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worzel

Some Places Prices Are Well Up On 2007

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The wife and I were looking in Wanstead (fairly nice bit of east london) in 2006 and 2007 before we gave up as we kept getting outbid and had then had to start our bid on the next place higher than our self imposed maximum on the one we missed out on.

Well, just got an email from nethouseprices and houses on the road where we were looking. They were going for about £300k then and kept going up to the point where we weren't prepared to play any more. Recent sales on the roads we were looking at had sales in July of this year for £410-£425k. So about 35ish % up from "peak".

I guess this should be in the anecdotals, but at least its about house prices. The area in question is fairly close to the olympic site, but still, seems like madness to me for what are small 2/3 bed terraces in Zone 4 with leytonstone on one side, stratford to the south and Redbridge on the other side. The crash is not yet with us!

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The wife and I were looking in Wanstead (fairly nice bit of east london) in 2006 and 2007 before we gave up as we kept getting outbid and had then had to start our bid on the next place higher than our self imposed maximum on the one we missed out on.

Well, just got an email from nethouseprices and houses on the road where we were looking. They were going for about £300k then and kept going up to the point where we weren't prepared to play any more. Recent sales on the roads we were looking at had sales in July of this year for £410-£425k. So about 35ish % up from "peak".

I guess this should be in the anecdotals, but at least its about house prices. The area in question is fairly close to the olympic site, but still, seems like madness to me for what are small 2/3 bed terraces in Zone 4 with leytonstone on one side, stratford to the south and Redbridge on the other side. The crash is not yet with us!

Whats the volume of sales like compared to 2006/7? I bet they are massively down. Most areas have recently had a massive increase in supply is this so here?

Why a one off event like the Olympics would create a re banding of prices bewilders me! The experiences of other cities post olympics has been quite under whelming....maybe Londons different.

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worzel

Well, just got an email from nethouseprices and houses on the road where we were looking. They were going for about £300k then and kept going up to the point where we weren't prepared to play any more. Recent sales on the roads we were looking at had sales in July of this year for £410-£425k. So about 35ish % up from "peak"

madness

here in Cheshire those terraced house go for 80k to 100k and that's well over priced...London thanks but no thanks :D:D

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The wife and I were looking in Wanstead (fairly nice bit of east london) in 2006 and 2007 before we gave up as we kept getting outbid and had then had to start our bid on the next place higher than our self imposed maximum on the one we missed out on.

Well, just got an email from nethouseprices and houses on the road where we were looking. They were going for about £300k then and kept going up to the point where we weren't prepared to play any more. Recent sales on the roads we were looking at had sales in July of this year for £410-£425k. So about 35ish % up from "peak".

I guess this should be in the anecdotals, but at least its about house prices. The area in question is fairly close to the olympic site, but still, seems like madness to me for what are small 2/3 bed terraces in Zone 4 with leytonstone on one side, stratford to the south and Redbridge on the other side. The crash is not yet with us!

I know ,

Wanstead is very nice and only six stops on the central line form Liverpool Street. Coming East from the city it is the first really decent place. It has good schools , a pleasent high street , is close to the M11 and M25, there are green open spaces and generally has much going for it.

However I was looking in an Estate Agent's a few months back and was gobsmacked by the prices.

A very ordinary 3 bed semi with no garage and just a small side access to the back garden was £575k, a larger four bed semi was £725 . Staggering.

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I know ,

Wanstead is very nice and only six stops on the central line form Liverpool Street. Coming East from the city it is the first really decent place. It has good schools , a pleasent high street , is close to the M11 and M25, there are green open spaces and generally has much going for it.

However I was looking in an Estate Agent's a few months back and was gobsmacked by the prices.

A very ordinary 3 bed semi with no garage and just a small side access to the back garden was £575k, a larger four bed semi was £725 . Staggering.

Agreed its a nice place as London goes, but the prices are eye watering! I definitely missed a trick by not buying when we could have done, but we are more than happy out in the sticks in Sussex and commuting in, especially now the mrs is at home with the little one.

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Agreed its a nice place as London goes, but the prices are eye watering! I definitely missed a trick by not buying when we could have done, but we are more than happy out in the sticks in Sussex and commuting in, especially now the mrs is at home with the little one.

It is not a case of missing a trick , it is just that you thought enough is enough and that the prices had reached such a level that there was only one way and that was down.

If i had taken a bet on Wanstead in 2006/7 I would have bet that the prices would have fallen by now. How wrong I would have been as I said in my first post when I looked in that agent's I was gobsmacked !!

I was working with a woman a little while back , and we were reading a property paper , she had been divorced a few years and had been forced to sell the house in Wanstead she was just a little short from being able to buy her ex husband's share and taking over the mortgage herself. So they sold and she bought a flat.

While reading the paper she spotted her old house up for sale and the price that it was on at nearly bought her to tears.

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I've just had my mouseprice email for the month too. For SE1. And some of the price rises on people who bought in 2007 and sold just now http://www.mouseprice.com/area-guide/house-price-trends/SE1

Purchase May 2007 for 280k; sell May 2010 for 415. That's a 48% increase of anybody's money since "peak" LOL.

Jolly glad I didn't stay out of the market when I STR in 2007.

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So about 35ish % up from "peak".

The crash is not yet with us!

Not here in Norfolk.

Check out this page of prices, I chose this example as it has a July 2010 sale and a good record of sales going back over the years and all very similar 4 bed detached 1990's 'executive' houses.

http://www.houseprices.co.uk/e.php?q=ip22+de+lucy&n=20

Note this years sale not any higher than Nov 2009 and both lower than the £240-250k they were achieving in 2005-2006 and even 2003, similar houses nearby did breach the stamp duty barrier in 2007. The low point in the winter of 2008/09 reached down into the £200-210K range.

That's where the local market is now heading back to, with hardly any sales in August and nearly twice as much unsold stock as last year.

In the words of Tom Goodley MRICS of Strutt & Parker, Norwich, from the July RICS Market Survey "Prices need to come down."

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Oh yeah! I'm down on my knees thanking the banks and politicians for saving me from a property crash, giving a chance 48% return on a place to live in just two years and for ensuring this obscene excuse for an economy continues to reward speculation in an essential social commodity rather than responsible saving, reasonable borrowing, productive effort and socially cohesive use of money. And I'm positively tumescent at the thought of the added inequality the Etonians are planning to inflict.

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I've been looking around Forest Hill, Honor Oak, and (hoping we do get a whopping big crash so that I can buy in) East Dulwich.

And from investigations into how much they are asking and how much they have sold for in roads have amazed me. I started looking in Earnest in approx Feb of 2007 (trawling findaproperty.co.uk, and going to have a look at a few too). For a start off, I have seen houses selling in October of 2006 that I would describe as bargains, and would be really happy if people were asking those sorts of prices again. House prices must have been skyrocketing in this period. I think this area is/was reasonably affordable, so like Hackney, where you wouldn't want to be caught dead living in 2000, you now would buy here thinking thank god you can afford somewhere close to town.

I've also seen places where the whole street of houses looked reasonably identical, and yet the ceiling for the road was 375 in 2007 and they want 500K, (though don't think it sold). I also see stuff like bought in 2003 for 280K now want 695K. Fook. And compared with other houses on the market in the area, 695K seemed a reasonable asking price.

Also from trawling house prices I see some 2008 2009 purchase prices and some I think you fcking numpty, you paid how much ? And others I think I should congratulate the buyer.

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What you need to bear in mind is that prices are going to come down at different rates in different areas. If houses are more expensive now in your area now then they were in 2007, it will be cold comfot if they drop 50% in the next 5 years. Out of curiosity I did a quick check of properties in 2 areas in London I used to live and the area I currently live now in Devon, here's what I saw...

First Surbiton...

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^433944&radius=0.25

Property bee says that of the first 10 properties that come up on the search...

2 properties reduced by 50,000

2 dropped by about 40,000

several properties have had sales falle thru

Greenwich

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^754970&maxPrice=500000&radius=0.25

2 properties dropped by 50,000

2 dropped by smaller amounts

Torquay

nb search criteria are different as I am now looking ina wider area for a down sized property...

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^2641&maxPrice=270000&radius=10.0

5 properties reduced from between 10 and 20,000

Out of curiosity I looked at Wanstead...

bigger budget I know, cos you get less for your money...

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^70383&insId=4&maxPrice=750000

1 property reduced by 100K

1 reduced by 120K

2 reduced by 70K

1 reduced by 85K

This was just a quick 5 minute poll pulling back the first 10 poprerties in each area. I didn't even mention the number of properties that had had repeated sales fall through (Property bee is a wonderful thing !).

I am not in arush to draw too many conclusions, but it says to me that even if some prices are higher than 2007, this is certainly not the full picture...

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I know ,

Wanstead is very nice and only six stops on the central line form Liverpool Street. Coming East from the city it is the first really decent place. It has good schools , a pleasent high street , is close to the M11 and M25, there are green open spaces and generally has much going for it.

However I was looking in an Estate Agent's a few months back and was gobsmacked by the prices.

A very ordinary 3 bed semi with no garage and just a small side access to the back garden was £575k, a larger four bed semi was £725 . Staggering.

Prices there ARE bonkers. The olympic effect is something to do with it, since the rest of the country outside London stuborness, is certainly falling. London will follow next year.

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the land registry shows that London as a whole and most parts of London are below peak on average. that's not going to stop a few idiots paying above peak price for the first pwoperdee with a few twigs in a vase that they get shown round by an EA.

an average of [say] 5% below peak is just that, an average, it almost certainly means most people pay between [say] -15% and + 5% but also a fair number will pay -20% or +10%, or something more extreme than that.

if you do a zoopla 'valuation' thing for a street of identical houses it will churn out vastly different valuations for different houses because almost no-one buys exactly 'on the curve', which is a theoretical curve anyway, either the buyer or the seller nearly always comes out best for whatever reason.

freak instances of things such as 35% above notional peak clearly represent peak stupidity on the part of the buyer or perhaps some kind of freak circumstances [maybe new extensions?]. any house that's 'worth', say, £1.35 million now would, by any reckoning, have been 'worth' more than £1m in 2007/08 given how much more money and confidence were sloshing around then...

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  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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