Is it easy to sell a house in East Dulwich?

[LondonMix]

Yes, they may have had to spend another 50-100k dealing with modernising it more generally.

I bought an old wreck and trust me its very expensive if you have to get all new timber sash windows etc (weeps)

[MrBen]

110k is a chunk of cash. But for a rear extension plus loft done well it's at the cheaper end of the spectrum.

[LondonMix]

50k for a double loft and 60k for a side extension is pretty standard cost for the size of the jobs at the link. Of course that doesn't include the fixtures and fittings.

[*Bob*]

Standard cost for side extension and loft conversion?

?110k - ?250k, depending on what standard you want to end-up with of course.

?110k might do it, but absolutely at the cheaper end.

[LondonMix]

I don?t necessarily disagree that extensions can cost much more but the cost is as much a function of size as it is of quality. That house on Crystal Palace Rd linked to added at most 120sft (I know what they look like unextended).

Excluding the cost of the k!tchen, lighting and flooring, I am pretty sure they didn?t spend more than 60k on that ground floor extension.

? The rough costing for ground floor extension building work is 1,800 psm for the basic build so in their case roughly 22k including VAT including electrics, plumbing, and decorating

? Add to that a max of 8k for the bifold doors and velux windows

? They probably did under floor heating?2k

? They probably added in the ground floor loo as part of the work- 2k

? They probably need a new boiler for the increased size of the house- 3k (max)

? Garden work- 5k

? If they used an architect to project manage as well as draw up the plans-- 5k

? Planning fees, measurement surveys, build over agreements with Thames Water, engineering drawings, building control fees and partywall agreements?6k

? Contingency of 10% - 5k

? Total cost circa 58k

[*Bob*]

Not disagreeing on any any of those costs as such, LM

However I'm sure you'll agree you couldn't do the two for much *less* than 110. That makes 110 a 'starting price'. The cost of up-spec'ing and associated knock-on costs and in turn - vat - is somewhat exponential.

Hence 'could we just do this or that a bit nicer' suddenly costs a helluva lot more.

[LondonMix]

Yes, that's entirely true. Once you go beyond the basic spec they did the price increases exponentially.

[*Bob*]

LondonMix Wrote:

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> Yes, that's entirely true. Once you go beyond the

> basic spec they did the price increases

> exponentially.

'They did' - lol!

Don't they always..

[LondonMix]

Sorry, I was always talking about their spec-- ie the houses I liked to.

My house was a two storey ground and first floor extension with a double loft conversion and a total gut refurb. I've talked about it before on the forum. Not to say it was higher spec but just a different amount of work.

[Blackcurrant]

?1million+ houses in London now down in value by 20% according to the Telegraph:

www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11177312/High-end-London-house-prices-being-slashed.html

[Henry_17]

Blackcurrant,

Exceptional contribution in the article from Ms. MaMohan - whose title is head of research - in which she informs us that a greater than 40% annualised decline equates to stabilisation, and in which she confirms that once we reach two consecutive quarters of the same direction we can establish a trend.

Henry

[Blackcurrant]

Yes it brings to mind the old saying that people from public schools who aren't bright enough for law become estate agents instead.

Personally I can't believe prices have fallen that fast, but they've certainly fallen.

[Earl Aelfheah]

Blackcurrant Wrote:

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

> ?1million+ houses in London now down in value by

> 20% according to the Telegraph:

>

> www.telegraph.co.uk/finance/newsbysector/construct

> ionandproperty/11177312/High-end-London-house-pric

> es-being-slashed.html

sounds about right to me. most of the houses which were getting (at least close to) 1 million in the spring are now selling for 800 ish, maybe 850.

[*Bob*]

A point made earlier (I forget by whom) is pertinent: the additions/improvements done to so many houses round here have been quite low end.

A house with modest improvements at ?500k is an altogether different prospect to a house at ?1m with the same. When a potential buyer is spending the latter, you can bet they're prepared to pay considerably more for something better - and budget additions might even count against the price.

Of course owners are often blind to this. "But it's got four bedrooms! Where's my million quid?!"

[edwasj]

I'm an estate agent living locally, working in Clapham; and the market has definitely changed and now more than ever price is the most important factor in marketing your property.

The last 18 months have been great for us and it wasn't far off the reality that you could open a door, have 6 people view a place and get sealed bids with any property. The market is far more saturated with available options at the moment and this in turn has taken all of the flurry out the market. People can afford to be much more picky and don't have the fear of increasing prices pushing them into making a decision.

That said it's not all doom and gloom! We've been in a buoyant bubble for the last year or so and what we are coming into now is more consistent with a 'normal' market; if such a thing exists in London! There are plenty of people out there looking who are very serious about buying a property. In this sort of market if you are over priced you simply won't get the levels of interest as there will be better priced competitors appealing to applicants. Agents have a tendency of over valuing stock in order to get the business - it's hard when someone is promising to get you 'x' amount not to go with that agent but if the place next door, in near enough the same condition, sold for 200 grand less - think realistically!! Also don't get carried away with the prices achieved in the bubble - sealed bids do crazy things applicants and records prices were coming in. If you really want to sell think long and hard about price - this will be your main issue - not the time of year, market or dare I even say agent. Property sells throughout the year regardless of condition - it's always about price!!

[Earl Aelfheah]

Totally agree with edwasj

[Romnarz]

Very impressed with the standard of informed debate on this topic - and no silly slagging off or snide comments for daring to have an opinion

[j11ames0208]

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[Leftfooter]

I wonder whether there's an update on how long it takes to sell a house? What's the local market like now? Is it taking longer?

[sophiesofa]

I don't know, but nothing much happens dec-feb.

[AbDabs]

It seems that Foxtons knows that the best way to speed up the sale of a house is to make it reassuringly expensive. There is a house on Melbourne grove that was listed with another agent in January 14 at ?900K (reduced from an earlier price of ?960K), then in Oct 14 at ?925. Now with Foxtons at ......?1.1M. The photos make it plain that nothing has changed internally or externally. It's a three bed house.

[SebsC]

Wow, 2 bed house on Silvester Road just been put on the market for ?1.2 million!! Crazy!

http://www.zoopla.co.uk/for-sale/details/35897911?search_identifier=4f77c90daf70733cb3cc8550836a2354

[northdulmum]

Saying '2 bed' is a bit misleading

In terms of price / square foot and the spec

It looks in line with everywhere else in that area

Which is expensive but this isn't an outlier when take into a/c the spec

[Sue]

SebsC Wrote:

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

> Wow, 2 bed house on Silvester Road just been put

> on the market for ?1.2 million!! Crazy!

>

>

> http://www.zoopla.co.uk/for-sale/details/35897911?

> search_identifier=4f77c90daf70733cb3cc8550836a2354

That's a beautiful house though, judging by the pictures .....

[Mustard]

SebsC Wrote:

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

> Wow, 2 bed house on Silvester Road just been put

> on the market for ?1.2 million!! Crazy!

>

>

> http://www.zoopla.co.uk/for-sale/details/35897911?

> search_identifier=4f77c90daf70733cb3cc8550836a2354

That house has been with The Modern House agency since last September at a slightly higher price.