as-if Posted March 21, 2010 Share Posted March 21, 2010 Hi Another newbie We're trying to move into the N2 (East Finchley near station) area and noted that houses were 550-650K six months ago. We've (almost literally) scraped every penny together to be able to afford this. However over the last two months we've seen the asking prices for houses rise by 50 - 100K! Can anyone see why - the asking prices are really very disproportionate from what I can see from the sold prices. The EA say that the prices are outdated, and we can't tell what condition the houses were in. We thought it could be because there are so few houses going on sale that the demand creates inflated prices. Any advice would be gratefully received. Thanks Quote Link to comment Share on other sites More sharing options...
rolf Posted March 21, 2010 Share Posted March 21, 2010 Why buy in this climate anyway? Just rent instead. Quote Link to comment Share on other sites More sharing options...
sleeping bear Posted March 21, 2010 Share Posted March 21, 2010 sane thing happing here in Bromley SE London - seems to be a feeding frenzy every time something decent pops up - ask prices are roughly 33% premium to anything I can see on land registy for last year. My advice would be sit tight for a few months and wait for the reality to hit - apparantly the flat market round here is virtually dead - 10 % down on lat year in terms of prices achieved - its only a matter of time before this spreads to houses hang in there and dont get depressed Quote Link to comment Share on other sites More sharing options...
as-if Posted March 21, 2010 Author Share Posted March 21, 2010 sane thing happing here in Bromley SE London - seems to be a feeding frenzy every time something decent pops up - ask prices are roughly 33% premium to anything I can see on land registy for last year. My advice would be sit tight for a few months and wait for the reality to hit - apparantly the flat market round here is virtually dead - 10 % down on lat year in terms of prices achieved - its only a matter of time before this spreads to houses hang in there and dont get depressed Thanks for the advice. You're right - the interest in new properties is amazing and there's always a list of twenty people to see each one. We'll have to hold out I guess. I've read a few of the other posts. How long do people expect this undersupply to continue realistically (2, 6, 12 months?) and when do people think the "double dip" is going to happen, if at all? Quote Link to comment Share on other sites More sharing options...
Cherubium Posted April 21, 2010 Share Posted April 21, 2010 Couldn't agree more really. I'm searching in the same area (more N3/N10/N8 really), though at between 1.2 and 1.8 million. Houses that would have been on for 1.3 before christmas are going on for 1.5. The odd thing is, an awful lot of stuff has been sitting on the market at stupid prices for ages. Anything well priced seems to sell in a month or two, but an amazing number of people seem content to let houses sit at prices 10-25% over the odds. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 23, 2010 Share Posted April 23, 2010 Couldn't agree more really. I'm searching in the same area (more N3/N10/N8 really), though at between 1.2 and 1.8 million. Houses that would have been on for 1.3 before christmas are going on for 1.5. The odd thing is, an awful lot of stuff has been sitting on the market at stupid prices for ages. Anything well priced seems to sell in a month or two, but an amazing number of people seem content to let houses sit at prices 10-25% over the odds. Nice but over rated and well over priced...know quite a few that feel now is the time to get out...I know who the financial + quality of life winners will be. Quote Link to comment Share on other sites More sharing options...
chburke Posted April 29, 2010 Share Posted April 29, 2010 I've lived in Highgate for the past 4 years and have just bought in Finchely Central yesterday after hunting for something for about a year What I can tell you is the house I've bought in FC was £500k (4 bed freehold semi) but a very similar but smaller house in the road next to me in Highgate just sold for £1.2m, East Finchley tends to be somewhere between the two. Coincidentally the flat we were renting is on for £475k! totally insane for a 2 bed / 2 bath flat! The basic problem with Highgate / East Finchley is it's mostly very old money (the houses anyway), there are almost no forced sales so people just don't sell if they can't get what they want. I'd recommend moving out to Finchley Central or West Finchley if you can bear it for two reasons a) You'll actually get a seat on the tube most mornings as quite a few tubes start at FC You can just about get a 3 bed house for £450k with a garage, it'll need some work though... Try Martyn Gerrard estate agents - they're ok ish and have some reasonable stuff. 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.