Have house prices actually fallen in ED?

[Earl Aelfheah]

Despite everything I keep reading about the flagging state of the housing market, can anyone confirm whether prices in ED have actually dropped at all? Just looking in Estate Agent windows it would appear not, but I know that there is a big difference between asking prices and selling prices.

[Loz]

They dropped a bit last year, about 10%, but have pretty much regained all of that now.

[mastershake]

seem to have risen about 65k in the last year and a half from what i can tell.

[thomastillingthe3rd]

Dropped, considerably. Don't be fooled by the what's for sale price they are achieving no where near this. 60+ grand below asking price offers and estate agents raising them to counter this. Buyers are not having any of it and are pulling asking prices down before they even offer.

Its only serious cash money buyers who are going for the larger properties. Everyone in mid size houses, effected by pay freezes are stuck , they can't make the jump so the market has really shrunk. If Gordon had not ringfenced the Bank of England interest rates at 0% it would be a bloody massacre out there right now.

[thomastillingthe3rd]

nethouseprices is your barometer.

Muschamp Road - ?590000 in 2007 - 630000 in 2011.

Crystal Palace Road - ?675000 in 2007 - 620000 in 2011.

[Mick Mac]

House prices are near 2007 levels if not above.

Stories of falling house prices normally refer to UK, London had a small fall but seems to have recovered. East Dulwich in 2009 seemed cheap compared to clapham/balham/wandsworth, so it may even go up further, but def on the rise over the last 12 months imo.

[doublesj]

The rate of house price increase certainly slowed wouldn't say they actually have fallen compared to fourth quarter 2007 overall.

Houses are being sold at around 94% of asking price on average...

Check the link out too see that apparently Southwark is the biggest gainer in London for first quarter 2011.

http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=533622&in_page_id=57&ct=5

trebles all round for ED homeowners?

[thomastillingthe3rd]

Southwark may be the biggest gainer , but its not because of ED dears! And no way are Houseprices anywhere near some of 2007 prices! if anything its 4years of static growth. I think the best specfic indicator is what houses / flats actually achieved. Obviously if a house was on for ?670000 in Crystal Palace Road and acheived ?620000 or ?695000 in Melbourne grve and achieved ?628000 cant see how thats 94% of asking price? These wider figures can be well massaged, the Land Registry can not.

[chantelle]

i don't think things are actually going for much more than in the past (check out land registry records to see) but asking prices seem to have shot up to often ridiculous levels. small 3 bed - 91 sq m - for sale on Marsden Road for ?575k - or severely run-down 4-bed on Grove Hill for ?595k - get real! and that's the Peckham Rye side.

[nikthegreek]

I think it depends on the type of property. The 2-3 bed terraced houses that have been renovated well seem to be selling very quickly at or close to asking price.

A 2 bed near us sold within 2 weeks at a price close to 2007 levels.

Of course there will always be one agent on LL who puts houses on the market at ridiculous asking prices that will eventually have to drop to more realistic levels. Your examples of price drops aren't all marketed by Foxtons are they Thomas?

[backcarebeds]

Estate agents do encourage sellers to ask more than the true value so they will become the sole agent however, once an offer comes in for way less than the asking price, they will suggest accepting it because they are desperate for their commission.

[mcgregor]

I agree.Perhaps a good time to cash in on the larger property,before it collapses completely.

[Norfolkvillas]

A house that we looked at in ED in autumn 2009 (which sold for asking price of ?670k) came back onto the market the other week at ?820k and is now under offer... We weren't looking in 2007 so don't know what it would have fetched at the peak, but I was pretty amazed to see such a massive jump in price in just over 18 months...

[boswell]

I think I know the house you're talking about and although it's on for (what seems to me to be) a crazy price if it is the one I'm thinking of they've done a lot of renovation work on it (loft conversion etc).

[Norfolkvillas]

This one was totally renovated when we saw it in 09. The only change I noticed from the pics is a landscaped front garden. That's why I was so surprised at the asking price. Nice house though.

[Mick Mac]

amberwood Wrote:

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

> A house that we looked at in ED in autumn 2009

> (which sold for asking price of ?670k) came back

> onto the market the other week at ?820k and is now

> under offer... We weren't looking in 2007 so

> don't know what it would have fetched at the peak,

> but I was pretty amazed to see such a massive jump

> in price in just over 18 months...

Im guessing but this may be a Friern Road house? If so it has a side return, which looks pretty goo, but I don't know if the side return has been done since 2009.