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Eddie_George

Croydon house prices double in six years

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Luton is basically the same , really any area formally not seen as desirable within commuting of London has gone up massively in last 3 years 

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I'm seeing the same too. Not really sure if it's worth it anymore. If it does unwind, it will take years to bottom out. Might be better to move up North unless you are happy to rent or leverage up and pay a premium. 

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4 minutes ago, Si1 said:

Have rents also doubled in that time?

No. I checked my history on Zoopla. Landlord was looking for £20 more in 2010 than I am paying in 2017.

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1 minute ago, AvoidDebt said:

No. I checked my history on Zoopla. Landlord was looking for £20 more in 2010 than I am paying in 2017.

Interesting thanks.

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55 minutes ago, iamnumerate said:

Even £216 K looks expensive for what it is, if you think what you need to buy it with a 10% mortgage.

I would have agreed that £216k looked expensive back in 2010 (I would have considered £140-160k to have been fair value). But today, I would probably think that £216k was close to a fair price, if I needed to live in Croydon (why does anyone want to live there! :P). The problem is, is that it isn't £216k!

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1 hour ago, Nabby81 said:

Luton is basically the same , really any area formally not seen as desirable within commuting of London has gone up massively in last 3 years 

They're still not seen as desirable. Everyone I know who has bought in these areas don't like them and clutching on to some future gentrification fantasy. 

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1 hour ago, PropertyMania said:

They're still not seen as desirable. Everyone I know who has bought in these areas don't like them and clutching on to some future gentrification fantasy. 

In Luton case the current residents are hoping the commuters moving in will push out the pesky council estate/low earners and turn Luton into a st albans type utopia ....

How building 1000's of apartments all within a mile of each other with no service or road upgrades is going to create this I don't know ..

As for rents yes they have gone up massively 2 flats in my block up for rent for 250 more a month than I pay 

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14 minutes ago, Nabby81 said:

In Luton case the current residents are hoping the commuters moving in will push out the pesky council estate/low earners and turn Luton into a st albans type utopia ....

 

Optimistic in the extreme - Luton demographics point to near total Islamification and ground zero for a religious civil war.  

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1 hour ago, PropertyMania said:

They're still not seen as desirable. Everyone I know who has bought in these areas don't like them and clutching on to some future gentrification fantasy. 

Unlike Luton, Addiscombe has always been a desirable area in its own right. Pleasant enough to live in and with great links to central London. Certainly a better place than many of the much more expensive Zone 3/4 areas.

July 2016 was probably at or very close to the peak in Croydon, I wouldn't be surprised if the price had been bid up in the mad rush to beat the April deadline. You could probably get a 3 bed for that price now.  

 

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8 minutes ago, PropertyMania said:

Optimistic in the extreme - Luton demographics point to near total Islamification and ground zero for a religious civil war.  

It's attracted alot of EE immigration as well in recent years , lot of HMO's around with EE number plated cars parked outside 

There is also this theory that if house prices go up then that attracts well paid jobs to the town ...deluded .Town as bad as has nothing to it either , night clubs and pubs all replaced with flats as well as the usual office building conversions.None of these have much parking of course as the council wants people to use public transport ,one person commented to me its good there no parking if there parking people will buy cars and that will make traffic worse...owning a car and a flat is forbidden

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4 hours ago, renting til I die said:

I would have agreed that £216k looked expensive back in 2010 (I would have considered £140-160k to have been fair value). But today, I would probably think that £216k was close to a fair price, if I needed to live in Croydon (why does anyone want to live there! :P). The problem is, is that it isn't £216k!

What's changed in the past 6-7 years to make you think a 44% rise is justified? (Based on your "fair prices").

OK, I'm being mischievous, but I have a theory that many posters on this forum (myself included) believe that "fair market value" is always X% below the current market price, where X can typically vary anywhere in the range 20 - 90%.

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5 minutes ago, Broken biscuit said:

What's changed in the past 6-7 years to make you think a 44% rise is justified? (Based on your "fair prices").

OK, I'm being mischievous, but I have a theory that many posters on this forum (myself included) believe that "fair market value" is always X% below the current market price, where X can typically vary anywhere in the range 20 - 90%.

I agree - to pay £216 k you need to be earning £40k and have £50k in cash.  Compared to 2000 when similar houses cost £109,950 i.e you needed to be earning about £27k and needed £10 k in cash - do you really think saving for £50k today is as easy as saving for £10k 17 years ago?

(I am ignoring how cheap it was in 97 or even cheaper 20 years before that).

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I know people love to knock Croydon, but I've lived here for 7 years and it's really not a bad place at all. House, street, shopping, eating out, commuting, transport links, close proximity to the north downs and kent are all good. I've lived in a number of areas within zones 1 and 2, and I find Croydon preferable to those. I don't see it as a stepping stone to somewhere "better". "Better" can wait until I no longer need to commute to London, and even then I might stay.

Like anywhere, it has good and not-so-good neighbourhoods. I'm in South Croydon, which is pretty good if not quite as refined as Addiscombe/Shirley. At the other end of the scale are some areas in the north of the borough, which I'd avoid.

I was fortunate to be able to see through the bad reputation and take advantage of 2010 prices to get a lot of house for the money. But it seems that ship has now sailed.

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19 hours ago, iamnumerate said:

I agree - to pay £216 k you need to be earning £40k and have £50k in cash.  Compared to 2000 when similar houses cost £109,950 i.e you needed to be earning about £27k and needed £10 k in cash - do you really think saving for £50k today is as easy as saving for £10k 17 years ago?

(I am ignoring how cheap it was in 97 or even cheaper 20 years before that).

It's easy enough to get a 95% mortgage today and the majority of FTB'ers are couples. So 216k seems reasonable. What seems less reasonable is 440k! To live in Croyon.

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18 hours ago, FirstTimeBonkers said:

I know people love to knock Croydon, but I've lived here for 7 years and it's really not a bad place at all. House, street, shopping, eating out, commuting, transport links, close proximity to the north downs and kent are all good. I've lived in a number of areas within zones 1 and 2, and I find Croydon preferable to those. I don't see it as a stepping stone to somewhere "better". "Better" can wait until I no longer need to commute to London, and even then I might stay.

Like anywhere, it has good and not-so-good neighbourhoods. I'm in South Croydon, which is pretty good if not quite as refined as Addiscombe/Shirley. At the other end of the scale are some areas in the north of the borough, which I'd avoid.

I was fortunate to be able to see through the bad reputation and take advantage of 2010 prices to get a lot of house for the money. But it seems that ship has now sailed.

 

I agree. People like to generalise - Croydon has an ugly town centre, but it also has a lot of amenities. If you can live in a nice neighbourhood but still have access to the centre then, as you say, shopping and transport links in particular must be amongst the best in London.

I live near Kingston upon Thames, which the council are currently trying to turn into the new Croydon. It isn't pretty (particularly compared to what it used to be), but having the ability to walk there within 15 minutes opens up a lot of amenities to me whilst living in a quieter area myself.

Everyone says that you are never more than a mile from a s**tty area in London and I think that is true even in the suburbs. It is impossible to generalise about an area or borough as a whole.

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50 minutes ago, Kent Ambitions said:

It's easy enough to get a 95% mortgage today and the majority of FTB'ers are couples. So 216k seems reasonable. What seems less reasonable is 440k! To live in Croyon.

Perhaps I am getting old but I remember when a single person could buy a 2 bed terrace in zone 5.

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55 minutes ago, iamnumerate said:

Perhaps I am getting old but I remember when a single person could buy a 2 bed terrace in zone 5.

When was that and how did the composition of households change since then, or had two incomes already become the norm?

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