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Posts posted by bndh

  1. 32 - live in E8 London. Bought first place in 2002 also in E8 for 230k, sold that for 350k in 2009.

    Bought current flat for £450k and did some work on it (it was a mess) - recently valued at 650k.

    Would like to buy a house but the ones I like are 1m+ so it it just not affordable

    I put between £4k - £5k a month in my savings.

    Outstanding mortgage is about 300k and monthly payments is 1.7k

  2. Have noticed that to in E8. Everything is selling and prices are rising quite quickly. All decent stock is sold in a matter of days. 2 Bed garden maisonettes in good roads selling for 600k.

    Replying to my own post duh ... I meant 3 beds going for £600k not 2 beds

  3. Has the other flat in your block exchanged contracts on the sale? it is not sold till contracts have been exchanged or is it just under offer .

    Foxtons are know for overvaluing !!

    Foxtons came to value my flat recently and they valued it at the lowest price out of 3 agents. Looking around at what is on the market I thought they were pretty acurate actually. Looks like things have changed

  4. General N1 update November 2009

    1. Prices fell in Summer / Autumn 2008, the bottom was about March 2009.

    2. For flats, there has not been much pick up and they are between 15% and 35% off peak still. Larger flats in nice old houses in nice streets have fallen less, nasty flats, particularly ex-LA, have fallen hard. You can get 1500 sq feet and three bedrooms for £ 350K right next to prime Barnsbury in exLA. Prime Barnsbury 1500 sf would cost £ 950K at the moment.

    3. For family houses, the new selling season in 2009 opened in mid-april at PEAK PRICES i.e. for a four-bedder about £1.3 to £ 1.8 million for Barnsbury west of Upper Street, and about £ 300,00 less East of Upper Street. De Beauvoir maintained its discount of between 20 and 30 %. Canonbury maintained its premium of 20 to 40%. This was quite successful over the summer - most Barnsbury buyers are cash-rich and do not need a mortgage. Since August it has all gone to hell and prices are now crowding down around the £ 1,000,000 mark. There is lots and lots on at £1,050K or £ 1,075K which is really a price that just screams: "I think my house is worth a million pounds, OK ? Don't disillusion me or I will hate you !" But it all seems to be moving fairly briskly and many are selling.

    4. But selling for what ? Zoopla is pretty useful here. Two four-bed houses in Thornhill Square which is uber-prime Barnsbury went for £ 1050K and £ 1076K. They were marketed at £ 1,400K. Others in the square are on at £ 1,395 this week. This is where the infamous Millard lives. The prices of the sales over the summer have yet to show up on Zoopla, so these may be trough in the market prices.

    5. Rents are falling fast. But you can still rent a family house for £ 650 to £ 950 a week, when the mort gage on the same house would be £ 1200 to £ 2000 a week. Bonkers. There has been a recent attempt by the agents to pin higher rentals on the houses, particularly in Theberton St and Gibson Square. This just looks very poor value when you compare it per square foot to Chelsea.

    6. Of the agents, we see mainly the key premium chains (people who advertise in Country Life etc.). National agents are very scarce here. And there are still a few locals, with one or two offices and good staff and a reputation they they want to protect. One of the chains is pricing at a large premium to the others and getting lots of instructions. Even it is not as shameless as the one with the green sign and the laughable minis, but they sell very little here and are struggling. Main reason is they are too nasty to the buyers. One or two of the national chains do get the odd instruction, and it is worth pouncing on, because their valuation model leads them to price 20% to £0% lower than the premium chains. They want to sell quickly and not to keep something marketed for 15 months.

    7. What of the future ? Well, N1 is close to the City. You can walk to work. It is gradually emptying out of bohemians and professionals and journalists and aboriginal Islingtonians, and filling up with bankers. Even if the City contracts, this is a very good sign for prices long term, a least relative to other London prices. The limiting factor is that the houses are small, narrow, tall brick boxes and not very spacious. In the short term, prices will likely fall next year as the inflation bites and interest rates rise and Geo. Osborne raises taxes. They probably will not fall as much as cheaper areas, because there is a huge slew of idiots who want to live here.

    8. Finally, the neglected east of N1, beyond Southgate Road, which is actually in Hackney not Islington, is going to do very well as the new East London Line opens next year and gentrifies Murder Mile (the Shoreditch High Street / Kingsland Road). The houses are just the same as Barnsbury and Canonbury, but there has been no Underground. The Overground is not quite as good, but it will be only 2 or 3 stops to the City and one can see prices rising already.

    Next update after Christmas.


    Right about the N1 border market (E8). Prices seem to up probably 30 - 40% since lows. Flats and houses are now achieving 500-650 per sq feet in London Fields. And any decent property is going under off in a matter of days. Is this sustainable? It looks busier than the boom times. Sealed bids, group viewings are back. What is going on?

  5. Hackney is interesting. It is extremely popular with the young arty types who could only afford it there, swiftly followed by rich-kid wannabes - photographer, designer types, the next generation of the sort who helped gentrify Notting Hill, Islington, Stoke Newington. They are striking out and creating their area in Hackney, scaring Mummy and Daddy by living in "edgy" places. The ubiquitous Lilly Allen bought in Hackney, striking out from family home in Islington. They might stay and take the area up with them or they might all migrate back to less "edgy" areas as they grow........

    Lilly did not actually go though with the purchase. "Scaring Mummy and Daddy" - I am sure they can find better ways of doing that. But you are right the mix of people living here now is what made Islington, Notting Hill etc become "the next place" to live. Only time will tell if it lasts.

  6. I'm sorry, but for half a million pounds in Hackney, I'd expect it to come with a runway in the back garden and all three of the Sugarbabes to tuck me up in bed at night.

    Absolute bloody insanity, whichever way you look at it.


    Agreed ... considering that another one in the building sold in '05 for 250k and is now on the market for 550k. Don't see any sense in that.

  7. Wait..a 2 bed flat in E8 recently went for FOUR HUNDRED AND EIGHTY THOUSAND POUNDS? Recently? Whereabouts in E8 is it. I'm from Shoreditch and my gf is from E9 so i know the area well. Can you say what sort of flat it is? Newbuild, warehouse conversion, sqft etc?

    I've been looking at buying for a few years, and the prices in Hackney and Bethnal Green are diving. I saw a 'luxury' newbuild in Bethnal Green a while ago (July) and it was a 1 bed, 480 sqft and £260k. The 2 beds (720 sqft, outside space etc) on the floor above were £395k then, and they'd sold (subject to contact blah blah) because i wanted to view one and the EA said they'd gone. Then they were £335K. Now they're £275k open to offers. Not that i'd make an offer. A year or so ago you'd be lucky to find a decent 1 bed flat for £250k in this area. Now you can get low rise ex LA 3 bed houses with gardens for near that. Cracks me up that people are still putting 1 bed council flats on the market for 300k. whatever.

    You'd have to be a stupid millionaire or mentally ill to pay £480k for a 2bed flat in Hackney right now (or ever i guess). That being said if you paid 290 and can get 450+ why not go for.

    The flats we were talking about is pretty big converted warehouse apartments. The ones in marcus123's building that are on the market for those prices range between 1700 - 2100 sq feet. Probably bigger than your house probably. They are bigger than the 5 bedroom Victorian houses in the area which now days is on the market for 700k plus. Actually a 2000 sq feet house sold the other day for 900k.

  8. Doesn't look like there is allot of movement. I have seen agents doing some strange things where properties have been put on for sale and let. Then suddenly they change the status to "LET OUT" and on the selling page they would say "UNDER OFFER". Maybe with some properties being advertised as "UNDER OFFER" they are trying to instill some confidence.

    Academy apartments? Very nice warehouse flats. 3 More in the building have been for sale for ages. Two of them for more than a year.

    BTW the Foxton's one is with another agent for 50k less.

    Only 3 properties worth more than 400k have sold in E8 over the past 3 months.

    There is probably no harm getting some valuations and putting it on the market.

  9. An identical neighbouring flat is now on for 400K "for one week only". 100K in six months has got to hurt...

    No, not exactly. The one for 400k is on two floors and only two beds whilst the 500k one is 3 floors with 2 beds and a seperate study (on mezz.). There has allways been a price difference of 50k between the two types in the past.

    The two may be similar in size but the layout of the 400k one is not as good as the 500k one. The one on the market at the mo. for 499k in the same development is more similar to the 500k flat in your example.

  10. Each area is diffrent. Monitor the property websites, use Property bee and see for yourself. I don't think anyone would be able to give you an acurate figure. It really depends on what area you are looking at. Some areas have not really starting falling yet, some have. Those that have also varies. Some may have fallen by 15% whilst others are only down by 0.15%.

  11. Interestingly I saw that only 35,417 mortagages were approved last month. According to Rightmove 200,000 properties are put up for sale each month. I know that some buyers are paying cash. For arguments sake say there were 35,500 cash buyers last month. This means that only 70,915 properties are sold each month. So basically 65 % of all properties that go on the market are not being sold. As the months go on the percentage of unsold properties will increase (65% of this months + 65% of next months sales).

    Are there any figures that says how many properties are put up for sale against those that are sold?

    With so many properties not being sold how far will prices drop?

  12. I see prices are falling in nominal (and therefore very real terms), but I suspect at the moment, that's the 'forced sellers' driving the market - my further suspicion is that the sales volumes are tiny, and have been lower than long term averages since the boom started and are even smaller now as people sit tight.

    Is there anywhere that records these stats, with some geographic split on them ?

    Have a look at nethouseprices.com. Do a search by postcode (not full but N1 for example) and then on the next page select the last month / 3 months etc in the Sale Date box

  13. Hi

    I have just had a look at the number of properties completing sales (Land Registry) in E8 during January. And only 7 properties have sold. When I look at December, 24 have been completed, November had 28, October had 46.

    Sales are definatly dropping very fast. How did we go from 46 sales completed in October to 7 sales completed in Jan.

    Seeing that 242 properties are currently listed for sale, I wonder how long will it take for the current listed stock to be sold.

    To look at what has been happening in your area go to http://www.houseprices.co.uk/ and type in the first part of the post code you want to investigate.

  14. Well at least on Rightmove we can track when they drop their prices using property bee (Transparancy at last!!). For this I am glad. Foxtons threatened propertysnake with legal action to remove the listings from the site so it will be interesting to see how they will hide the fact that asking prices are dropping now.

    I wonder if they:

    1. Will remove listings when a price change and then add them as new listings

    2. Somehow ban the use of Propertybee

    3. Convince Rightmove not to share this data anymore.

    Watch this space.....

    I guess we will find out how many Foxtons EA's are reading these boards by seeing how quickly they act on this post. It will be getting more and more difficult for them to hide the facts.

  15. London, E8

    http://www.findaproperty.com/displayprop.a...p;agentid=05158 -> Droped from £450k

    http://www.findaproperty.com/displayprop.a...p;agentid=05158 -> Dropped from £475k -> this has been on the market for more than a year.

    http://www.findaproperty.com/displayprop.a...p;agentid=02848 -> Dropped from £475k

    http://www.findaproperty.com/displayprop.a...p;agentid=01557 -> Was under offer and now back on the market

    http://www.findaproperty.com/displayprop.a...p;agentid=01557 -> Been on the market for more than 6 months -> So they have decided to list a neighbouring one -> http://www.findaproperty.com/displayprop.a...p;agentid=05137

    http://www.findaproperty.com/displayprop.a...p;agentid=05158 -> Dropped from £575k

    http://www.findaproperty.com/displayprop.a...p;agentid=05158 -> Dropped from £560k -> Been on the market for 6 months +

    http://www.findaproperty.com/displayprop.a...p;agentid=02307 -> Dropped from £575 -> been on the market though another agent for 6+ months

    http://www.findaproperty.com/displayprop.a...p;agentid=02307 -> This one sold in 2005 for 250k and every year later for 100k more????

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