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Ouch £125K reduction in SW19

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Indicative of things to come?

The house is not in my target area but its a very nice area indeed. To me this looks like ripple effect from prime London crashing is well and truly under way.

http://www.rightmove.co.uk/property-for-sale/property-43243482.html

16/05/2017, 23:08:05
  • Agent found: Barnard Marcus
  • Agents Location found: Southfields
  • Agents Telephone found: 02080122058
15/03/2017, 13:41:57
  • Price changed: £650,000 Offers in Excess of £600,000  
07/11/2016, 19:36:37
  • Price changed: Offers in Excess of £675,000 £650,000  
29/09/2016, 20:53:09
  • Status changed: No Chain Available  
02/09/2016, 17:23:36
  • Price changed: £725,000 Offers in Excess of £675,000  
31/08/2016, 23:40:43
  • Brief Description found: A delightful and rarely available three bedroom house offered to the market with no onward chain. 
  • Price found: £725,000 
  • Status found: No Chain 
  • Subtitle found: 3 bedroom terraced house  
  • Title found: Peterstow Close, London 

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I know that part of London quite well, I'm moving to Central Wimbledon in 2 weeks (negotiated rent decrease from £1575 asking price to £1375 pcm).

The part of Wimbledon / Southfields where that house is located is absolutely swimming in BTL's. Decent fall in asking price but I honestly think I'm the next 18mnths prices could well get down to £500 per square ft 

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Clicking into that RM link, 10-12 seconds later it begins playing an audio EA pitch.

I have been moaning about auto-start videos for last few weeks.  More and more websites forcing auto-loading video/audio advertisements on to you.  

Seems like the more recent releases of Chrome phased-out the toggle to prevent auto-loading videos (and presumably audio).

 Anyway, the asking price is still mad-mad high vs similar homes sold in the postcode, just going back to 2016http://www.rightmove.co.uk/house-prices/SW19-6JW.html

Quote

Previously listed for sale on 25th May 2016 
£725,000 - 3 bed terraced house

Zoopla http://www.zoopla.co.uk/property/5-peterstow-close/london/sw19-6jw/23412572

 

Edited by Venger

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This is my neck of the woods. This particular house is up the hill from Southfields which is a massive council estate area. Sure it isn't Toxteth but It is completely outside the catchment area for any of the good schools like Bishop Gilpin and Wimbledon Park. We lived near to there a few years back and although the rent was low and location nice, we couldn't get in a decent school. Had to pay £500 a month more rent to get 225 metres from a good school. That put us 8th on the waiting list. 

As far as rental value, this looks like it should be going on for £1600 at least. I know its mad but the £1400PCM is low not generous. Not sure if you could bargain much either. I have been paying £1850 for last four years for similar size but in nicer area.

Posted this a few weeks back that has had two 50k drops in last three months. Came on at £999,950

http://www.rightmove.co.uk/property-for-sale/property-58735312.html

Or a maisonette coming on at £950

http://www.rightmove.co.uk/property-for-sale/property-57235306.html

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5 minutes ago, GreenDevil said:

900k ! Holy shit and that is reduced, london is totally screwed.

A couple of years back when it peaked again, another one on this row got sold for £628 IIRC. I was really dismayed because there was literally people in the streets viewing the place and it went in about 2 weeks to some BTL retiree. These guys have done the extention on the back which cost about 20k I think and added some trim and some twigs. Voila! Worth a million quid! Oh wait, its now worth £900k.

I bet these guys have all their hopes staked on this particular move. This time next year darling...we'll be millionaires...well nearly.

Every house on that terrace except one is a BTL now and they are all really dated.

Edited by Sawitcoming

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Just now, Sawitcoming said:

A couple of years back when it peaked again, another one on this row got sold for £628 IIRC. I was really dismayed because there was literally people in the streets viewing the place and it went in about 2 weeks to some BTL retiree. These guys have done the extention on the back which cost about 20k I think and added some trim and some twigs. Voila! Worth a million quid! Oh wait, its now worth £900k.

I bet these guys have all their hopes staked on this particular move. This time next year darling...we'll be millionaires...well nearly.

We can but hope and pray that their interest rates go up to 5%... though 10% would be better. This bs needs to end. They know what to do.

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14 minutes ago, GreenDevil said:

And they think its now worthy 900k? Bloody madness.

Well it looks like December 2011 they bought it, so they have been there 5.5 years to the date. At £899k that will be a nice £100k net per annum. Why isn't everyone doing this its brilliant?! 

Open kitchen diner into the garden is the "new twigs" in this area. Many moved into houses too small for a modern family and need this setup just to make it liveable. 

Its probably worth mentioning that they only did the garden and extension etc last summer so basically are trying a bit of property development. They did not make these improvements for their family to enjoy. 

Edited by Sawitcoming

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Well they need to drop it by a minimum of another £50k as there is a 4 bedder a street or two away that's about 12% larger (by floor area) and arguably in nicer condition for £560k

Sawkins Close, Southfields
http://www.rightmove.co.uk/property-for-sale/property-62819150.html

 

keep those reductions coming!

Edited by SOLZHENITSYN

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