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Mrs Bear

Recent Reductions In Sw17

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Just found these reductions, the most recent of many, in Sw17. There has been a rash of new property coming on to the market recently. My usual search is 2 bed flats between 350 and 550K, though when I was looking with a daughter just a few years ago the search would have been roughly 230 to 275k for exactly the same type of flat.

565K when first listed in June, now 499,999

465k. 5th June, now 410k

450k 1st May, now 399,950

45016th May, now 400K

475K 18th May, now 425K

499,950, 18th March, now 450K

There are many more reductions. It will be interesting to see how many more there are by the end of the summer, when the 'dead' period is looming.

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Those reductions are a drop in the ocean compared to asking prices 24 months ago.

this is true but its early days

if we say april was the peak and these drops are roughly 10% thats around 40% per year

happy days!

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Those reductions are a drop in the ocean compared to asking prices 24 months ago.

True, but that was not my point.

Last September someone I know put her flat of this type on the market for £410k. I was shocked, since the previous highest sold price for this exact type in the same road had been about £350K. She was also shocked at the EA's valuation - she had been abroad for some years and knew prices had gone up, but had not realised by how much. The place finally sold last December for about £375K, but then it needed work and there was some trouble about the freeholder.

A couple of months ago exactly the same type of flat a few doors away went on the market at £525K, and went under offer almost immediately. This is in Tooting, though admittedly in one of the nicer roads.

In the past few weeks new listings do seem to be marginally less delusionally priced and as per my OP there are a lot of recent reductions.

It would seem that at least some of the froth is coming off the top. And about time too.

Edited by Mrs Bear

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Only very marginally less delusional -

This flat for instance, sold for 280K in April 2013, put on for £475 22nd May 2014, this week "reduced" to £460k.

Presume this is the sort of seller who doesn't need to sell but would do if some idiot or money launderer came along and took it off their hands..

http://www.rightmove.co.uk/property-for-sale/property-46473977.html

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Only very marginally less delusional -

This flat for instance, sold for 280K in April 2013, put on for £475 22nd May 2014, this week "reduced" to £460k.

Presume this is the sort of seller who doesn't need to sell but would do if some idiot or money launderer came along and took it off their hands..

http://www.rightmove.co.uk/property-for-sale/property-46473977.html

Well, that's the long and the short of it....even 50K reductions on prices that people are trying to sell for twice what they are worth is still a drop in the ocean.

London and the areas around london need to see a 50% reuction just to get prices back to unaffordable levels.

The fact that this is actually true shows that there is a dangerous london mega bubble and it's not going to last. As far as we can tell here the mania is over and many people are just starting to realise that the music has stopped and their is nothing normal about this situation.

Massive crash to follow.

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Only very marginally less delusional -

This flat for instance, sold for 280K in April 2013, put on for £475 22nd May 2014, this week "reduced" to £460k.

Presume this is the sort of seller who doesn't need to sell but would do if some idiot or money launderer came along and took it off their hands..

http://www.rightmove.co.uk/property-for-sale/property-46473977.html

That flat is hilarious! The kitchen window looks out on not your own garden, but uptstairs next doors :lol:

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Well, that's the long and the short of it....even 50K reductions on prices that people are trying to sell for twice what they are worth is still a drop in the ocean.

London and the areas around london need to see a 50% reuction just to get prices back to unaffordable levels.

The fact that this is actually true shows that there is a dangerous london mega bubble and it's not going to last. As far as we can tell here the mania is over and many people are just starting to realise that the music has stopped and their is nothing normal about this situation.

Massive crash to follow.

+1

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That flat is hilarious! The kitchen window looks out on not your own garden, but uptstairs next doors :lol:

Looks like a pretty typical London back door to me. Much like the house I was raised in

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That 460k in the most ethnically challenged area of south west London takes the cake for jokeisting of the month.

Looks like a flip. http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=43857385&sale=50917433&country=england

23 Jan 2014 £319,000

24 Sep 2008 £295,000

19 Nov 2002 (New Build) £165,000

And there is something very familiar about that place...

Yes, that road connects to road for this flat. (under offer at £475,000)

http://www.dailymail.co.uk/femail/article-2606405/The-hell-living-ex-youve-begun-HATE-Soaring-property-prices-preventing-warring-couple-moving-on.html

http://www.rightmove.co.uk/property-for-sale/property-44020990.html

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Looks like a flip. http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=43857385&sale=50917433&country=england

23 Jan 2014 £319,000

24 Sep 2008 £295,000

19 Nov 2002 (New Build) £165,000

]

If I were going to flip, I wouldn't pick anything in that road. There are some nice roads in Tooting - I walked round most of them while we were looking - but Renmuir street is not one of them.

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Looks like a pretty typical London back door to me. Much like the house I was raised in

Not the door, the main kitchen window to the side of the door.

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What a sorry story, must be many similar, amazing detective work from you to put that together, I wonder if the sale will go through!

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Just found these reductions, the most recent of many, in Sw17. There has been a rash of new property coming on to the market recently. My usual search is 2 bed flats between 350 and 550K, though when I was looking with a daughter just a few years ago the search would have been roughly 230 to 275k for exactly the same type of flat.

565K when first listed in June, now 499,999

465k. 5th June, now 410k

450k 1st May, now 399,950

45016th May, now 400K

475K 18th May, now 425K

499,950, 18th March, now 450K

There are many more reductions. It will be interesting to see how many more there are by the end of the summer, when the 'dead' period is looming.

Hi - as post on Prime London Crashing thread - I will be renting just down the road in Wimbledon in September-ish. Will post here if I pick up any intelligence from SW London agents (if that's not a contradiction in terms!)

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New one today - first listed March for 499,950 - now 425. A little whiff of desperation in the air...

More than a whiff at £75k off! Do you have a linky?

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More than a whiff at £75k off! Do you have a linky?

Can never seem to make links work on the iPad, sorry. But it's on zoopla, 425K, 2 bed flats, Chillerton Road. I use the 'most reduced' function on zoopla to find the latest.

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I used to live in SW17 prices have finally fine into gaga land. It's not a nice postcode, horribly busy, grimy, public transport buckling, tooting bec is OK but wouldn't want to let the kids loose too far away, and it's bloody hard to get out of London by car as the traffic is so bad in all directions!

My old rig I rented, which I always described as the kind if flat you can't buy but is fine to rent, went SSTC at £600k a month back.

Old landlord was old money rentier scum but at least he was a nice chap. Understood value and I am sure cannot believe the price he has got should it go through.

It was a 55 sq m 2 bed, Osward road, ground floor, garden access through main bedroom, second bedroom too small for double bed and a wardrobe, lounge/diner too small to be both at the same time etc etc.

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Can never seem to make links work on the iPad, sorry. But it's on zoopla, 425K, 2 bed flats, Chillerton Road. I use the 'most reduced' function on zoopla to find the latest.

Last sale

£290,000 on 18th May 2007

Been on the market since March.

Not exactly a bargain but it does show that the recent excesses appear to be fading now.

http://www.zoopla.co.uk/for-sale/details/32365776

Edited by Bankside

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Sold prices coming through now for what might have been top of the bubble prices.

This flat - sold at the last top, July 2007 for 278K, sold this June for 420k - perhaps a bit of cosmetic improvement from sellers, perhaps a lease extension, but nothing major like loft conversion

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=41829685&sale=51361895&country=england

This is the help to buy bubble in action in London, no upper limit on earnings for buyers and 600k ceiling - an extra 150k in debt - the population should be so grateful to George for allowing them these wonderful opportunities to get on the ladder - now that Lloyds/Halifax has put a 150k ceiling on a HTB loan, I presume this sort of thing is going to slow down..

and here is another bubblicious one

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=43196410&sale=51361793&country=england

10 Jun 2014 Terraced, Freehold £500,000

24 Apr 2007 Terraced, Freehold £282,000

..and how about this one, looks like they did a ground floor extension and loft conversion

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45192470&sale=51361844&country=england

28 May 2014 Terraced, Freehold £680,000

07 Oct 2011 Terraced, Freehold £280,500

So that's about 100k worth of work at the most, 300k profit in 2.5 yrs, it's the recovery!

Edited by TeddyBear

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Another at 15% from original AP in March, 419,950 down to 355.

But it was an even more ludicrous AP than most - a supposed 2 bed flat, tiny 2nd BR, all in one K and living room, only just over 49 sq m total.

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