Cost of a 2 bed house

[Azalea]

Someone is selling a new build on Tintagel Crescent for 700k without a garden, it was formerly a tiny bungalow that sold for less than 180k.

I will be looking for a 2 bed next spring in the area, inc Peckham Rye and Nunhead and closer to 800k seems common in areas like Dunstans and Landcroft Rd. I suppose the prices might go up even more now because of the stamp duty change.

Any thoughts?

[steveo]

Not one

[Louisa]

How about buying a castle on a remote Scottish island (with land) for the same price? Just a thought.

Louisa.

[LondonMix]

2 bed houses in ED are often much cheaper than that. All of the links below are for sold house prices for 2 bed houses in ED that have sold this in the last few months for under 700k.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=46608632&sale=53989472&country=england

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=34522854&sale=54510446&country=england

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=53059703&sale=54232010&country=england

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=33363888&sale=54510437&country=england

[Azalea]

Louisa,

Thanks for the suggestion, but no.

London Mix, thanks for the links, that is what I expected prices to be, but it appears that prices have gone up again. I hope I am wrong. The sold prices you linked to are possibly houses that went on the market a year ago.

[uncleglen]

You can tell the state of some of the dwellings because the entire area is like an extended building site!

[LondonMix]

If you go on rightmove there is only one 2 bed house currently listed from more than 700k. Most of the places sold were listed this year and fairly recently. I don't think prices have moved in the area significantly in the last few months.

Azalea Wrote:

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

> Louisa,

> Thanks for the suggestion, but no.

>

> London Mix, thanks for the links, that is what I

> expected prices to be, but it appears that prices

> have gone up again. I hope I am wrong. The sold

> prices you linked to are possibly houses that went

> on the market a year ago.

[Azalea]

The one that is 775k is a reasonably spacious 2 bed with a garden. The others either aren't Victorian, no garden or need a lot of work. The standard two bed Victorian without needing gutting appears to be more than 700k.

[LondonMix]

The house listed for 775k, is 1,200 sft (larger than the average 3 bed terrace in ED, though they appear to be cheating by including unconverted loft space). Despite this, the house hasn't had an acceptable offer despite being on the market for nearly 3 months, which suggests its overpriced.

If you include sold subject to contract you'll see the vast majority of Victorian 2 beds for way under 800K.

The idea that a typical 2 bed house with a garden costs 800K plus in ED isn't backed up by the information available and it doesn't do anyone (except sellers) any good to talk up the market. All the houses below are period houses that have come the market in the last few months and have gone under offer. The asking price may also be higher the final sales price accepted which seems to be the trend at the moment.

http://www.rightmove.co.uk/property-for-sale/property-55915196.html (listed in November)

http://www.rightmove.co.uk/property-for-sale/property-51853420.html (listed in October)

http://www.rightmove.co.uk/property-for-sale/property-54750143.html (listed in September)

http://www.rightmove.co.uk/property-for-sale/property-54820016.html?premiumA=true (listed in September)

http://www.rightmove.co.uk/property-for-sale/property-51230986.html (listed in August)

http://www.rightmove.co.uk/property-for-sale/property-53040173.html (listed in June)

http://www.rightmove.co.uk/property-for-sale/property-34932843.html (listed in June)

[Jeremy]

The 2 bed modern houses near ED station should be around 550 I think (although can't see any available at the moment).

[womanofdulwich]

http://www.rightmove.co.uk/property-for-sale/property-55744634.html

maybe you should look here?

[Azalea]

No 25 Jennings rd sold last Oct for 732k and it's two beds and needed lots of work. I am not trying to talk prices up.

[Azalea]

womanofdulwich Wrote:

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

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-55744634.html

> maybe you should look here?

Seems more Gypsy Hill than Dulwich.

[LondonMix]

The pictures for number 25 are before it was presumably done up as the pics relate to the previous 2012 listing (as it notes on Rightmove). Some people don't want current information online.

Anyhow, since that house sold in 2014, 3 more 2-bed houses have sold on Jennings for 675k, 665k, and 642k and all are in good condition. Given those are the most recent sales, as a buyer I'm not sure why you are ignoring them and looking for evidence that 2 beds are worth significantly more than they are actually selling for.

Azalea Wrote:

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

> No 25 Jennings rd sold last Oct for 732k and it's

> two beds and needed lots of work. I am not trying

> to talk prices up.

[Azalea]

nowhere have I said that two bed garden houses are 800k plus.

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

> The house listed for 775k, is 1,200 sft (larger

> than the average 3 bed terrace in ED, though they

> appear to be cheating by including unconverted

> loft space). Despite this, the house hasn't had

> an acceptable offer despite being on the market

> for nearly 3 months, which suggests its

> overpriced.

>

> If you include sold subject to contract you'll see

> the vast majority of Victorian 2 beds for way

> under 800K.

>

> The idea that a typical 2 bed house with a garden

> costs 800K plus in ED isn't backed up by the

> information available and it doesn't do anyone

> (except sellers) any good to talk up the market.

> All the houses below are period houses that have

> come the market in the last few months and have

> gone under offer. The asking price may also be

> higher the final sales price accepted which seems

> to be the trend at the moment.

>

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-55915196.html (listed in November)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-51853420.html (listed in October)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-54750143.html (listed in September)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-54820016.html?premiumA=true (listed in

> September)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-51230986.html (listed in August)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-53040173.html (listed in June)

> http://www.rightmove.co.uk/property-for-sale/prope

> rty-34932843.html (listed in June)

[LondonMix]

Azalea Wrote:

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

> I will be looking for a 2 bed next spring in the

> area, inc Peckham Rye and Nunhead and closer to

> 800k seems common in areas like Dunstans and

> Landcroft Rd. I suppose the prices might go up

> even more now because of the stamp duty change.

Wasn't this you? How have I misunderstood what you were trying to say, seriously?

[Azalea]

Closer to 800k can mean 751k and doesn't mean 800k plus.

[Saffron]

Maybe I missed it, but I don't think any of the comments so far addressed the question of the potential of stamp duty to affect prices.

This is an interesting article with quite a broad view:

http://www.thisismoney.co.uk/money/mortgageshome/article-1671748/House-prices-What-expect-news-predictions.html

[LondonMix]

Okay, I misunderstood then. Good luck in your search for a new 2 bed house in the spring.

Azalea Wrote:

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

> Closer to 800k can mean 751k and doesn't mean 800k

> plus.