Jump to content
House Price Crash Forum

Recommended Posts

It is interesting to look at the plans for this development:

http://maps.kingston.gov.uk/

06/12427/FUL

215 RICHMOND ROAD TURRET HOUSE AND 38 ALBANY PARK ROAD KINGSTON UPON THAMES

"Erection of 4 storey building.comprising of 23x1 bed, 25x2 bed, 5x3 bed flats & 2 x studio flats (19 affordable units) with basement car park and access from Albany Park Road. Erection of 6x3 storey, 5 bed semi detached houses in Albany Park Road".

Starting from pag 118 of 291 (yes I know!) you have its Savill's Development Control Toolkit, with all the info you could ever need as an aspiring developer. These Albany Park Road houses are priced in at a mere £900k so there is still some profit to be made :)

Very interesting - thank you.

How typical that the very few family houses included in this development were so expensive.

I wonder whether Bewley Homes has yet received any 'offers they can't refuse'?

Show house has horrible wallpaper - I'd make them whip that off for a start :P

Link to post
Share on other sites
  • Replies 2.4k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

At the other end of KT2, this one was originally on at £265K, just now down to £219,950.

As I think I've said before, these look pretty hideous from the outside, but nice location/views and much bigger than the average 2-bed.

http://www.findaproperty.com/displayprop.a...p;agentid=00720

I'm still expecting the KoT flat market to implode by Christmas.

I agree. The only real problem with these flats is that they are very close to the 'Kingsympton' (sp?) Estate. This does not seem to affect the multi million pound houses on the other side of Kingston Hill, though!

The flat market has already seen massive falls. I think that the key point will be when the lower priced 2-bed flats like this drag the ones that are currently £300k+ back down to the stamp duty threshold.

I have also noticed that houses are starting to follow suit. Anything in one of the areas more sought after roads seem to be holding up, but apart from that asking prices are well down.

Not in my direct areas of interest, unfortunately, but I am starting to see good sized 3 bed houses in 'ok' parts of Kingston and Surbiton for below £350k. It has been a while since that has happened!

Link to post
Share on other sites
I just looked on FAP - if it's the Lower Ham Road one, overlooking the river, I'm surprised it hasn't sold. Lovely location, unless of course you're Paddles. ;) and those houses don't come up very often.

At the other end of KT2, this one was originally on at £265K, just now down to £219,950.

As I think I've said before, these look pretty hideous from the outside, but nice location/views and much bigger than the average 2-bed.

http://www.findaproperty.com/displayprop.a...p;agentid=00720

I'm still expecting the KoT flat market to implode by Christmas.

Where is this?

This has been on for ages!

Link to post
Share on other sites
I agree. The only real problem with these flats is that they are very close to the 'Kingsympton' (sp?) Estate.

i see now...that's solved that one!

If it's the estate I am thinking of, it's been run-down for a long time.

Link to post
Share on other sites
They all just shrugged and said that there were just no buyers in the market at the moment, thereby giving the impression that no matter how much the price was lowered by there would still be no interest.

i've got my flat in Raynes Park on the market at the moment (click here if you're curious), and i go along with what's said above. i've checked on rightmove what the competition is like and i can see we're not overpriced compared to other similar stuff in the market, in fact its good value for three bedrooms in such a good location for Raynes Park. We haven't had a viewing for quite a few weeks now and it really must be because there are no buyers willing to even look around until all the talk of dropping prices continues, because i know there are people out there who can afford to buy my flat!

Link to post
Share on other sites

I've been watching Kingston/Surbiton/New Malden/Raynes Park on Right Move since January with Property Bee and it's been very interesting! biggest price drop I've seen so far is £80k in Surbiton (well, more like Tolworth) and i think more is likely to follow as the house in question has been on the market since Jan & gone under offer twice with no joy,

Overall lots of property on Right Move has been around for months, lots dropping by £10k here and £10k there, going under offer then coming back on as available, and there are some sellers still holding out for last year's asking price.

I remain convinced that a good 3 bed house, currently listed for approx £350k will be £270k this time next year (if not lower!). I can afford £350k now but think it's madness to make probably the biggest purchase of my life on a clearly depreciating asset (yes I am a ftb). Why anyone would by now is beyond me, but people are - some work colleagues are selling locally, although they've been through the "ftb making an offer then pulling out" scenario a few times over and are accepting offers well below asking - having said that nothing has completed as yet.

Oh, and I've just seen the first EA shut up shop in the high street this am.

Link to post
Share on other sites
We haven't had a viewing for quite a few weeks now and it really must be because there are no buyers willing to even look around until all the talk of dropping prices continues, because i know there are people out there who can afford to buy my flat!

Without being mean, I could afford to buy your flat but I would not be willing to. I don't believe it is worth that price and I know prices will fall lower. Why would I buy a flat in Raynes Park now, when in a few years I can choose a house in RP or a flat in Wimbledon for the same or less money.

Link to post
Share on other sites
I don't believe it is worth that price

its only worth what anyone wants to bid for it (depending on their liking of the flat, their requirement to move now and their desire to live in Raynes Park so close to the station), and realistically we all know the asking price is merely just the asking price

Link to post
Share on other sites
its only worth what anyone wants to bid for it (depending on their liking of the flat, their requirement to move now and their desire to live in Raynes Park so close to the station), and realistically we all know the asking price is merely just the asking price

I can't comment on the asking price as I do not know Raynes Park, but if it is anything like Surbiton the proximity to the station makes a MASSIVE difference. It is not uncommon for 2 bed flats near the station and river to go on the market at the same price as 3 bed houses only a mile or so away.

Link to post
Share on other sites
Interesting, a couple of posts indicating that FTB affordability is NOT an issue in this area!

Don't be fooled - it most certainly is an issue for a good many.

In my area (KT2) the very cheapest one-bed, over a shop and on a busy road, is still priced at £179,950*.

And the vast majority are a hell of a lot more.

*also up for rent for £800pcm.

It doesn't seem long (maybe 10 years?) since I was telling my mother how even the grottiest little one bed flat around here cost a crazy £60K...

Link to post
Share on other sites
Interesting, a couple of posts indicating that FTB affordability is NOT an issue in this area!

There will always be FTBs who can afford to buy. A decent one bed flat in this area is still a minimum of £220k. Allowing for a 20% deposit, that means someone would have to borrow £175k. To do this at 3.5x income, they would need to be earning £50k pa.

I appreciate the average salary here is likely to be higher than the national average, but I don't think that many FTBs earn that.

Link to post
Share on other sites
To do this at 3.5x income, they would need to be earning £50k pa

Or it could be a couple earning 25k each. Not uncommon where there are many 'professionals' around.

(or in reality is it 3.5x the salary of one half of the couple, plus the salary of the other half?)

Link to post
Share on other sites
Or it could be a couple earning 25k each. Not uncommon where there are many 'professionals' around.

(or in reality is it 3.5x the salary of one half of the couple, plus the salary of the other half?)

I think the 'old fashioned' multiple for a couple was 2.5x joint or 3.5x main & 1x partner.

A lot of couples are going to want a 2 bed flat or a 3 bed house. The entry level for houses in 'ok' parts of this area is £400k. With a 20% deposit, this would need a combined income of "128k to stay within the 2.5x multiple.

I don't think affordability is an issue for a lot of people per se, it is just what they can afford. I know a lot of couples in this area who earn a joint salary in excess of £100k, but most will continue to rent until they can afford something better than a 2/3 bed semi in a poor part of the area or a 2 bed flat in a better part.

Link to post
Share on other sites
I think the 'old fashioned' multiple for a couple was 2.5x joint or 3.5x main & 1x partner.

A lot of couples are going to want a 2 bed flat or a 3 bed house. The entry level for houses in 'ok' parts of this area is £400k. With a 20% deposit, this would need a combined income of "128k to stay within the 2.5x multiple.

I don't think affordability is an issue for a lot of people per se, it is just what they can afford. I know a lot of couples in this area who earn a joint salary in excess of £100k, but most will continue to rent until they can afford something better than a 2/3 bed semi in a poor part of the area or a 2 bed flat in a better part.

If you believe affordability isn't an issue, then this implies that the answer to the original question "How overpriced is this area?"

has to be "it isn't".

Edited by harvest
Link to post
Share on other sites
If you believe affordability isn't an issue, then this implies that the answer to the original question "How overpriced is this area?"

has to be "it isn't".

I don't think that this area is as overpriced as some, but what you have is people on a joint income of £100k+ buying the type of house that may have historically been bought by people earning the equivalent of half that.

I am not one of those who thinks "I earn £60k a year so deserve more than a 2 bed flat', but a lot of people do think like that and therefore consider affordability to be an issue.

Link to post
Share on other sites
I know it is.

I was just highlighting the irony of predicting large falls in prices, but then undermining it with a “but I can afford to buy”.

You must share a dictionary with Alanis Morrisette. There is absolutely nothing ironic about my comment. I rent a house in Wimbledon for £700pm less than a 90% mortgage on Snuffle's flat would be. So it seems pretty obvious that the flat is over-priced.

Sentiment is changing, and people aren't rushing to buy so they don't get left behind anymore. So if they can rent a better property for less then even if they can afford to buy they are tending to wait and see what happens next year. Also with prices falling the concept of a "property ladder" disappears, so "starter homes" and flats become utterly unattractive to anyone who is considering starting a family in the next 5-10 years.

So yes I could afford to buy that flat, but that in no-way makes it worth the money.

Link to post
Share on other sites
So yes I could afford to buy that flat, but that in no-way makes it worth the money.

I agree - with no offence to snuffle_uk meant - and also don't see any irony in saying I could afford the mortgage but would prefer to wait. It's just sensible.

At the moment, a loan on that flat would be more than my rent (am renting a lovely house with large garden in walking distance to shops/station/schools). Have watched the property market locally for the last few years and (with thanks to this forum) feel pretty well informed. Why would I jump to buy now, pay more than I do in rent and watch the equity I contribute eroding month by month, when I can wait & take out a smaller mortgage, with lower repayments and therefore more money in my pocket to enjoy life (the way I do now!) in 12 months time?

I definitely sense among friends/colleagues that the "panic" to get on the ladder has evaporated, and those who scraped on in late 2007 are looking nervous,

Link to post
Share on other sites
I rent a house in Wimbledon for £700pm less than a 90% mortgage on Snuffle's flat would be. So it seems pretty obvious that the flat is over-priced.

(btw, i'm not getting all defensive about my own flat :) just getting involved in the debate here)

i really don't think it's fair to compare the cost of renting a property with the cost of buying one and conclude that if the cost per month of buying is higher than that of renting then the property is overpriced! as you know, renting and buying are two completely different things... although you may pay more per month to buy, you are acquiring something. and the cost per month to buy my flat (at a price i'll accept, remember that's not necessarily the asking price, lol) split between two professional people is definitely affordable. if a couple earn 25-35k each, want three bedrooms and a garden and Raynes Pk station down the road then the property not over-priced... its what they can afford to pay and what they want. And after 25 years they'll own it outright.

Sentiment is changing, and people aren't rushing to buy so they don't get left behind anymore. So if they can rent a better property for less then even if they can afford to buy they are tending to wait and see what happens next year. Also with prices falling the concept of a "property ladder" disappears, so "starter homes" and flats become utterly unattractive to anyone who is considering starting a family in the next 5-10 years.

my flat has 3 bedrooms, a large garden and lots of space for bikes etc... plenty of room for a family :)

i understand what you're saying about people hanging on renting so they can get better deals in a year or two's time. That is undeniably a prudent approach to entering the housing market (and an approach that very many are taking). But some people (admittedly, hardly the majority at this point in time!) will not want the uncertainty of renting or the potential hassle of upheaval every 6-12 months or (not least) the inability to modify the property they're in to make their home. If they can find a property that fits their ticklist, and between them (as a couple) they can afford the mortgage, then they're out there now in the market and going back to my paragraph above, if they are a professional couple with a good deposit and good professional wages then the property is not overpriced for them.

Edited by snuffle_uk
Link to post
Share on other sites
I agree - with no offence to snuffle_uk meant - and also don't see any irony in saying I could afford the mortgage but would prefer to wait. It's just sensible.

Totally agree. Most people that can afford are just sitting tight. Renting isn't that bad and if you have a decent landlord things should be fine. Places such as Raynes Park do have an appeal but this area is due a correction that is in line with the rest of London.

I definitely sense among friends/colleagues that the "panic" to get on the ladder has evaporated, and those who scraped on in late 2007 are looking nervous,

The ones that did buy in 2007 are more than nervous. I'd say they are very worried indeed.

Kingston and the surrounding areas are still good places to live, it'll be better once it's cheaper though!

Link to post
Share on other sites
if they are a professional couple with a good deposit and good professional wages then the property is not overpriced for them.

Sorry for disagreeing however property has for the past 5 years - and will be for the next 5 years - been "overpriced" for everyone. Not until property comes down to half price will most people be able to own a home, if that's what they want. The young generation must, at the moment, feel totally useless/helpless as they have no hope of ever owning until this happens.

The whole country (world) seemed to be so pleased reporting on how house prices were going up up up as if it was something to be proud of and yet it seems to be a "disaster" when the price of oil goes up.

The world, our world, needs a BIG shake-up.

Link to post
Share on other sites
Sorry for disagreeing however property has for the past 5 years - and will be for the next 5 years - been "overpriced" for everyone...The world, our world, needs a BIG shake-up.

Yes and let's take that into account about an area such as Kingston. I'm not a historian but the cottages that are extremely over priced would have been traditionally available to people from working class backgrounds. What does that mean for people now? Yes, times have changed but why is that same property (now older) worth exponentially more money. If housing was affordable, there wouldn't be such a rush to buy. I was going to buy in Kingston two years back but got disheartened in the way I was treated as a FTB. Properties that I wanted to see were off the market before I had a chance to get to view and I was left with suspicion from how the agents in this area operated. So; firstly the shake-up should see less agents operating and more time to ponder what will still be the biggest single financial investment I make. I think that buyers should be given more time for reflection to think about the property, as it's not quite the same as choosing a pair of jeans!

Edited by kittingerjump
Link to post
Share on other sites
Sorry for disagreeing however property has for the past 5 years - and will be for the next 5 years - been "overpriced" for everyone. Not until property comes down to half price will most people be able to own a home, if that's what they want.

Unless a house is so pricey that no-one at all can afford it then it is not overpriced... it may be expensive, but it is not overpriced. if there are people out there who can afford it and would be able to consider it to be fair value with regard to what they're looking for, then its not overpriced.

it would only be overpriced if all people who wanted it couldn't afford it.

this may be a much said thing, but nobody has a right to own a house. If you can't afford a house and there is sufficient demand in an area to hold prices fairly steady, then (although it sounds harsh) that's unfortunate for you. You desire to and want to purchase a property, but this is one of those things where 'fair' doesn't really come into it... its business and its a market.

(i hope this doesn't make me sound too hard nosed :) i also hope it doesn't make me sound stupid :) )

Edited by snuffle_uk
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.