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The Academy Deveopment Woolwich Se18 - Overpriced?

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I was just wondering what people's thoughts are on the new development 'The Academy' in Woolwich by Durkan homes? http://www.theacademy-woolwich.com/index.asp

Two bed flats are priced at between £270,000 to £325,000 which seems extortionate for the area although the flats themselves feature high spec finishes and generously proportioned footprints of 800+ square feet. Those prices might be appropriate for West London but it seems a bit much for Woolwich. It makes me wonder if the flats are selling and if they are who is buying them exactly - bankers, rich foreigners?

The place itself looks lovely, I wouldn't mind living there but not at that price! I wonder what if any price reduction could be arranged with the vendor, judging by what ppl are saying on here prices should be at least 20% lower but even with 20% off these flats still seem vastly overpriced.

L&Q homes have some one beds on the development available for part rent/part at £180,000 (full price). I wonder if this is case of housing associations buying up builders overpriced stock and passing negative equity onto unknowing shared ownership buyers.

Having said that the Royal Arsenal development still seems to have retained it's prices which are similar but even they are not quite as expensive as these new flats. Are they all expected to crash spectacularly over the coming years? Should I hold out for substantial bargain?

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It's a nice development and I think it is pretty normal for something like this to offer higher prices. to be honest those prices seem too high, they would make more sense closer to blackheath for example but not in woolwich. I think there are a number of projects which make the area a good investment but a good gauge is to look at existing properties and their prices. I bought a 2 bed flat in Royal Artillery Quays which is adjacent but not part of the Royal Arsenal development, so not as nice but still pretty good in my opinion. I bought it when the housing market was on it's knees for £143,000 and I reckon the value is about £180,000 circa. I have kept a close eye on house prices and have seen some Royal Arsenal 2 beds sell for about £185,000 which is a lot lower than the list prices. the problem you have is that it is unstable in terms of prices, you have such a disparity in prices which you don't get in other areas.

Overall I would look at it in terms of will you be happy there, because I cannot see it making money as an investment until after crossrail comes in 2018. So maybe in 10 years time! It is a nice development though.

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There's not alot going for the Woolwich Arsenal area - end of the DLR, and apart from several new-build developments, not a very nice area surrounding. On the other hand its cheap. £180k for a 2 bedroom new-build good-standard apartment? You won't be able to find it anywhere else in the UK.

If you don't mind the long journey into central London, and if you work like in Canary Wharf or somewhere along the DLR, then for the money you're paying you won't get a bigger, newer property in London.

On the other hand, selling it later might prove difficult. How much demand is there for apartments in Woolwich Arsenal? And with so many apartments there - there's alot of choice for buyers. You might also want to explore options - I suspect that quite a number of apartments in the area are likely to come up to auction at some point, and you might be able to get more of a bargain than through an EA.

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