smellypunks Posted December 17, 2011 Posted December 17, 2011 I like many of you think the prices need to come down but I am just not seeing it yet or not in my area (Southgate). My mother-in-law is looking to buy in North London or further out beyond M25 if needs be. The thing is prices of new flats are still slowly going up and you would have through that people would not be buying them but they are! In 2007 two bed flats were selling at around 280k and they dipped down to 240/250k but the price are back up again. We went out today looking at property and the new build 2 beds are selling for 290/300k above the prices in 2007 and people are paying these prices! So I can only think two things 1) people still have money or 2) people are putting themselves in the path of trouble. If it is the second option then maybe I can reason why people are doing it... Rents are high we know that, interest rates are low people are buying rather than renting because on the face of it buying looks like the better deal, or for the moment anyway. Does anyone have experience with north London? Are you seeing prices coming down? cheers. Quote
MrLizard Posted December 17, 2011 Posted December 17, 2011 Does anyone have experience with north London? Are you seeing prices coming down? cheers. I've been looking next door in Palmers Green (at 3 or 4 bedroom houses), and it seems like prices are getting sillier on some places - but remaining unsold for longer (according to Property Bee). Many houses seem to be characterised by either being over-modernised in recent years (with nasty boxy attic conversions), or being victims of 1960s modernisations (i.e. ripping out the original fireplaces, but not fitting central heating), but still being priced at the over-modified end of the spectrum... Anyway, I'm waiting for sellers/EAs to get real, no matter how often the EAs call me to see if I want to increase my offer... Quote
plummet expert Posted December 18, 2011 Posted December 18, 2011 I like many of you think the prices need to come down but I am just not seeing it yet or not in my area (Southgate). My mother-in-law is looking to buy in North London or further out beyond M25 if needs be. The thing is prices of new flats are still slowly going up and you would have through that people would not be buying them but they are! In 2007 two bed flats were selling at around 280k and they dipped down to 240/250k but the price are back up again. We went out today looking at property and the new build 2 beds are selling for 290/300k above the prices in 2007 and people are paying these prices! So I can only think two things 1) people still have money or 2) people are putting themselves in the path of trouble. If it is the second option then maybe I can reason why people are doing it... Rents are high we know that, interest rates are low people are buying rather than renting because on the face of it buying looks like the better deal, or for the moment anyway. Does anyone have experience with north London? Are you seeing prices coming down? cheers. London is being very stubborn. But it will take a hit sooner rather than later. Some downsizing is holding up flat prices in London. Lots of people in big trouble and I have noticed expensive houses quietly up for sale in surprising numbers, even in the same street near me (sussex tho) Quote
dervis Posted December 18, 2011 Posted December 18, 2011 London is being very stubborn. But it will take a hit sooner rather than later. Some downsizing is holding up flat prices in London. Lots of people in big trouble and I have noticed expensive houses quietly up for sale in surprising numbers, even in the same street near me (sussex tho) London is stubborn because its status singles it out from the rest of the country, that's the painful truth. There was a thread the other day about auction prices and how some of them seem to be increasing. Auctions are now attended by reps of institutional investors who are looking for somewhere to invest, and London is the place to be. Untl that, and frankly, lots of other conditions change, we won't get the drops that would make me and loads of other people happy. Quote
Dak Posted December 19, 2011 Posted December 19, 2011 I reluctantly have to agree - I'm on the verge of quitting London. I was looking for a decent 2 bed in Chiswick or Richmond but I'm seeing >2007 prices getting snapped up for anything not sh!t . I find it hard to see a HPC in desired areas of London whilst rents are so high and interest rates so low. Once rates do go up though it will be carnage. Sadly, I think London can remain irrational longer than I'm prepared to wait. Quote
chicker Posted December 22, 2011 Posted December 22, 2011 I've been looking next door in Palmers Green (at 3 or 4 bedroom houses), and it seems like prices are getting sillier on some places - but remaining unsold for longer (according to Property Bee). Many houses seem to be characterised by either being over-modernised in recent years (with nasty boxy attic conversions), or being victims of 1960s modernisations (i.e. ripping out the original fireplaces, but not fitting central heating), but still being priced at the over-modified end of the spectrum... Anyway, I'm waiting for sellers/EAs to get real, no matter how often the EAs call me to see if I want to increase my offer... Just sold in Palmers Green. Not many buyers out there now but the summer was busy and when high prices (above 2007) were achieved. Unfortunately I missed that activity and sold for about 5% off peak.Now in a poorly maintained but expensive rental hse in Southgate considering my options. It would be good if we could keep this thread going, knowledge is power..... Quote
GloomMonger Posted December 22, 2011 Posted December 22, 2011 Just sold in Palmers Green. Not many buyers out there now but the summer was busy and when high prices (above 2007) were achieved. Unfortunately I missed that activity and sold for about 5% off peak.Now in a poorly maintained but expensive rental hse in Southgate considering my options. It would be good if we could keep this thread going, knowledge is power..... I'm looking around Southgate, Cockfosters, Oakwood, Arnos Grove, Bounds Green and there is not much selling. Prices are ridiculous and ocassionally go stc before coming back on. Some are removed from Rightmove. I think there are a lot of kite flyers out there refusing to drop their price. The internet now gives buyers the tools to compare current prices with the 2007 peak and there is no way in hell I'm paying 10% more than peak, which is what some are asking. We need a black swan to shock the London market otherwise I'm looking at a 1 hour commute and buying furthur out. Quote
smellypunks Posted December 30, 2011 Author Posted December 30, 2011 Hey all, thanks for your comments. As chicker says we should keep this going. I would like to see some info on this thread as info it what its all about. I also like to do a little speculation using technical analysis and trends. Here is some work on land registry Enfield graph. Here is a similar thing with rightmove prices for Flats in N14. Unemployment can be linked to house prices and look at unemployment here:- Would love to see what you guys have to support your ideas of the prices. Maybe some links to house/flats sold below asking price.... cheers Quote
smellypunks Posted January 1, 2012 Author Posted January 1, 2012 Exchange rates have an effect on prime London prices and Might have a knock on effect. The weak pound has allowed international buyers to get a nice discount on London property investments. So where is the pound going? Here I am showing the pound vs Euro and Dollar. Does anyone have info on who is buying all the prime London property? Quote
Nomadd Posted January 1, 2012 Posted January 1, 2012 I'm looking around Southgate, Cockfosters, Oakwood, Arnos Grove, Bounds Green and there is not much selling. Prices are ridiculous and ocassionally go stc before coming back on. Some are removed from Rightmove. I think there are a lot of kite flyers out there refusing to drop their price. The internet now gives buyers the tools to compare current prices with the 2007 peak and there is no way in hell I'm paying 10% more than peak, which is what some are asking. We need a black swan to shock the London market otherwise I'm looking at a 1 hour commute and buying furthur out. This^ I'm a long-term renter on the N14/N21 borders. Know the area very well (been living here 25 years.) I'm in the lucky position of renting a nice house very cheaply, hence not looking to buy in the short/medium-term. I've noticed a fair bit of the kite-flying that went on earlier in the year subsiding now. The silly prices are just not being hit anymore. In the boom days, my RM search of "houses only, N14 postcode", would get maybe 110-115 hits; in recent months that's got nearer 200 (pulled back a bit now as people have removed listings until the new year or even Spring.) Most of the stuff I've seen is listed at 2007+ prices, but that which has sold - mainly in the Spring - didn't get any better than 2007 prices. The house 3 doors away from me has been trying to sell at peak price for months now, and it hasn't sold; the same is true of anything else that has come on in the last 3 months or so. The 3/4 bed detached market over £500k seems to be hardest hit. See a lot of houses on the market at £700-900k that have sat around for a very long time. Only stuff I've seen sell in that bracket has been at the lower end and on the very best roads in N21. I can point to several dozen properties in Southgate/Winchmore Hill/Cockfosters/Hadley Wood that have been on the market for over 3 years; only recently have they started to drop prices. IMHO, the game is up - the "next" generation of buyers simply can't afford these prices, and living costs are going through the roof. I think 2012 (and the Olympics hangover) will bring quite a change to the London market. In all honesty, though, I think London is so stupidly overpriced that I'll never buy here; I'll simply move back to the North West in a few years time. I've held on this long, so a couple more years waiting is not a issue for me. I genuinely feel 2012 and 2013 will see a marked downward trend in the UK housing market. Just my two cents. Quote
smellypunks Posted January 2, 2012 Author Posted January 2, 2012 Nomadd I am with you on the idea that house prices should start to come down in 2012-2014. Could you post some links to show these houses you talk of in the +500K range; showing the final sale price and original list price would be great. We need some proof the EA's are dropping prices. How about these ones Chase side, N14 list price 879K list price. http://www.rightmove.co.uk/property-for-sale/property-34176128.html Chase side sold 720k June 2010 (no 4 beds on this road sold in over a year!) http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14465466&sale=43888451&country=england N14 list price 875K. http://www.rightmove.co.uk/property-for-sale/property-18826791.html There are alot of these on rightmove but I dont see them selling at these prices. Question is how low will they go?? Looks like the smaller houses and flats are holding there price at the moment. All sold properties in N14 Property type Flat Semi-Detached Detached Terraced Number of Sales 172 178 25 88 Average Price Paid £226,401 £452,920 £668,657 £369,875 cheers Quote
chicker Posted January 2, 2012 Posted January 2, 2012 (edited) Nomadd I am with you on the idea that house prices should start to come down in 2012-2014. Could you post some links to show these houses you talk of in the +500K range; showing the final sale price and original list price would be great. We need some proof the EA's are dropping prices. How about these ones Chase side, N14 list price 879K list price. http://www.rightmove.co.uk/property-for-sale/property-34176128.html Chase side sold 720k June 2010 (no 4 beds on this road sold in over a year!) http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14465466&sale=43888451&country=england N14 list price 875K. http://www.rightmove.co.uk/property-for-sale/property-18826791.html There are alot of these on rightmove but I dont see them selling at these prices. Question is how low will they go?? Looks like the smaller houses and flats are holding there price at the moment. All sold properties in N14 Property type Flat Semi-Detached Detached Terraced Number of Sales 172 178 25 88 Average Price Paid £226,401 £452,920 £668,657 £369,875 cheers Very true, flats and 3 bed houses are holding up and more. A 2 bed flat in N14 sold for approx 40k more than when purchased 2 1/2 years ago. Btw no large improvements made but a neighbour with a family interest bought it. Mug.Very recent so not on LR yet. TBH cant underdstand the attraction of the place apart from transport (the way out!) . Schools above average as well. Edited January 2, 2012 by chicker Quote
smellypunks Posted January 7, 2012 Author Posted January 7, 2012 Little off topic but Max discusses UK house prices. http://rt.com/programs/keiser-report/episode-233-max-keiser/ Quote
smellypunks Posted January 30, 2012 Author Posted January 30, 2012 Land Registry data out N14 house prices up 0.2% in December 2011. Average price is now 261,322 up from 260,858 in November. Sale volumes ticked up no data published yet. Sales prices up 1.7% in the last year. data from http://www.landregistry.gov.uk/ Quote
Lion Posted January 30, 2012 Posted January 30, 2012 I like many of you think the prices need to come down but I am just not seeing it yet or not in my area (Southgate). My mother-in-law is looking to buy in North London or further out beyond M25 if needs be. The thing is prices of new flats are still slowly going up and you would have through that people would not be buying them but they are! In 2007 two bed flats were selling at around 280k and they dipped down to 240/250k but the price are back up again. We went out today looking at property and the new build 2 beds are selling for 290/300k above the prices in 2007 and people are paying these prices! So I can only think two things 1) people still have money or 2) people are putting themselves in the path of trouble. If it is the second option then maybe I can reason why people are doing it... Rents are high we know that, interest rates are low people are buying rather than renting because on the face of it buying looks like the better deal, or for the moment anyway. Does anyone have experience with north London? Are you seeing prices coming down? cheers. We bought our flat in Southgate in 2004. Many people on this site called the peak in 2004, if I remeber correctly. However, we sold the flat in 2011 to a FTB for 33% more. Prices in Southgate have gone up quite a bit compared to 2004 prices, and prices still seem to go up. It is a very desirable area. I still like the center of Southgate more than any other town center in the North London suburbs. Quote
Starla Posted January 31, 2012 Posted January 31, 2012 I reluctantly have to agree - I'm on the verge of quitting London. I was looking for a decent 2 bed in Chiswick or Richmond but I'm seeing >2007 prices getting snapped up for anything not sh!t . I find it hard to see a HPC in desired areas of London whilst rents are so high and interest rates so low. Once rates do go up though it will be carnage. Sadly, I think London can remain irrational longer than I'm prepared to wait. Ditto. Renting in Chiswick and don't even bother looking at property prices around here anymore as it's pointless. I'm numb to it now. Currently considering moving to just outside London where I can get more for my money rent wise. Long term, if prices stay like this, then I can see myself saving my cash and buying a decent house elsewhere in the country for the same price as a studio flat in London. Quote
chicker Posted February 8, 2012 Posted February 8, 2012 We bought our flat in Southgate in 2004. Many people on this site called the peak in 2004, if I remeber correctly. However, we sold the flat in 2011 to a FTB for 33% more. Prices in Southgate have gone up quite a bit compared to 2004 prices, and prices still seem to go up. It is a very desirable area. I still like the center of Southgate more than any other town center in the North London suburbs. 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 Quote
Nomadd Posted February 10, 2012 Posted February 10, 2012 (edited) Lived in Southgate a few months now and find it rather dull. Lived here a couple of decades. Find it OK. Am i missing something? Ive lived all over N london and the people here are in the main charmless. Every person, everywhere in London is charmless. No music venues Thank god. no football pubs, Thank god even more. and the streets are empty at 7pm. Thank god even more more. Best thing about it are the numerous buses and tube providing lots of ways out ! You should move, then. Edited February 10, 2012 by Nomadd Quote
chicker Posted February 12, 2012 Posted February 12, 2012 Lived here a couple of decades. Find it OK. Every person, everywhere in London is charmless. Thank god. Thank god even more. Thank god even more more. You should move, then. Here for the schools but we obviously have very different interests. Where did you live before Southgate Nomadd ? Quote
Nomadd Posted February 13, 2012 Posted February 13, 2012 Here for the schools but we obviously have very different interests. Where did you live before Southgate Nomadd ? Winchmore Hill, just off The Green. But if you find Southgate too quiet/dull. you'll hate WH even more. Prior to that, South Manchester/Cheshire - which you'll find even more dull if you don't like the quieter life. Quote
Lion Posted February 13, 2012 Posted February 13, 2012 Here for the schools but we obviously have very different interests. Where did you live before Southgate Nomadd ? Which schools are you in Southgate for? Quote
chicker Posted February 14, 2012 Posted February 14, 2012 Which schools are you in Southgate for? Ashmole, seems Ok from reports. Quote
chicker Posted February 14, 2012 Posted February 14, 2012 Been talking with the local EAs and it appears there,s little interest in the 500k plus houses. Unfortunately the slightly more interesting semis start at this price. Also seems little room for price dropping if EA s are to be believed, Are others experiencing this? Quote
Nomadd Posted February 15, 2012 Posted February 15, 2012 Which schools are you in Southgate for? No kids. So no need. Quote
Nomadd Posted February 15, 2012 Posted February 15, 2012 Been talking with the local EAs and it appears there,s little interest in the 500k plus houses. Unfortunately the slightly more interesting semis start at this price. Also seems little room for price dropping if EA s are to be believed, Are others experiencing this? 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. Quote
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