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BenH

House Prices Rocketing In Kingston & New Malden- Feb 2006

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Well, we took the plunge and sold our house in North Kingston October 2005 & went into rented accomodation in New Malden. Thought there would be further price drops, but , and as others now know, the house prices have had a huge upturn here in SW London.

After being gazumped on 2 properties in New Malden, We saw a 3 bedroomed Chalet bungalow on Saturday which was priced at £555,000 and was on the market that day. It Needed a new kitchen and cosmetic decoration.

We put in an offer of £550,000, and the Estate Agents rang me this afternoon with a smug voice saying, they had received offers over £625,000...

I let them know I would not be entering into any bidding wars, and told him know that I thought these sort of price increases could not be sustained.

I just really want the housing market to crash to see the Estate Agent faces when they are put out of work, but they may well be correct in saying that house prices are rocketing up...and I can't see what will bring the prices down, especially as Interest Rates are so low. Gordon Brown will also want a robust housing sector o ensure everyone feels flush if and when he takes over as pm..

But it MUST end somewhere... The thing is.. when and how....

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Personally, I would pay more attention to LR data, which is factual, rather than the EA's perspective which is simply hype. If you remain patient, you are likely to reap the benefits. All I know, is that HPI is falling rapidly and is starting to filter into selling prices in London. Of course, there will be exceptions.

http://news.bbc.co.uk/1/shared/spl/hi/in_d...ces/html/ax.stm

Edited by Buffer Bear

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WAL, I take your point but see BenH topic title too. "House Prices Rocketing in Kingston and New Malden." What is the bad news?

BenH, which part of SW London are you referring to? Asking prices may not seem to be falling much, apart from the odd listing but on checking nethouseprices et al, selling prices certainly are.

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WAL, I take your point but see BenH topic title too. "House Prices Rocketing in Kingston and New Malden." What is the bad news?

BenH, which part of SW London are you referring to? Asking prices may not seem to be falling much, apart from the odd listing but on checking nethouseprices et al, selling prices certainly are.

New Malden, Coombeside... Near to Coombe Girls school..

I can confirm that some houses that were on the market for £550K are now SELLING for £625K...

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Similar rises happening in Wandsworth Common area.

More buyers than sellers.

Ditto for Nightingale Triangle Cla'am.

Although here it's overdue: no price rises for the last 4 years, IMHO.

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Bidding war to live in school catchment area?

Yep pay over 100K extra, when that 100K (or 180K if mortgaged) could be used to give

your child a REAL education and start in life!!!

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Same here - Southfields. Buyers gazumped each other buying our property. We haven't exchanged yet so it may all go T***s up.

I'm selling mine too.

Couldn't settle on where to pitch asking price. Some agents valued much higher than others (almost 8% spread), so went with one of the middling ones. Less than a week on and some repeat viewings already. Seems v.buoyant. Can't believe that it at these prices. But I was saying the same in 1999.

Did you price yours high? Or slightly lower in the hope of generating more interest?

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Guest boredwaiting

I'm selling mine too.

Couldn't settle on where to pitch asking price. Some agents valued much higher than others (almost 8% spread), so went with one of the middling ones. Less than a week on and some repeat viewings already. Seems v.buoyant. Can't believe that it at these prices. But I was saying the same in 1999.

Did you price yours high? Or slightly lower in the hope of generating more interest?

When I travel back to Bath I notice houses going up for sale and then a few weeks later being sold. The prices are higher than they were last year and how quick they are selling has suprised me. But the area i have been watching is right next to a very good school. I hadn't thought about that aspect..... It is interesting.

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When I travel back to Bath I notice houses going up for sale and then a few weeks later being sold. The prices are higher than they were last year and how quick they are selling has suprised me. But the area i have been watching is right next to a very good school. I hadn't thought about that aspect..... It is interesting.

Mine in catchment for v. good primary school (Beatrix Potter). It is a massive factor in retaining/growing value of your house.

All viewers so far have been families with babies or young kids on the verge of starting school. All probably thinking of the school fees they won't have to pay.

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I'm selling mine too.

Couldn't settle on where to pitch asking price. Some agents valued much higher than others (almost 8% spread), so went with one of the middling ones. Less than a week on and some repeat viewings already. Seems v.buoyant. Can't believe that it at these prices. But I was saying the same in 1999.

Did you price yours high? Or slightly lower in the hope of generating more interest?

We priced ours at 10% above last price paid 2 years ago and we thought it was cheeky as it needs quite a bit of cosmetic work. We got offers at full asking within 2 days and 3 offers above asking! We went with one offer but have 2 sitting waiting.

Edited by Given Up

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As part of a relocation to the Twickenham/Teddington/Hampton Hill area, and having sold in January, I'm keeping a very watchful eye on this part of SW London.

After a pretty hairy Janaury and February, with absolutely nothing on the market, in the last two weeks I must have been called/e-mailed by the EAs with 10-15 new properties in my price band. It's only anaecdotal, but supply and demand are definitely equalising, and after a bit of underwheling news from the Nationwide et al on house prices and mortgage approvals, my money is on the fact that we are at the top of the market. We may stay there for a couple of months but after the spring, price pressures will likely dissapate.

Whereas I'm reading testiments to things selling overnight with multiple asking price+ offers, I can say that I'm not seeing this in the area I'm looking. OK, if it's good it'll go quickly at close to asking - I agree.

Research is all important. I was called by an agent who told be of a house coming on at (£635k - I know the area is bloody expensive), and smugly told me that it had three close to asking price offers (did I want to bid it up - no thanks all the same) after the weekend. What he "forgot" to tell me was the house had been on the market all last autumn for £700k. I only found this out because I went through my old house details I'd been collecting. So the reason it was so popular was because it'd been priced highly competetively. A similar house (on last autumn also at £700k) and rented because not sold, went back on at £725k, and believe it or not is just languishing there (probably until it come down to a similar price as what the other one sold for).

Another excited phone call from an EA - just on the market a lovely 4 bedder at £599,950 - must view quick will go soon. Well after digging through my files I told the agent that it wasn't new to the market but had failed to sell in the autumn - price then £595,000 - hardly rocketing up - but I do agree they may now get a quicker sale nearer to the asking price.

Finally, toured the Hampton Hill agents after work, when it's nice and quiet and the agents have had enough for the day, and don't mind a chat. All 5 said the market was static and a couple said it was still fragile. Although they said not a lot's on the market (it lags Twickenham appraently), and I quote "nobody bidding higher that the June 04 price." I asked one what things were going for as a percent of asking. He took me through his whole board an told me!! Everything was in the range of 94-97%, which is good, but hardly rocketing stuff.

As I said I've felt a bit of a change this week, with EAs calling me - amazing. What with the sentiment shifting slightly and definitely a lot more coming on the market, we can't be to far away from the top of the market. I'm a second buyer so can afford to buy now, and even if prices fall still have equity, but I'm astonished by the FTBs in the area - £220k 1 bed flat with inflation eroding your debt at only 2%.

The London market thrives on fear. I had this fear in Jan and Feb. Only now can I say I'm becoming more relaxed - with property coming on to the market and sentiment easing, prices may even weaken slightly.

Happy house hunting.........Bobbins

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Thanks for the reply people.

The problem seems to be that the few nice houses coming onto the market are being snapped up at any price, thereby exasperating the house price bubble even more.

Here in Kingston and New Malden, most of the buyers are families wanting to be near the good schools, and it’s buy at any price…

I am hoping that more properties come on to the market later this year, but I can’t see any realistic falls ahead.

The BOE is looking to lop another 0.25 off the interest rates, which will fire up the houses prices even more. The idea of any house price crash is a long way off, and lets be honest, I don’t see one coming in the foreseeable future, unless rates go up to the levels seen in the 1990’s…

Comments please….

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The area is pretty affluent and a lot of people with kids hate renting. We tried it for 2 months whilst we had building work done on our house and it was a nightmare worrying about damaging stuff, and permanently getting stuff fixed.

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Mine's a nice house near a good school blah blah.

3 offers at full asking.

Wishing I'd put it on for more now.

Mate with a similar nice house round the corner got a bidding war going for his, now in excess of asking.

Very few nice houses on the market and it's sending prices through the roof.

Don't know what the market's like for flats.

EA (who is properly full of it) reckons Clapham, which is not so family orientated, is not experiencing similar rises.

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Mine's a nice house near a good school blah blah.

3 offers at full asking.

Wishing I'd put it on for more now.

Mate with a similar nice house round the corner got a bidding war going for his, now in excess of asking.

Very few nice houses on the market and it's sending prices through the roof.

Don't know what the market's like for flats.

EA (who is properly full of it) reckons Clapham, which is not so family orientated, is not experiencing similar rises.

Clapham doesn't have any good shools but it has loads of families.

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Clapham doesn't have any good shools but it has loads of families.

Yes. Loaded families or the other extreme.

Many of those in between tend to move to Wandsworth, Streatham, Southfields and beyond once they start reproducing.

As you say, school are crap, unless you've got the wedge to send them to one of the posh ones on the common.

Clapham has more flats, young pros, single people, couples without kids who still go out etc etc, so it is a slightly different market to the more family-orientated areas discussed on this thread. Perhaps it is why it is not seeing such rises at the mo (if indeed this is true - I only have a dodgy EA's word for it).

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Thanks for the reply people.

The problem seems to be that the few nice houses coming onto the market are being snapped up at any price, thereby exasperating the house price bubble even more.

Here in Kingston and New Malden, most of the buyers are families wanting to be near the good schools, and it’s buy at any price…

I am hoping that more properties come on to the market later this year, but I can’t see any realistic falls ahead.

The BOE is looking to lop another 0.25 off the interest rates, which will fire up the houses prices even more. The idea of any house price crash is a long way off, and lets be honest, I don’t see one coming in the foreseeable future, unless rates go up to the levels seen in the 1990’s…

Comments please….

I have no idea where you guys are living, but the areas I'm looking in nothing is selling. You sound like a bunch of bored estate agents gossiping with each other.

As for interests coming down....dream on.

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  • 339 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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