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I have been monitoring the market in SE9 for around a year now.

Some interesting trends...

Example 1

Refurbished 4/5 bed in a good area of Eltham, but quite a busy road - the developer must be getting desperate now.

Started off at £399K back before Xmas, then went down to £364K, now is selling at £354K...

http://www.zoomf.com/detail/westmount-road...Q4Nw../

I don't think it show on propertysnake (which is getting less useful by the day).

Example 2

3 bed in an equally good area of Eltham, on a quiet.

Started off at £350K back in late autumn.

I actually emailed the EA back after they had sent me the details, cos I genuinely thought it was a typo!

I had viewed 2 almost identical properties in the same road a few months before, both of which were going for around £250K (yes £100K less), so you can understand why I thought they had made a mistake. However, after talking to the EA, I was informed that the seller had set the hugely-inflated price!! (What kind of EA would agree to that? ...erm, no comments please!) Anyway, it's still on the market (surprise!!) but now at £300K.

http://www.rightmove.co.uk/viewdetails-962...=1&tr_t=buy

Anyone else seen similar trends in SE London??

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I have been monitoring the market in SE9 for around a year now.

Some interesting trends...

Example 1

Refurbished 4/5 bed in a good area of Eltham, but quite a busy road - the developer must be getting desperate now.

Started off at £399K back before Xmas, then went down to £364K, now is selling at £354K...

http://www.zoomf.com/detail/westmount-road...Q4Nw../

I don't think it show on propertysnake (which is getting less useful by the day).

Example 2

3 bed in an equally good area of Eltham, on a quiet.

Started off at £350K back in late autumn.

I actually emailed the EA back after they had sent me the details, cos I genuinely thought it was a typo!

I had viewed 2 almost identical properties in the same road a few months before, both of which were going for around £250K (yes £100K less), so you can understand why I thought they had made a mistake. However, after talking to the EA, I was informed that the seller had set the hugely-inflated price!! (What kind of EA would agree to that? ...erm, no comments please!) Anyway, it's still on the market (surprise!!) but now at £300K.

http://www.rightmove.co.uk/viewdetails-962...=1&tr_t=buy

Anyone else seen similar trends in SE London??

There is a massive bubble in East Dulwich to the extent that 3/4 bed houses appear to be on the market at an asking price 50% above the lower end of Lordship Lane towards Forest Hill, or West Dulwich.

I routinely see asking prices for £600k for 3 beds in surrounding roads, but Property Bee already shows some evidence of falls of up to £40k in asking price, with lots of stickiness otherwise.

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There is a massive bubble in East Dulwich to the extent that 3/4 bed houses appear to be on the market at an asking price 50% above the lower end of Lordship Lane towards Forest Hill, or West Dulwich.

I routinely see asking prices for £600k for 3 beds in surrounding roads, but Property Bee already shows some evidence of falls of up to £40k in asking price, with lots of stickiness otherwise.

Don't you mean Herne Hill? :lol:

When I left the Elephant, a few agents were valiantly trying to re-christen it "South Bankside"! :P

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Looking at the latest land registry figures for SE12 Land Registry Figures for SE12 . Transactions 40% down from same period last year.

Still quite a range of prices. Some sales at 2007 prices, with a few others at 2004 levels, but most down 10% from the top (summer 2007).

I am still surprised at the number of sales at 2007 prices or above What HPC?. I guess these are the last set of sales agreed before HPC was common knowledge and the buyers did not pull out for one reason or another.

What do you see in your area?

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Looking at the latest land registry figures for SE12 Land Registry Figures for SE12 . Transactions down a massive 72.22% from same period last year, so hard to make any firm conclusions.

Still quite a range of prices. Some sales at 2007 prices, with a few others at 2004 levels, but most down 10-15% from the top at 2005-2006 levels

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Back in SE9, the market is showing some signs of serious drops in price.

This one is in a nice sunny corner and has dropped by 20% since it was first listed in April 2008 when it was (over)priced at £335K:

http://www.rightmove.co.uk/viewdetails-195...=4&tr_t=buy

10% drops in asking price seem fairly routine across the board in the 3-bed house sector...

This one started at £315k back in March, but it is far from glamorous even though it is in an okay street and handily close to the station:

http://www.rightmove.co.uk/viewdetails-172...=3&tr_t=buy

This one has dropped from £345k to £299k since March:

http://www.rightmove.co.uk/viewdetails-168...=4&tr_t=buy

Bizarrely, there are still some properties which refuse to move on price - this one has been on since I started monitoring the prices back in March:

http://www.rightmove.co.uk/viewdetails-996...=5&tr_t=buy

Sorry to bore you - but I find this sort of post rather interesting when I'm browsing!!

B)

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Went to view 2 houses this afternoon - both in SE9.

The first was in a very nice road - 5 mins walk from the railway station - a 3-bed Edwardian end of terrace in very good condition.

It had started off at £315K, then came down to £295K after a few weeks.

I had a good look around and it was a nice property. Decided to be candid with the owners who were showing me round (a mistake methinks) and told them I was interested, but only at the £250K mark. Gasp! I was suddenly persona non potato gratin... sharp exit time.

I think I was being realistic - a 15% discount seems reasonable to me in this climate.

The second house was on at £300K, but had started out at £390K back in May. Again, this was a 3 bed Edwardian EOT, but with a big side plot for a wide parking area (or possible extension). Once again, it was a lovely property - very nicely decorated and well-loved, though the kitchen was tiny. But I couldn't help thinking that even after a £90K drop, it was still just a 3 bed EOT in a good part of a relatively poor area of suburban London. It just didn't seem to be worth £300K. I didn't say anything this time to the owners!

Surprisingly, the EA hasn't contacted me to ask what I thought of the 2 viewings.... they weren't exactly overrun with enquiries when I visited them to arrange the viewings. Perhaps they had better things to do... like look for new jobs?

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The first was in a very nice road - 5 mins walk from the railway station - a 3-bed Edwardian end of terrace in very good condition.

It had started off at £315K, then came down to £295K after a few weeks.

I had a good look around and it was a nice property. Decided to be candid with the owners who were showing me round (a mistake methinks) and told them I was interested, but only at the £250K mark. Gasp! I was suddenly persona non potato gratin... sharp exit time.

I think I was being realistic - a 15% discount seems reasonable to me in this climate.

Nice work :lol: , and not at all a mistake to be the bearer of a much needed dollop of reality. I'm sure that if all viewings were conducted by the vendors who then heard from the horses mouth an actual offer (albeit one that crushes what's left of their equity illusions) we could all start buying and selling again. May be they themselves could go to the seller of the house they want to buy and get 30% off, in most cases we would all end up borrowing less from the banks and therefore better off week in week out.

Keep up the updates, it's lonely work sometimes but I think the New Year will bring even more drama in the HPC than this one gone

Edited by rentedroof

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Surprisingly, the EA hasn't contacted me to ask what I thought of the 2 viewings.... they weren't exactly overrun with enquiries when I visited them to arrange the viewings. Perhaps they had better things to do... like look for new jobs?

Eltham is where I grew up and one of the areas I'm likely to look at buying.

Nothing has been selling for the last year or so but for some reason prices are not dropping as quickly as they should be. They will of course but think it's going to take a bit of time.

I'm looking at the Crobett style places in the area north east of the station, gets very iffy to the west and further north but I lived in that area for a year or so and it was fine. Good solid houses with about the right amount of space, but £100K too much.

This one for example....

Eltham 3 Bed

Been on the market close to a year now and only been reduced by £10K, IMO should be sub £200K.

This was another that was sold and then done up earlier in the year...

Eltham 4 bed

Originally on for £395,000 now down to £319,995. Was purchased for £272,000 on 25th Jan so not much left to make a profit on it. Assuming a bigish mortgage if it sold for £319,995 I doubt there would be a profit in it given mortgage payments for the 11 months it's been on, plus the amount of work that has been done as it was in a pretty poor state. Nothing on that road has ever sold for more than £290,000 and that was Aug 2006 which for me would have been about the peak in Eltham IMO.

Possibly requires further discussion elsewhere but I think the level of MEW in this cycle means people simply can't reduce to a level they can actually sell at.

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Thanks gilf

I too looked at the 4 bedder on paper – I suspected that it wouldn't have much scope for discounting, so I didn't even bother going to see it inside. From the look of it, they must have spent quite a bit on the refurb, as there has been major rearrangement of room spaces on the ground floor.

Anyway, the EA did get back to me eventually, but had little enthusiasm to cajole me into making an offer! Quite the opposite of the archetypal pushy EA!

Did I mention that both sets of owners of the two houses I viewed, were selling to move abroad?

And both had lived in the properties for around 20 years... so I wouldn't think that the mortgage would be an issue.

Although the strength (or rather weakness) of sterling might have a more serious impact on the price they want for their homes...

Think I'll rent for another year and keep an eye on things!

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Eltham is where I grew up and one of the areas I'm likely to look at buying.

Nothing has been selling for the last year or so but for some reason prices are not dropping as quickly as they should be. They will of course but think it's going to take a bit of time.

I'm looking at the Crobett style places in the area north east of the station, gets very iffy to the west and further north but I lived in that area for a year or so and it was fine. Good solid houses with about the right amount of space, but £100K too much.

This one for example....

Eltham 3 Bed

Been on the market close to a year now and only been reduced by £10K, IMO should be sub £200K.

This was another that was sold and then done up earlier in the year...

Eltham 4 bed

Originally on for £395,000 now down to £319,995. Was purchased for £272,000 on 25th Jan so not much left to make a profit on it. Assuming a bigish mortgage if it sold for £319,995 I doubt there would be a profit in it given mortgage payments for the 11 months it's been on, plus the amount of work that has been done as it was in a pretty poor state. Nothing on that road has ever sold for more than £290,000 and that was Aug 2006 which for me would have been about the peak in Eltham IMO.

Possibly requires further discussion elsewhere but I think the level of MEW in this cycle means people simply can't reduce to a level they can actually sell at.

I am new and just trying to practise using the "funny signs". Re: the Eltham 4-bed - I cannot believe somebody actually bought a house at record price post-Northern Rock to flip! :o:o Must be out of his mind!

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I am new and just trying to practise using the "funny signs". Re: the Eltham 4-bed - I cannot believe somebody actually bought a house at record price post-Northern Rock to flip! :o:o Must be out of his mind!

In some ways it might be misleading, the houses in that area are split into two types, one slightly smaller than the other, this was one of the larger type which was also an end of terrace with some decent space to the side, so off street parking (not that this is unusual in that road).

But yep I agree, post-Northern Rock, and looks like they spent a fair amount doing it up. Fact is people have been blinded by greed, especially when it comes to houses in this country

Just looking at the road again on nethouseprices (SE9 1QG Craigton Road if your interested) there hasn't been much change in prices since 2004, for example 48 and 46 have changed hands in that period (I lived in 48), 48 sold in 2004 for £229,000 and then again in 2006 for £247,520, but 46 next door, same style of house only sold for £230,000 earlier this year. I believe these should be going for £180,000 tops.

Design Guru - would be interested in hearing any experience you have on viewing in that area. I looked at a couple back in 2006, more out of curiosity than anything else. Minimum 6 months before I start seriously looking and think it will still be too early to look, as I said won't be looking for anything above £180,000 in that area.

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Look what I just found....

These two are from Allsop's auction a few days ago:

http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A

http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A

Although they are not quite what I am looking for, they do give an indication of what people are prepared to pay in the nearby area.

I think these would have been marketed by EAs at the £225K mark a few months ago.

Any thoughts?

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Look what I just found....

These two are from Allsop's auction a few days ago:

http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A

http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A

Although they are not quite what I am looking for, they do give an indication of what people are prepared to pay in the nearby area.

I think these would have been marketed by EAs at the £225K mark a few months ago.

Any thoughts?

Shows the lunacy of the London property market. Not sure how well you know the area but this is what I meant when I said "iffy further north", when I said north I literally meant 200-300 yards. These are on the progress estate, total dump and I wouldn't go anywhere near it let alone purchase anything there.

I wouldn't be surprised if the second didn't still have blood stains from the Steven Lawrence murder as it happened literally* outside the front door.

But yes I agree much better indication of their actual worth when compared to this for example.....

Crap and Expensive House in Eltham

* and when I say literally I mean literally.

Edited by gilf

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Currently seeing some big drops in the area... one place I'm very interested in has dropped £70,000 since August (about 20% from original asking price), that ones a bit isolated as it is opposite my parents and I know the owner is keen to sell and move nearer her daughter but it would definitely suggest she has had no offers at all and possibly very few viewings.

Might go and have a look round in the next few weeks, won't be offering more than £50,000 less than asking price for it. Might be worth getting any sort of offer in at this stage, sow the seed and also be first in the queue later down the line if no offers come in.

Interestingly the highest price paid on that road (which is small so not many sales) was £262,275 in 2004 so even if you pay asking then prices are back to that level, houses on that road are pretty much all the same so no massive extensions to account for the price difference. As I say this level of drop is not being repeated everywhere but propertybee has been a real boon.

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Looks like our house on Craigton Road is falling further:

http://www.rightmove.co.uk/property-for-sa...y-20815676.html

Desperation setting in?

That must be now selling for a loss, still won't sell though. As mentioned before there have been a number of these on the market in that area that have been on for a year or so.

This one been on since last Feb....

Over priced house 1

This one been on since last March...

Over priced House 2

I do like the use of the words "IMMEDIATE" in the description of the second....

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Actually gilf, I was almost swayed by the rather alluring caravan in the front drive... if they threw it in with the house I might be tempted!

:lol:

Tempted to send this to the EA....

Dir Sir

With reference to xxxx when you say immediate do you mean this in relation to now, or 10 months ago when the property was originally offered for sale.

Also when you say realistically priced do you mean the price set last March and the subsequent reductions were not a realistic price?

Regards

gilf...

P.S. does it come with the caravan?

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The Craighton Road house is sold subject to contract now.

£18k profit IF it sold for asking price.... would think with mortgage payments and cost of getting it up to spec would account for almost all of that.

Still seeing a lot of reductions in the area, New Eltham in particular seems to have a a lot of places now reducing asking prices by a fair amount.

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Just been looking round Eltham and the Craigton Road house seems to show as sold in one EA's window but still available in another's (David Evans).

On a separate note, I just had the most pathetic experience yet with an EA - initials are BS, for those who wish to know.

I'm seriously interested in a property in one of Eltham's nicest roads (only available through BS), though it needs some serious work done.

I sent an enquiry via RightMove's email - no response.

I sent an email via BS website - still no response.

So today I went into the office - same two unsmiling drones at their desks.

Me: "Hello, I've sent 2 emails to you with regard to viewing the property in ******** Road for sale at £300K."

DroneA: (sharply) "Oh... what about it?"

Me: (slightly taken aback at the sharp response) "Well, I would like to view it?"

DroneA: "There's a block viewing on Saturday at 11am!"

Me: "Oh, it's Wednesday now, can I see it before then?"

DroneA: (irately) "There's a block viewing on Saturday at 11am!"

Me: "Don't you have the keys for the property here?"

DroneA: "Yes, but the soonest you can see it is Saturday"

Me: "So you are not interested in selling it then?!" (walks out of office...incredulously)

What are these people on? Do they really want to sell the property?

I know the property is a probate sale, so I suspect something is up.

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  • 294 Brexit, House prices and Summer 2020

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