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Trying to buy a house in this area is near impossible

Grotty

By Grotty
in General ED Issues / Gossip

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Saila

Saila

Posted
Posted

The houses that aren't selling may be 'dud' ones.


There were houses last year that hung on the market for ages. Woodwarde road, desenfans (in dulwich).


Often becaue of grelims like small garden, on a main road or subsidence problems or just wrongly priced properties etc


The market seemed to cool in autumn last year, then just picked up again. Fits and starts.

LondonMix

LondonMix

Posted
Posted
Agree with Steve- houses that are trying to push prices beyond the recent heights they reached at the beginning of this year don't seem to be having much success. Several houses have had to drop their asking recently- Hebert rd, Landcroft rd, Chesterfield and Frogley all of which were way above recent asking prices. Buyers seem to have reached their limit for additional large increases for the moment. Still, compared to the end on 2012' prices up are up 30 percent
PokerTime

PokerTime

Posted
Posted
There was a report of the slowing of private rent increases in London this week. Down to an average of 3.3% over the last quarter, compared to 6.5% over the same quarter in 2012. A hike in interest rates would definitely have an impact.
SteveUK1978

SteveUK1978

Posted
Posted

I get the demand for 3br houses - even at ?850k, although at that level even people who have 'done well' on flats and have good joint incomes must still be taking out a chunky mortgage. What I don't get is the long term demand for the ?1m+ houses (a 3br in most of north London is already at that level)....who is buying them? People must be taking out ?500k+ mortgages even if they have decent equity and a hike in interest rates has to hurt them? People may have fixed for 3-5 years, but a hike in IRs and the expiry of those deals will surely have a major impact?


Perhaps that's wishful thinking on my part and maybe I'm just too conservative by not wanting to have ?600k in debt!

Mick Mac

Mick Mac

Posted
Posted

Zebedee Tring Wrote:

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

> Are the sale prices for these two St Francis Road

> properties really comparable? One house might have

> been in much better condition than the other.


Two properties? Its the same house isn't it?

Sue

Sue

Posted
Posted

Loz Wrote:

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

> Just looking at sold prices and found this

> particular piece of madness...

>

> 36 St Francis Road, London, Greater London SE22

> 8DE

> ?650,000 Terraced, Freehold 17 Jan 2014

> ?420,000 Terraced, Freehold 09 Oct 2013

>

> ?230k profit in three months!


xxxxxx


Bloody hell - but presumably it was "improved" in the intervening period?

simonethebeaver

simonethebeaver

Posted
Posted
Sorry, the advert for the SECOND sale says complete modernisation! I read it with half a brain and assumed it was the listing for the cheaper sale. So someone has bought it and simply resold without doing the work, to ride the market.
Blackcurrant

Blackcurrant

Posted
Posted

Loz Wrote:

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

> Just looking at sold prices and found this

> particular piece of madness...

>

> 36 St Francis Road, London, Greater London SE22

> 8DE

> ?650,000 Terraced, Freehold 17 Jan 2014

> ?420,000 Terraced, Freehold 09 Oct 2013

>

> ?230k profit in three months!


Up 55% in 3 months, which is an annualised rate of inflation of 365%. Very hard to believe there isn't a London bubble.

Jeremy

Jeremy

Posted
Posted
We were in the market for a 3 bed terrace last summer. There was nothing matching that description in ED for under 650K - regardless of condition. So at ?420K it was ridiculously under-valued, unless it had major structural defects or something.
Loz

Loz

Posted
Posted

Blackcurrant Wrote:

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

> Up 55% in 3 months, which is an annualised rate of

> inflation of 365%. Very hard to believe there isn't a London bubble.


I think you'll find it's not anywhere near representative of the entire London market.

Blackcurrant

Blackcurrant

Posted
Posted

Loz Wrote:

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

> Blackcurrant Wrote:

> --------------------------------------------------

> -----

> > Up 55% in 3 months, which is an annualised rate

> of

> > inflation of 365%. Very hard to believe there

> isn't a London bubble.

>

> I think you'll find it's not anywhere near

> representative of the entire London market.


Up 40% a year is nearer the mark, but that still suggests unsustainable hysteria on the part of buyers.


What are rental yields down to now? 2%?

Blackcurrant

Blackcurrant

Posted
Posted

Quick check of median price & rent for houses and flats in SE22 show average gross rental yield is 3%. Net yield obviously well below this (and well below hassle-free dividend yield on stockmarket). These figs make no sense to investors unless the bank rate stays near zero permanently. As rents are tied much more strongly to supply and demand fundamentals than prices, this says bubble more than housing shortage.


I don't have rental yields for 2007 just before the last crash but am happy to bet they were higher.

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