Interesting Drops In Docklands

[thejaksie]

Was doing my regular trawl of zoopla to see the latest price reductions in E1w/E14, if this one is anything to go by price reductions are accelerating:

http://www.zoopla.co.uk/for-sale/details/15024365?search_identifier=ce2da06a05986abaebf0bc17e4e62ff0

down 10% in a month is big for London standards

[samtheman]

Was doing my regular trawl of zoopla to see the latest price reductions in E1w/E14, if this one is anything to go by price reductions are accelerating:

http://www.zoopla.co.uk/for-sale/details/15024365?search_identifier=ce2da06a05986abaebf0bc17e4e62ff0

down 10% in a month is big for London standards

Thanks for this.. Do you have any other evidence/articles on property prices decreasing in the docklands?

I'm not sure that Wapping (E1W) can be compared to the rest of the Docklands but even there, I am wondering if sellers are not trying their luck, just taking advantage of an E1W postcode. In the new development Wapping Lane, small one-bed flats are selling at 290 000 which is, in my opinion pretty overpriced for a location that is simply off the Highway.

Anyway, I'd be interested in your views as I'm considering the E14 area.

[thejaksie]

Thanks for this.. Do you have any other evidence/articles on property prices decreasing in the docklands?

just got an email that this was reduced to 475: http://www.zoopla.co.uk/for-sale/details/14795549

(that's still 100k too high though...)

Also I've been receiving texts from Felicity J Lord with price reduced flats fairly regularly. It's really spreading but it's starting in the new developments like new providence wharf, ontario tower, the ballymore developments, etc, and slowly moving into the better known and established developments on the west side of isle of dogs which so far was relatively OK. It's seems to behave like a slow moving virus.

I live in Wapping and actually trying to sell my 1 bed, and I think Wapping's not as affected as E14 (perhaps I should say: yet). This is more because there's less for sale than E14, there's hardly any new build and closer to city. However I have the impression sales volumes are very low and on a lot is for sale for a long time. I've had around 30 viewers and OK interest , a couple of offers but no sale yet, been on the market for 4 months which is 3 monhts longer than the EAs predicted... Last 2 months was totally dead (2 viewers) > not sure if that's due to summer hols or sign of turning market.

the new development on Wapping lane is horrendous and really bad value for money compared to other stuff for sale in E1W. Curious to see how they will sell as this is really in a pretty bad part of Wapping. Not too long ago gun shots were not irregular in that part of wapping lane.

[The Masked Tulip]

The banks are firing people aren't they?

[samtheman]

just got an email that this was reduced to 475: http://www.zoopla.co.uk/for-sale/details/14795549

(that's still 100k too high though...)

Also I've been receiving texts from Felicity J Lord with price reduced flats fairly regularly. It's really spreading but it's starting in the new developments like new providence wharf, ontario tower, the ballymore developments, etc, and slowly moving into the better known and established developments on the west side of isle of dogs which so far was relatively OK. It's seems to behave like a slow moving virus.

I live in Wapping and actually trying to sell my 1 bed, and I think Wapping's not as affected as E14 (perhaps I should say: yet). This is more because there's less for sale than E14, there's hardly any new build and closer to city. However I have the impression sales volumes are very low and on a lot is for sale for a long time. I've had around 30 viewers and OK interest , a couple of offers but no sale yet, been on the market for 4 months which is 3 monhts longer than the EAs predicted... Last 2 months was totally dead (2 viewers) > not sure if that's due to summer hols or sign of turning market.

the new development on Wapping lane is horrendous and really bad value for money compared to other stuff for sale in E1W. Curious to see how they will sell as this is really in a pretty bad part of Wapping. Not too long ago gun shots were not irregular in that part of wapping lane.

When speaking to estate agents, they seem to suggest that Wapping is a totally different market in itself. There seems to be no apparent relationship in prices in Shadwell or Whitechapel and Wapping. Even places that are actually in the rare few nice parts of Whitechapel/Shadwell that are right next to Wapping are 30% cheaper than places just on the other side of the Highway, even in the not-so-nice parts of Wapping. Even the places around Shadwell Basin are selling at ridiculously high prices although they are essentially in Shadwell, whatever the postcode says...

The parts of the new development that are right next to the canal will at least have a reasonably decent location but closer to the Highway, you're essentially next to the DHL and other courier company offices. Nothing fancy about that area.

[richrich]

just got an email that this was reduced to 475: http://www.zoopla.co.uk/for-sale/details/14795549

(that's still 100k too high though...)

Also I've been receiving texts from Felicity J Lord with price reduced flats fairly regularly. It's really spreading but it's starting in the new developments like new providence wharf, ontario tower, the ballymore developments, etc, and slowly moving into the better known and established developments on the west side of isle of dogs which so far was relatively OK. It's seems to behave like a slow moving virus.

Oh really? I don't see price coming down for Pan Penisula or Discovery Dock for that matter. Decent sized two-beds still cost north of £500k. Be happy to dip in when it comes down below £400k.

[richrich]

Was doing my regular trawl of zoopla to see the latest price reductions in E1w/E14, if this one is anything to go by price reductions are accelerating:

http://www.zoopla.co.uk/for-sale/details/15024365?search_identifier=ce2da06a05986abaebf0bc17e4e62ff0

down 10% in a month is big for London standards

That's in Limehouse though, isn't it? Not really prime location of E14.

Anything within more than 8min walking distance from Canary Wharf station is pretty shocking, when you consider the neighbourhood.

[thejaksie]

Decent sized two-beds still cost north of £500k.

the asking prices are ridiculous , but are they actually selling. I believe there have only been a few sales over the past 2 years. Some have been for sale for over 2 years but not reducing prices. Therefore the real price is really unknown.

I wouldn't but a flat in that development even if they went down 50%, it's the epitomy of greed and what went wrong in the global moral system in the run up to the financial sector in my opinion.

[Si1]

Oh really? I don't see price coming down for Pan Penisula or Discovery Dock for that matter. Decent sized two-beds still cost north of £500k. Be happy to dip in when it comes down below £400k.

http://www.zoopla.co.uk/to-rent/details/97021

you can rent somethign similar for 350 pw

putting capital value in the sub 250k region, with a view to future IRs, reversion to the mean etc

go for it mate, I like a laugh

[thirdwave]

Oh really? I don't see price coming down for Pan Penisula or Discovery Dock for that matter. Decent sized two-beds still cost north of £500k. Be happy to dip in when it comes down below £400k.

A friend of mine bought a 2 bed there for circa 250k in 2003 . Back then I expected him to lose a ton of money on it as there was plenty on sale for around the 250k mark in that area..

[richrich]

http://www.zoopla.co.uk/to-rent/details/97021

you can rent somethign similar for 350 pw

putting capital value in the sub 250k region, with a view to future IRs, reversion to the mean etc

go for it mate, I like a laugh

Yes, similar.

[Si1]

Yes, similar.

[SHERWICK]

just got an email that this was reduced to 475: http://www.zoopla.co...etails/14795549

(that's still 100k too high though...)

Horrible. Small. Narrow bedrooms. Worth around £300k max IMHO. However, I'm sure there are plenty of nutters around willing to pay a lot more.

(The only reason anyone would want to live in Canary Wharf is that they actually have a larger house somewhere in the country and just want somewhere to stay a few nights during the working week. Why any person would want to live there, and only there, permanently, is beyond me.).

[miko]

Horrible. Small. Narrow bedrooms. Worth around £300k max IMHO. However, I'm sure there are plenty of nutters around willing to pay a lot more.

(The only reason anyone would want to live in Canary Wharf is that they actually have a larger house somewhere in the country and just want somewhere to stay a few nights during the working week. Why any person would want to live there, and only there, permanently, is beyond me.).

Each to their own , I lived in Canary Wharf and if I had the money I would be back there tommorrow .

Do agree that the prices are totally over the top when 10 years ago a decent two bed river front flat was around the £200- 220 mark.

[richrich]

Horrible. Small. Narrow bedrooms. Worth around £300k max IMHO. However, I'm sure there are plenty of nutters around willing to pay a lot more.

(The only reason anyone would want to live in Canary Wharf is that they actually have a larger house somewhere in the country and just want somewhere to stay a few nights during the working week. Why any person would want to live there, and only there, permanently, is beyond me.).

Close to work, safe, modern. Somewhat easy commute to the rest of London.

Agreeed though, above property is ugly, and it's in Limehouse, not even prime Canary Wharf.

[bagsos]

Horrible. Small. Narrow bedrooms. Worth around £300k max IMHO. However, I'm sure there are plenty of nutters around willing to pay a lot more.

(The only reason anyone would want to live in Canary Wharf is that they actually have a larger house somewhere in the country and just want somewhere to stay a few nights during the working week. Why any person would want to live there, and only there, permanently, is beyond me.).

Talking to a solicitor friend of mine whose specialism is helping foreigners buy properties in London, the market in that area is underpinned by people from the far east buying a 2 bed apartment for their offspring to live in whilst studying in London; that area reminds those from HK/Shanghai//Singapore of home as its clean, safe and modern. I'll bet they get the shock of their lives when they discover Chrisp Street market on their doorstep...........

[samtheman]

Talking to a solicitor friend of mine whose specialism is helping foreigners buy properties in London, the market in that area is underpinned by people from the far east buying a 2 bed apartment for their offspring to live in whilst studying in London; that area reminds those from HK/Shanghai//Singapore of home as its clean, safe and modern. I'll bet they get the shock of their lives when they discover Chrisp Street market on their doorstep...........

I was recently considering buying a new build in the Shadwell area and indeed, half of the flats had already been sold to investors in Hong Kong. I think it's more than just real parents with their children studying in London however.

Unfortunately I'm not seeing any drops right now and unless something happens before the Olympics and we approach the completion date for Crossrail, I think there's little chance of that happening unfortunately...

[miko]

I was recently considering buying a new build in the Shadwell area and indeed, half of the flats had already been sold to investors in Hong Kong. I think it's more than just real parents with their children studying in London however.

Unfortunately I'm not seeing any drops right now and unless something happens before the Olympics and we approach the completion date for Crossrail, I think there's little chance of that happening unfortunately...

The Olympics will come and go . Crossrail will be great but is a good few years away.

Stratford, Bow, Mile End , E14, E16, Greenwich, Southwark, El , have a massive supply of new build flats coming onto the market in the next few years. If the investors from the Far East do not live in them they will either want to let them or flip them at a profit . Many Brits are priced out of buying them so they won't be buying them from the investors and giving the investors a profit . They are also priced out of renting them at a price that will give the investors a decent return. There could be a point of saturation too many new build flats. Look at the second hand market now in Docklands and it is struggling .

The far east investors buying off plan do have a habit of not completing on their purchase and walking away from their deposit if the market is not in their favour at the time of completion . 2013 will be interesting.

[samtheman]

The Olympics will come and go . Crossrail will be great but is a good few years away.

Stratford, Bow, Mile End , E14, E16, Greenwich, Southwark, El , have a massive supply of new build flats coming onto the market in the next few years. If the investors from the Far East do not live in them they will either want to let them or flip them at a profit . Many Brits are priced out of buying them so they won't be buying them from the investors and giving the investors a profit . They are also priced out of renting them at a price that will give the investors a decent return. There could be a point of saturation too many new build flats. Look at the second hand market now in Docklands and it is struggling .

The far east investors buying off plan do have a habit of not completing on their purchase and walking away from their deposit if the market is not in their favour at the time of completion . 2013 will be interesting.

I'd like to think that there are deals to be made in those areas you list, in particular E14 or E1, simply because I like the area. Although sold prices seem to be on a steady downward (possibly stabilising?) trend, every property that comes on the market seems like an attempt by sellers at trying one's luck even more with ridiculous asking prices that reflect nothing about the reality of the market.

I was hoping that early 2012 would prove itself to already be revelatory but maybe that's wishful thinking. I agree with the idea that the Olympics will be a short-lived excitement for East London. Having lives in previous host cities like Montreal, there is certainly nothing glamorous about the areas surrounding the Olympic stadiums or former venues, quite the opposite.

However Crossrail definitely looks like a game changer...

[EDW]

We are acting for the mortgagees and have received an offer of £340,000 on the above property.

Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place.

THREE BEDROOMS - CHAIN FREE - MOVE NOW!!!!

In the heart of E14 is this three bedroom, fifth floor, purpose built contemporary flat with it's own balcony. The accommodation briefly consists of entrance hall, open living area leading to high gloss white kitchen area, Master bedroom with ensuite shower room, second double bedroom, third single bedroom and modern bathroom. Additional benefits include entry phone system, double glazed windows and with underground parking

http://www.rightmove.co.uk/property-for-sale/property-20021061.html

[miko]

We are acting for the mortgagees and have received an offer of £340,000 on the above property.

Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place.

THREE BEDROOMS - CHAIN FREE - MOVE NOW!!!!

In the heart of E14 is this three bedroom, fifth floor, purpose built contemporary flat with it's own balcony. The accommodation briefly consists of entrance hall, open living area leading to high gloss white kitchen area, Master bedroom with ensuite shower room, second double bedroom, third single bedroom and modern bathroom. Additional benefits include entry phone system, double glazed windows and with underground parking

http://www.rightmove.co.uk/property-for-sale/property-20021061.html

That is a drop they are taking a tumble .

[EDW]

That is a drop they are taking a tumble .

Still cant understand why anyone would pay that much to live there, soulless ghosty sorta place.

[the_duke_of_hazzard]

Still cant understand why anyone would pay that much to live there, soulless ghosty sorta place.

It's right next to Canary Wharf, which is actually quite nice. I take the kids there sometimes of a weekend.

[samtheman]

It's right next to Canary Wharf, which is actually quite nice. I take the kids there sometimes of a weekend.

I'm also a fan of Canary Wharf and the Isle of Dogs in general, especially for shopping. A number of people I know are puzzled when I state a preference for shopping at Canary Wharf (especially as most have never been) over shopping at one of the Westfields or on Oxford St, as if those were the only places worthy shopping at. Fighting your way on the pavement and in stores is not my definition of shopping heaven. More like shopping hell.

Although Canary Wharf does have a certain "soulless" modern aspect to it, the Isles of Dogs is rich with history.

[samtheman]

I'm probably not the only one coming across articles suggesting that house prices in London are stable/increasing but then the real increases in London only appear to be in high-end investor property around the centre.

Rightmove seems to suggest a decrease in sold prices in the Docklands and East London. What are people's opinions on the actual outlook for these areas?