Trying to buy a house in this area is near impossible

[StraferJack]

"sell it for then people would be selling up in droves. It's not my opinion it's the opinion of everyone who is buying and everyone who is not selling."

I now to no one in my respect of londonmix on here, but that statement? Hmmmmm

That thinking could be applied to almost any pre-crash ever right?

[Ann]

Nonetheless, EDLove makes a good point. I'm glad she was able to make that choice and is happy it, the problem seems to me that in a relatively short space of time she may not have been able to do so now.

I also think ED is good for all ages and I'm glad I brought up my children here.

[StraferJack]

Ann

Totally agree re: EDLove

Was in same position when we bought our flat in SE22.

But that flat seemed about right for the job/income. These days I earn a lot more and couldn't even buy the same flat again. People are panicking and buying/upgrading because they think it's a ticket to print money. Not because they need to move necessarily. |So I think a hefty amount of the demand is artificial and is over leveraged. When rates rise/prices crash...

[bluesuperted]

EDLove... Maybe I'm misunderstanding you but Forest Hill is not 'predominantly shabby', it's predominantly very nice and rightly popular! I'm enjoying it continually improve... But in no way waiting for it to be 'less shit'!!

[ratty]

I love the phrase "other places felt less safe".

[dwe]

Many of things that make East Dulwich attractive are a direct result of the area being affordable a few years ago to people who would have not been able to buy in the more expensive surrounding areas.

I am not sure I would describe the area as up and coming now, as the next generation of younger people wont be able to buy there, and will instead move to cheaper areas, such as Sydenham or Penge, with interesting bars and shops eventually opening up there as a result, as happened in East Dulwich.

10 years ago there was probably an interesting mix new people buying in the area, but with the prices as they are, the area is really only affordable to those with access to a healthy deposit (Mum and Dad?) or those with banker style salaries.

[LondonMix]

My only point is if there were comparable neighbourhoods for less money people would move there instead. Otta I bought years ago but instead of viewing those behind me as idiots I feel sorry for them that London is so expensive and I recognise that in there position I would do the same. I could sell my house in ED and move to Nunhead and pocket the difference. The fact that I don't want to is largely down to the fact I'd rather stay where I am which means I must think its worth it.

Everyone in London is in the same position- i am sure newcomers to Penge are viewed as idiots by the locals as well!

I just don't get why every discussion about London property has to descend into name calling. Everyone is just trying to do the best they can with choices and budget they have!

[LondonMix]

Not that anything is wrong with Nunhead!

[Earl Aelfheah]

If you have 650K to spend on a 3 bed house in 'inner london', where else would you buy?

[cle]

Otta, they're just numbers. I know 500k/1m seem symbolic, but it just creeps up and happens.

I couldn't believe when someone I knew paid 250k for a one bed flat, but now it would be a steal.

People are aren't idiots for buying 500k houses which then become 1m houses. The people that don't are surely the fools.

[simonethebeaver]

This is interesting reading:

http://www.theguardian.com/uk-news/2014/feb/06/hackney-house-price-bubble

[dwe]

Surely if you have ?650k then you have a healthy choice of areas?

The title of the thread is "Trying to buy a house in this area is near impossible" - East Dulwich is seen as a highly desirable area and as such it attracts a healthy premium, pricing many people out. It is more expensive than Sydenham, which is more expensive than Anerley etc...

I'd quite like to live in Dulwich Village but can't afford it, so I live somewhere else.

[DuncanW]

The open house day/sealed bids thing is definitely designed to increase the competition and sense of urgency for prospective buyers. And it does result in higher prices being paid for properties. But that?s what an agent is supposed to be doing isn?t it? If any of us had employed a firm to sell our most valuable assett for us, would we not expect them to employ every (legal and decent) tactic in the armoury to get us the best possible price for it?

[New Girl]

That's a scary read! Being a first time buyer I'm horrified at the prospect I might be potentially dropping thousands of pounds in a matter of seconds just because I can afford it and not necessarily love it and all because someone else is 3 seconds behind me with their cheque in hand.

[DuncanW]

It's not just the pricing that is the issue though. It's the pace of change that upsets people as it would anyone who feels they are getting priced out of an area they think of as home. Obviously that doesn't alter the realities of the situation.

Also, even for those with the right kind of budget, the scarcity of stock and intense competition for good properties, can be extremely frustrating.

[simonethebeaver]

The pace of change is exactly it. Yes, you know you can't afford Dulwich Village, or East Dulwich, but you can always move to Sydenham. But very suddenly all ?450 buys you in Sydenham is a flat or tiny house and you just didn't see it coming.

[miga]

.

[dwe]

I agree comletely regarding the rate of change and to me that is real the issue. As a father of 2 young kids I wonder how they will be able to get on the housing ladder in years to come.

In terms of having to move away from an area that you regard as home, I think it has always been thus. I know when I bought my first house 16 years ago I had to compromise on the area I was moving into. It is to me, unrealistic for a first time buyer to assume you would be able to buy in an area like ED.

It is worth considering however that the Penge / Sydenham / Anderley of today is likely to be very different to the one we will see in 15 years time.

[EDLove]

Hi Otta - Yes, sorry, you did say 'idiots' :p

We bought a one-bed flat. It's compact, but we felt it was right (for us) to sacrifice space in order to live in ED. I'm sure that a lot of people in their twenties will want to live somewhere with lots of nightlife etc but we were looking for somewhere that was pretty, had good pubs/cafes/shops and green spaces - I absolutely love it here :D Do you live in ED?

LondonMix's comment about comparable areas is true. As it is, similar desirable areas to ED are demanding much higher prices.

Ann is right - not only would we struggle to afford the same flat in ED now, we are also likely to have difficulty moving up the ladder to a 2-bed flat in ED. But we really hope we can :)

Bluesuperted - apologies, to confirm - I certainly don't think Forest Hill is sh*t. I was referring to some other areas we saw. Though, in comparison to ED, I do find it shabby (I realise that ED might not be a fair comparator). This is just my opinion and I can appreciate that you view the area differently - it certainly has many nice spots :)

Ratty - why?

[Otta]

I withdraw the idiots statement, it was harsh. I still would want a lot more house for my money though.

Was chatting to a friend yesterday who sold his nice 2 bed flat with lovely roof garden on Basano Street two years ago for ?350k. That's not exactly cheap, but doable for a lot of people (not me alas). But I bet that same flat would fetch more like 500k today, only two years on.

[Earl Aelfheah]

House prices in Camberwell and Peckham are similar. Anywhere further West (Brixton, Clapham etc.) house prices are higher. Most places outside the SE postcode are more expensive. East London has gone crazy. You'll find few places cheaper than ED in zone 2 for houses except East of ED (staying in SE).

[dwe]

There are numerous areas close by to ED that are cheaper, as I mentioned above.

[simonethebeaver]

Cheaper but still a huge amount for people on average salary.

[Earl Aelfheah]

There are very few areas in zone 2 which are cheaper for houses, except perhaps Lewisham.

[dwe]

I agree simonthebeaver, and that is the thing I find worrying, rather than ED suddenly becoming out of reach, because I would say that ED is one of the most popular areas in SE London and as such its house prices will be expensive.

In terms of zone 2 (or zone 3 or 4) I am not sure that the fare difference is all that great. As such, Honor Oak Park for example would be far cheaper as an area to buy than ED.