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frankie1

Help On House Prices Nw6

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hi there

i need a bit of help on house prices/values in the london NW6 area, if anyone could help.

i am a first time buyer and found a nice little flat in brondesbury - NW6.

the price is 250k, and i was very happy to get accepted at this price, because i have been looking in area, west hamstead, kilburn park, belsize road, and the flat i found was a good size compared too what else was available for under 250k.....it was also done up really nicely...

but i have seen on the internet sold prices that it was last bought in august 2007 for 240k.

since then it has been refitted with new wooden floors/kitchen and so on....but that means it is same price now as in peak boom 2007 which makes me worry that i am paying too much and as soon as i buy it will be worth less and i am in negative equity....

does anyone know if NW6 prices have gone down much since 2007?

many thanks for any help on this....

Frank

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Depends who you talk to. EAs will say that the area has not dropped, but given that LR prices are down 20% on 2007 prices. How much value does the refit add - depends. I would not pay 2007 for a property in 2009, but if it is what you want and you can afford it now and in the future ... your choice. Have you been round the area at night as well, places can look and feel differently in the dark.

thanks for reply

i have seen about 20 places in NW6 area, and its actually the biggest and best flat i have seen for the money....

however this may be because there are so few places on market at the moment.

but.....seeing that price it was bought for in 2007 has got me a bit worried.....for the very fact you stated.....why would it be same price since boom?

am i right in thinking that the bank will do a valuation and then let me know how much it is really worth?

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Banks are typically value (today) at 20 - 30 % off 2007 value for mortgage purposes. Their aim is to ensure if you default they can sell without them losing money - it is not therefore a valuation in that sense but an indicaiton of what they think it will make as a distressed sale. Property is worth what someone will pay for it. It is common for sellers to a try for 2007 price - why not if someone will buy.

But that said if it is what you want as a home then it is your decision. You could however rent and see what happens to prices in general, but the EA will say 'you might miss out and never be able to buy' ..... plus all of the other ramping talk.

thanks satch....

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Brondesbury/Kilburn High St is more shabby than dangerous at night. It's quite a varied area but the transport links aren't bad at all. It all depends what you think the re-fit has added. You might well be overpaying a little bit, let's say that it was 240k in 2007, lost 20%, that would take it down to 192k. Say the refit has added 25k, that takes it back up to 217k. This is not an exact science by any means though and ultimately if you are comfortable and can afford it and plan to live there for a long time then all good.

If you are determined to get a bargain, you could try waiting until the day before exchange and then dropping the price by 15k and seeing what the vendor did. It's not very nice but it usually works.

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Brondesbury/Kilburn High St is more shabby than dangerous at night. It's quite a varied area but the transport links aren't bad at all. It all depends what you think the re-fit has added. You might well be overpaying a little bit, let's say that it was 240k in 2007, lost 20%, that would take it down to 192k. Say the refit has added 25k, that takes it back up to 217k. This is not an exact science by any means though and ultimately if you are comfortable and can afford it and plan to live there for a long time then all good.

If you are determined to get a bargain, you could try waiting until the day before exchange and then dropping the price by 15k and seeing what the vendor did. It's not very nice but it usually works.

cheers for that....

i think brondesbury is kind of nice...its nearer to queens park end than kilburn to be honest....

also im not sure if prices have gone down 20% everywhere...surely 10% is more likely around brondesbury/queens park....nw6....so that would make it kind of ok.....240k - 10% is 216k + 25k for refit = 241

or is this way off the mark???

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cheers for that....

i think brondesbury is kind of nice...its nearer to queens park end than kilburn to be honest....

also im not sure if prices have gone down 20% everywhere...surely 10% is more likely around brondesbury/queens park....nw6....so that would make it kind of ok.....240k - 10% is 216k + 25k for refit = 241

or is this way off the mark???

Who knows. It's v tough to say. Ultimately it's worth what someone will pay for it. You seem keen to pay 250k for it, so it's probably worth that!

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Who knows. It's v tough to say. Ultimately it's worth what someone will pay for it. You seem keen to pay 250k for it, so it's probably worth that!

Try and find out why owners want to sell: are they desperate? Are they not?

Have they moved into a new house or was tis place rented out so far?

Have there been offers?

Personally, in this mad climate and despite strong government's intervention,

there's absolutely no way I'd buy a house/flat with less than 20% discount on its 2007 price.

Ah, and also I think that comes winter, we'll get more falls in price... so unless you're desperately trying to part with your money, I'd wait at least until Mar 2010 to hopefully get a better price.

But that's my take on things, and as lots of people say here, it's obviuosly your choice.

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I know the area. Used to live in West Hampstead NW6.

Is this a one bedder flat? How big is it - Sq feet?

Edited by Flopsy

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I know the area. Used to live in West Hampstead NW6.

Is this a one bedder flat? How big is it - Sq feet?

its 472 square feet...one bed flat....near the queens park (the actual park)...

i like the flat , and dont mind paying a bit over the odds but dont wont to get totally caught out ...

at the moment im just relying on what the survey says its worth and hoping i can trust it ...

i have also looked at a lot of flats...west hamstead/kilburn/maide vale/maide hill and to be honest its one of the nicest ive seen for under £250k....

it just puzzles me that if it was worth £240k in 2007 why its more now...unless they got it real cheap at the time for some reason???

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Good luck Frankie, I had a quick look in RM with Propertybee and there was very little available under 250k that wasn't ex-LA. Ridiculous prices for very small 1 bedders.

Not sure why the price was so high in 2007. Someone thought it was worth it then.

We looked at a 1 bed room flat in the NW6/NW8 borders in 2007 and prices are cheaper now for flats in the same blocks. The big difference is that there is so little on the market. We didn't look in the <250 range though so may be totally different market.

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Have just exchanged on our 1 bed place in NW6 today. Will be sorry to leave the area after 13 years but time for a change.

Back in June/July we had 50 viewings in 7 weeks so plenty of people out there looking and not many quality places available.

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its 472 square feet...one bed flat....near the queens park (the actual park)...

i like the flat , and dont mind paying a bit over the odds but dont wont to get totally caught out ...

Excuse me, but how is it possible for a 1 bed flat to be only 472 square feet??? :huh:

I assume it's got an entrance, a bedroom, a lounge, a kitchen and a bathroom + a tiny bit of storage.

How on earth would all that come to only 472 square feet?!?!

That's less than 22 feet squared IN TOTAL.

And you want to pay ONE QUARTER OF A MILLION POUNDS FOR THAT TINY SPACE?

LEASEHOLD TOO??????

:o

I can only assume that the area you're buying in is the new Mayfair....

ORyou just like wasting your money.

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Excuse me, but how is it possible for a 1 bed flat to be only 472 square feet??? :huh:

I assume it's got an entrance, a bedroom, a lounge, a kitchen and a bathroom + a tiny bit of storage.

How on earth would all that come to only 472 square feet?!?!

That's less than 22 feet squared IN TOTAL.

And you want to pay ONE QUARTER OF A MILLION POUNDS FOR THAT TINY SPACE?

LEASEHOLD TOO??????

:o

I can only assume that the area you're buying in is the new Mayfair....

ORyou just like wasting your money.

yes it is a small flat.... but all the flats i have seen in NW6, near queens park are 1 bed flats...average is 500 sq ft...and all cost between 240-280k......... i think if you wanted this size flat in mayfair you could double that price......

do you actually know the area i am talking about?

i am looking for help from people who know about this area, and housing prices....i understand that i a might be paying over by say 10%, maybe a bit more, but i like the flat........just dont want to get totally stung..... and am grateful for help already given, but dont think your comment is correct to be honest....

i currently live in leyton and for 250k i could buy a house here ... but i want to move to NW6 for work reasons.....and didnt realise how expensive it all is there......i dont mind paying that kind of money for small 1 bed flat if that is the going rate....and from what i have viewed over last month a 500 sq ft 1 bed flat near queens park costs 250k and above........just wanted other people who live / looked in nw6 for more than last month to let me know if this is correct....

thanks

frank

Edited by frankie1

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How long is the lease and have any changes been made to it since it last changed hands?

hi

its got a lease of 106 years left and since bought in 2007 it has had total refit so looks very modern now.....

cheers

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yes it is a small flat.... but all the flats i have seen in NW6, near queens park are 1 bed flats...average is 500 sq ft...and all cost between 240-280k......... i think if you wanted this size flat in mayfair you could double that price......

do you actually know the area i am talking about?

i am looking for help from people who know about this area, and housing prices....i understand that i a might be paying over by say 10%, maybe a bit more, but i like the flat........just dont want to get totally stung..... and am grateful for help already given, but dont think your comment is correct to be honest....

i currently live in leyton and for 250k i could buy a house here ... but i want to move to NW6 for work reasons.....and didnt realise how expensive it all is there......i dont mind paying that kind of money for small 1 bed flat if that is the going rate....and from what i have viewed over last month a 500 sq ft 1 bed flat near queens park costs 250k and above........just wanted other people who live / looked in nw6 for more than last month to let me know if this is correct....

thanks

frank

Ok, fair enough. Yes I do know the area.

Are you sure that you want to spend a quarter of a million pounds of your money to live in a 22 feet x 22 feet box/cell?

What other areas have you looked at?

:unsure:

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Ok, fair enough. Yes I do know the area.

Are you sure that you want to spend a quarter of a million pounds of your money to live in a 22 feet x 22 feet box/cell?

What other areas have you looked at?

:unsure:

cheers sherwick.... i also looked at crouch end but that was £250k for a 1 bed 600 sq ft flat......

also it was a bit out of the way of any city life so i decided on nw6....

if you live in NW6 does it not seem normal that a 1 bed flat is that price? as all the places i looked was in this kind of price range with 2 beds being 300k...

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I realise this is months old, but wondered whether you bought the place. Read all your replies and was pleasantly surprised by the help given too> NW6 has its very own property market. It doesnt dip too much because there is so much demand, then it recovers quickly. People are prepared to pay more because thats where they want to live, for many reasons. The flat however big is worth whatever you were willing to pay.

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...The flat however big is worth whatever you were willing to pay.

you're exactly right, why do moneylenders bother with all that tedious professional valuer nonsense - the truth is very simple, a flat is worth, well, obviously about a million zillion pounds probably, but a far neater way of putting it is whatever the buyer and/or seller, probably especially the seller, says it's worth.

although for true troll value someone should have [in line with at least 85% of the threads on the area-specific forums in literally every last corner of these islands imaginablem from Abingdon through to Zeal Monachorum] explained that NW6 why different & why prices only ever go up there.

[edit - sorry you did in fact say "...NW6 has its very own property market. It doesnt dip too much because there is so much demand...", my mistake.]

Edited by the flying pig

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I don't believe NW6 is any different or immune in any way, see example below

07/08/2009 £340,000 -21.8%

23/11/2007 £435,000 41.2%

23/09/2005 £308,000

I am going to be renting in that area soon. Seems £250k is usual for a 1 bed of 450-550 sq ft. Based on fundamentals, I would value such properties at £175k so quite a drop is needed, i.e. 30% before I get interested. But I may make some blush-worthy offers over the coming months.

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I don't believe NW6 is any different or immune in any way, see example below

07/08/2009 £340,000 -21.8%

23/11/2007 £435,000 41.2%

23/09/2005 £308,000

I should have written that the NW6 property market does not crash, does not fall as much, recovers sooner, and recovers quickly. Thats from more than 4 years worth of data

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Been in the area for 10 years now, brought a 2-bedder in 2006. Theres always demand here for 1-2 beds from city folk, the area is pretty safe never had any major issues even walking home at 4am from the station upto mill lane. More chain stores opened up for sure but guess that was bound to happen, we have a couple of Tesco's and a Sainsburys Local opening up. Personally don't have an issue with this.

Having said all this probably going to move out of the area to get more space, houses here are £800-1M+. Anyone interested in 2-bed with stunning views over London PM me - I do me stunning - direct line of sight to London Eye, BT Tower, Gherkin. Had some great parties!

JK

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