Just found this Property Snake. This is the biggest numerical price reduction I have so far seen.
This really does seem to show that Surrey is suffering a high end induced house price crash.


link to property details

19% in real terms, but basically £400k knocked off.

£1,599,950 (DOWN 19% from £1,995,000)
Beech Drive, Kingswood (kt20)

5 bedroom house

Last updated 08 Feb 2008.

Event Historydate event
29 Oct 2007 First day listed (price £1,995,000)
21 Jan 2008 Status changed from listed to delisted
08 Feb 2008 Price changed from £1,995,000 to £1,599,950 Status changed from delisted to listed

Wow mike that is some drop.
It is lovely round the warren and considered a premier location IIRC.

I should have posted the property snake link: Beech Drive, Kingswood


The property has been on 165 days, so nearly 6 months, according to property snake. Though not sure if it had been on longer, perhaps with a re-listing meaning that property snake did not pick up the earlier date.

I suppose the nominal discount is relative and 19% is perhaps what is need to shift the property, especially if it was for example 10% overpriced before hand. But the seller must have had a moment of serious honesty with themselves to decided to drop the price by £400k.

I wonder if the price drops in Kingswood be to do with this?

BBC brochure selling Kingswood site for conversion and possible new development .

This is obviously of concern and interest to the local community and I guess the threat of flats and extra large houses being built might well depress prices a bit. So perhaps a mix of local circumstance and HPC coming to play. I guess Gordo's housing targets are hitting all areas.

I had a walk around there a couple of weeks back (I work not far away) and noticed on my route that there is quite a bit of development going on already.

I think selling the BBC site is good for the tax payer as it is prime land, but I would hope that it wasn't flats and affordable housing, as that is not what the area is like.

Still I am never going to live there, so who cares.

Hmmm - typo maybe?

£1,599,950
£1,995,000

Maybe not, but it does happen!

I am pretty certain it is not a typo. It had been on at the higher price for sometime and actually in a nice area where many houses have changed hands for £2m or even £3m. So this is a real fall.

I just think there are no buyers left. Even if the city boys got their bonuses this year (ie before the crunch hit profits) a lot know they won't next year and with most investment banks forecasting a 20% fall, it would seem wise for them to get their money out. Couple this with the fact that many City people are not from the UK, and they will have already lost 12% on falling Sterling.

Well Bob, if the local planning authority's brief is anything to go by it might be quite cheap in future to live in Kingswood Warren.

Take a look at this: Kingswood Warren draft development plan

According to this any plan the future development must have: "A significant proportion, not less than 25%, of affordable housing as required by BLP policy Ho2 to be secured by S106 and a range of unit sizes as required by BLP policy Ho3."

So I think they seem to be going for a mix of houses and flats in the development and infrastructure suggest possibly even a new Road. Not sure how they would put a new road, but I'd be worried of I lived on The Warren, Beech Drive , Warren Drive , Woodland Way or the Northern bit of Sandy Lane which seem to be the only ways out.

It is really good price comparison, how long do you think it will go on ? next 2 years ???

Thank you property snake.

It's not a real fall - he did not pay £2M for it. He chanced his arm massively. And failed to win. I know where that is - it is only worth £1.35M-£1.45M in my book anyway.

It's too easy to get carried away with advertising and thinking it's real - do you also think, Christ, I'd better be quick, the DFS sale ends Sunday....

Rachman, and interesting new development!!!!!!!!! The original link is broken above as they changed agent, but I think this is the same house: http://www.rightmove.co.uk/viewdetails-997...=4&tr_t=buy

As you say £1.95m was definitely chancing his arm. But it looks like your crashtastic price suggestion of £1.35-1.45m was now way above what is achievable in the area. Below is the latest output from property bee, the house has now fallen to £1.1m. I do think this price collapse is worse than anywhere I have seen in the rest of Surrey, I suspect the BBC site redevelopment is causing a lot of concerns. The council planning dept is keen to see 25% affordable housing, and to me this will completely transform Kingswood Warren into just another ordinary suburb like all the others near Chipstead or Tadworth with a mix of housing.


9th Jul 2008 21:47:50

* Price changed: from '£1,250,000' to 'Guide Price £1,100,000'

5th May 2008 09:31:47

* Price changed: from '£1,450,000' to '£1,250,000' [Found by dohrayme]

28th Mar 2008 22:45:25

* Price changed: from '£1,599,950' to '£1,450,000'

9th Mar 2008 20:34:38

* Agents Address found: 1 Station Approach, Tadworth, KT20 5AG

2nd Mar 2008 15:11:41

* Agent found: Frost Brothers
* Agents Location found: Tadworth
* Brief Description found: Located on one of Kingswood's premier roads, this fine detached home offers five bedrooms in the main house with a further annexe room that could be used as bedroom six. Approached via a gated drivewa...
* Price found: £1,599,950
* Status found: Available
* Subtitle found: 5 bedroom detached

This is now getting really really interesting, yet another reduction, this time down to below £1m. The interesting thing is that developers are still trying to sell homes on the estate for £2-2.5m. Personally I don't think these are worth more than £1.5m, but perhaps Mr Market seems to think they may be worth even less.

http://www.rightmove.co.uk/viewdetails-997...=4&tr_t=buy

5 bedroom detached for sale
KINGSWOOD
£995,000

Located on one of Kingswood's premier roads, this fine detached home offers five bedrooms in the main house with a further annexe room that could be used as bedroom six. Approached via a gated driveway, this imposing property sits in an elevated position with a secluded garden to the rear.
History
date event
2nd Aug 2008 08:02:42

* Price changed: from 'Guide Price £1,100,000' to '£995,000'

26th Jul 2008 10:51:25

* Price changed: from '£1,250,000' to 'Guide Price £1,100,000'

29th May 2008 05:49:34

* Price changed: from '£1,450,000' to '£1,250,000'

28th Mar 2008 22:45:25

* Price changed: from '£1,599,950' to '£1,450,000'

9th Mar 2008 20:34:38

* Agents Address found: 1 Station Approach, Tadworth, KT20 5AG
2nd Mar 2008 15:11:41
* Agent found: Frost Brothers
* Agents Location found: Tadworth
* Agents Telephone found: 08454086122
* Brief Description found: Located on one of Kingswood's premier roads, this fine detached home offers five bedrooms in the main house with a further annexe room that could be used as bedroom six. Approached via a gated drivewa...
* Price found: £1,599,950
* Status found: Available
* Subtitle found: 5 bedroom detached
* Title found: KINGSWOOD

Looks like we are about to find out the site value ......

I just thought I'd revisit the above property link.

Definitely seemsto have been sold now as you can see from the banner on the link: ANOTHER KINGSWOOD HOUSE SOLD BY FROST 01737 814213 £995,000 5 bedroom detached That said, I still says STC. Quite odd for something agreed in August.

http://www.rightmove.co.uk/viewdetails-997...=4&tr_t=buy


I may phone the agent and see if I can get the price. Else I guess it should apprear in the LR data quite soon.

I thought I'd include the property bee details for this house that we have tagged in Kingswood.

Now as you can see the price has clearly tanked from an asking price of £1,599,950 down to £995,000. (It was shown as £1,995,950, but we think that was a typo).

Now there are loads of other really expensive houses (mostly new build) listed for Kingswood Surrey. My suggestion is that these are all similarly over priced, and if buying in this area you should look for at least a 50% discount especially from a developer.

If you don't you'll be losing close on £1m on a £2m house.

I am now led to understand by one of the rather upset neighbours that the house eventually sold for £900k.

So this is a confirmed reduction from £1,599,950 down to £900,000 on property bee - a drop of £700k. However, when I first saw this on property snake, it was definitely on at £1.955m, but as suggested that must have been a typo.


Here are the property bee statistics:

Different property this time.

http://www.rightmove.co.uk/viewdetails-201...p;mam_disp=true




4 bedroom detached in Kingswood, number 1 Bonsor Road (a fairly busy road) but next to Kingswood Warren where achieveable prices used to be well over a £1m.


This one is going to auction for £400k. It was sold in 2006 for £496k.


So even if it makes £400k which I doubt, it would seem prices in the area are down inexcess of 20% already.

Sanity at last - that first house may have been in a nice area but it looks like a row of council houses sold as one! How could it have ever commanded near £2million?

Actually that is a good point. It is not the most attractive of houses in Kingswood Warren, but as indicated last year some people would have probably have paid as much as £1.5m for it. But at least now it has found its true value (£900k), unfortunately for the current buyers they will probably see another £250k shaved off.

So from £1.6m down to £650k in just 2 years.

Not sure how representative this one is. There are some large posters up at No2, stating that they have had some legal arguments with No 1, mainly over access to No1 via the drive that goes through No2's land. Also No1 had apparently lowered the kerb without permission and converted the garage without consent. According to the posters at No 2 there is an outstanding court award for damages regarding the drive access issue. This place has been up for sale for ages and I guess the posters might have put off potential purchasers!

I'd agree with you though that things are generally on the move down in Kingswood.

Seems like you have found a house price slashing centre of excellence:

http://www.home.co.uk/search/results.htm?c...age=3#502806290

Yes, I think the area is in a rather unique position. Dozens and dozens of house on for around a million pounds or more.
Meanwhile only 400 odd £1m+ homes sold in the whole of the UK in the last 3 months.

Some realistic prices now seem to be appearing in the Kingswood area.

This one has been on a while at a slightly higher price, but the new price looks like it is sensibly priced compared to the rest of the properties that aren't selling in the area. It is also on a quiet road.

Its a 3400 sqr ft 6 bed on at £730k down from £795k. I guess it may sell for £650kish, which will definitely put a new lower ceiling in the area.

Link


By my reckoning this puts similar sized properties on the Warren at about about £900k tops. So there will be some disappointed developers who are currently trying to gull people into paying over £2m.

Noticed today that Kingswood Homes, the estate agent by the station appears to be shut. Fascia's taken down and all property details taken out of the windows. Lights were on but couldn't see anyone in the offices. Either shut down properly or having a re-vamp which is strange when most agents are struggling.

Interesting. I'll take a look.

To be honest if they have closed its because there are too many developers trying to sell homes worth £1m for £2.5m.

Note also that Kingswood Mitsubushi shut down as they were plaaning to build a development there. The lot is now up for auctions with Strettons!
Also the Hocken business has shut and is up for let.

Maybe the landlord at the Kingswood Arms will have to lower his prices too!

Here is a good link with yet more evidence of why buying in areas like Kingswood is not a good idea and why homes in the area will certainly halve in value from peak:


http://www.dailymail.co.uk/news/article-10...ight-Frank.html


This link has Knight Frank admitting that homeowners with prime south east property will have in many cases paid up to £1m too much for their homes.

If the new builds on Kingswood Warren at over £2.5m aren't overpriced by this extent then I will eat Kirsty's hat for her. In 2 years time, when normal trading resumes, these homes will probably be a little shy or just over £1m. The £2.5m price tag represents the over inflated market and over inflated profit targets, all of which are now crumbling.

More downward pressure on the area.

http://www.getsurrey.co.uk/news/s/2041632_...covered_in_raid


Cannabis factory uncovered in raid
By Sam Blackledge
18/12/2008


POLICE have uncovered as much as £25,000 worth of cannabis plants in a raid at a house in Kingswood on Thursday morning.

Officers were called to the property in Sandy Lane at 9.30am where they found 500 plants.

The large detached house, called Little Copse, was rented and police are now making inquiries with the homeowner.

Detective Sergeant Edward Poole said: “This was a significant cannabis factory operating in a very quiet and affluent residential road.

"The property was filled top to bottom with cannabis plants, and we have recovered somewhere in the region of 500 plants with an estimated street value of between £20,000 and £25,000."

Janet Macwilliam, who lives next door, said she did not believe anyone had actually been living in the house because she "never saw any lights on".

Anyone with any information should contact DS Poole on 0845 125 2222, quoting reference RB/08/9025, or call Crimestoppers anonymously on 0800 555111.