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jasonpistol

A Change In The London Weather?

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hi all,

i've been looking for a house in tottenham and forest gate for the last 8 months or so and have offered the asking price or above on around 10 properties only to be outbid each time. in the last 2 weeks or so there seems to have been a change in sentiment. houses are coming on the market at around the same prices they were a few months ago (apart from foxtons) and some are actually coming on for less. the last viewing i attended didn't seem to have that same air of desperation. just wondered if anyone else have found this or is it just wishful thinking on my part?

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Possibly - I'm tracking a different part of London which probably reached the "frenzy" stage earlier than yours. A couple of anecdotals on flats: one on the market about 8 weeks, asking price reduced 4.5% in that time; another on about 5 weeks, asking price reduced 4%. These flats don't look any different from the ones that were selling in days 6 months ago - perhaps there are just no more buyers left.

It's probably people like yourself who will decide the fate of the market. Will you continue to offer the asking price and above in your area?

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unless something that i really like comes up i think i'll hold back and see how the new lending rules thing plays out.

some more anecdotals: i viewed a victorian 2 up 2 down in forest gate 5 mins walk from the station about a month ago that needed everything doing (i'm talking roof, windows plastering...) which was up for £300k. i was one of the first to view and it had already had an offer over the asking price. i viewed one exactly the same (although superficially it looked in worse shape it needed roughly the same amount of work) yesterday 10 mins walk from the station which was up for £220k.

i viewed this one about 6 months ago

http://www.rightmove.co.uk/property-for-sale/property-45314687.html

its still on the market and another 2 have come on on the same street, one for the same price and one for £25k less

this one is out of my price range but worth a mention:

http://www.rightmove.co.uk/property-for-sale/property-41806333.html

it was up for £550k a couple of months back

can i ask which area of london you are looking at?

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Have you people not worked out that this web-site's not for pushing the fantasy that everyone in london is buying/selling for crazy prices and every tom dick and total dick is trying to buy into the madness,

No one in their right mind would be dreaming of buying a house anywhere south of Birmingham right now. You time would be better spent stood out side the houses of parliament protesting that viewing houses.

WAKE UP

Edited by TheCountOfNowhere

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i'm guessing its soon to be 10,744

I'm guessing you wont make 10 before being exposed as an estate agent :P

If you ask me, do yourself a favour and forget buying a house for 2 more years.

If you buy at mega bubble London prices it's cost you a fortune to but then sell and with interest rates at 0%, the government responsible for pretty much all the lending in the last 18 months and guaranteeing 20% of peoples deposits, how much do you expect the FTBers that come after you to be willing or able to pay for the massive over-priced and most likely crumbing house you've bought at the new people of government backed financial insanity levels ?

The cost of buying then selling alone should cover your rent for 2 years. The best thing you can do is get yourself abroad, if you don't have a family now, you might/will one day and this country is going down hill fast.

There was too much risk buying in london 12 months ago, now would just be plain old greed/stupidity/

Advice is free, take it or leave it, you choice. buy an over-priced shelter, your choice.

You have to live by your own decisions in life.

Be a man, but dont be a c**t.

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hi all,

i've been looking for a house in tottenham and forest gate for the last 8 months or so and have offered the asking price or above on around 10 properties only to be outbid each time. in the last 2 weeks or so there seems to have been a change in sentiment. houses are coming on the market at around the same prices they were a few months ago (apart from foxtons) and some are actually coming on for less. the last viewing i attended didn't seem to have that same air of desperation. just wondered if anyone else have found this or is it just wishful thinking on my part?

I sold my house in Tottenham a couple of months back. When I listed it for sale in November, it was the first in the area to hit £450k (nothing had sold on the street for more than £275k previously). It eventually sold for £480k. By the start of this year, asking prices were hitting £500k, probably 50% up on a year ago and were just not sustainable as more of the slum landlords were tempted to sell (having probably bought for less than £60k in the 90's), increasing supply. I think selling prices will settle in the £400-500k mark for a 3 bed terrace for a while, depending on distance to the tube, size and condition.

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I sold my house in Tottenham a couple of months back. When I listed it for sale in November, it was the first in the area to hit £450k (nothing had sold on the street for more than £275k previously). It eventually sold for £480k. By the start of this year, asking prices were hitting £500k, probably 50% up on a year ago and were just not sustainable as more of the slum landlords were tempted to sell (having probably bought for less than £60k in the 90's), increasing supply. I think selling prices will settle in the £400-500k mark for a 3 bed terrace for a while, depending on distance to the tube, size and condition.

Genuine question (not provocation) - on what basis do you feel £400-£500k is sustainable, especially if last year was approx £375k which must have been a historical high? I am convinced that people are currently paying a huge premium because of the combined "fear of missing out" and "one way bet", and once those factors are removed (which happens by definition if prices "settle") it's a long way down.

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I think £400-500k is sustainable because it represents relatively good value compared with other local areas, the gentrification going on and the excellent transport.

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The same property would be £750k a couple of miles away in each direction though so as I say, good value relative to other areas.

What would the rental value be and how has that changed over the last few years?

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The rental market is changing, previously a lot of slum landlords catering for HB claimants and very poor quality. Lots of fancy new apartments and better refurbishments going on now. You could probably let a property costing £400k to buy for £350-£375 per week

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tottenham is very well connected in terms of transport and was possibly undervalued relative to other areas but i can't see the current prices being sustained.

£275k to £400k looks a blatant bubble

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You have to remember that the area is still recovering from the riots in 2011 - that held house prices down for a couple of years so they had some catching up to do as other areas had been rising slowly but steadily in that time and leaving a huge disparity. That said, I was stunned when my house sold for 480k, bought for 250k in 2006!

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You have to remember that the area is still recovering from the riots in 2011 - that held house prices down for a couple of years so they had some catching up to do as other areas had been rising slowly but steadily in that time and leaving a huge disparity. That said, I was stunned when my house sold for 480k, bought for 250k in 2006!

Tottenham is one of the areas heavily pushed to Asian buyers in the adverts I see out here in Hong Kong and Singapore. On paper, it's well sited. Be interesting to see if it burns after the crash in a multi-cultural festival.

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you mean adverts for the new flats going up? most of the people i see on viewings for houses in tottenham are young white middle class couples no doubt backed up by the bank of mummy and daddy

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you mean adverts for the new flats going up? most of the people i see on viewings for houses in tottenham are young white middle class couples no doubt backed up by the bank of mummy and daddy

Agreed-all middle class couples at our open day.

In 5-10 years South Tottenham will be the new Stoke Newington, but with vastly better transport.

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