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Comparables

Views On Prices In Purley Area

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Hi,

If there are any local gurus on the forum, how have Purley house prices fared since the historic peak to the current time, and what could be expected for the next 12 months.

I realise figures could be distorted by the Webb Estate, its more general Purley three bed semis and 4 bed semis I am hoping to get some info about.

Thx

Comparables

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Hi Comparables

I am no guru, but have followed prices in the area since we moved here (early 06). Forgetting the Webb estate I have noticed many falls in asking prices on the big 4/5 bed detached places around west Purley (woodcote valley road etc) - mainly about 15-20% - however they take an age to sell. I would imagine if you priced low you could sell quite quickly.

What I see happening is people simply not selling. The prices here were insane a few years ago and the homes are not really for first time buyers. This would lead me to guess that sitting tight will be the standard game plan. As/if redundancies kick in that may force actual prices to show a decent drop. The thing I can't quite work out is that as there are so many newish Porche/Merc/Range Rovers around - are these paid for by actual cash (as it's a reasonably wealthy area) or from re-mortgages? Most of the cars in the station car park (where you would expect to see the higher earners) are in the league below this - so what do these footballers' wives types actually do? Lets hope it's not buy to let.

We will be here for at least another 10 years as it's so handy for work, but as an anecdotal when I remortgaged this year (5 yr fix) the Nationwide valuation came in within £1k of what we paid in early 06.

Is there any particular road/area you are interested in?

Hope this helps and will follow other posts with interest.

Edited by herbert_goon

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Herbert,

Thx for the reply.

No specific road, just a general overview of Purley semis is what I am after.

Looking at the Land Registry site for the London Borough of Croydon, the average semi price was aprox £266K in May 2009 down from the peak in May 2008 at £324K, ie, a decrease of £58K or 17.9% which is in line with your observations.

Interestingly, the March 2006 LBC average for semis was £275K compared to March 2009 at £273K so it would agree with your comments about a valuation early this year being very close to early 2006 values. Obviously I am using semis to illustrate the point but detatched followed the same trend, ie, March 2006 £459K compared to £456K in March 2009.

However, Purley prices would be one of the higher level contributors to the London Borough of Croydon average for semis so whatever the LBC average is there needs to be a general upward adjustment for Purley.

Thx & Rgds

Comparables

Edited by Comparables

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