramped? 860 sq ft according to my details. That's quite big for a 2 bed flat!

[Michael Palaeologus]

The "big draw" is that it is opposite ED station. It doesnt take a genius to work out that it is also the biggest draw back.

[lemonellen]

Have just read this thread and am delighted to find out that I also have bought on the upper east side. I moved here in the summer (after finding it impossible to buy anything in west london that I would actually want to live in) and haven't looked back.

I wandered up to Dawson Heights yesterday - what a view - and noticed another new development of one and two beds, on Overhill Rd I think. It doesn't look as if work as started, reading everything here wouldn't be surprised if it doesn't get off the ground.

[Robb71]

"Upper East Side" are we talking New York or East Dulwich here?

[Mark]

Robb71 Wrote:

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> "Upper East Side" are we talking New York or East

> Dulwich here?

East Dulwich: this discussion on the forum: "Upper East Side"" may enlighten

[Alan Dale]

I think it's used to make Forest Hill sound more urban.

[SimonM]

>>Cramped? 860 sq ft according to my details. That's quite big for a 2 bed flat!<<

I was basing my judgement on how narrow they look inside from what you can see of them from Underhill Road.

[*Bob*]

Alan Dale Wrote:

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> I think it's used to make Forest Hill sound more

> urban.

Alan - are we getting closer to your definition of 'the shit bit'? I'm not going to let that one lie, you know.

[Alan Dale]

No way. I love the Horniman and there are some lush 1960s houses around there that I also really like - perfect home for my G plan furniture.

I am still looking for the shid bid. I think there are some very poorly connected areas that feel a bit suburban but they are by no means shiddy and have some great houses that are still fairly reasonable.

I think the Crown and Greyhound is rubbish - does that help?

[*Bob*]

The festive period has made you go all warm and fuzzy, Alan.

I can only hope a cold and dreary January will bring you back to your old self.

On the subject of the gruesome underhill road flats, I have a vague recollection of someone telling me that some sort of heinous crime took place in the building that once stood there. Or did I dream it..

[milly51]

Well in my humble opinion a lot of new builds are just glorified mouse houses.

All you are getting is a few millimetres of carefully chosen paint colour and a bit of slick design with the use of Industrial/ chic materials. These trapping will fade in a few years.

You are investing in surface polish but polish tarnishes very quickly. I see it all the time cladding coming away, slick sheen surfaces covered in crud, shadow gaps swelling around windows and the public spaces becoming shoddy. It is unlikely that your freeholders interest in the exterior will remain, will they update the property in the future so it holds onto its cache. When these blocks are sold it is then a case of minimal maintenance from the freeholder. Maintenance is only as good as the leaseholders lobby group in your block. Modern finishes are expensive to repair. Period property always remains just that - a property of period. Some folks say that the new builds will be the slums of the future.

[*Bob*]

There are new builds and then there are new builds. They aren't all the same.

The ones that are well-designed and well-built will also be 'period' in half a century or so. And sought-after. And expensive.

[Alan Dale]

Might not take that long. Some of the 1984 Selborne Village houses are already very expensive...

*Bob*'s right though. A lot of 60s houses are getting really expensive. Anyone know The Hamlet in SE5 near Champion Hill. One of those 3 beds went for ?470k last July....

[MrBen]

milly51 Wrote:

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> Well in my humble opinion a lot of new builds are

> just glorified mouse houses.

>

> You are investing in surface polish but polish

> tarnishes very quickly. I see it all the time

> cladding coming away, slick sheen surfaces covered

> in crud, shadow gaps swelling around windows and

> the public spaces becoming shoddy. It is unlikely

> that your freeholders interest in the exterior

> will remain, will they update the property in the

> future so it holds onto its cache. When these

> blocks are sold it is then a case of minimal

> maintenance from the freeholder. Maintenance is

> only as good as the leaseholders lobby group in

> your block. Modern finishes are expensive to

> repair. Period property always remains just that -

> a property of period. Some folks say that the new

> builds will be the slums of the future.

Milly51, Whilst I see your point, as always you cant generalise. I know lots of people who prefer good new builds as they are often more spacious, brighter are more eco-friendly due to better windows, construction and heating systems and open plan compared to period properties. Aussies, Saffers and Kiwis in particular seem to love them. I'm guessing thats because its what they are used to back home where new builds are the norm.

I have seen lots of very well built new builds. And some awful ones too. The key thing IMO is not to overpay for the superficial cosmetic touches and developer bullsh*t. The DKH flats are good in my opinion. Just not worth ?365K.

I've experienced both. I love my Victorian place. But it falls apart too. Dodgy roof, needs repointing, drafty in winter, smaller rooms. It all adds up and can be expensive. Each to their own I guess. New builds can be great -just dont get ripped off into paying an extra 60K for the mahogany veneered doors or the ubiqitous built in plasma.

In fact, I just feel lucky to own a small place of my own at all.

[*Bob*]

There is something to be said for a solid purpose-built new-build flat. I once rented The Worst Victorian Flat Conversion In The World and I wouldn't wish that experience on anyone.

[Jeremy]

Glad this has been lounged!!

I just wonder how much reduction one could get from the asking price with the GV15 or DKH flats. They clearly aren't selling well, it wouldn't surprise me if they were willing to negotiate down as much as 10%.