Prices Well Above 2007 Peak In Reigate

[PerfectStorm]

This house sold for £635k at the peak in 2007:

Sale Date Price Type Tenure New Build Map Address

1 23/08/2007 £635,000 Det. F No Map 5, Redwood Mount, Reigate, Surrey, RH2 9NB Properties for sale near RH2 9NB

The new owners to give them their due have put in new bathrooms, kitchen, decorated, etc, but haven't extended it or otherwise increased the square footage. It's now on for £975k.

http://www.rightmove.co.uk/property-for-sale/property-26218258.html

Be interesting to see if anyone believes the "Reigate bubble" hype that the agents round here spout enough to shell out near a million for a three bedroom seventies house:

Edited June 13, 2010 by PerfectStorm

[Analysis]

This house sold for £635k at the peak in 2007:

Sale Date Price Type Tenure New Build Map Address

1 23/08/2007 £635,000 Det. F No Map 5, Redwood Mount, Reigate, Surrey, RH2 9NB Properties for sale near RH2 9NB

The new owners to give them their due have put in new bathrooms, kitchen, decorated, etc, but haven't extended it or otherwise increased the square footage. It's now on for £975k.

http://www.rightmove.co.uk/property-for-sale/property-26218258.html

Be interesting to see if anyone believes the "Reigate bubble" hype that the agents round here spout enough to shell out near a million for a three bedroom seventies house:

I wouldn't worry too much...unless you are unlucky enough to live in Reigate! According to Halifax, prices on average are some 14% or so off peak 2007 prices. Judging by many of the postings on here, reasonable drops are what most people are now seeing - SE England included. My cousin has just sold for the same price she paid in 2004.

So, what's so good about Reigate?

[fallingbuzzard]

I already put an offer in at 950. Don't outbid me.

This house sold for £635k at the peak in 2007:

Sale Date Price Type Tenure New Build Map Address

1 23/08/2007 £635,000 Det. F No Map 5, Redwood Mount, Reigate, Surrey, RH2 9NB Properties for sale near RH2 9NB

The new owners to give them their due have put in new bathrooms, kitchen, decorated, etc, but haven't extended it or otherwise increased the square footage. It's now on for £975k.

http://www.rightmove.co.uk/property-for-sale/property-26218258.html

Be interesting to see if anyone believes the "Reigate bubble" hype that the agents round here spout enough to shell out near a million for a three bedroom seventies house:

[bazquin]

I have just sold 2 properties for slighly over the price paid on 2007 with nothing done to them at all by way of improvements, not much over about 10k, both went in a week.

[TheCountOfNowhere]

See this same effect over on the Northamptonshire thread:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=62777&pid=2598480&st=1560entry2598480

House sold fo £390K at the peak...prices drop 20% someone buys it again for £390K 2 years latter. ( original asking price in 2007 was £400K, i know cause I viewed it then.

Neighbour puts theirs up at £465K.

This was the sort of madness we saw in 2007 so Im thinking it's a clear indication of peoples desperation, greed, stupidity and the end of the dead cat bounc.

[Mikhail Liebenstein]

I have just sold 2 properties for slighly over the price paid on 2007 with nothing done to them at all by way of improvements, not much over about 10k, both went in a week.

Damn, you are making my STR strategy look bad.  But I did get of own Reigate property in 2007.

[PerfectStorm]

And here's another on the same close in Reigate, sold for £595k at peak in summer of 2007, now tarted up and on at £800k

Sale Date Price Type Tenure New Build Map Address

1 20/07/2007 £595,000 Det. F No Map 4, Redwood Mount, Reigate, Surrey, RH2 9NB

http://www.rightmove.co.uk/property-for-sale/property-26598919.html

[Kdickins]

I bought a place in Epsom in 2006 for £265,000, put in a new kitchen and a downstairs toilet and agent has put it on at £325,000. Not sure it's just Reigate. Land registry data which is generally the most reliable has the annual increase in prices for Surrey property at 12.6%.

Edited October 22, 2010 by Kdickins

[getknk]

cant find house prices going down in SE area

i feel people are moving towards South East

[euroscooby]

cant find house prices going down in SE area

i feel people are moving towards South East

There is little doubt that in Reigate, if you are in the right area for a school and you have at least 4 bedrooms and a decent garden it is likely the property will still get more than one offer and head to sealed bids etc.

Overpriced stuff sticks as it does anywhere.

I am sure the market is moving weaker as we head to year end and I do not forsee rises but flat and slightly soggy is about as grim as I can paint the Reigate area in general. Firm if the property ticks the boxes.

[PerfectStorm]

Well here are the results:

http://www.houseprices.co.uk/e.php?q=rh2+9nb

Sale Date Price Type Tenure New Build Map Address Current Value Estimate

1 25/03/2011 £750,000 Det. F No Map 4, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 4, Redwood Mount

2 20/12/2010 £808,000 Det. F No Map 5, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 5, Redwood Mount

3 20/10/2009 £800,000 Det. F No Map 2, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 2, Redwood Mount

4 07/12/2007 £635,000 Det. F No Map 3, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 3, Redwood Mount

5 23/08/2007 £635,000 Det. F No Map 5, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 5, Redwood Mount

6 20/07/2007 £595,000 Det. F No Map 4, Redwood Mount, Reigate, Surrey, RH2 9NB See current value of 4, Redwood Mount

So number 4 bought for £595k in 2007, asked £800k and got £750k

And number 5 bought for £635k in 2007, asked £975k and got £808k

Makes you wonder if people look at what houses sold at the 2007 peak before they put in offers

[euroscooby]

Reigate remains a bit of an enigma.

I work in London and there are plenty of early 30's types planning on their first child (not produced it yet!) but already talking about schools. This conversation always seems to include Reigate. The Clapham chattering classes have decreed that Reigate is the place to head to for 'outstanding' schools. (State or Private) Depressing.

Anyway, I suspect this recent trendiness is leading to some of these pricing oddities.

Elsewhere in Reigate my post of November still holds true. I pretty sure the mid market is getting soggier by the month.

More property hanging around if it doesn't tick all the boxes. For example, these two have been around for c. six months. Both have garden size issues.

http://www.rightmove.co.uk/property-for-sale/property-33147953.html

http://www.rightmove.co.uk/property-for-sale/property-33336236.html

Elsewhere in prime streets property rarely reaches the market.

[Bobajobbob]

Sounds like Sevenoaks. Good houses are still flying off shelves and not reaching market. Bad houses hang around not selling.

[PerfectStorm]

And now another!

6 Redwood Mount, which is exactly the same as number 4 which sold for £750k, has just came on the market at £795k :

http://www.rightmove.co.uk/property-for-sale/property-30381229.html

[worried1]

And now another!

6 Redwood Mount, which is exactly the same as number 4 which sold for £750k, has just came on the market at £795k :

http://www.rightmove.co.uk/property-for-sale/property-30381229.html

Looks like a silly price for that house, but if the last one sold for £750k then I can understand why they are asking £795k. They buyers are going to expect a % discount, so this one will sell for £750k as well.