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Twenty Something

St John's Wood

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One of my best friends has just brought a one bed here for 217k. Now, i tried to reason with her, i gave her the address of this site, i even went house hunting for a bit with her, but she wouldn't listen. I feel sad as i don't want to see her get stung, but can't see any other outcome! Its absolute madness, but it would appear from this one isolated incident that prices are holding pretty well in that area!

Edited to add the footnote that St John's Wood is in North London incase anyone didn't know!

Edited by Twenty Something

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most parts are really nice, unless you live at the lisson grove end. But compared to some areas thats not too bad.

did you friend buy a flat in one of the nice portered blocks?

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I was going to say the opposite. St Johns Wood is insanely expensive. Is there something wrong with the flat (extremely pokey, ugly post war block, ground floor facing a busy road etc)?

Agreed, that is very very cheap for St Johns wood. A decent 1 bed there will run way over 300k.

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I have yet to see the flat-i didn't look at it on the ones that we saw together. I will be round in a couple of weeks time, but it just strikes me that whatever the area is like that really is a lot of money for a one bed flat!

300k is a lot normally but not in SJW. Apparently some ex council houses reach 600k in this post code. If I were rich and could afford it I would rather pay way more to live there than suffer the filth of the tube etc . People who want a pied de terre in that area have the money to get whatever they want. Also loads of companies and consulats will give their staff whatever it takes to rent there.

Check out the Ordinance Arms in SJW during the week, you may meet a rich girl who will buy you whatever you want ;)

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SJW is quite a posh area isn't it - how far from central London is it? How long would it take to get to/from SJW to central London?

It's 2 stops from Selfridges (as my late grandmother used to say).

To put this into perspective, it's an even more desirable area than Belsize Park, where my brother recently sold his 1-bedder for £290K.

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It's 2 stops from Selfridges (as my late grandmother used to say).

To put this into perspective, it's an even more desirable area than Belsize Park, where my brother recently sold his 1-bedder for £290K.

Personally I prefer Belsize or Primrose Hill as SJW seems a bit dull to me beyond SJW high street. Still sounds like a fairly good price for a 1 bedder there though.

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I have a two bed apartment in SJW which I rent out. I tried to sell it 18 months ago, before the recent national slowdown. Sadly (or fortunately) I failed and was forced to rent it out again. Though to be honest I was asking top dollar...............

In my opinion SJW started to slow down quite sometime ago. As previously suggested on this board there are a large number of company lets there and no small number of Americans. The weak dollar and changing attitudes post 9/11 caused a localised slow down well before the rest of the country.

However this position seems to be changing. I have noticed over the last few months a notable lack of properties for sale and only the other day I got an unsolicited call from an agent who told me that there is a chronic lack of supply in the area. Seems that there are number of people like me who dont have to sell and have taken their properties off the market and now demand is increasing ( tho notably prices have not risen - yet). I am a big believer that areas like SJW do not necessarily behave in the same way as the national average. Over the coming few years it is my opinion that this particular area will recover, though more likely in terms of liquidity than in massive price hikes. Areas like this are somewhat safer than more speculative areas of London. Fact is that it is close to the west end (two stops from Selfridges) and is a well established area. The population of London is growing and transport is still a mess. There are always people with the money who do not want to commute huge distances and are prepared to pay for the privilege.

I do not think that your friend has made a mistake at all, depending on the actual flat that she bought. In my opinon she should be reasonably insulated against any price drops the rest of the country might or might not experience. More than that though she clearly has bought a flat in a good area where she will enjoy living. She wont have to put up with hours on tubes or trains, can walk to Regents Park or even the West End when tube unions strike for more tea or whatever is the current injustice that £40k a year tube drivers are suffering from.

Just my humble opinion

Monty

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I have a two bed apartment in SJW which I rent out. I tried to sell it 18 months ago, before the recent national slowdown. Sadly (or fortunately) I failed and was forced to rent it out again. Though to be honest I was asking top dollar...............

In my opinion SJW started to slow down quite sometime ago. As previously suggested on this board there are a large number of company lets there and no small number of Americans. The weak dollar and changing attitudes post 9/11 caused a localised slow down well before the rest of the country.

However this position seems to be changing. I have noticed over the last few months a notable lack of properties for sale and only the other day I got an unsolicited call from an agent who told me that there is a chronic lack of supply in the area. Seems that there are number of people like me who dont have to sell and have taken their properties off the market and now demand is increasing ( tho notably prices have not risen - yet). I am a big believer that areas like SJW do not necessarily behave in the same way as the national average. Over the coming few years it is my opinion that this particular area will recover, though more likely in terms of liquidity than in massive price hikes. Areas like this are somewhat safer than more speculative areas of London. Fact is that it is close to the west end (two stops from Selfridges) and is a well established area. The population of London is growing and transport is still a mess. There are always people with the money who do not want to commute huge distances and are prepared to pay for the privilege.

I do not think that your friend has made a mistake at all, depending on the actual flat that she bought. In my opinon she should be reasonably insulated against any price drops the rest of the country might or might not experience. More than that though she clearly has bought a flat in a good area where she will enjoy living. She wont have to put up with hours on tubes or trains, can walk to Regents Park or even the West End when tube unions strike for more tea or whatever is the current injustice that £40k a year tube drivers are suffering from.

Just my humble opinion

Monty

interestng and something I'd be inclined to agree upon from your argument, despite being generally very bearish myself on most things house-related.

Trend is, from previous corrections, that established appropriately located areas suffer less from crashes, and the ones that 'get it in the neck' are the more speculative 'up and coming' areas, including regional city centres, and newly gentrified inner-city areas, the only one of which I have heard of convincingly recovered from/survived a correction being Notting hill.

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Monty,

I agree with you. I live nearby. My view is that prices peaked in 2001 or early 02, dipped in 03 as people got fired in the city / bonuses were cr@p and recovered throughout 04. My guess is that prices are up only 10% on late 01.

In 03 the market was very weak. I remember one EA saying that early 03 was the worst market they could ever remember. There were a few decent deals where sellers had to sell (divorce, moving away etc) but generally stuff just sat on the market as people like you didnt have to sell. Then in 04 things picked up as the city economy recovered.

The city went through a nasty recession in 01-03. I thought we would see a housing crash but it didnt happen. The city is now booming. If the crash didnt happen then, its not going to happen now. There are plenty of places in the UK that could see a large fall in house prices, but I no longer think central London will.

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  • 301 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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