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Wathamstow, East London

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FTB here. I've only just started to look at the places available in the E17 area of London. Mainly aiming for 1 bet flat / studio. Current prices are ranging from the dirt cheap (£110,000) to the silly (£170,000). Just today 2 'reasonable' properties were taken off the market because of 'offers' - according to local estate agent. Yeah, whatever! Both were in the region of £145,000. Anyone out there thinks paying £145,000 is over the odds around here? Would like to hear from locals who have been in the area for a while.

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I worked in Whipps Cross hospital. I thought the area was okay. 145 seems good for a 1 bedroom flat there I'm not sure how cheap you are expecting it to go. Most popular areas a 1 bedroom will go for 220-250.

It is where the band E17 originated from ;)

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FTB here. I've only just started to look at the places available in the E17 area of London. Mainly aiming for 1 bet flat / studio. Current prices are ranging from the dirt cheap (£110,000) to the silly (£170,000). Just today 2 'reasonable' properties were taken off the market because of 'offers' - according to local estate agent. Yeah, whatever! Both were in the region of £145,000. Anyone out there thinks paying £145,000 is over the odds around here? Would like to hear from locals who have been in the area for a while.

Walthamstow seems to have suffered disproportionately from Olympic hype in the last two years, just check out the number of estate agents / mortgage brokers on the main drags. This surge now seems to have run out of steam, and I reckon these areas are now due for a particularly severe hit.

Spend some time on the main board to get some ideas abotu how best to deal with the situation! (i.e. renting, saving & investing) Bon voyage!

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I worked in Whipps Cross hospital. I thought the area was okay. 145 seems good for a 1 bedroom flat there I'm not sure how cheap you are expecting it to go. Most popular areas a 1 bedroom will go for 220-250.

It is where the band E17 originated from ;)

Yeah but that was few months ago! I suspect prices will drop even more. Maybe around the 135 ot 140,000 mark. I just can't believe there are any mugs out there who would pay over 200,000 for a 1 bed in walthamstow. Me? No way, hose. I'd rather live at home with mum, dad and the missus (which, incidentaly, I have been doing anyway!).

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Yes but most grown ups would rather eat their own foot than move back in and live with the parents.

Too true, the housing market is often not driven by rational investment criteria.

I never understood why the olympics should make a difference anyway. So you might end up round the corner from a derelict olympic sized swimming pool, hardly a massive bonus.

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Too true, the housing market is often not driven by rational investment criteria.

I never understood why the olympics should make a difference anyway. So you might end up round the corner from a derelict olympic sized swimming pool, hardly a massive bonus.

http://www.propertysnake.co.uk/site/postcode/e17

Propertysnake is recording some tasty drops round that way. I dont know the area so i cant tell if they are representative or whether its just p*** takers getting their noses tweaked and having to drop to some sort of realistic price.

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Isn't that area awash with 'luxury' :blink: newbuilds and predicted to drop in value as a result?

There is a set of newly built developments just opposite the tube station (Walthamstow Station). And I believe there are other developments around the Blackhorse area of E17. Actually, most of the 1 beds have been snapped up this month: average price 145k. I suspect that those buyers were speculators though, hoping for a quick profit this year. FTB? No chance. However, I predict some of those will come back on the market again before the summer. Watch this space. :rolleyes:

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http://www.propertysnake.co.uk/site/postcode/e17

Propertysnake is recording some tasty drops round that way. I dont know the area so i cant tell if they are representative or whether its just p*** takers getting their noses tweaked and having to drop to some sort of realistic price.

Ive just taken a look at the price drops. Most of the price drops listed there are for large family properties, not starter homes. Even the starter homes that have been reduced have generally been sold now.

I find, in general, that the larger family homes in London tend to stay on the market for longer. The starter homes are in demand, and are snapped up by BTLs and FTBs, pretty quickly.

To the original poster, you can either wait and see if prices drop and buy after the prices have fallen within your grasp, or watch as prices go up and up and up, and move out of your reach. If the latter happens, then you will never be able to own a decent home (unless you end up earning BIG money). If the former happens, then you will be quids in and will save yourself many £££s.

The question is, what do YOU think will happen? You can take advice from people on this board, but at the end of the day, its your money and it has to be your decision. Get advice from as many different people as possible (not just the people on this board who have always been bearish). Then, you can make an informed decision.

Good luck man.

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Ive just taken a look at the price drops. Most of the price drops listed there are for large family properties, not starter homes. Even the starter homes that have been reduced have generally been sold now.

I find, in general, that the larger family homes in London tend to stay on the market for longer. The starter homes are in demand, and are snapped up by BTLs and FTBs, pretty quickly.

Who's going to want a big family home in walthamstow anyway . . . it's an area that could well be up and coming so starter homes and flats are going to do well because they're pitched at people who'll either stay there for a few years and move on or at people who'll be able to stay there long enough before they have a family that it'll have come up a bit. Some of the prices there do seem ridiculous, 700k for a family home in walthamstow? If you've got 700k to spend why not move out to bromley or orpington or somewhere, far more appropriate.

I reckon the olympic boost is starting to reverse a bit as well, there was so much hype about how great the olympics would be for house prices in east London and that must have pushed things up a bit, but now everyone's starting to realise (like they couldn't have guessed already) that it's going to be an unmitigated disaster then that boost is going to unwind, and might even reduce the value of the property.

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Guest Cletus VanDamme
Some of the prices there do seem ridiculous, 700k for a family home in walthamstow? If you've got 700k to spend why not move out to bromley or orpington or somewhere, far more appropriate.

that's nuts - you could get a family home in Crouch End for that.

Feel quite glad to be living in an area that has generally been bypassed by HPI. Less far to fall!

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that's nuts - you could get a family home in Crouch End for that.

Feel quite glad to be living in an area that has generally been bypassed by HPI. Less far to fall!

Cletus whereabouts do you live?

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that's nuts - you could get a family home in Crouch End for that.

Maybe not as big a home, but living in walthamstow's a big compromise, far better to compromise on the space.

I think a lot of people have got pretty greedy, just because family homes in general have gone up substantially doesn't mean that a family home in an area nobody would want to raise their family in will have gone up as much.

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@sunama

Yeah, you've got a point about the starter homes (1 or 2 bed flats) they are being snapped up quickly. But I think that these BTLs will 'flip' the properties a few months down the road - at less price. Why would that be the case? Because once they realise that no-one want to buy these starter homes at those prices, then only chance they will have to sell is to each other - well either that or make a loss by renting it out. Thus they will squeal n' squirm but they'll still have to accept less than what they paid. Maybe. In any case, I'm gambling on waiting. Call me a muppet but I'm not paying stupid prices for something that's only REALLY worth about 100k.

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Yeah, you've got a point about the starter homes (1 or 2 bed flats) they are being snapped up quickly. But I think that these BTLs will 'flip' the properties a few months down the road - at less price. Why would that be the case? Because once they realise that no-one want to buy these starter homes at those prices, then only chance they will have to sell is to each other - well either that or make a loss by renting it out. Thus they will squeal n' squirm but they'll still have to accept less than what they paid.

You are working on the assumption that we have reached the top of the market. If we have, then obviously the last people holding the "parcels" will be the losers. However, what if this is not the top of the market? What if (in London at least) we have a lot further to go? In this case, the starter homes will keep changing hands for ever increasing amounts, just as they have done over the last few years.

Maybe. In any case, I'm gambling on waiting. Call me a muppet but I'm not paying stupid prices for something that's only REALLY worth about 100k.

Well. Its a big risk if you decide to wait/gamble on prices coming down. What if they dont come down - then what? Are you content to rent for the rest of your life? You have to consider this as a definite possibility. Just make sure you get all the information you need to make your own decision. Dont use the opinions of those on this board alone to base your decision.

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Walthamstow has a lot of potential as an area and is still relatively cheap for London without having the negative conurtations of the Barkings and Dagenhams. It biggest selling point for commuters is the fast Victoria line (probably the fastest tube line in London) links to Oxford Street and Victoria - also good overground links to the City and proximity to Epping Forest and the Essex green belt. There is also the thought as to where the tens of thousands of Olympics building workers from eastern Europe are going to live till 2012 - E17 is v close to Stratford.

There's a lot of snobbery against areas like E17 - as well as nearby places like Leytonstone - which actually aren't that bad. Certainly more preferable to the outrageous prices people are paying in south west London!

We all agree that everything in London is shockingly overpriced - maybe Walthamstow is a bit less shockingly overpriced than many other areas. Who knows what's to come though if the economy takes a downturn!

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I have to say that I would have no problems living in Walthamstow. Im not totally familiar with the area (Ive only been there about 5 times in my life), but I have friends who live there and they say its fine.

People on this board seem to have the idea that London is a terrible place to live, bar Kensington. This is not true. In fact, due to London's overwhelming popularity, it is now the most expensive place in the world to buy property.

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