smellypunks

Southgate (North London)

42 posts in this topic

Literally every semi on Hadley Rd - between Southgate and WH - was on last year for £550-575k. Noticed all of them have now dropped to £495k. As you say, there is "little interest" in semis at 500k+. So it really doesn't matter what the EAs "think", the stuff simply isn't selling.

There are several smaller semis on The Vale (and the locality) that have been on for over a year at 420k+, and none of them have sold. Ditto extended versions of the same that are on at £650k. And there are several detached on at £500-900k in Southgate and WH that I've watched for 3 years not sell - and they never will at those prices.

I think this year and next will get interesting. Certainly a change in the air. All IMHO, of course.

Started viewing some properties including a completely unmodernised semi which needs everything done to it. 500k asking - I wont be putting in an offer at that starting price.

Ive noticed a few more properties coming onto the market but prices not moving .

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Literally every semi on Hadley Rd - between Southgate and WH - was on last year for £550-575k. Noticed all of them have now dropped to £495k. As you say, there is "little interest" in semis at 500k+. So it really doesn't matter what the EAs "think", the stuff simply isn't selling.

There are several smaller semis on The Vale (and the locality) that have been on for over a year at 420k+, and none of them have sold. Ditto extended versions of the same that are on at £650k. And there are several detached on at £500-900k in Southgate and WH that I've watched for 3 years not sell - and they never will at those prices.

I think this year and next will get interesting. Certainly a change in the air. All IMHO, of course.

Nice post @Nomadd. Yes seeing that myself. Lenders are tighting up recently. I have a friend who wanted to borrow 4 times earnins and was told he could as long as it put 15% down. Then today he got a call saying he would need to put 25% deposit down. No chance of that!

Some good reads

http://www.metro.co.uk/news/853066-mortgage-time-bomb-as-cheap-deals-set-to-disappear

http://www.metro.co.uk/news/894703-mortgage-approvals-to-fall-while-banks-balance-books

http://www.metro.co.uk/money/886354-one-million-britons-use-risky-payday-loans-to-help-pay-mortgages-and-bills

http://www.metro.co.uk/news/894436-first-time-buyers-need-to-earn-at-least-50-000-to-get-cheapest-mortgage

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Literally every semi on Hadley Rd - between Southgate and WH - was on last year for £550-575k. Noticed all of them have now dropped to £495k. As you say, there is "little interest" in semis at 500k+. So it really doesn't matter what the EAs "think", the stuff simply isn't selling.

There are several smaller semis on The Vale (and the locality) that have been on for over a year at 420k+, and none of them have sold. Ditto extended versions of the same that are on at £650k. And there are several detached on at £500-900k in Southgate and WH that I've watched for 3 years not sell - and they never will at those prices.

I think this year and next will get interesting. Certainly a change in the air. All IMHO, of course.

Just bought a rather unexciting semi but will be £300-400 better off a month than renting. Paying cash and I can't wait any longer for a price fall in North London.My STR fund is making me nervous, holding money in the bank is a liability. I still welcome price falls , my kids will benefit.

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Just bought a rather unexciting semi but will be £300-400 better off a month than renting. Paying cash and I can't wait any longer for a price fall in North London.My STR fund is making me nervous, holding money in the bank is a liability. I still welcome price falls , my kids will benefit.

Best of luck, mate.

I'm in the very fortunate position of renting a property very cheaply; if I didn't have it, I too would probably look to buy, as the rental prices in N14/N21 are insane. Mind you, I'd probably move out of London completely at that point and save myself a fortune.

If you don't mind me asking, how much did you end up paying? And what did you find the market was like? From looking at Rightmove, it seems a lot of stuff has been moving down in price recently.

Nomadd

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Best of luck, mate.

I'm in the very fortunate position of renting a property very cheaply; if I didn't have it, I too would probably look to buy, as the rental prices in N14/N21 are insane. Mind you, I'd probably move out of London completely at that point and save myself a fortune.

If you don't mind me asking, how much did you end up paying? And what did you find the market was like? From looking at Rightmove, it seems a lot of stuff has been moving down in price recently.

Nomadd

Thanks and sorry for late reply. Under 520 and on N21 side. Market very aggressive for this type of property.

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Lived in Southgate a few months now and find it rather dull. Am i missing something? Ive lived all over N london and the people here are in the main charmless.

The properties are bog standard 30s fare and rather unexciting. It,s extremely suburban in feel. No music venues , no football pubs, no cosy local pubs and the streets are empty at 7pm. Best thing about it are the numerous buses and tube providing lots of ways out ! Ive heard the schools are good tho

....when I lived there there was a nightclub called 'the royalty'..... the place is rather boring...did you shop at ASDA? can remember when it first opened way before walmart bought it, one of the first southern stores to open. ;)

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....when I lived there there was a nightclub called 'the royalty'..... the place is rather boring...did you shop at ASDA? can remember when it first opened way before walmart bought it, one of the first southern stores to open. ;)

Royalty long gone but Asda alive and kicking....... Think The Royalty is LA fitness now. Peculiar place Southgate , hopefully it will grow on me especially as I;m going to be here a while.

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Royalty long gone but Asda alive and kicking....... Think The Royalty is LA fitness now. Peculiar place Southgate , hopefully it will grow on me especially as I;m going to be here a while.

Been a year since last post. Purchased/moved in 3 bed in Southgate July 2012 and a very similar hse has just gone on market and EA informed me full asking price was offered at open day . Btw this is 65k+ more than I paid. No HPC round here yet . Same in N9 where a friend is paying 230k for an extended 2 bed hse. FWIW I paid 42k for an unmodernised hse 2 bed in 1993 less than 1/2 mile anyway.

BTW was expecting a fall . HPI had funded my purchase ........... so borrowing not a huge issue . I'm one of the lucky ones. 500k for a 30s 3 bed semi ......

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Been a year since last post. Purchased/moved in 3 bed in Southgate July 2012 and a very similar hse has just gone on market and EA informed me full asking price was offered at open day . Btw this is 65k+ more than I paid. No HPC round here yet . Same in N9 where a friend is paying 230k for an extended 2 bed hse. FWIW I paid 42k for an unmodernised hse 2 bed in 1993 less than 1/2 mile anyway.

BTW was expecting a fall . HPI had funded my purchase ........... so borrowing not a huge issue . I'm one of the lucky ones. 500k for a 30s 3 bed semi ......

I've been looking at prices in Southgate (much lower end than you though...). Seems to be booming at the moment sadly - more on the market then two or three years ago but at higher prices and tending to sell quickly. BTL appears to be a main area of sales - I see places move from the sale to the lettings area of Rightmove with disturbing frequency.

Anyway, should have asked - how are you liking your new place? All working out well?

Edited by a j

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I've been looking at prices in Southgate (much lower end than you though...). Seems to be booming at the moment sadly - more on the market then two or three years ago but at higher prices and tending to sell quickly. BTL appears to be a main area of sales - I see places move from the sale to the lettings area of Rightmove with disturbing frequency.

Anyway, should have asked - how are you liking your new place? All working out well?

Place is fine. Grovelands Park is brilliant, Woodman pub has re opened , shops OK and transport good. Prefer a slightly more funky vibe tho........

Seems to be relatively easy to get £1650 plus a month rent for a 3 bed hse close to schools. Still seems to be a relatively poor return for such an outlay without HPI .

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Place is fine. Grovelands Park is brilliant, Woodman pub has re opened , shops OK and transport good. Prefer a slightly more funky vibe tho........

Seems to be relatively easy to get £1650 plus a month rent for a 3 bed hse close to schools. Still seems to be a relatively poor return for such an outlay without HPI .

Even with the current low interest rates, the numbers just don't add up. Add in all the additional purchase costs and the prospect of rate rises over the next few years, then I just can't see how ~£1400 (after factoring in costs) but before mortgage repayments even begins to pay off a £500k+ purchase.

I've looked around both N14 and N21 as a short-term purchase, but long-term rental (once I move back to the NW of England) and unless I make a £250k deposit the numbers just simply don't add up.

I'm holding off for now (but that's easy for me to say as I have access to a cheap rental.)

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Even with the current low interest rates, the numbers just don't add up. Add in all the additional purchase costs and the prospect of rate rises over the next few years, then I just can't see how ~£1400 (after factoring in costs) but before mortgage repayments even begins to pay off a £500k+ purchase.

I've looked around both N14 and N21 as a short-term purchase, but long-term rental (once I move back to the NW of England) and unless I make a £250k deposit the numbers just simply don't add up.

I'm holding off for now (but that's easy for me to say as I have access to a cheap rental.)

Completely agree . Numbers don't stack up for BTL but people still seem to be jumping on board.Without BOMAD the 20/30 yr old newly weds are well stuffed as well.

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Seems to be relatively easy to get £1650 plus a month rent for a 3 bed hse close to schools. Still seems to be a relatively poor return for such an outlay without HPI .

I'm not sure that family type houses get good rental returns (unless operated as executive lets or HMO's) or that the rental return calculation offers much of a valuation guide.

In the same area (I guess - how far from the station are you?) a two bed flat costing £250-£300k would rent for £1200 per month. I can just about see how BTL can be attractive at that rate. Rental prices have now risen to the point where I'm no longer gaining by renting - decentish one beds have increased from £750 per month (with plenty of supply and room for discussion) to around £950 a month with little availability in 4 years :(

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I'm not sure that family type houses get good rental returns (unless operated as executive lets or HMO's) or that the rental return calculation offers much of a valuation guide.

In the same area (I guess - how far from the station are you?) a two bed flat costing £250-£300k would rent for £1200 per month. I can just about see how BTL can be attractive at that rate. Rental prices have now risen to the point where I'm no longer gaining by renting - decentish one beds have increased from £750 per month (with plenty of supply and room for discussion) to around £950 a month with little availability in 4 years :(

I'm 5 mins from station. A nearby converted 1 bed flat sold last year for 237k and is a BTL . I think the rent is approx. £1000 per month .

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BUMP

Considering N14/N21 myself, how's the market?

Quick look on Property Bee suggests sales falling through and then asking prices being relisted higher!

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BUMP

Considering N14/N21 myself, how's the market?

Quick look on Property Bee suggests sales falling through and then asking prices being relisted higher!

Very few properties on market but plenty of renovation work going on in my bit of n14 close to N21 . Eg On rightmove within 1/4 mile there is one 3-4 hse for sale (asking price 770k) but 3 refurbs going on within 200m of my hse. What you looking for ?

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Very few properties on market but plenty of renovation work going on in my bit of n14 close to N21 . Eg On rightmove within 1/4 mile there is one 3-4 hse for sale (asking price 770k) but 3 refurbs going on within 200m of my hse. What you looking for ?

Thanks for the reply

I'm looking for a good house <£450k

No chance unfortunately it appears!

Back to Hertfordshire I think

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