Hi,

I have put in an offer on a 2-bed pad in Royal Arsenal, Woolwich for 305,000 and voila it got accepted (they had asked for 345,000!). This massive drop amazes me. There could be only one reason - there's a major fall expected in the near future!

To me, these are the negatives:
1. Woolwich as an area is, well, not that safe or interesting!
2. There's DLR construction going on in the area and can be dusty, noisy, disturbing (and the price of the dlr had already been factored into the first sale price)
3. There's a major housing crash coming up, and East London is one of the areas that are going to be deeply affected

But I see a lot of good things too! (else why would I put in the offer right?)
1. Great river views and partial views of the canary wharf skyline
2. Easy access to river boats, just a 10 mnt walk to train station
3. Historical development (and beautifully kept grounds), making it slightly resistant to a crash
4. Decent size for the price compared to, lets say, Greenwich and Royal Docks

What do you think are the real problems with the location and the development? Anyone has any experience buying a property at Royal Arsenal?

in a word, Woolwich

SE18 is the cheapest postcode in London and not without reason. The town center is pretty run down and has it's own somalian quater (as well as other tribal areas).

Now don't get me wrong, I will allways have an affinity for Woolwich as I am from near there (originally) and used to live in Plumstead. But for me personally, I would like to be nearer 'greener areas' such as shooters hill or 'nicer areas' such as Greenwich.

You can get a house in the top part of Plumstead (EAs euphemistically refer to this as Shooters Hill Slopes!), but it does have plenty of green spaces (shrewsbury park etc) and good housing stock. For example, you can get a 3 bedroom house on Admaston Road for under 220k

http://www.rightmove.co.uk/viewdetails-184...true&pa_n=1

or houses nearer shooters hill under 300K

Anyway, I appreciate the view from the Arsenal (i worked on the ground reclaimation job there) and the proximity to Rail etc.

but Woolwich has a long way to go to pull itself nearer to Greenwich than distance on a map!

Good luck

edit - PS you could rent of course and wait to see which way the market goes this year

pss - had you considered Charlton?

Like the way 2 sinks have been put in without regard for the fact you can't fit the washing machine underneath...

doh

btp

Barnard Marcus auction on 7th Feb has a 1-bed flat in Woolwich with a guide price of £95K.

Flat 201, The Vista Building, 30 Calderwood St, Woolwich, London, SE18 6JF

Devina,

Hi, We are also considering putting in an offer on a 3 bed in RA and very interested that your offer 40k under was accepted. Have you bought in The Armouries and therefore I presume it is off-plan? Did u manage to negotiate any extras from the developer?

Thanks.

Hi RA buyer,

The apartment I was talking about is on Argyll Road. It is a 2 yr old building. Armouries is brand new and has a very high-end finish to all the rooms. I didn't go fo Armouries only because it does not have great river views. What price are you planning to put in? I dont think you will have much negotiation room for Armouries because it's a brand new development and I guess you will be buying straight from the builders.

All in all, I believe RA has been immune to the price drop compared to other parts of SE London.. but you never know do you :-)


Devina

You mean price drops of £40,000, those sort of drops.

The place is a total dump, lets hope you don't have to venture out side the compound after dark.

Your first ever post on here and it's this , and what a load of cr@p it is too , your supposedly a bear and you want to buy a 2 year old 2 bed pad almost certainly poorly built new build flat in a sh1t area where you write yourself it's unsafe and you also write that a " major house price crash is coming " and East London is one area you feel will be badly hit ........ but at least your dream 2 bed box has got nice views . New build " apartments " will take the biggest hit of all .

So whats really going on here then please , are you a troll , bored EA playing games on here or just a complete muppet.

to the point GS!

TBH - I think the OP is genuine, just one foot in the hpc arena and the other in the 'gotta get a foot on the ladder, gotta get a foot on the ladder, gotta get a foot on the ladder mentality'. Ok that's 4 feet - but you know what i mean.

Anyways, a point of order with your good self (and the OP!) - Woolwich, S.East London not friggin East London (big bug-bear of mine being a charlton fan!!)

East london is north of the river, where we shared a ground with the hammers all those years ago.

just don't mention palace!

Honestly PP i do know where Woolwich is , i just put East London outta/lazyness conveniance really i'm in NW London so i should know .
I'm a bit of a cynic and ain't so sure have a look at post 5 a first time poster {check the user name }, conveinantly wanting to put a offer on a sh1t new build apartment in the same small slum area and they both think there BEARS WTF is going on here ...........................

Woolwich, along with other areas such South Bermondsey, New Cross, Deptford, and Royal Docks are very high on my list of places to buy, but only at the bottom of the trough in two to three years time.

All these places will crash horribly, just like the Isle of Dogs and Rotherhithe did in the last crash. Due to too many new build flats, too many poor Londoners / recent immigrants, and relatively poor transport links. In two to three years time you will be able to pick up flats in these areas for five figure sums.

But all these areas will be ready to go wild in the next boom. The extensions to the DLR, East London Line and Cross Rail should all be in place, having the same effect that the Jubilee extension had on Rotherhithe and the IoD seven years ago.

These new links will give very good access to the City, Canary Wharf and even the West End for Woolwich. All are close to the river, and once the next generation of yuppies start moving in and the cappucino bars start to take over from the international calling card shops, these areas will gentrify very quickly making a continuous docklands belt from Tower Bridge to Woolwich Arsenal.

But if you buy at £300k now, you will be looking at £200k negative equity in three years time, and it could easily take a decade before you get back to current prices.

Devina , how are you and your fellow bearish Woolwich ramper RA POSSIBLE BUYER {probably another ID of yourself as the writing style was very similar} getting on ? No posts from either of you for over 3 weeks , whats happening

Some very sound advise here I reckon, though not so optimistic on the yuppy belt stretching out so far.

I've had my eye on WA for some time, but reckon the mortgage scams/problems in neighbouring Thamesmead will drag it down. Avoid purchasing for at least another few years and always rent there first to find what the problems are.

I too am tracking Royal Arsenal in Woolwich, and guess what? Berkeley Homes sold 4 of their Royal Armouries development over the weekend, and there are only a handful of other flats left in the other buildings. Isn't the sky supposed to darken just before the end of the world?

I am also tracking Wapping, and currently there is practically nothing under £300k. Is this what folk call a dead cat bounce?

Think i'll have to buy one as they seem to be becoming very popular

I bought seven at the weekend and still had change for fish and chips

I spent the last three months hunting for apartments in Central London (even NW where you live Shark) and found that the Royal Arsenal build is tonnes better than any new build apts in those areas. Forgetting the location for one moment, it is easily the best apartment I have seen anywhere in London. So guess what, finally buying the same apartment and moving in soon. A crash of 10% may come this year, but its still better than paying rent and making someone else get a fat pocket!!

Wonder how RA buyer is doing??

I have £310 two bed appartment off-plan on the Royal Amouries willing to re-assign. Stamp duty and legal fees can be negotiated as an incentive.
I have also purchased a three bed appartment there and intend to complete next spring because Woolich is a good long term investment especially with the crossrail incentive. Interested please get back to me. embracearnim@yahoo.com

I have £310 two bed appartment off-plan on the Royal Amouries willing to re-assign. Stamp duty and legal fees can be negotiated as an incentive.
I have also purchased a three bed appartment there and intend to complete next spring because Woolich is a good long term investment especially with the crossrail incentive. Interested please get back to me. embracearnim@yahoo.com

I think £310 is a slightly over-priced. I'll give you half a monkey (=£250)

Ive also been looking at the Woolwich area. Regeneration in place - financed by non government groups, new town squares, cinemas, leisure centres and public buildings, Royal Arsenal development, Thames pathway, DLR due by Feb 2009, Cross rail given go ahead, Thames bus boat, new bus services planned, stop over/venue for Olympics. I reckon its worth a punt at a decent price. Currently offered on a place at 50% below 2007 peak.

Listen chaps, the days of spoofing buyers out of the woodwork are long gone, the more you try the more desperate you look.

sorry?

I dont understand. I thought this board was to discuss potential areas worth looking at? No spoofs - offered made, valuation done last Friday - waiting to hear. My goodness you are very cynical on here arent you.

This is the sort of thing Ive been looking at for an idea of the likely regeneration:

http://www.woolwichtriangle.co.uk/vision.html

Hows that immunity from price drops working out?

2 Bed on Argyll Road for £279,000

http://www.rightmove.co.uk/viewdetails-199...13&tr_t=buy

3 Bed on Argyll road for £260,000

http://www.rightmove.co.uk/viewdetails-220...15&tr_t=buy

Looks like a £45K+ loss in 9 months.....

Crossrail will not happen. The money is in Iceland, and has been lost. Tax revenue will not be sufficent to repay it.

Well Darling and Boris have both vowed it will happen and they are bringing regeneration projects forward - so we shall see how that effects the market in the area over the next couple of years.

Won't make a blind bit of different.

The area in general is a sh*thole, in future it will be a sh*hole with a cross town rail link. Bit like a turd with a cherry on top.

You've massively overpaid. I wouldn't offer more than £100k for that.

Look at auction prices before accusing me of being mad.