whitboytrash Posted September 9, 2006 Share Posted September 9, 2006 quite, £350k???? You could live in Croydon, Stratford, plenty of places. What ?! Chav land ! Croydon ! People pay more to live in Clapham for a reason.... because you don't have the riff raff of Croydon..... why do you think Kate Moss left ! I wouldn't live there if you paid me... I was almost stabbed with the butt end of a mobile phone by a 14 year old girl at the train station the last time I was there.... pleaze.... lets keep perspective here..... Quote Link to comment Share on other sites More sharing options...
Gingerbread Posted September 9, 2006 Share Posted September 9, 2006 " House prices will only drop if there are more houses for sale than there are buyers." Sorry but I had to smile to myself at this comment. It's the basic mis-belief which property bulls live by. No, Im affraid that house prices drop for may reasons. The main one is when sentiment towards the market changes as it is doing now. When this is felt by the general public, then people 'wait and see' what will happen, this feeds on itself as eager sellers are forced to drops prices, buyers hold back seeing prices drop and the snowball rolls...... I am seeing this in my area now, asking prices are dropping and more For Sale sign are going up, with sales taking longer to come to fruition. Asset classes of all types go through cycles, currently we are in a highly specualtive stage of the asset cycle (bubble in fact) and the downturn has begun. Interest rates/supply & demand etc do have a small affect on property prices, but at this stage it's all gone way beyond that. I moved from Clapham early this year and although there are pockets of pleasant streets and a little open space, it's not somewhere that I want to raise my son, which is why we moved. And like other 'gentrified' areas of London it will fall like it did in 1989, which is something I remember only too well. And they said it couldn't happen then too!! Quote Link to comment Share on other sites More sharing options...
whitboytrash Posted September 9, 2006 Share Posted September 9, 2006 So if everyone like you has children at the same time property prices will fall ? What ?! You moved for a good reason not because Clapham was overcooked but because you needed something bigger and you got more for your money when you moved further out... that’s not a price drop that’s a family decision and what people have been doing since the beginning of time. What is this any different now ? Not everyone has children and some peoples children have grown up and people want a city residence to complement their country residence. Don't apply your own situation as the norm for the rest of the country. I think I laughed louder and last ! " House prices will only drop if there are more houses for sale than there are buyers." Sorry but I had to smile to myself at this comment. It's the basic mis-belief which property bulls live by. No, Im affraid that house prices drop for may reasons. The main one is when sentiment towards the market changes as it is doing now. When this is felt by the general public, then people 'wait and see' what will happen, this feeds on itself as eager sellers are forced to drops prices, buyers hold back seeing prices drop and the snowball rolls...... I am seeing this in my area now, asking prices are dropping and more For Sale sign are going up, with sales taking longer to come to fruition. Asset classes of all types go through cycles, currently we are in a highly specualtive stage of the asset cycle (bubble in fact) and the downturn has begun. Interest rates/supply & demand etc do have a small affect on property prices, but at this stage it's all gone way beyond that. I moved from Clapham early this year and although there are pockets of pleasant streets and a little open space, it's not somewhere that I want to raise my son, which is why we moved. And like other 'gentrified' areas of London it will fall like it did in 1989, which is something I remember only too well. And they said it couldn't happen then too!! Quote Link to comment Share on other sites More sharing options...
grey shark Posted September 9, 2006 Share Posted September 9, 2006 (edited) I live in Clapham; Bought my place for £250,000 and sold for £360,000 19 months later (£15,000 above asking).... Its a very good area because of the open spaces, tree lined streets, massive houses and the myriad of bars, restaurants and shops... no other area can complete with it. I was in an agent in Clapham the other day and he showed me the list of people he had wanting properties. The list was about 15 pages long. He then showed me the list of properties available which totalled about 10 ! The demand is far outweighing the supply which will keep the prices up. The fact that these prices are not affordable to the average Joe is not the issue. Try living in Tokyo, Singapore or Hong Kong where even traders who earn massive salaries can’t afford to buy the simplest of one bedroom places. Young Europeans don’t have the obsession about buying property; in fact most never buy in their life. It’s only Britons who think they have the right to buy in there 20’s. We must remember we are living in the second biggest economy in the world and the prices in London befit this and I would consider the properties are still undervalued. WHITEBOYTRASH , do you work for the Clapham tourist board ? as your doing a very good PR job for the area , a few more postings about your beloved area and i think you will explode , i've driven through it many times and just know it as overated piss hole , the high street is full of dirty second rate shops , the common at night is full of pervs and even MP's running around with there trousers down , it's also walking distance from Brixton and Stockwell meaning you are at higher risk of being burgled , mugged or murdered and the property of the area is way way overpriced , but yes there is small minority that think it cool and trendy to live there . This list that you speak of are you sure that it wasn't 15 pages long with properties for sale and there were only 10 people interested in buying ? Edited September 9, 2006 by grey shark Quote Link to comment Share on other sites More sharing options...
Gingerbread Posted September 10, 2006 Share Posted September 10, 2006 So if everyone like you has children at the same time property prices will fall ? What ?! You moved for a good reason not because Clapham was overcooked but because you needed something bigger and you got more for your money when you moved further out... that’s not a price drop that’s a family decision and what people have been doing since the beginning of time. What is this any different now ? Not everyone has children and some peoples children have grown up and people want a city residence to complement their country residence. Don't apply your own situation as the norm for the rest of the country. I think I laughed louder and last ! Erm, no I didn't suggest that property would crash because people have children at the same time. What a bizzarre thought And you make quite a few assumptions about my situation, allow me to enlighten you. We STR and wanted to move out of the busy/stinking/overated/overpopulated/overpriced area of Clapham. Not a great place to raise a child in my opion, though many think it is and fair enough. We didn't need something bigger as you incorrectly assume. You assumed we bought again, you must be joking! No, our rental place is of a similar size to our old place, but about 2/3rds the price of our mortgage (plus the interest we receive on our capital, makes it almost no outgoings). Of course people migrate in and out of towns for all sorts of reasons. My argument is simply saying that Clapham along with numerous other gentrified areas of London will experience significant falls in house price (just like in '89). Quote Link to comment Share on other sites More sharing options...
niceandpolite Posted September 26, 2006 Share Posted September 26, 2006 Erm, no I didn't suggest that property would crash because people have children at the same time. What a bizzarre thought And you make quite a few assumptions about my situation, allow me to enlighten you. We STR and wanted to move out of the busy/stinking/overated/overpopulated/overpriced area of Clapham. Not a great place to raise a child in my opion, though many think it is and fair enough. We didn't need something bigger as you incorrectly assume. You assumed we bought again, you must be joking! No, our rental place is of a similar size to our old place, but about 2/3rds the price of our mortgage (plus the interest we receive on our capital, makes it almost no outgoings). Of course people migrate in and out of towns for all sorts of reasons. My argument is simply saying that Clapham along with numerous other gentrified areas of London will experience significant falls in house price (just like in '89). This is the thing i can't understand: A lot of people i meet have small mortages...a lot of them have good jobs and expensive houses in clapham, wandsworth Kensington and chelsea. They can all afford them and wouild not be bothered if they went down..Ken and chelsea is up 20% this year..so it will take some crash to make any difference. Anecdotally, everything seems like it will go up...a lot. There's nothing for sale and there are hundreds of people looking. Rents however are so much cheaper than the mortage on the place....which is very unusual. What's that about? German cities have almost no owner occupiers as this rent/mortage thing has stayed 'out of line' for about 25 years. The stock is mostly owned by companies. Maybe that happens here? DOn't bother telling me that Ken and Chelsea is about to crash..it might do ..but it's got another 25 % in it yet cos there are no sellers!! I think that chat about 1989 is misleading. London's place as a fashionable capital (e.g. for russians) and as a world financial centre is on a totally different level to those days....and of course we're not shadowing the DM or euro, either so we won't, hopefully have a long period of 'wrong' interest rates for the economic cycle. Quote Link to comment Share on other sites More sharing options...
whitboytrash Posted October 2, 2006 Share Posted October 2, 2006 This is the thing i can't understand: A lot of people i meet have small mortages...a lot of them have good jobs and expensive houses in clapham, wandsworth Kensington and chelsea. They can all afford them and wouild not be bothered if they went down..Ken and chelsea is up 20% this year..so it will take some crash to make any difference. Anecdotally, everything seems like it will go up...a lot. There's nothing for sale and there are hundreds of people looking. Rents however are so much cheaper than the mortage on the place....which is very unusual. What's that about? German cities have almost no owner occupiers as this rent/mortage thing has stayed 'out of line' for about 25 years. The stock is mostly owned by companies. Maybe that happens here? DOn't bother telling me that Ken and Chelsea is about to crash..it might do ..but it's got another 25 % in it yet cos there are no sellers!! I think that chat about 1989 is misleading. London's place as a fashionable capital (e.g. for russians) and as a world financial centre is on a totally different level to those days....and of course we're not shadowing the DM or euro, either so we won't, hopefully have a long period of 'wrong' interest rates for the economic cycle. Thank-you for the non 'the sky is falling' post... very refreshing... I have say one more difference from 89 is technology. When it comes to banking our traders are earning more and more because they can turn over more and more at 20 times the speed they used to thanks to bandwidth, the internet and sheer computing computation speeds. That means bigger bonuses for banks and much bigger bonuses for traders and the associated staff members (back office to IT)... which means we a are all taking out low interest only monthly mortgages and paying off huge whacks of equity every year with bonuses..... our standards of living are different from 89.. we are all smarter and our technology is smarter... DMA (direct market access) has allowed us never to see 89 again... if the signs were coming we would have mass warnings.... London used to have dreary old houses, conversions and flats… thanks to the property market these have been bought, done up and sold on… thanks to the property boom London’s property has reached new levels in standards…. You are right London is a very desirable place to live… just ask Andriy Shevchenko.. he and his family wanted to live here over Milan…. ! Quote Link to comment Share on other sites More sharing options...
Cuckoo Posted October 2, 2006 Share Posted October 2, 2006 I am positive about market stability in general, but i think that Clapham is overpriced and overrated generally and there's somewhat of a lemming mentatlity about the early 20 something wannabe trendy execs who've come from the 2nd tier of universities that still want to live there. Maybe in the early 90's when so much of London hadn't gentrified it was one of only a few options for wannabe "cool young things" to go where they could group together and kind of afford it. But now, so many areas have "upped and comed" that the whole being in a cool part of London thing has diffused somewhat, leaving Clapham stranded with no Unique Selling Point, no defining character to speak of, a generally poor retail offer, loads of traffic, tacky, unimaginative chain bars indistnguishable from anywhere else, and a large amount of street crime. Wish it wasn't true but it is. Fulham is largely similar, though there is at least some "real" money there and a will to make things better. I generalise, i know but as far as i see it Clapham has more mum and dad BTL's with their soon to marry overgrown offspring about to move out of their investment , whereupon it will most likley be rented to chavs. The place could easily go back down the dumper. Maybe it's just my perspective of it that's changed in the time i've been in London, (10 years) we all get older and don't always want the same thing i.e "cool DJ bars" and a dealer who delivers. However i think many will recognise some truth in my points! The place could be a lot nicer, but the community is very transitory and it doesn't look like ever really "arriving" as an aspirational place to live -long term, that is. Quote Link to comment Share on other sites More sharing options...
othello Posted October 2, 2006 Share Posted October 2, 2006 Lets get to the facts. House prices in Clapham are definitely on the way down. http://www.upmystreet.com/property/prices/...pham-86533.html Quote Link to comment Share on other sites More sharing options...
Cuckoo Posted October 2, 2006 Share Posted October 2, 2006 Lets get to the facts. House prices in Clapham are definitely on the way down. http://www.upmystreet.com/property/prices/...pham-86533.html the interesting thing about some of those London charts is that in some areas prices barely moved in 4 years (taking into account inflation) til Q2 of 06, after which there's been a modest rally. I still maintain this "boom" in house prices, partic. in London , was a 1999-2001, poss early 2002 thing. The last 4 years have seen "stagnation". Its not surprising prices have edged up a bit this year. . Clapham's chart is quite spiky though isn't it. It's not been flavour of the month for discerning folk for a while now, i expect those falls, (partic. relative to other areas within zone) to continue as it has been disproportionately expensive for ages. One to watch. Quote Link to comment Share on other sites More sharing options...
tinecu Posted October 2, 2006 Share Posted October 2, 2006 the interesting thing about some of those London charts is that in some areas prices barely moved in 4 years (taking into account inflation) til Q2 of 06, after which there's been a modest rally. I still maintain this "boom" in house prices, partic. in London , was a 1999-2001, poss early 2002 thing. The last 4 years have seen "stagnation". Its not surprising prices have edged up a bit this year. . Clapham's chart is quite spiky though isn't it. It's not been flavour of the month for discerning folk for a while now, i expect those falls, (partic. relative to other areas within zone) to continue as it has been disproportionately expensive for ages. One to watch. This data echoes what you are saying: http://www.home.co.uk/guides/house_prices_...&lastyear=1 price stagnation and low volumes of sales.... Quote Link to comment Share on other sites More sharing options...
Lionel Richtea Posted October 2, 2006 Share Posted October 2, 2006 Need to differentiate between Clapham North and Common (complete crap holes IMHO) and Clapham South (which this thread is about...) which is, north of Balham High Road, extremely child friendly, on the Northern Line, and therefore in great demand. Quote Link to comment Share on other sites More sharing options...
Earplug Posted October 3, 2006 Share Posted October 3, 2006 I STR from Clapham South in the spring. Market was stagnant last year, our neighbour had their house on at £540K and got nowhere so rented it out. This spring the house over the road went to sealed bids and sold for £570K and ours went before the board was up at £570K, our neighbour put their house back on at the beginning of the summer at £580K and has now sold (waiting to see what final price was). To date the market in this area is solid although our buyers were obviously stretching themselves hugely. Back in the spring talk was still of an interest rate cut and there was next to nothing on the market - perfect sellers market (we even managed to negotaite the EAs fee down). I think we are still seeing the follow through of that perfect sellers market psychology, but the negative press is building and when sentiment turns (if not already), it will be very obvious to see round Clapham South where there is a frequent turnover of generally homogeneous property. Quote Link to comment Share on other sites More sharing options...
Lionel Richtea Posted October 19, 2006 Share Posted October 19, 2006 Here's a block I keep an eye on: http://www.houseprices.co.uk/e.php?q=sw4+9aq Looks like London in microcosm: stagnation, then no liquidity, then a big price jump. Lionelll Quote Link to comment Share on other sites More sharing options...
Earplug Posted April 1, 2007 Share Posted April 1, 2007 http://www.mouseprice.co.uk/Search_Propert...0road&Town= Just heard that one property just sold in this road for £50K over a £600K asking with 14 sealed bids ! Quote Link to comment Share on other sites More sharing options...
Guest goat Posted April 1, 2007 Share Posted April 1, 2007 http://www.mouseprice.co.uk/Search_Propert...0road&Town=Just heard that one property just sold in this road for £50K over a £600K asking with 14 sealed bids ! Hi earplug, it seems to be a little crazy there at the moment. It's an area that I would eventually be interested in living. What's your feeling about it and your prediction? Quote Link to comment Share on other sites More sharing options...
Earplug Posted April 1, 2007 Share Posted April 1, 2007 My first hope was that I had mis-heard £15K as £50K ! Property is relatively identikit round there - its possible that the kitchen side return had been done and a loft extension but that is quite common anyway - to lift the "ceiling" price to £650K is quite extraordinary in my view. I would guess this is a couple who have maybe "missed" a property or two and were desperate not to miss out again. We moved from a nearby road last year - the area is great as a commuting couple, I still love it round there at weekends. During the day time in the week it can be a bit of a nightmare when the local college tips out at lunchtime with street fights not uncommon ! We only really discovered this when my wife went on maternity leave. In general it is a lovely place for a DINKY couple to live but property churns over as people have kids and move out. A move is forced if the mortgage was only manageable for two incomes. Good schooling means going private in my view in that area. Crime is generally petty but the odd mugging and yellow police sign makes you wary. Good luck. Quote Link to comment Share on other sites More sharing options...
ARIMA Posted April 1, 2007 Share Posted April 1, 2007 http://www.mouseprice.co.uk/Search_Propert...0road&Town=Just heard that one property just sold in this road for £50K over a £600K asking with 14 sealed bids ! Hardly anything on the market so this kind of scrapping is no surprise... Quote Link to comment Share on other sites More sharing options...
Earplug Posted May 1, 2007 Share Posted May 1, 2007 OK there is another one on in this road - its had the loft done and is on for 769,500. Croak ! Quote Link to comment Share on other sites More sharing options...
Marcos Scriven Posted May 1, 2007 Share Posted May 1, 2007 (edited) http://www.mouseprice.co.uk/Search_Propert...0road&Town=Just heard that one property just sold in this road for £50K over a £600K asking with 14 sealed bids ! As a percentage (just over 8%), 50k over isn't that crazy an offer over asking. Whether or not the asking price is reasonable, that's another question. If it had 14 sealed bids, you can be sure it was a very nice place, and that the bidders had probably all had experience in losing a bid before. As someone that lived in Clapham South, I'd also like to agree with others that it's a different kettle of fish entirely to Clapham Common, Clapham North, or even the area around Clapham mainline station (which is more Battersea). Very nice treelined streets, as near to Balham High St. as it is Clapham. Would agree Clapham High St. is pretty disguting, as am amazed at how such an awful selection of shops has survived. I think Woolies and Sainsbury's are their most upmarket shops! Edited May 1, 2007 by Marcos Scriven Quote Link to comment Share on other sites More sharing options...
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