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wheelie

Chiswick / South Ealing / Teddington

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Hi all,

This is my first post and I wanted to share my experiences of the housing market in the last year. Perhaps this will come as less of a surprise to some of you than it has me.

My girlfriend and I bought a one bed flat in Chiswick back in December 2003 for £238,500. We talked about having our first child at the start of last year and by April my girlfriend was pregnant and we had to start looking for a larger property. We had the property valued at between £300,000 and £325,000 in July 2006 and having completely renovated it, we were very pleased.

Our property was put on the market for £325,000 in August and all viewings were lined up for a Saturday for a 'launch day'. By Tuesday the following week we had four separate offers and we ended up with an aksing price offer we excitedly accepted. And so our search began....

We spent every week searching for a property in Chiswick and the surrounding areas, with enough space for our new family to grow into. We quickly realised that as great as it was to sell in this market, it is extremely difficult on the buying side and every property we viewed had ten people chasing it. For example, we found one house in Acton Green (Chiswick borders) that had been bought for around £350,000 in 2003. It was a two bed victorian terrace in good condition, for sale for £475,000. It went to sealed bids and sold for £525,000. Realising we could not afford to move up the ladder, unless we were happy to settle for a property the same size as our one bed flat, except with an additional box room for £450,000, we moved our search elsewhere.

At the end of January this year we found a two bed victorian house inn South Ealing for £450,000. It had a few possible structural issues I had noticed (!) such as few dodgy cracks that I knew needed further investigation, but we offered the asking price and it was accepted - probably as other people had more sense than us.

We got back in contact with buyer of property, who we had kept in touch with regarding our (lack of) progress, but they had moved on and therefore we put the property back on the market. The EA suggested marketing it for £340,000, so, same as before, Saturday 'launch day' and by 11am we had three offers, around and up to the asking price. After sealed bids on the Monday, we had an offer of £366,000.

Completely blown away, we pressed ahead with our purchase. As expected, loads of problems that we spent five months working through, but we eventually we could proceed. On the day of exchange, my solicitor recieved a fax from the vendor saying that a legal problem. My solicitor advised how to resolved the issue and the following week I heard via the EA it had been resolved, but then I had nothing but silence from them. The following week I was told a cash buyer had offered another £15,000 and unless I stumped up they would take that offer. I not so politely declined.

Looking again at the market, you can't really buy a small house in a nice area of London for under £500,000. We have decided to complete the sale of our flat and move into a rented property. We are not sure if this is the best course of action, but we have found a small two bedroom house in Teddington to let. Apparently the LL has had no interest other than ours and although offered for £1200 a month, he was happy to accept £1100. In contrast, there is a house for sale three doors down that is exactly the same but needs a bit of work and it is on the market for £520,000. Looking at the mortgage calculator on the web page, with a 10% deposit, IO it would cost around £1850 a month and repayment around £2600. This seems ludicrous to me.

I am sick of my life being taken up with housing market rubbish and I now going to concentrate more on my new baby girl and girlfriend. I am also pleased to have discovered housepricecrash.co.uk as I needed to get this all off my chest! Sorry for the length of the post...

Cheers,

Dave

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Great post.

You have neatly demonstrated how House Price Inflation has become a nightmare not just for First Time Buyers but also for ordinary people who are actually on the property ladder. Even if you can afford the exorbitant cost of the mortgage on your new home the sheer expense and hassle of moving, Stamp Duty etc is enough to make your eyes water. You may have chosen a good time to step out of this crazy market.

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Looking again at the market, you can't really buy a small house in a nice area of London for under £500,000.

Having lived in Chiswick for 5 years (renting) then Brentford for 5 years (bought), I have to suggest you are looking in the wrong areas.

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london seems very crazy.... in large parts of the country 500k still buys you a very large house...

http://www.rightmove.co.uk/viewdetails-141...=3&tr_t=buy

we saw a 2 bed flat in kew gardens for £295k, I understand it went for £270 in the end (the place wasn't for us, so we didn't put an offer in) - think it went for lower price due to it being an elderly gent who had passed away and kids wanted quick sale.

The that SW part of london seems very fickle, we had a lot of problems getting any viewings for under £300k. for the same money you can get a 2 bed house in north london.

I don't know loads about SW and W london, but it seems that if you let the EAs lead you, Chiswick very quickly becomes brentford. "close to the river" and all that...

Congrats on selling your house, but it does strike me as terrifying re the problem you are having moving up the ladder. We are FTBs and I always thought the market was running away from us, but it seems that it is running away from us all, the rungs are still there on the ladder, just further apart and covered in grease!

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