depaulo Posted August 13, 2007 Share Posted August 13, 2007 Just thought I would post some observations on the market here having just read the news about house prices accelerating again. Well, they aren't here anymore. I STR'd 1 year ish ago from Brixton (v bad timing) and have been watching the flat market carefully since. We sold our 2 bed garden flat for 300k (was on for 310), and around mar this year prices for 2 bed garden flats seemed to be pushing close to 400k. A flat just like ours sold at the same time as ours for about 280k and came back on the market around apr i think at 380k. ouch! It is now down to 350k and still not sold. In fact it seems like 350k now gets you an excellent 2 bed garden flat which certainly wasnt the case 5 months ago. There are absolutely loads of flats on the market as well. Quote Link to comment Share on other sites More sharing options...
Montymoore Posted August 13, 2007 Share Posted August 13, 2007 Just thought I would post some observations on the market here having just read the news about house prices accelerating again.Well, they aren't here anymore. I STR'd 1 year ish ago from Brixton (v bad timing) and have been watching the flat market carefully since. We sold our 2 bed garden flat for 300k (was on for 310), and around mar this year prices for 2 bed garden flats seemed to be pushing close to 400k. A flat just like ours sold at the same time as ours for about 280k and came back on the market around apr i think at 380k. ouch! It is now down to 350k and still not sold. In fact it seems like 350k now gets you an excellent 2 bed garden flat which certainly wasnt the case 5 months ago. There are absolutely loads of flats on the market as well. Sold my Streatham flat last year for £205k (larger than average 2 bed) By early this year similar properties on market 245k but now I see tons on the market. One development is still only 30% sold having been completed September last year. You might know it... Trinity place with tesco express underneath at top of the hill Quote Link to comment Share on other sites More sharing options...
Bobbins Posted August 13, 2007 Share Posted August 13, 2007 (edited) Brixton in South West London? I know it's got a SW2 postcode and is partially gentrified now, but it's most definitely sarf London. What next - Brixton Village? Edited August 13, 2007 by Bobbins Quote Link to comment Share on other sites More sharing options...
depaulo Posted August 13, 2007 Author Share Posted August 13, 2007 Brixton in South West London? I know it's got a SW2 postcode and is partially gentrified now, but it's most definitely sarf London. What next - Brixton Village? You are too late. I remember seeing 'Brixton village' quoted by estate agents when we bought our flat 5 years ago. imagine our suprise upon moving in! Quote Link to comment Share on other sites More sharing options...
depaulo Posted August 13, 2007 Author Share Posted August 13, 2007 Sold my Streatham flat last year for £205k (larger than average 2 bed) By early this year similar properties on market 245k but now I see tons on the market. One development is still only 30% sold having been completed September last year. You might know it... Trinity place with tesco express underneath at top of the hill I noticed that new development just the other day. It is rather a long way from transport links to say the least... Another thing I have noticed is that having looked at a few houses, the estate agents for most of the houses we are looking at are only dealing with people not in a chain. This also points to the flat market stagnating. Quote Link to comment Share on other sites More sharing options...
Montymoore Posted August 13, 2007 Share Posted August 13, 2007 I noticed that new development just the other day. It is rather a long way from transport links to say the least...Another thing I have noticed is that having looked at a few houses, the estate agents for most of the houses we are looking at are only dealing with people not in a chain. This also points to the flat market stagnating. The buses up and down the hill are excellent one every minute but the problem I think was the layout. The rooms are narrower at the centre of the building like a pizza slice. Having said that £300k for a small 2 bed flat was a bit steep. The real issue is when are these developers going start to seriously discount. They must get rid of them in the end! I suspect that there may be a tax on empty residential property that is not being sold. Gordon has tried this on the commercial market residential will soon follow. Quote Link to comment Share on other sites More sharing options...
Rachman Posted August 13, 2007 Share Posted August 13, 2007 Just thought I would post some observations on the market here having just read the news about house prices accelerating again.Well, they aren't here anymore. I STR'd 1 year ish ago from Brixton (v bad timing) and have been watching the flat market carefully since. We sold our 2 bed garden flat for 300k (was on for 310), and around mar this year prices for 2 bed garden flats seemed to be pushing close to 400k. A flat just like ours sold at the same time as ours for about 280k and came back on the market around apr i think at 380k. ouch! It is now down to 350k and still not sold. In fact it seems like 350k now gets you an excellent 2 bed garden flat which certainly wasnt the case 5 months ago. There are absolutely loads of flats on the market as well. So, if I understand you right.... the flat is now 'worth' 25% more than you sold for - and as a percentage of your equity is a lot more than that. have you made 25% on your money (or more as above) in the same time ? I see your comment re: bad timing, but do you see the price at £350K, or even £325K as the right money ? Quote Link to comment Share on other sites More sharing options...
LMD Posted August 13, 2007 Share Posted August 13, 2007 We live in a first floor flat just off Brixton Hill, renting for £200 a week. We enquired about buying the flat (2 bed - the second only a single, with garden and rooftop patio, large loft space) and were shocked and appalled to find that these flats were going for upwards of £300k. In my naive view, I had anticipated about £180-£190k... Hugely over-priced IMHO... We decided to bail on the London madness and head for the somewhat cheaper madness in Herts... Quote Link to comment Share on other sites More sharing options...
depaulo Posted August 13, 2007 Author Share Posted August 13, 2007 I see your comment re: bad timing, but do you see the price at £350K, or even £325K as the right money ? by 'right money' do you mean when people will start buying these flats again? Who knows. Probably at not much less than 350k because sentiment is still quite strong i think. Its just good to see that the madness has stopped and people can't just put any price they want against property. Quote Link to comment Share on other sites More sharing options...
sunama Posted August 18, 2007 Share Posted August 18, 2007 ... Its just good to see that the madness has stopped and people can't just put any price they want against property. In August 2007, I agree with that statement. But there is no guarentee that the madness will not return come sept/oct. Remember, June/July/Aug are traditionally the quiet months. People on this site seem to forget this. IMO the London property market still has at least 1-2yrs of 10-20% HPI left in it. People on this site just dont seem to comprehend just how many super rich people live in London. Unfortunately, only time will prove me wrong or right. Quote Link to comment Share on other sites More sharing options...
numpty Posted August 18, 2007 Share Posted August 18, 2007 In August 2007, I agree with that statement. But there is no guarentee that the madness will not return come sept/oct. Remember, June/July/Aug are traditionally the quiet months. People on this site seem to forget this. IMO the London property market still has at least 1-2yrs of 10-20% HPI left in it. People on this site just dont seem to comprehend just how many super rich people live in London. Unfortunately, only time will prove me wrong or right. I agree subject to the city holding its own, at the lower end I think the enivitable exit of sub prime lending will result in prices becoming stable/falling in the sub£200k so loved by BTL's. At the top end,where mortgages are not that relevant I would not be surprised at further rises Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted August 18, 2007 Share Posted August 18, 2007 A flat just like ours sold at the same time as ours for about 280k and came back on the market around apr i think at 380k. Cheeky fecks!! While they owned it, did they carefully import pure gold mined by hand by midgets to line the walls? Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted August 18, 2007 Share Posted August 18, 2007 People on this site just dont seem to comprehend just how many super rich people live in London. I suspect many, like me, have never been there. Nor ever met a rich person. Quote Link to comment Share on other sites More sharing options...
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