angrypirate Posted June 25, 2009 Share Posted June 25, 2009 Gumtree is quite good for rental property in the Fulham area (indeed West London in general) and means you can cut out on all the various estate agents fees. As a rough guide, I would suggest you budget about £1350 per month for a perfectly decent 2 bedder in the nicer part of Fulham/Parsons Green. If I were you, I would try and get a place in the Parsons Green area rather than around Fulham Broadway itself which is tatty and overpriced for what it is. Good luck with your search. (mine is a Stella...) Thanks for the advice. We are going to start looking this weekend (we have an appointment for foxtons - i have no intention of letting from these guys - i know how bad they are - but figured it would be a nice place to start as they offer free drinks). I have been keeping my eye on gumtree but unfortunately its become loaded with estate agents posting their property and also with scammers. Quote Link to comment Share on other sites More sharing options...
Olala Posted June 25, 2009 Share Posted June 25, 2009 Thanks for the advice. We are going to start looking this weekend (we have an appointment for foxtons - i have no intention of letting from these guys - i know how bad they are - but figured it would be a nice place to start as they offer free drinks). I have been keeping my eye on gumtree but unfortunately its become loaded with estate agents posting their property and also with scammers. Hello Angry Pirate, And mine's a coffee... you will easily get a good 2 bed for 300-320 a week. Knock at least 10 percent off the asking price for rental or give a silly price and say it's not negotiable. Saviles is advertising a really nice 2 bedder for 310 per week. At the moment there is so much on the market for rental that tenants are in the driving seats. Most flats are renegotiating now for new leases end August and in my smart block there are loads of 2 bedders looking for tenants. There is a good agent (tiny) at far end of Fulham Road called Windmill Estates...he seemed reasonable and understands the market. Also Bushells have loads...just do the whole street and play them off against each other. Good luck. Putney Bridge end or Parsons Green end better than F. Broadway and closer to parks/river...Good luck Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted June 26, 2009 Author Share Posted June 26, 2009 Land Registry Report released end June 09 Average House Price May 09 - £418,074 Average House Price April 09 - £421,446 Average House Price April 09 as reported by Land Reg one month ago - £424,523 Monthly movement – Minus 0.8% True Monthly movement - Minus 1.5% Bear Food - Land Reg YoY minus 16.1%. Bear Food - Total loss from peak £96,203 (18.7%) Bear Food - Volume figure at between one third and one quarter of recent levels: Mar 95 - 231 Mar 96 - 261 Mar 97 - 251 Mar 98 - 263 Mar 99 - 236 Mar 00 - 341 Mar 01 – 237 Mar 02 - 273 Mar 03 - 197 Mar 04 - 300 Mar 05 - 297 Mar 06 - 301 Mar 07 - 336 Mar 08 - 150 Mar 09 - 74 Bear Food – Last month the annual rate of change was improving a smidge; from minus 15.9% in Feb, to minus 15.8% in March to 15.6% in April. A touch of Land Reg seasoning and revisions and last month’s figure has been revised to annual minus 16.2% and this month’s comes in at minus 16.1%. Whilst these are small revisions I was looking for confirmation of the much puffed Spring bounce. At present, as far as completions are concerned, there is no evidence Food for thought - Volume hits a new low for March, recoding just half the sales of last March and less than a quarter of the March before. Food for thought - 4810 homes in the borough are now worth less than was paid for them. Food for thought: This, the fifteenth consecutive month of falls, takes us back only as far as February 2007. Fair way to go to get to my 20th Century prices prediction;-) Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted June 30, 2009 Author Share Posted June 30, 2009 Nationwide Monthly and Quarterly report out today. Bullish noise and headlines concerning this index , typical of which is The Times’ : “House prices stabilise with a 0.9% rise.†The case is strengthened by it being the third rise in four months according to the Nationwide. Whilst the monthly release does not report at a borough level the quarterly report does, so we can see if the national picture is reflected in H&F. Take a look at the annual change figures the Nationwide promotes and you certainly might think so: H&F Annual Change Q4 2008 =Minus 15% H&F Annual Change Last Quarter = Minus 21% H&F Annual Change this Quarter = Minus 10% There must have been some substantial gains to halve the annual fall one would have thought. However, bother to examine the average price in H&F - a number they provide no comparison for in the release so one has to use the numbers from previous releases - and you see the following: Average Price in H&F Q1 2009 = £405,471 Average Price in H&F Q2 2009 £ 396,884 So H&F bears – sleep easy. Even if you believe the rest of country is bouncing there is no proof yet, from an established source, to confirm a local spring bounce. A fall of £3,000 a month might not be enough for some, but nobody can describe it as a bounce. Also worthy of note is the change over 10 year figure. This measure, in my experience, can upset homeowners - use it carefully. People like to think their property has doubled in value. H&F % change over 10 years =97%. Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted July 1, 2009 Author Share Posted July 1, 2009 This Property Bee history of a 4 bed semi is interesting; a one property example of changing sentiment amongst vendors. Of course, as it is still on Rightmove it has not sold so we don’t know what it is worth. But with just a couple of weeks until the kids break up there’s not much left of the spring selling season. If they don’t get rid of it shortly expect the next move to be down again - a W shape ( now where have I heard that before) 01 July 2009 Price changed: from '£465,000' to '£525,000' 14 May 2009 Price changed: from '£420,000' to '£465,000' Status changed: from 'Available' to 'Premium Listing' 10 December 2008 Subtitle changed: 4 bedroom semi-detached house 30 October 2008 Price changed: from '£465,000' to '£420,000' 11 July 2008 Price changed: from '£499,950' to '£465,000' 04 June 2008 Price changed: from '£549,950' to '£499,950' 05 May 2008 Initial entry found. http://www.rightmove.co.uk/property-for-sa...mp;index=90ay (it's in SW15 not Sw6, by the by) Quote Link to comment Share on other sites More sharing options...
mervyn Posted July 3, 2009 Share Posted July 3, 2009 http://www.rightmove.co.uk/property-for-sa...mp;index=90ay Linky no worky Quote Link to comment Share on other sites More sharing options...
angrypirate Posted July 6, 2009 Share Posted July 6, 2009 Hello Angry Pirate, And mine's a coffee...you will easily get a good 2 bed for 300-320 a week. Knock at least 10 percent off the asking price for rental or give a silly price and say it's not negotiable. Saviles is advertising a really nice 2 bedder for 310 per week. At the moment there is so much on the market for rental that tenants are in the driving seats. Most flats are renegotiating now for new leases end August and in my smart block there are loads of 2 bedders looking for tenants. There is a good agent (tiny) at far end of Fulham Road called Windmill Estates...he seemed reasonable and understands the market. Also Bushells have loads...just do the whole street and play them off against each other. Good luck. Putney Bridge end or Parsons Green end better than F. Broadway and closer to parks/river...Good luck Thanks olala. God LAs are annoying.... Agents continuing to play the - "oh we are really busy" and "things dont stay on the market long" games Whilst we were in Bushells waiting for our appointment, we hear one agent on the phone to a landlord saying how things really are - "things are slow, offers are coming in much lower than asking prices, landlords having voids etc etc". Its really good being a fly on the wall every so often. After stating to one agent that we dont want a lower ground floor flat, she then proceeds to show use 3 flats, all of which are LOWER GROUND. I mean is she completely retarded? Anyhow, we've now proceeded to put a ludicrously low offer (well, i think its what the property is worth) - 20% off asking rent, on a 1 bed flat about 2 min walk from parsons green. Fingers crossed Quote Link to comment Share on other sites More sharing options...
Olala Posted July 6, 2009 Share Posted July 6, 2009 My pleasure Angry pirate. I've knocked 15 percent off my rent for the next year and wish you luck. I hope more people do this and knock some sense into the rental market...Let us know how you get on. Quote Link to comment Share on other sites More sharing options...
angrypirate Posted July 7, 2009 Share Posted July 7, 2009 My pleasure Angry pirate. I've knocked 15 percent off my rent for the next year and wish you luck. I hope more people do this and knock some sense into the rental market...Let us know how you get on. What a surprise - my offer has been rejected! Quite funny really - the property is a 1 bed flat near parsons green tube. Apparently the current tenant is paying £345 per week rent (I bet its a business let), the asking price is £325pw, I offered £260pw and just to give you all an idea how overpriced it is, for comparison there is a 2 bedder available on the same street for £320 pw. The letting agent told me that the landlord is an estate agent himself so should know the value of the property (Roll on floor laughing my ass off) and that the property is on with 4 estate agents so the LL will bide his time. If its on with 4 agents, then the LL is obviously worried about letting it out! Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted July 10, 2009 Author Share Posted July 10, 2009 http://www.rightmove.co.uk/property-for-sa...mp;index=90ay Linky no worky http://www.rightmove.co.uk/property-for-sa...es%26index%3D80 Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted July 10, 2009 Author Share Posted July 10, 2009 Are Savills witnessing a decrease in interest from potential buyers? The agent has very recently changed dozens of its Rightmove listings from Price £x to Guide Price £x. In most cases the price has stayed the same but the impression it gives is there is more room for negotiation. Alternatively, I'm just reading too much into this. Or alternatively there's someone at Savills with not enough to do. Or alternatively and potentially, a marketing genius has arrived at the agent. Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted July 10, 2009 Author Share Posted July 10, 2009 Again I missed the thread's birthday. Four years old on the 30th June. Now only fourteen years until it can buy us a drink. White Horse 7.30pm 30/6/23 Quote Link to comment Share on other sites More sharing options...
The Three Little Pigs Posted July 10, 2009 Author Share Posted July 10, 2009 Some months ago the thread noted its support for landlords; or to put it more accurately, landlords in a fight with Foxtons. Happy to see the landlords/OFT have done the mini men. http://www.telegraph.co.uk/finance/newsbys...High-Court.html Quote Link to comment Share on other sites More sharing options...
sutemiwaza Posted July 11, 2009 Share Posted July 11, 2009 As an agent have heard on the grapevine (in the pub) apparently John D Wood have just updated their index for the various areas and Fulham has a large uplift (our office is waiting to see their Chelsea index as they put them on their website). Have friends as agents in Fulham and they are reporting shortage of houses and best bids occurring on a regular basis...there is a lack of supply and this driving up demand. My boss has been an agent for many years and says this is just a very strong spring bounce....... Quote Link to comment Share on other sites More sharing options...
tomsawyer Posted July 13, 2009 Share Posted July 13, 2009 Here is the J.D Wood report in question. any comments? http://www.waidev6.com/php/IMAGES/JDWOOD_S...DFs/6---pdf.pdf Quote Link to comment Share on other sites More sharing options...
BandWagon Posted July 19, 2009 Share Posted July 19, 2009 The next Savills auction is soon, Monday 27th. There are viewings this week and on Saturday: http://auctions.savills.co.uk/lond_viewing.pdf Lot 5, guide 290k 231A Wandsworth Bridge Road, Fulham, London SW6 2TU A well located garden flat convenient for shops in a sought after location – Vacant Leasehold. 125 years from 1st January 2009. Ground Rent £200 per annum. Lot 10, guide 700k 26 Eddiscombe Road, Fulham, London SW6 4UA In a sought after location an attractive good size mid terrace house requiring upgrading with potential for an attic conversion and side addition – Vacant Both have 20 ft gardens, and 'development' potential, so expect a crowd at the viewings. If anyone goes along to have a look, let us know your thoughts. Quote Link to comment Share on other sites More sharing options...
James Wyatt Posted July 21, 2009 Share Posted July 21, 2009 There have been several comments made on this thread concerning the John D Wood & Co. Fulham index, which deserve to be answered. The index uses transactions at the date of exchange as this is when prices are set and we adjust for size by dividing by the gross internal area to arrive at pounds per square foot. We use our own transactions and the transactions from other agents. In the first six months of this year we had 66 house sales recorded by ourselves and others. The regression analysis uses not just that months transactions, but previous months transactions (in the Fulham index a total of 60 transactions are used for each data point) and by using a quadratic function it allows for turns in the market. The methodology developed by two of the leading housing economists is very robust. We had considered hedonic modelling but this is problematic as you really need quite a large sample size and you have to adjust for different attributes eg condition which can be very subjective plus the attributes can change in value. Both economists are independent and have written extensively and Professor Muellbauer is noted for his "realistic" approach on his www.housingoutlook website. The Fulham index suggests a general market positive trend of around 27% since the start of the year. When the indices are produced we speak to a number of other agents and anecdotal evidence seems to support the indices. Some direct comparable evidence (not sold by us but used in the data series) House in Alderville sold at £553.44 per square foot at the beginning of February (4th). This was 4 beds, one recep, three bathrooms, terraced house with garden in good condition, 1,572 square feet and sold at £870k. Another house in Alderville Road sold at £734 per square foot on 13th June. This was 4 beds, two receps, 3 baths, terraced house in very good condition with garden, 1,626 square feet and sold at £1,195,000. They show a 32.6% upwards movement over five months! Please note we do produce other indices, which have as yet not shown a positive upwards trend. However, recent agreed sales and sealed bidding would suggest a strong bounce back in Q3. Our indices are showing local markets do differ and price movement can be quite volatile. It also interesting to note other agents, surveyors and barristers are using our indices as they are based upon transactional evidence and not mere opinion. We have attempted to create an index, which is truly representative of the local market and is accurate. We have not yet undertaken an analysis of the Fulham flat market as we need far more sales and we also have the added problem of leasehold (allowed for in other areas by only using 80+ years to negate the drop in value due to marriage value). Please feel free to contact me with any questions you may have and my details are on www.johndwood.co.uk under Surveyors. James Wyatt Quote Link to comment Share on other sites More sharing options...
tomsawyer Posted July 21, 2009 Share Posted July 21, 2009 Hi James, Thanks for the clarification. A few points from an average buyer: Regardless of the mathematics behind it, what the index does not relay is the fact that in March 2007, 336 properties were sold against 74 in 2009, an 80% drop in activity. Looking at it from such a small sample hardly feels like a “boom†in the market to me, but rather a jolt before the ultimate agony. Also, I thing that if your index is correct and the market is now growing by 30% YoY, you are by default excluding the majority of your new potential buyers, who still can't get credit approval from lenders, or whose salary/buying power has more than likely not increased by 30% from Jan to March but could just about afford properties in this area due to the regular drop in price. Finally where do you include the fact that a large amount of properties have been on the market for more than six months and still remain unsold? I think that your index shows that a lot of properties that would have sold for £1.2m to £1.5m 2 years ago would now sell between £700k and £900k and even go in a few days if they are well priced and in very good conditions. It feels to me that as the prices have fallen low enough, a new category of buyers - who could not afford a house in the area, earning a good but average salary in the early 6 figures per head, with a bit of cash for a deposit – are moving in, and delaying a further resetting of the market in Fulham. As an agent, you should focus on increasing the number of sold properties to where it once was (4 or 5 fold higher), by selling them at the right price, rather than selling a few properties above market price and trying to convince yourself that it is booming.... Quote Link to comment Share on other sites More sharing options...
sutemiwaza Posted July 22, 2009 Share Posted July 22, 2009 As an agent we dont control prices or volumes it is down to the market. Would love to see higher prices (better commission) and higher volumes (more commission) in my market in Chelsea. Would agree the shortage is leading to higher prices....with interest rates this low it could be some time before we see more vendors decide to sell (my boss was arguing for higher rates to get a few of our owners to take sensible offers). On the affordability side it would be great if everyone could live where they wanted (I like Chester Square) but prices ration the supply. We get people wanting to live in Chelsea every day but realising they cant afford it so they move to Fulham or Battersea. Will the market drop ...probably ..but can people afford to wait? Just a few thoughts Quote Link to comment Share on other sites More sharing options...
stjude Posted July 23, 2009 Share Posted July 23, 2009 (edited) As an agent we dont control prices or volumes it is down to the market. Would love to see higher prices (better commission) and higher volumes (more commission) in my market in Chelsea. Would agree the shortage is leading to higher prices....with interest rates this low it could be some time before we see more vendors decide to sell (my boss was arguing for higher rates to get a few of our owners to take sensible offers). On the affordability side it would be great if everyone could live where they wanted (I like Chester Square) but prices ration the supply. We get people wanting to live in Chelsea every day but realising they cant afford it so they move to Fulham or Battersea. Will the market drop ...probably ..but can people afford to wait? Just a few thoughts This post has a fundamental contradiction. "Sutemiwaza" suggests that estate agents don't control prices but at the same time "love" to see higher prices. Therefore, estate agents are surely pricing properties at the highest possible level? As a result, most potential buyers see the vast majority of properties in estate agents at far from "sensible" prices. I would like "Sutimewaza" to consider the following: With averages salaries in london at £46,000 is it any wonder that people are baulking at two bedroom flats in fulham for upwards of 350,000? When first time buyers make up less than 15% of new mortgages compared to 50% in 1980 is it not fair to say they have been priced out of the market? This is isn't a question of wanting to live in Mayfair, as "Sutimewaza" suggests, it's about wanting to live somewhere at all. I don't expect estate agents to behave like charities but is fairness too much to ask? Edited July 23, 2009 by stjude Quote Link to comment Share on other sites More sharing options...
sutemiwaza Posted July 23, 2009 Share Posted July 23, 2009 The market sets the price. My boss has just come in having advised an owner where he thought the market is and the owner has instructed us at a higher figure. Buyers can offer whatever they want and sometimes it goes for less sometimes more. It is a freemarket and owners form their own opinion and take what they find as acceptable. As an agent we guide the owner based on the last few sales. We dont control the number of properties on the market or what our owners will accept.... Average wage might be £46k but Fulham isnt average....it is still very sought after and a lot of our buyers buy there as they can get 4 or 5 beds for the price of a good flat in Chelsea. These buyers are typically city and foreign therefore I reckon average house buyer in fulham is probably £150k-250k a year including bonus....would be interesting to find out. If you cant afford to buy in fulham or wait for the correction (many agents believe there will be a correction...but when) look elsewhere Ealing or Putney.... The market sets prices. You have to decide whether you can afford to live there. Quote Link to comment Share on other sites More sharing options...
stjude Posted July 23, 2009 Share Posted July 23, 2009 The market sets the price. My boss has just come in having advised an owner where he thought the market is and the owner has instructed us at a higher figure. Buyers can offer whatever they want and sometimes it goes for less sometimes more. It is a freemarket and owners form their own opinion and take what they find as acceptable. As an agent we guide the owner based on the last few sales. We dont control the number of properties on the market or what our owners will accept....Average wage might be £46k but Fulham isnt average....it is still very sought after and a lot of our buyers buy there as they can get 4 or 5 beds for the price of a good flat in Chelsea. These buyers are typically city and foreign therefore I reckon average house buyer in fulham is probably £150k-250k a year including bonus....would be interesting to find out. If you cant afford to buy in fulham or wait for the correction (many agents believe there will be a correction...but when) look elsewhere Ealing or Putney.... The market sets prices. You have to decide whether you can afford to live there. Thanks for your response. While there are some buyers on 150k-250k "plus bonus" (the latter is less true post credit crunch) a good number are unable to afford on their salary. The bank of mum and dad is crucial in a large number of purchases. Its not just Fulham: the council for mortgage lenders said 80% of first time buyers under 30 have parents help: http://www.telegraph.co.uk/finance/persona...p-says-CML.html The prices in Fulham has a ripple effect and makes the rest of London pretty unaffordable, including putney and ealing. It also affects commuter belt. By your logic, if first time buyers and others should simply find a property where they "can afford" you would drive the majority of first time buyers out of London. Surely the system isn't working when house prices are not in relation to salaries? And the fact that first time buyers cannot purchase without parental funds? I appreciate Estate Agents cannot control the market but something has clearly got out of sync. Quote Link to comment Share on other sites More sharing options...
tomsawyer Posted July 23, 2009 Share Posted July 23, 2009 As an agent we dont control prices or volumes it is down to the market. Would love to see higher prices (better commission) and higher volumes (more commission) in my market in Chelsea. Would agree the shortage is leading to higher prices....with interest rates this low it could be some time before we see more vendors decide to sell (my boss was arguing for higher rates to get a few of our owners to take sensible offers). On the affordability side it would be great if everyone could live where they wanted (I like Chester Square) but prices ration the supply. We get people wanting to live in Chelsea every day but realising they cant afford it so they move to Fulham or Battersea. Will the market drop ...probably ..but can people afford to wait? Just a few thoughts Fair points, however in my view the " market" stopped dictating any property prices since tax payer money bailed the banks out - If these communists methods did not occur, I think that right now, even a Chelsea home would be affordable Quote Link to comment Share on other sites More sharing options...
sutemiwaza Posted July 25, 2009 Share Posted July 25, 2009 I agree the market is out of sync. When is it going to correct ....my entire office thought we were all screwed at the beginning of the year. Some of our buyers even think it is still going to collapse. In their words they dont trust the stockmarket and they are getting 1% on cash. Their view is they are buying in for 10-15+ years and it is all relative. So they have bitten the bullet ..... The point is buyers should accept where the market is ....it might not be where you want it to be but thats life.....i am still holding out for Chester Square on my shoestring budget but at least I am prepared to wait.....for years...or decades..... Quote Link to comment Share on other sites More sharing options...
Olala Posted July 27, 2009 Share Posted July 27, 2009 Savills Auction today of house in Eddiscombe road with guide price of 700k remained unsold !! Last bid of 763k failed to meet the reserve of 800k which begs the question: why put a guide price 100k below the reserve? Reserve very overpriced in my opinion...especially with loads of work needed on it (was it a council property before?) and a noisy road with aircraft flying over....enough said. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.