Jump to content
House Price Crash Forum
Buffer Bear

Update - Not Selling (South London)

Recommended Posts

Whoop whoop. We have completed. Phew! :D:):lol::ph34r::blink:

Thanks for posting, really interesting. I lived in Tooting for many years and was completely gobsmacked about the house prices. We saw what was happening in Balham but never thought Tooting would get as bad. We now live in Mitcham, not far from Tooting train station. I was looking at a place on Southcroft Road that they are asking nearly 300k for. Three bedrooms and one reception, and the rooms are really small. The house has been on the market for almost a year, when most houses in the area seem to be shifting fairly quickly. I can't ever see anyone paying the asking price for that property and the owner really is going to have to think about taking around 50k off. I intend to keep an eye on this property and check progress.

Share this post


Link to post
Share on other sites

just seen a bit of a price drop on a sold sw17 small terrace. A sign of a halt to rises?

1 04/03/2011 £349,950 Ter. F No Map 12, Fairlight Road, London, Greater London, SW17 0JD

2 12/10/2007 £385,000 Ter. F No Map 12, Fairlight Road, London, Greater London, SW17 0JD

Share this post


Link to post
Share on other sites

Hello all,

Over the approaching months, I hope to update you on the state of the south London market. Long story but will make it short in due course but it is not a happy situation currently and we are looking at a potential loss....

Share this post


Link to post
Share on other sites

Hello all,

Over the approaching months, I hope to update you on the state of the south London market. Long story but will make it short in due course but it is not a happy situation currently and we are looking at a potential loss....

Thought you sold though...?

Share this post


Link to post
Share on other sites

Wow. Been away a long time. Here's some meaningful info. lol. Was on at 350k. Reduced to 320k (I think) and sold for 280k eventually in 2011. Nothing was shifting and most offers came in at just over 250k. Similiar houses are now on for 600k refurbished. Sold our second house for over 1.1m having been valued at 750k 3yrs earlier (2010ish). What a bounce. Still renting btw, long story.

The potential loss related to the 2nd property, and didn't materialise in the end as noted above.

Edited by Buffer Bear

Share this post


Link to post
Share on other sites

I've continued to follow the market and as we all know, it went nuts from about 2011/12 onwards in London but we couldn't initially get possession of the property.  I don't recall if I posted this but we eventually got the tenant out and sold our second property for 1,100,000 (Heaver Estate - nearly doubled in value since the original valuation) - the proceeds were shared with the beneficiaries.  The market was too overpriced by this time for us to buy even with a substantial deposit.  We do plan to buy a house in cash (or a small mortgage over a short period) and this is not as crazy as it seems as we're not far off, although I concede we will move a few miles further out.  We've lived a good life so far and have a good standard of living for a family of 4, without the stress of a high value mortgage around our neck and NO debt.  I hope our good fortune continues...watch this space.

added:  with the tenant in situ with an assured tenancy, it was valued at around 580k.

Edited by Buffer Bear
Added valuation with tenant in place.

Share this post


Link to post
Share on other sites

I worked with a guy who bought in Tooting back in 2011/12 ish and at the time was looking myself. I eventually bought elsewhere but he told me he liked Tooting as a younger couple with no kids and a partner and he thought it seems good value for what you got. I was sceptical. Then it all went nuts after 2012. He wouldn't be able to afford his own house now. That doesn't seem like a sustainable situation.

Share this post


Link to post
Share on other sites
On 23/02/2019 at 05:02, dugsbody said:

I worked with a guy who bought in Tooting back in 2011/12 ish and at the time was looking myself. I eventually bought elsewhere but he told me he liked Tooting as a younger couple with no kids and a partner and he thought it seems good value for what you got. I was sceptical. Then it all went nuts after 2012. He wouldn't be able to afford his own house now. That doesn't seem like a sustainable situation.

The current situation hasn't seemed sustainable for a very long time.  I remember speaking to someone in a very senior job living in Surrey in IRCC in 2003 who had bought his house as a junior in the 90s who said that he would not be able to afford the same house now despite massive payrises.

Share this post


Link to post
Share on other sites
On 23/02/2019 at 05:02, dugsbody said:

I worked with a guy who bought in Tooting back in 2011/12 ish and at the time was looking myself. I eventually bought elsewhere but he told me he liked Tooting as a younger couple with no kids and a partner and he thought it seems good value for what you got. I was sceptical. Then it all went nuts after 2012. He wouldn't be able to afford his own house now. That doesn't seem like a sustainable situation.

I've kept an eye on 2 bed p/b maisonettes in Tooting, largely Furzedown area, since a daughter was looking to buy there in 2010-ish.  (She subsequently moved to Oxford and bought there.).

At the time a 65-70 sq m one with private garden was going for about £250-280k, depending on condition. Miles better value than new-builds - poky one beds of 45 ish sq m were going for about the same. 

Roll on to 2016 and the p/b maisonettes in the area were being priced at anything up to £600k.  It was crazy. Prices are definitely coming down now, but still mad. 

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 354 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.