Oh god, have I really started this thread... (property market in ED)

[olski p]

What's the property market in ED doing at the moment from a buyers/sellers point of view (as opposed to estate agents or newspapers). Thinking of putting my modest 2 bed flat on the market and wondering if things have picked up in the last month or so?

Don't really want to get into a detailed dedate as to why I want to sell etc, just want a market perspctive from those with first hand experience if you have it.

Thanks!!!

[PeckhamRose]

Try looking in the residential property section of the forum.

[olski p]

I have and that as I understand it is for adverts rather than issues/gossip. If I'm in the wrong place then maybe admin will move me....

[SCSB79]

Can't be that bad. Our neighbours just moved... they bought their 2 bed flat in May 2007 for ?275k Sold just recently for ?315k.

[MrBen]

It's now obligatory to start any property thread with an apology of sorts. Apology accepted - I love them.

My experience having been looking for 4 months with multiple agents for a 3-4 bed house (to live in) is generally that:

- Prices have fallen since the start of the year

- Bad or even remotely undesirable properties are not shifting well

- That despite the above anecdote, flats in particular are still not shifting well as most 1st time buyers are locked out.

- 2 double bed Flats with gardens are doing better but without getting above the ?250k price for stamp duty is not easy.

- Decent period houses on decent streets are holding up but down a bit (2-8%) from 2010's false spike (my opinion)

- Most important observation learned is that asking prices advertised often bear no resemblance to the actual transaction value agreed e.g. houses advertised at 500K have been selling for 425K depending on demand of course. Nobody wants to advertise at that "true" price so agents are pricing in the discounting at the start.

It's all propped up by low interest rates so expect more pain when they start to rise. In your case I'd stick it on now - its only going to get worse in the near term.

[spanglysteve]

Of course worth remembering that if you want to trade up a falling market is good, as losing 10% on your house is relatively less painful (in absolute terms) if you are paying 10% less on a much higher value property

[pinkhalf]

It's really hard for first time buyers to get the finance - if you think your buyer will be a FTB, you might really struggle to sell at all.

My neighbours had a good offer and they rejected it (only 6 per cent off asking!). Three months later and they are planning to rent their place out. I don't think the rent will cover it (given their asking price) so they are chasing the market downwards.

[northlondoner]

A number of three and four bed houses ive had my eye on have sold really quickly.

[spotify]

Pinkhalf your neighbours failed to recognise a good offer, so it serves them right for being greedy.

Northlondoner I suggest you make yourself a little more lively when it comes to offer time.

Can we move it to the property thread now?

[KeyboardWarrior]

Ask an agent, it doesnt cost money to approach one for advice. Im sure any sensible agent would love to have a decent chat with you about it in the hope when you do sell or rent, now or in the future, that you will recall the. They are going to have far more knowledge and experience to share with you across the whole market rather than one individuals personal experience coming your way via here ... comments like its tough to get over 250k for a two bed garden flat are just nonsense. There are several one beds with gardens that have gone for this amount, and as for prices falling since the start of the year, again, how can this be true given that most people marketing and going under offer in 2011 probably still havent exchanged or completed yet.

Its unlikely your place is worth any more, or less, than it was a month ago.

[pinkhalf]

Does no one else use property bee? That would tell you for some properties that prices are falling in SE22. Also, its really funny because it exposes estate agents fiddling with prices on a daily basis. I think they might be bored ;)

http://www.property-bee.com/

[KeyboardWarrior]

If an agent did their job, and a vendor was realistic, the price would be correct and a price drop would not be needed.

[WoolWitch]

If you are going to get agents advice, can I suggest trying Truepenny and Wooster & Stock - we are currently selling/buying and have found them to be the most 'honest' in terms of valuing and advice.

[MrBen]

KeyboardWarrior Wrote:

> comments like its tough to get over

> 250k for a two bed garden flat are just nonsense.

I think if you re read my post you'll see that to get over 250K for a flat without a garden is hard at present. First time buyers need ?25,000 for that + costs which if its over stamp duty threshold take purchase costs to ?30,000+.

Anyone who thinks there is a long queue of FTB's with that ready cash handy is in some kind of 2007 dreamland. Or an estate agent.

[alice]

well according to nethouseprices 8 flats were sold in se22 last december [latest date they have] ranging from ?247500 to ?400000

[MrBen]

As opposed to the 352 two bedroom flats that were marketed but didn't sell in December 2010 in SE22?

[Strawberryfields]

There are first time buyers out there!

Keatings are very good and are only a small chain who have only really worked in Clapham, Brixton and now ED.

Good luck with the sale, :)

[buggie]

We are selling through Keatings and were lucky enough to go under offer after a week on the market - have found them v good so far (full excellent rating unavailable until all is finished and sitting in our new home :))

On the looking for houses front, haven't been hugely impressed by winkworths or KFH dulwich branch.

[Strawberryfields]

Oh that's brilliant news, I found them really good too.

Happy house hunting and hoping the completion goes ahead smoothly.

:)

[olski p]

Can of worms. I will talk to agents and have used Property bee, Zoopla, Hometrack in the past ete etc, just want a perspective from people who have or are actually buying/selling right now. No concensus so will just have to see. Perhaps the Property Bee and land registry sites are the only true way of knowing what's what. Silly question on my part I know!

[For Rent]

http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=524059&in_page_id=57&ct=5

[SCSB79]

spotify Wrote:

-------------------------------------------------------

>

> Can we move it to the property thread now?

Why? No one is advertising a property or looking for one. This thread is specific to the current property market in ED so suits the requirements of a thread being started in the "General ED issues/gossip" section.

Why get so hung up on it?

We're considering selling our flat in the near(ish) future as we're off to the USA to live... need all the money we can get to help us out and worry that we'll be looking at a major change in price when we come to sell. Looking at what we paid in October 2007 to prices now makes me shudder!! Here's hoping for a mini ED revival in the next year or so.

[mumof3girlies]

It is really hard to tell what is really happening with the property market - we sold our house in Bellenden rd area- last June, then our proposed purchase fell through and have been in rented accom since last sept trying to find something suitable in ED/Bellenden rd/Goose Green but have really struggled to find something we like - have settled for a house that ticks all the boxes but the garden could be bigger, anyway I think agents are doing an awful lot of talking up the market - saying that proces have rallied etc etc, I have even seen asking prices have an extra 25k added even though the property has been on market for 5/6 months, if we liked taking risks we would sit it out for a few more months in rented to see if things do fall but there is no guarantee they will, I think property is selling but nothing near asking prices, although there is the odd story about sealed bids and bidding wars - but very rare.

[pinkhalf]

I think a lot of people tell pork pies about what they sell for. One of my other neighbours said she got rid of her place for ?400,000 and described her buyer "as a mug". I suppose she got it wrong because when it came up on Land Reg, the selling price was ?327,000. People like to boast, and don't want to lose face.

And the other neighbour who refused the offer at 6 per cent below? An estate agent by trade. So reserve judgment until your agent tells you about the last good deal he did for a seller!

[Sue]

You can sign up for a regular email from these people which will tell you the actual selling prices of properties recently sold in your area:

www.ourproperty.co.uk

Latest email below

Hi Sue,

I thought you might like to know that the site has been updated with this month's Land Registry and Registers of Scotland data.

This month's OurProperty.co.uk email is sponsored by L&C:

Sales recently added within 500m of (my postcode) Edit location

60 Crawthew Grove ?515,000

London, SE22 9AB 21st January 2011

3 Lytcott Grove ?285,000

London, SE22 8QX 17th January 2011

136c Lordship Lane ?325,000

London, SE22 8HD 14th January 2011

68 Melbourne Grove ?785,000

London, SE22 8QY 14th January 2011

22 Goodrich Road ?575,000

London, SE22 9EQ 14th January 2011

64 Crawthew Grove ?540,000

London, SE22 9AB 14th January 2011

6 Lacon Road ?576,500

London, SE22 9HE 14th January 2011

Ground Floor Flat, 115 Barry Road ?250,000

London, SE22 0HW 12th January 2011

180b Underhill Road ?170,000

London, SE22 0QH 11th January 2011

Flat 18, Halliwell Court Barry Road ?125,000

London, SE22 0HS 5th January 2011

You can search all these sales totally free of charge by going to OurProperty.co.uk.

By default, every month we will notify you of new sales within 500 metres of your home postcode, but you can also watch up to 10 further areas of your choice. To do so, simply visit your custom alerts page and log in.