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AvoidDebt

Tower Hamlets house prices are falling faster than anywhere else in England

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These are two different indicies Rightmove and Land Registry, but I like the headlines. One from 2014 and the other from 2017. Along with the Zoopla data yesterday showing hyper bubbly London suburbs like Northwood taking a beating a sign perhaps that the bubble is going back down the exact same route it went up. 

May 2014

House prices rocket 43 per cent in one year in Tower Hamlets

http://www.standard.co.uk/news/london/house-prices-in-tower-hamlets-soar-43-per-cent-in-one-year-9396953.html

April 2017

Tower Hamlets house prices are falling faster than anywhere else in England

http://www.wharf.co.uk/news/property/tower-hamlets-house-prices-falling-12890874

Edited by AvoidDebt

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"House prices in Tower Hamlets have fallen faster than anywhere else in England over the last year, according to the latest statistics. Between February 2016 and February 2017 the average house price in the borough fell by 2.9%, from £460,405 to £446,875."

The whole thing has long been beyond parody. I'm not poor (but not rich) - if I liquidated all my savings/investments/pension I might be able to buy a crappy hole in an east london war zone...

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It is always the most marginal places that are last to rise and first to fall. Tower Hamlets rose with insane optimism but fundamentally remains an utter dump.

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17 minutes ago, Ah-so said:

It is always the most marginal places that are last to rise and first to fall. Tower Hamlets rose with insane optimism but fundamentally remains an utter dump.

Although I don't know enough about Tower Hamlets to comment on its 'Dump' status, I would agree that last to go up are often the first to come down within one geographic area.  However when it comes to different geographical areas it seems to be the opposite.  East Anglia is often late to the party when it comes to house price rises and they usually lag behind when the fall.  Of course it might be different this time......

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53 minutes ago, Ah-so said:

It is always the most marginal places that are last to rise and first to fall. Tower Hamlets rose with insane optimism but fundamentally remains an utter dump.

40% rise Vs 3% fall is a big contrast however.

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Mistake was to think because it's between the City and Canary Wharf it MUST skyrocket in value. But you can still have pockets of hell in highly central areas of wealthy cities that never gentrify,  eg the Tenderloin in San Francisco

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20 minutes ago, Si1 said:

40% rise Vs 3% fall is a big contrast however.

Yes, plus look at Rightmove for Tower Hamlets and prices remain insanely high http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61417&sortType=6&includeSSTC=false

A 1-bed flat for £350,000 being the cheap end http://www.rightmove.co.uk/property-for-sale/property-65434331.html

 

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Tower Hamlets is not a dump. I should know, I've been here three years. It has a mix of areas of course. It's terribly overpriced but that's a different thing. 

Tenderloin is bizarre. Amazing buildings and horrific poverty. 

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47 minutes ago, WinstonSmith said:

Tower hamlets, very vibrant.

 

So is Mogadishu........

Not a place I would choose to live in London...... Probably one of the last actually. I used to work in the area.

Even when I could afford too.

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3 hours ago, dougless said:

Although I don't know enough about Tower Hamlets to comment on its 'Dump' status, I would agree that last to go up are often the first to come down within one geographic area.  However when it comes to different geographical areas it seems to be the opposite.  East Anglia is often late to the party when it comes to house price rises and they usually lag behind when the fall.  Of course it might be different this time......

I hope that is the case.

I look in NR2 I need 500k for a 4 bed semi where I live.

I consider Thorpe end and its 400k+ for a detached

I then consider north of wroxham and NR12 and its the same price all over the show and I realised I dont actually like where and what I am looking at.

300k is basic 400k is decent and 500k + is for nice

The reason it lags is that nobody here can afford to buy here when it booms so literally those buying are sellers from other areas.

 

 

 

Edited by Fromage Frais

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Had a proper look around the east end a couple of years ago for the first time 

 

Pretty bizarre, massive sky scrapper being developed, yet at ground level in the sorrounding areas a lot of poverty, and it definitely didn't feel safe at times (this is in the middle of the day),  If i had £450k to spend on a place, i would not be there.  

 

Find it hard to understand why artists want to setup there, i would say you have a higher chance of being mugged than making a success if your art in such an area!

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1 hour ago, reddog said:

Find it hard to understand why artists want to setup there, i would say you have a higher chance of being mugged than making a success if your art in such an area!

Are you for real?

Why don't you read a bit about past history of artists and bohemian collectives and the places where they tended to settle, and not only in London but in any big city.

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38 minutes ago, Beborn said:

Are you for real?

Why don't you read a bit about past history of artists and bohemian collectives and the places where they tended to settle, and not only in London but in any big city.

The area along the Great West Road on the right hand side of the road (heading East into Town) just before North End Road/Barons Court that is known for artists. The houses you can see from the A4 have huge windows to let the light in....

That is a proper artists area not what is or appears to be happening in Stratford.......

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2 hours ago, geezer466 said:

The area along the Great West Road on the right hand side of the road (heading East into Town) just before North End Road/Barons Court that is known for artists. The houses you can see from the A4 have huge windows to let the light in....

That is a proper artists area not what is or appears to be happening in Stratford.......

Stratford is not even in Tower Hamlets. What are you talking about.

Stratford belongs to Newham.

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I met a few Polish workers who bought yuppy style flats in TH in the past 10 years and then began to seriously regret doing so re the neighbours. I suspect some of them will be looking to get out now, if they have not done so already, and probably are very happy with the profit they have made.

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8 hours ago, Si1 said:

40% rise Vs 3% fall is a big contrast however.

I would suggest that actually prices did not rise that quickly, but rather it reflects the price of all the new apartment  buildings being thrown up near CW. They are priced at the premium end of the market and it skews prices. 

I doubt that the lower end, such as ex-council flats,  rose that quickly. 

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Bar St Katharines Dock and parts of Wapping near the river are there really any nice bits of Tower Hamlets? 

Although even in Wapping flats are taking a big longer to sell than usual - but then not many people want to pay £450k for a studio.

Problem with many of the new builds in the borough is that they end up being given over to social housing - a large number of residents get to live in the area for free. The only place that feels vaguely exclusive is the Waitrose store - for a few minutes you forget you are in Tower Hamlets.

Edited by MARTINX9

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2 hours ago, Ah-so said:

I would suggest that actually prices did not rise that quickly, but rather it reflects the price of all the new apartment  buildings being thrown up near CW. They are priced at the premium end of the market and it skews prices. 

I doubt that the lower end, such as ex-council flats,  rose that quickly. 

Excellent response, hat tipped.

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4 hours ago, Ah-so said:

I would suggest that actually prices did not rise that quickly, but rather it reflects the price of all the new apartment  buildings being thrown up near CW. They are priced at the premium end of the market and it skews prices. 

I doubt that the lower end, such as ex-council flats,  rose that quickly. 

Just playing devil's advocate, but could the reported fall be the due to the reverse of this?

 

ie. The higher priced places are now failing to sell so easily, so this is skewing the average back down?

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I've not done extensive research on it but I think every craphole shot up in the area. Heard anecdotals about Bengalis cashing out and moving to better places like Wanstead.

The area is hot HMO and BTL territory. This place got sold for +60% in three years. 

Flat 4, Wickes House, 246 - 254, Poplar High Street

£400,000 23 Jun 2015

£250,000 12 Jan 2012

£192,000 11 Jun 2004

£160,000 11 Jul 2002

£89,500 15 Aug 1997

Edited by AvoidDebt

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19 hours ago, Beborn said:

Stratford is not even in Tower Hamlets. What are you talking about.

Stratford belongs to Newham.

Chippy little thing, aren't you.

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