Croydon house prices double in six years

[iamnumerate]

36 minutes ago, Muddlehead said:

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

94 and yes it was the norm.

[sideysid]

Ahhh Croydon.

I would describe Croydon as a gravitational mass, as however many times I've managed to get away (lived elsewhere - travelled the world), circumstances have always dragged me back here one way or another.

I even have a touch of nostalgia for the place, as it was where I spent all of my nights out in younger years.

I even work here now - voluntarily too! I transferred from Kensington and Chelsea as I couldn't be bothered with commuting anymore after decades of working in London.

It is now an absolute state compared what it used to be. A grubby mix of short lease retailers and pawnbroker/betting/chicken shops.

Westfields is due to built by 2021, which by then they will have bulldozed the place and quite right too.

This is why you have seen price rises this quickly in the last few years. Sites like Saffron Square have been obviously marketed to overseas buyers. Funnily enough when clicking on the below link and viewing the surrounding area photos, they only give a mock up of Westfields - not in its present state.

https://www.berkeleygroup.co.uk/new-homes/london/croydon/saffron-square

They now have a Box Park by East Croydon station, the invasion of the bearded hipsters gentrification will follow very closely behind!!!

[Saving For a Space Ship]

15 hours ago, sideysid said:

Ahhh Croydon.

I would describe Croydon as a gravitational mass, as however many times I've managed to get away (lived elsewhere - travelled the world), circumstances have always dragged me back here one way or another.

I even have a touch of nostalgia for the place, as it was where I spent all of my nights out in younger years.

I even work here now - voluntarily too! I transferred from Kensington and Chelsea as I couldn't be bothered with commuting anymore after decades of working in London.

It is now an absolute state compared what it used to be. A grubby mix of short lease retailers and pawnbroker/betting/chicken shops.

Westfields is due to built by 2021, which by then they will have bulldozed the place and quite right too.

This is why you have seen price rises this quickly in the last few years. Sites like Saffron Square have been obviously marketed to overseas buyers. Funnily enough when clicking on the below link and viewing the surrounding area photos, they only give a mock up of Westfields - not in its present state.

https://www.berkeleygroup.co.uk/new-homes/london/croydon/saffron-square

They now have a Box Park by East Croydon station, the invasion of the bearded hipsters gentrification will follow very closely behind!!!

Let them eat Beard Oil 

[Eddie_George]

18 hours ago, sideysid said:

Ahhh Croydon.

I would describe Croydon as a gravitational mass, as however many times I've managed to get away (lived elsewhere - travelled the world), circumstances have always dragged me back here one way or another.

I even have a touch of nostalgia for the place, as it was where I spent all of my nights out in younger years.

I know it well too.

Here's some nostalgia.

 

 

 

[gibbon]

19 hours ago, sideysid said:

They now have a Box Park by East Croydon station, the invasion of the bearded hipsters gentrification will follow very closely behind!!!

Haven't lived in London for awhile now so had to DuckDuckGo that as never heard of it:

"Boxpark is the world’s first pop-up mall – fusing the concepts of modern street food and placing local and global brands side by side creating a unique shopping"

Sounds awful, so basically just big businesses pretending to be little guys while you get to pretend you're edgy and not into brands?

Edited March 24, 2017 by gibbon

[Eddie_George]

1 hour ago, gibbon said:

Haven't lived in London for awhile now so had to DuckDuckGo that as never heard of it:

"Boxpark is the world’s first pop-up mall – fusing the concepts of modern street food and placing local and global brands side by side creating a unique shopping"

Sounds awful, so basically just big businesses pretending to be little guys while you get to pretend you're edgy and not into brands?

To get gentrification, you need the cool kids first. Unfortunately they're not yet in Croydon.

 

[Growlers2]

On 03/22/2017 at 0:24 PM, AvoidDebt said:

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

Unfortunately, i don't think this is representative of Croydon. Was this for a room or a property? If room i agree rents have been static for years. However the rent for properties have clearly gone up.

I considered renting a flat (one bed near the center) in the back end of 2010 and rent was £650pcm. It was a nicish place too. Have a Google on right move and i'd bet you can't get a studio for that now (I've not checked in months).

The unfortunate fact is, is my opinion, that rents in Croydon are up c. 30% on 2010. That would be my best guess.

[renting til I die]

On 22/03/2017 at 5:17 PM, 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%.

Inflation, and the fact that £216k is half what the is price currently is! For the record, I don't think that a 44% rise over that time period is justified (certainly not based on official records, Ha) or that the average earner would be able save up a deposit for it, even at this price. Numbers/prices are completely arbitrary at the end of the day, what we think is 'fair' is generally based on what we feel (at the time) would be 'fair' to pay.

[Broken biscuit]

1 hour ago, renting til I die said:

Inflation, and the fact that £216k is half what the is price currently is! For the record, I don't think that a 44% rise over that time period is justified (certainly not based on official records, Ha) or that the average earner would be able save up a deposit for it, even at this price. Numbers/prices are completely arbitrary at the end of the day, what we think is 'fair' is generally based on what we feel (at the time) would be 'fair' to pay.

Which kind of supports my assertion that "fair price" is always X% of the current market price (50 in this case).

My general point is that for some people I fear that the price will never be right, even if they could afford it.

[renting til I die]

On 24/03/2017 at 4:15 PM, Broken biscuit said:

Which kind of supports my assertion that "fair price" is always X% of the current market price (50 in this case).

My general point is that for some people I fear that the price will never be right, even if they could afford it.

I agree, the whole fair price thing is incredible arbitrary. But hey that is how market pricing works! If everyone agreed the price would never move! We do have some relative value to assess this on though. Price compared to times earning is a good long term measure which has been high for many years now, and monthly cost compared to rent which seems currently to be pretty fair, from what everyone tells me! I wonder if that is anything to do with ultra low IRs and the failure of MMR to limit mortgage duration terms. See, still looking for reasons that the market price is wrong!