House prices (in East Dulwich)

[Earl Aelfheah]

Despite the belief that all anyone talks about on this forum is house prices - there hasn't actually been a thread on it for a while. So I'm starting one. Seems to me that there are a hell of a lot of properties sitting on the market and a lot of price reductions. Properties which were asking for around ?1m, now seem to be dropping to under ?800K. Does anyone know what your average 3 bed house is actually selling for nowadays?

[Azira]

No idea about 3 beds, but a place almost identical in structure (albeit that we have a south facing garden that's slightly bigger, we had more original features like fireplaces and our place was in better decorative nick) just around the corner sold for 85K less than ours less than a year after we bought ours.

Non-period property generally seems to be going down.

[DulwichFox]

It's really quite difficult to say.. Average 3 bed house ?

Would depend on condition, location, garden, parking.

I would agree with rahrahrah that house prices seem to of dropped slightly after peeking last year. ??

Lots of people in my road and elsewhere having roof extensions done.

Still crazy prices..

DulwichFox

[LD929]

We bought a 5 bed last year at around ?750k. Equivalent houses on the market now are going for around ?1.1m. The difference between then and now is that when we bid, we were one of many and therefore met asking; whereas now, those houses are likely to go significantly below asking. Houses just aren't turning as quickly, though that doesn't mean, I think, that on average prices in ED aren't increasing pretty steadily.

As far as asking price, 3 beds seem to be at around ?800k for your standard terraced victorian.

[Loz]

I don't think they've dropped back as such, just that when prices are rising, asking prices are usually well ahead of actuals. The market is now back to normal situation where the asking prices are back to sensible levels.

Mind you, this is a bit of a surprise as number of houses actually on the market is very low. Wouldn't be surprised to see prices start to nudge up again soon if that continues. Especially as the Tories won the election - there was a bit of nervousness in the market about Labour and that has passed now.

[HappyFamily]

Agree with all of above - but also worth noting that the crazy prices were driven by lack of supply and lots of latent demand of the time which pushed alot of 3 or 4 bed into the plus ?1m Mark.

I still think there is limited supply now but the demand had clearly curtailed - for a number of reasons inc inflation, wage growth, (reversing now) and job/economic uncertainty

To be fair the only way agents can determine the price they can achieve is to keep pushing prices higher until people stop buying- then they have to come down to find the "right level". This is obviously where you see reductions etc and / or properties stalling online for a while.

Therefore, I dont think prices have dropped as such for longer term - they have just stopped climbing so fast (for a while)and just not meeting the bullish valuations which are indicative of a fluid, rising market. A blip and then up again.....and so many side returns and loft conversions will take prices a leg higher again once things pick up again.

ED is a very desirable place to live and "Emerging prime" if you believe recent reports.

BTW, is there a single place in London that is cheaper now than 3 years ago?

[Jeremy]

HappyFamily Wrote:

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> BTW, is there a single place in London that is

> cheaper now than 3 years ago?

Possibly top end prime central London is lower than 3 yrs ago.

[HappyFamily]

Cheaper to buy for overseas billionaires given GBP weakness but not lower prices - maybe the odd exception where an 'out there' asking price was reduced but generally not worth less than they were bought for 3 years ago

same story for top end prime central East Dulwich !! (ie 3 or 4 bed terraces!)

[Jeremy]

Nope, I think there have been material falls in price for high end properties in Belgravia, Kensington, etc.

[Earl Aelfheah]

I think there have been material falls in prices in Ed since April last year, when things were really going crazy.

[HappyFamily]

OK dont think sellers are missing out as value is still rising (but at slower pace/with market variances)but a better opportunity for buyers than last year yes

[Curmudgeon]

Good

I'm glad prices are dropping

I'd like to see then drop even further tbh

And I don't want to move either, they are just ridiculous for Victorian terraces and semis

[suniil]

3 bed modern terraced houses costs ?450k-?750 and add 30%-50% more for period properties. But not much movement in market comparing to year. We just sold our property in Peckham, after sitting in market for a while.

Yes, as HappyFamily said comparing to last year sales nearby ours, we got 7% lower prices.

[SteveUK1978]

3br Victorian terrace, decent ED location, not converted the loft, nicely done up - ?850k-875k

[Azira]

I disagree with those who say they aren't dropping. I've been watching SE22 and SE23 for about 2 years now and they definitely have been with modern properties.

[Blackcurrant]

The crazy price rises of early 2014 were caused by a dramatic supply shortage end of 2013:

http://i58.tinypic.com/m96d7k.png

Since then supply has more than doubled and the market is treading water.

Also there's been a bit of a reversal of the 2010-14 pattern, during which the top of the market rocketed and cheaper areas/property types struggled. So now the big period houses are stagnating/falling in value and cheaper properties around or under 500K selling more quickly, a lot of them to BTL investors. London market weaker than the provinces.

[ednewmy]

My recent property search (albeit not in ED) has me at the FTB/BTL end of the market. Whilst looking at the numbers suggests a slower price rise in the last year than in previous, it seems prices are still rising. I've offered on a couple that ended up going to either sealed bids or best and final offers, both times I bid above asking price, both times I lost out.

Looking at what the types of (and sometimes the exact) flats I'm looking at now sold for even 2 years ago makes for grim reading. The rise from 5-10 years ago is almost laughable.

[tomskip]

Fervently hoping for price drops across the board in London, not just three bed terraces in SE22. But fear it is wishful thinking.

[easytiger]

Buy in penge and beckenham. You can get much more for your money.

[stevie23b]

In the trade ( refurbs ) it's dropping like a stone.

[edcam]

easytiger Wrote:

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> Buy in penge and beckenham. You can get much more

> for your money.

But then you'd have to live in Penge or Beckenham.

[No name]

edcam Wrote:

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But then you'd have to live in Penge or Beckenham.

What's wrong with Beckenham?

[edcam]

No name Wrote:

>

> What's wrong with Beckenham?

It's a barren wasteland with a landscape only broken up by shattered dreams.

[Concerned motorist]

And that's on a good day.

edcam Wrote:

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> No name Wrote:

> >

> > What's wrong with Beckenham?

>

>

> It's a barren wasteland with a landscape only

> broken up by shattered dreams.

[EDOldie]

Huge competition between the agents for stock. Properties 'valued' at higher and higher prices. Properties don't sell because the asking price is too high. Price reductions to sell, no stock on the market, huge competition between the agents for stock. Properties 'valued' at higher and higher prices. Properties don't sell because the asking price is too high. And so on and so on, been going on for decades.