Jump to content
House Price Crash Forum
Sign in to follow this  
rockdoctor

Wandsworth (southfields) Update

Recommended Posts

I had a long running thread on here about my bit of Wandsworth; Southfields.

Last post was;

__________________________________________________

Nethouseprices now have some new data;

Number 131 in my street, went on market for £479K over a year ago, apparently sold in May for £450K

The house that was up for sale at £650K astoundingly sold for £648K (every similar house in the street bar one has gone for under 500).

My neighbours place, originally on for £500K, went for £480K.

Two properties have come onto the market, at £475K and £470K.So despite the slow sales, the market is still alive, but prices are all over the place.

Most amusingly, a travel agent's recently shut down and we were all waiting to see what kind of shop the smart refit was for. Well I just found out that we are getting a new estate agent!

If that's not a triumph of optimism I don't know what is.

______________________________________________________

Well, of the two houses that were new to the market three weeks ago (see bold section above), the one that was on for £475K has just dropped to £450K and changed agents (was Bells, now Haarts). The one that was on for £470K claims to be under offer. Hmmm.

Haart also have another one coming on for £450K - no photo but description makes it clear it is different to the others.

The new price point for the road seems to be £450K, and falling fast. At the peak (2003/4) it was £520K. I would say that after a year or so of 'stagnation' we are 15% down and falling smoothly. Deals seem to be going through, but an awful lot of "To Let" and "Let By" signs are up in the road - these are family homes that would normally only be bought and sold.

Share this post


Link to post
Share on other sites

Rockdoctor, any chance you could post links to the houses you are talkking about just out of interest??

We were looking in Southfields but made the obvious move of moving to Edinburgh instead!! Still interested on what we are missing down South, you are ahead of us up here!!

Share this post


Link to post
Share on other sites

Hi RD,

Similar pattern is being experienced on my road (SW12). Peak price was 500k for a 3 bedroom terrace in 2003/04. Last year and earlier this year, nothing went for less than 460k. Nethouseprices show one sold in July 2005 for 420k. This house was similar to the others in size and condition. This is significant, IMO.

Share this post


Link to post
Share on other sites

Looking nethouseprices, on my road and those nearby in Earlsfield in Wandsworth (the terraces in off the northside of Earlsfield Road) the sale prices for a standard 3 bed victorian seem now to be between 385k and 410k. Peak was April 2004 where prices were 425k-450k. We are nearly back to 2003 prices of 360k-390k. The 385k house sold in June this year - bought in 2002 for 340k.

I think in sale prices (forget asking prices) we are already looking at 10% down from the top.

There is certainly more to come - this is just the start...

For my part, we bought in early 2000 for 325k (average at the time but which I thought toppy!) - we were under offer (was going to STR!) last year at 425k but sale fell through as my wife was heavily pregnant and we could not wait for buyers to faff getting their mortgage sorted. Neighbours house went for £425k a couple of months before that, so that was pretty much market.

I think when we sell (probably late 2006/early 2007 due to expanding family!) we could easily be back to 350k. That would be about 20% off the top in under two years - is that or is that not a crash?

It would be more than fine with me as we have good equity and it would bring down the cost of our next house by a much much bigger amount. Interestingly, if my suggested decrease pans out, that would almost be only an inflationary increase in our house price over a six year period.

Share this post


Link to post
Share on other sites

You need to register to see full details, but here is the link to Haarts three properties in my road;

Haarts properties for sale

Use the selection pull-down to look at houses >£450K and you'll easily spot the ones in Wimbledon Park Road. If you want to look further you can register as Micky Mouse or whatever. I hate Southfield Haarts - one of the most incompetent agencies I have had the misfortune to deal with.

Share this post


Link to post
Share on other sites

Further local update. A 6 bedder (4 beds plus self contained 2 bed "flat") near me (recently converted it seems - not a top notch job either) advertised recently for £875k now on at £795k...That is 10% inside of 2-3 months. Knowing the area it would need to be at sub 700k to sell even now.

The former £800k jobs further up the road are now at £700/750k and are "asking prices".

We are definitely 10% down on May 2004 advertised prices here and that is without knowing sale prices. I am waiting for the houses which were at £650k last year to hit the £500k stamp duty threshold in 12-14 months time (they are already down to £600k ish and the threshold would accelerate their decline I think).

Optimistic I know but I live in hope as then I can move up!

Share this post


Link to post
Share on other sites

Update for my road (Wimbledon Park Road);

The house that was on for £465K finally sold for £415K (nethouseprices).

The one on at £470K remains unsold.

Another sale has also appeared on nethouseprices; £430K (don't know what it was offered at)

The house that came on the market at a very optimistic £650K (virtually same as all the others!) has finally dropped a bit - now £630K.

One that came on the market at £515K is now £495K

A new one came up recently for 509K, but has already dropped to £499K.

It seems the road is not yet ready to breach the £500K stamp duty barrier, despite some very enthusiastic pricing by EAs (or owners). The bizarre sale of one house for £648K has completely confused the local market - several houses are trying for that level at the same time as the rest go for the more realistic £500K-plus-or-minus level.

These are all 1900-1910 terraced/semi-det. houses, some with front garden parking, some with longer gardens, all within 5 mins walk of the tube.

Share this post


Link to post
Share on other sites

The one that sold for 648, was it by any cahnce a corner plot? and has it now been turned into flats? That is one explanation.

Nope, just another terrace. It was sold by the parents of a kid in my daughter's class. Dad was a builder and had done the place up a treat. It was a bit nearer the tube (by a few hundred metres) than others, and had off-street parking and long garden (some don't).

The family was emigrating to Oz, so were very chuffed with the sale price. I bet they blew it all on overpriced Sydney property when they got there, though.

Basically, the old house was worth a bit of a premium over the neighbours, but not £150K-200K.

I wonder what the new owners are thinking, as every similar house in the street fails to breach the £500K barrier...

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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • 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.