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Crash&Carry

Croydon - Sales Listings volumes

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Interesting to read all the ramping this week in The Standard about the 'Super Suburbs' such as Newham, Dagenham and Croydon that according to the vested interests in the media  experienced well over double digit price growth last year.....The reality of course is very different from these headlines but that's a different discussion.

What the article kept quiet about is the massive increase in property listings over the last year.  According to Rightmove in all Croydon postcodes, listings have gone from 2,890 in October 2015 to 4,173 in October 2016 - a MASSIVE jump of nearly 45%.  If this isn't a massive lead indicator that the tide has turned then I don't know what is.....

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4 hours ago, Crash&Carry said:

Interesting to read all the ramping this week in The Standard about the 'Super Suburbs' such as Newham, Dagenham and Croydon that according to the vested interests in the media  experienced well over double digit price growth last year.....The reality of course is very different from these headlines but that's a different discussion.

What the article kept quiet about is the massive increase in property listings over the last year.  According to Rightmove in all Croydon postcodes, listings have gone from 2,890 in October 2015 to 4,173 in October 2016 - a MASSIVE jump of nearly 45%.  If this isn't a massive lead indicator that the tide has turned then I don't know what is.....

For rent or sale?

Edited by eek

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16 hours ago, Crash&Carry said:

Interesting to read all the ramping this week in The Standard about the 'Super Suburbs' such as Newham, Dagenham and Croydon that according to the vested interests in the media  experienced well over double digit price growth last year.....The reality of course is very different from these headlines but that's a different discussion.

What the article kept quiet about is the massive increase in property listings over the last year.  According to Rightmove in all Croydon postcodes, listings have gone from 2,890 in October 2015 to 4,173 in October 2016 - a MASSIVE jump of nearly 45%.  If this isn't a massive lead indicator that the tide has turned then I don't know what is.....

Even without the vested interest that is the reality in Croydon at the moment.

I follow the Croydon market (CR0) quite closely, as I live there and am currently helping a family member who moved to London and has been looking to buy a 3 bed at up to £500k in East Croydon for about a year now (I should say, helping with viewings etc, not cash).  

To sum up the market over that time:

Oct 15 to March 16 - absolutely nuts anything reasonable going for well over asking price within  a couple of days

April to Sept - market cooled slightly once it was too late to beat the second property stamp duty hike and maybe Brexit jitters, property taking longer to sell but anything reasonable going under offer for asking price or slightly over within a few weeks. Less desirable properties beginning to stick.

For a while I thought this was a turning point but since then the market has really picked up again. Good properties are again going under offer quickly at asking price. In my own area a couple of houses that had been put on the market at what I thought were kite flying +£1m prices both quickly went under offer.

To try to get an idea of how quickly places are selling, I have been tracking the % of houses that are under offer over the past year. It's currently running at 40% which although a reduction from earlier in the year is still high by most standards. 

So while there may be a ripple of price reductions on its way from the centre, it hasn't reached Croydon yet. However there are huge numbers of expensive new builds/office conversions hitting the market now which could help produce a turning point. 

  

  

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But the jump up is from what were the lowest figures in history the number available is still ,lower than any time before 2007

 

This does not seem to me a huge change especially when you consider the huge number of new homes built in Croydon recent years

 

Prices may drop as the number of new homes is ridiculous but the drop will tend to be on those new homes which will still be unaffordable to normal people not the 2nd hand market bit but they will not return to 2007 levels sadly

 

The only thing that will reduce prices I think will be a massive UK recession which really affects the South of England and if that happens the whole Uk is pretty well shot anyway 

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On 24/11/2016 at 1:39 PM, quinster said:

The only thing that will reduce prices I think will be a massive UK recession which really affects the South of England and if that happens the whole Uk is pretty well shot anyway 

No it isn't.

HPC and it's saved, with a societally positive long-term future ahead.

We're not avoiding a HPC so you can keep counting your mad-gainz HPI.

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On ‎18‎/‎11‎/‎2016 at 0:12 AM, Confusion of VIs said:

Even without the vested interest that is the reality in Croydon at the moment.

I follow the Croydon market (CR0) quite closely, as I live there and am currently helping a family member who moved to London and has been looking to buy a 3 bed at up to £500k in East Croydon for about a year now (I should say, helping with viewings etc, not cash).  

To sum up the market over that time:

Oct 15 to March 16 - absolutely nuts anything reasonable going for well over asking price within  a couple of days

April to Sept - market cooled slightly once it was too late to beat the second property stamp duty hike and maybe Brexit jitters, property taking longer to sell but anything reasonable going under offer for asking price or slightly over within a few weeks. Less desirable properties beginning to stick.

For a while I thought this was a turning point but since then the market has really picked up again. Good properties are again going under offer quickly at asking price. In my own area a couple of houses that had been put on the market at what I thought were kite flying +£1m prices both quickly went under offer.

To try to get an idea of how quickly places are selling, I have been tracking the % of houses that are under offer over the past year. It's currently running at 40% which although a reduction from earlier in the year is still high by most standards. 

So while there may be a ripple of price reductions on its way from the centre, it hasn't reached Croydon yet. However there are huge numbers of expensive new builds/office conversions hitting the market now which could help produce a turning point.  

Interesting. Do you just follow the market in East Croydon, or do you look to see how the surrounding area is doing?

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9 hours ago, Kiwi Toast said:

Interesting. Do you just follow the market in East Croydon, or do you look to see how the surrounding area is doing?

My main interests are East Croydon,  Addiscome and Shirley but the area I have been tracking on Rightmove is CR0. East Croydon/Addiscome is a hotspot simply because so well connected with central London but most of it seems to apply for all of Croydon. 

However, I think it was a catching up story. Prices in Croydon had fallen way behind areas only a few miles closer to London, and in travel time terms actually further away, this gap has reduced considerably in the last 3 years and I would be very wary of buying now as I think prices have peaked and there are a huge amount of new builds about to hit the market

If you have any specific questions about the Croydon market  I will be happy to answer them if I can.

 

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