mrmagic Posted August 13, 2014 Share Posted August 13, 2014 Hello! Newbie here. http://www.zoopla.co.uk/for-sale/details/34160288 I came across this flat in a Georgian property and i'm wondering if its good value for what it is considering it is surrounded by a lot of estates on streets nearby. Its situated at the north end of camberwell and its very close to walworth road and burgess park. I wonder if the regeneration of Elephant & Castle and the nearby Aylesbury estate might have a positive effect on its value in future. What about Camberwell in general? Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 13, 2014 Share Posted August 13, 2014 http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalAvailableListingsAndNew.html?searchLocation=se5 There is a massive buildup of unsold properties in SE5. I would hold off for a few months and wait for some of the to reduce prices. the number of properties in that postcode has risen sharply from 120 in December to 329! Sellers far outstripping the number of willing and able buyers. Average price in that postcode has risen £100k in the last two years, so anything on the market now is at least £100k overpriced. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted August 13, 2014 Share Posted August 13, 2014 Another bored EA Quote Link to comment Share on other sites More sharing options...
mrmagic Posted August 13, 2014 Author Share Posted August 13, 2014 Thanks all! LOL certainly not an EA just a very confused FTB. I'm more curious about the actual type of property (Georgian period) and where it is, its location feels a bit dubious (considering the estates). Also wonder if anyone is familiar with the area or somewhere with a similar profile and how future buyers might perceive its value. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 13, 2014 Share Posted August 13, 2014 Thanks all! LOL certainly not an EA just a very confused FTB. It's quite simple. London house prices are in a massive speculative mega bubble. By all accounts the market has turned ( see foxton share price especially as a market indicator but also the big builders share price ) and asking prices/offers are tumbling, this is not wishful thinking on our part, see the london thread, google stories from EAs recently on London, we've even seen a couple of MSM articles on the matter. The london bubble was a short lived mania where them in the know will have made a fortune off the backs of the tax payers and idiot buyers. The london mega bubble has been fuelled by: + low interest rates ( wont go lower ) + Russian buyers ( we are on a war footing with Russia now ) + Chinese buyers ( credit crunch expected at some point ), + the odious FLS ( which has been cut ), + HTB1 and HTB2 ( government schemes that have been denounced by just about everyone ). + MSM propaganda. + f*ckwit British people too stupid to do a bit of research. Prices are now way past the 2007 level, albeit on low sales volumes, that collapsed the financial system and are quite frankly, at insane levels. So unless you have had part of all your brain removed. DON'T BUY A PROPERTY IN LONDON.....IT IS CRASHING. Quote Link to comment Share on other sites More sharing options...
Lifes a game Posted August 13, 2014 Share Posted August 13, 2014 Yea 2 bed flat for 425k looks like good value compared to the 2 bed terrace further out in peckham SE15 up at 975k. http://www.zoopla.co.uk/for-sale/details/34136439 Looks like a bargain, snap it up quick before one of us enquires into it. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 13, 2014 Share Posted August 13, 2014 + Chinese buyers ( credit crunch expected at some point ), .... DON'T BUY A PROPERTY IN LONDON.....IT IS CRASHING. Chinese property prices are also crashing NOW, the recent crackdown on money laundering is by the Chinese government is an attempt to keep money inside the country and reflate their failing property sector. The last thing the authorities want is Mr.Chinaman sending all his money abroad when the property bubble back in China needs propping up. This and the Russia situation is why London is now crashing. MMR isn;t helping either but BOE needs to ensure that the banks don't have too much exposure to the London Mega Bubble. Quote Link to comment Share on other sites More sharing options...
katchytitle Posted August 13, 2014 Share Posted August 13, 2014 SE5 prices have been ramped up a lot in the last 12 months after George Osborne announced his socialist subsidy scheme for houses up to 600K. EAs in the area are desperate to bring more property on to the market as the transport links have substantially approved in Camberwell with Denmark Hill, East Dulwich and Peckham Rye stations. I think they have peaked and you can probably start haggling especially if you have no chain and large deposit or mortgage in principle. The area is also become more upper middle class as it was once a preserve of artists and actors and now has lawyers, doctors and bankers arriving and driving up the house prices. Easy commute to work; nice cafes; new cinema and foodie restaurants opening etc... At the end of the day, if you want to buy its worth haggling even if they say no it doesn't matter. Remember debt is for a lifetime to each additional £££ saved is money in the bank. As long as you can cover the mortgage and you feel it is better value than renting and saving and moving regularly its probably worth having a go. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 13, 2014 Share Posted August 13, 2014 SE5 ALL HOUSE prices have been ramped up a lot in the last 12 months Quote Link to comment Share on other sites More sharing options...
pras Posted August 13, 2014 Share Posted August 13, 2014 £425,000 for a 2 bed flat? Are you mad????? Quote Link to comment Share on other sites More sharing options...
mrmagic Posted August 13, 2014 Author Share Posted August 13, 2014 £425,000 for a 2 bed flat? Are you mad????? No. I'm a Londoner. Quote Link to comment Share on other sites More sharing options...
pras Posted August 13, 2014 Share Posted August 13, 2014 Yes so am I but I wouldnt go that level of debt to buy a property. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 13, 2014 Share Posted August 13, 2014 Many parts of Europe (and the UK) you can get a mansion with land for that price. If you are serious on buying you ahve to ask yourself some honest questions. Am I just buying hoping to make a profit? Am I happy to live here for ever if prices crashed? Quote Link to comment Share on other sites More sharing options...
mrmagic Posted August 14, 2014 Author Share Posted August 14, 2014 Am I just buying hoping to make a profit? Yes Am I happy to live here for ever if prices crashed? Yes (Subject to gentrification) The property is in a lovely house and on a lovely street but i'm more concerned about the surrounding areas. The surrounding areas of Walworth and Kennington have a very high concentration of estates and a bit of a rough history (Walworth riot, aylesbury estate, kennington and burgess parks generally not regarded as being safe, etc, etc). Being that estates are the most prevalent housing stock, i fear that the area might not change much if at all in the future. I was hoping i could come across someone thats lived in the area on here, that might give some insight on what living in the area is like. Quote Link to comment Share on other sites More sharing options...
mrmagic Posted August 14, 2014 Author Share Posted August 14, 2014 Area map https://maps.google.com/maps?ll=51.48137,-0.098923&z=15&t=m&hl=en-US&gl=US&mapclient=apiv3 Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 14, 2014 Share Posted August 14, 2014 Good luck with your investment. What is your predicted timescale between buying, selling and making a profit? How much are you hoping top make %age and who are you hoping to sell it to? How are they going to be able to afford to pay more than you? Quote Link to comment Share on other sites More sharing options...
worried1 Posted August 14, 2014 Share Posted August 14, 2014 I actually drove all the way through south London on the weekend, including that area. Bear in mind that I am a suburbanite who hated going into this type of area 10 years ago, I thought it looked generally quite good. My impression was actually that the fine Victorian houses seemed to be the dominant housing stock (at least viewed from the main A20, A202 and roads directly leading off of them). Some of these areas seem to have gentrified quite a lot already and come complete with Farrow & Ball-painted pubs with poncey names. Other parts have got further to go, with a lot of the 'high streets' along my route littered with menacing looking people doing seemingly not very much. I then found out that someone was stabbed to death in Lee literally minutes after I had driven through there http://www.bbc.co.uk/news/uk-england-london-28737265 What you have got to remember is that gentrification takes a long time, and might never happen, especially if we have the long awaited correction and the people with money just end up buying in the more established areas instead. Having said that, my overall impression was of an areas much improved over the last decade and one with a lot of potential due to the housing stock and it's proximity to central London. £425k IS a lot to pay for a 2 bed flat, but you could pay a lot more than that for one in my zone 6 suburb and, whilst safer and more gentrified, is a lot further out of London and has just as much (if not more) of it's decent houses razed in favour of blocks of flats. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 14, 2014 Share Posted August 14, 2014 The whole of the London can't possibly 'gentrify'. It's been over 2000 years and it still hasn't happened! Those rundown areas will stay rundown like they've been for the last 100+ years. Why would they all suddenly change and why now? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 14, 2014 Share Posted August 14, 2014 The whole of the London can't possibly 'gentrify'. It's been over 2000 years and it still hasn't happened! Those rundown areas will stay rundown like they've been for the last 100+ years. Why would they all suddenly change and why now? Because the great recession is over and the banks are lending again Quote Link to comment Share on other sites More sharing options...
jasonpistol Posted August 14, 2014 Share Posted August 14, 2014 No. I'm a Londoner. i am also a londoner and would never pay that much for a flat its a FLAT the land doesn't belong to you and you can't extend it Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 14, 2014 Share Posted August 14, 2014 SE 5 last 3 days: 15 listings, 8 drops/fails: 53% of listings. Biggest drop so far: £75K If you are looking for value in SE5....I'd wait a few months. Quote Link to comment Share on other sites More sharing options...
worried1 Posted August 14, 2014 Share Posted August 14, 2014 The whole of the London can't possibly 'gentrify'. It's been over 2000 years and it still hasn't happened! Those rundown areas will stay rundown like they've been for the last 100+ years. Why would they all suddenly change and why now? The whole of London can't but parts of certain areas can. I used to drive through Fulham 15 years ago and there was a petrol station that used to have bars at the windows and serve you through the litte 'hatch' even at some times during the day. Now, it is still there, but all opened up and you can go in the shop itself throughout the day and night. Fulham has clearly gentrified as an area in general, but a lot of it is still s**t. Walk a little bit south of Kings Road in Chelsea (before you reach the river) and a lot of that is still awful as well. What tends to happen is that the nice areas in any part of London expand and the poor ones get smaller. So these nice Georgian terrace areas of SE5 might spread out to the next few streets which are currently poor. I agree it still won't make the whole of the postcode nice, as this is impossible in London or any city. Quote Link to comment Share on other sites More sharing options...
pras Posted August 14, 2014 Share Posted August 14, 2014 Bixton has gentrified. There was such a unroar when Foxtons moved into the high street. http://www.standard.co.uk/news/london/class-war-breaking-out-in-brixton-over-opening-of-new-foxtons-estate-agent-8559284.html http://www.brixtonblog.com/yuppies-out-scrawled-across-window-of-new-foxtons-on-brixton-road/10823 http://www.dailymail.co.uk/news/article-2317762/Brixton-Foxtons-hires-bouncers-protests-residents-claiming-priced-area-yuppies.html I think mrmagic has been sent over by MSE to troll on HPC. No idiot would pay £400K+ for a 2 bed flat unless they have loadsa money! Quote Link to comment Share on other sites More sharing options...
mrmagic Posted August 14, 2014 Author Share Posted August 14, 2014 Bixton has gentrified. There was such a unroar when Foxtons moved into the high street. http://www.standard.co.uk/news/london/class-war-breaking-out-in-brixton-over-opening-of-new-foxtons-estate-agent-8559284.html http://www.brixtonblog.com/yuppies-out-scrawled-across-window-of-new-foxtons-on-brixton-road/10823 http://www.dailymail.co.uk/news/article-2317762/Brixton-Foxtons-hires-bouncers-protests-residents-claiming-priced-area-yuppies.html I think mrmagic has been sent over by MSE to troll on HPC. No idiot would pay £400K+ for a 2 bed flat unless they have loadsa money! Find me a two bed flat (not ex-local auth) above 600 sq ft in Zone 2 London for less than £400k. I'm no troll, just a skeptical buyer. Quote Link to comment Share on other sites More sharing options...
pras Posted August 14, 2014 Share Posted August 14, 2014 http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93814&maxPrice=400000&minBedrooms=4&googleAnalyticsChannel=buying I am not going to check everyone for you but this is a start. Quote Link to comment Share on other sites More sharing options...
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