London - Prime SE1 back to 2013 prices

[Bankside]

These are a nice set of flats apartments just behind the Globe Theatre. There has been some considerable development in the immediate area over the last 5 to 10 years and the location is ever improving.

They might have got the orginal price of £1.1m in 2017 (around £1,400/sqft) but not any more. It appears that we are back to 2013 prices and not far from £1000/sqft

https://www.zoopla.co.uk/for-sale/details/48409183

23rd Feb 2019 £950,000 Price reduced by £40,000

9th Jul 2018 £990,000 Price reduced by £109,950

29th May 2018 £1,099,950 Price reduced by £50

29th May 2018 £1,100,000 First listed

27th Sep 2013 £950,000

 

That is quite a change.

 

 

Edited February 24, 2019 by Bankside

[Pablo]

There's loads of massive falls all over London.

Back to 2008/2009 numbers e.g.

Flat 5, 4, Little Green, Richmond, Greater London TW9 1QH
£1,175,000 Flat, Leasehold, Residential 11 Dec 2018
£1,300,000 Flat, Leasehold, Residential 30 Nov 2010
£1,100,000 Flat, Leasehold, Residential 07 Mar 2007

Second example: below 2011 with inflation, and probably 2012/13 value if looking at face value

Address: Flat 4, 17 Aldridge Road Villas,
London, W11 1BL

Date Sold for Nominal Change Real Change with inflation
03 Dec 2018 £1,245,000 13.2% -5.7%
30 Sep 2011 £1,100,000 249.2% 176.8%

Third example is below 2012 at face value and closer to 20% down on 2012 with inflation

Flat 1, 25 Elgin Crescent,
London, W11 2JD

Date Sold for Nominal Change Real Change with inflation
02 Nov 2018 £1,800,000 -8.2% -21.2%
10 Sep 2012 £1,960,000 321.5% 175.3%

Even sub £600k is getting mullered.

Flat 10A, Lanark Mansions, 12, Lanark Road,
London, W9 1DB

Date Sold for Nominal Change Real Change with inflation
11 Dec 2018 £515,000 22.6% -7.1%
11 Jul 2008 £420,000 50.0% 29.8%

 

 

[MARTINX9]

All very interesting - but slightly academic as the prices are still insane and way beyond what any person on an average wage could dream of buying unless they win the lottery or inherit from gran.

[Orb]

14 hours ago, Bankside said:

29th May 2018 £1,099,950 Price reduced by £50

29th May 2018 £1,100,000 First listed

 

 

 

I love this. 

 

"Don't you think you've overvalued it darling?"

"Yes, I think I'll knock 100 quid off it"

"NO NO NO, not that much. Fifty pounds is much more palatable"

[hurlerontheditch]

2 hours ago, Orb said:

I love this. 

 

"Don't you think you've overvalued it darling?"

"Yes, I think I'll knock 100 quid off it"

"NO NO NO, not that much. Fifty pounds is much more palatable"

I think that was actually an estate agent entering error as it was on the same date

[thewig]

Yep probably a scumbag EA tactic to flash up as “reduced”

 

joe pleb loves a cheeky bargain after all ..,

[Fromage Frais]

11 hours ago, MARTINX9 said:

All very interesting - but slightly academic as the prices are still insane and way beyond what any person on an average wage could dream of buying unless they win the lottery or inherit from gran.

Just makes no sense to me.

Even if your a multi millionaire and you want a London pad.... why would you buy in these places.  

With the mean income 50-60k in central London buyers are just miles away even with no kids and together 120k x 4 = 480,000

Anything above 500K for bog standard flats surely should be considered speculation and money laundering and can be expected to vanish. 

 

[happyguy]

 

12 hours ago, MARTINX9 said:

All very interesting - but slightly academic as the prices are still insane and way beyond what any person on an average wage could dream of buying unless they win the lottery or inherit from gran.

Very true London prices are way above most people's incomes they could fall by 50% and most people would not be able to buy there still

[Bankside]

5 hours ago, Fromage Frais said:

Just makes no sense to me.

Even if your a multi millionaire and you want a London pad.... why would you buy in these places.  

With the mean income 50-60k in central London buyers are just miles away even with no kids and together 120k x 4 = 480,000

Anything above 500K for bog standard flats surely should be considered speculation and money laundering and can be expected to vanish. 

 

I understand your comments but these all have a ripple effect. If the Z1 place for £1.1m drops to 900K, then no one is going to buy the Z2 place for £950K. They will have to reduce to £800K. Then  the Z3 place that was on for £800K will have to drop - and so on.

Also, these drops are continuing right now. We have yet to find the bottom.

(They are also really nice flats...)

 

 

 

 

[modavid]

1 hour ago, Bankside said:

I understand your comments but these all have a ripple effect. If the Z1 place for £1.1m drops to 900K, then no one is going to buy the Z2 place for £950K. They will have to reduce to £800K. Then  the Z3 place that was on for £800K will have to drop - and so on.

Also, these drops are continuing right now. We have yet to find the bottom.

(They are also really nice flats...)

 

 

 

 

Your absolutely right about the ripple effect!

I have seen Zone 5 prices dropping 10%+ in the last six months alone. Moreover sales have done down a cliff. I know a couple of colleagues who've pulled out of buying at the last minute and were subsequently offered 5% lower than their agreed price. I wonder how much of this is down to people holding off due to Brexit?

If we do agree an extension with the EU, would buyers rush back to the market?