Kingston Upon Thames

[worried1]

Perhaps people just "like" surbiton?

I don't enough to justify working a high powered job for 25 years solid to pay for a few rooms there, but I do like the best of both worlds that Kingston / surbiton offers. Some want to dip in and out of central london at a whim, I think now that is surbitons main draw rather than being the mortgagees compromise

Oh, don't get me wrong, I am exactly one of those type of people. I love the combination that Surbiton offers and I probably wouldn't want to move closer into central London even if I could afford it.

The point I was making is that a lot of the people who are actually buying in Surbiton seem to be doing so because they can't afford to get what they want in Richmond/Wimbledon/Fulham instead.

So when a flat like that comes on at a price more akin to one of those places, I just wonder who is going to have the cash to buy it, as I'd expect most of them would then stick to their favoured areas.

For me, a lot of the advantage of living further in to town is purely snobbery. SW Trains can be a complete pain, but when they are running well (which is most of the time), I can be in the office just as quickly as my colleagues that live more centrally, and I can stay out centrally in the evenings just as late because the trains run later than the tube. That is what matters to me on a daily basis, and if I do have to get an expensive cab from time to time, it doesn't really make a dent in the difference in housing costs between living in Surbiton compared to a nice part of zone 3.

[Welshasylumseeker]

I do see where you are coming from, I certainly agree there was an exodus of priced outs coming this way in the 2005/7 period in particular. I think since then, and perhaps as a result, surbiton has become more established in the sw London circles as a place in its own right, so I do think its worth considering there are perhaps a lot of people who have seen the light and would rather pay a premium to be able to get away from the smoke but still be within it, as opposed to having make do.

My own background is that I moved to London for work when I was 19, around 2001. The only area I knew at first was surbiton as my uncle ran a few pubs in the area through the 80's and 90's, so I was drawn there when I moved. I have seen it gradually change in that time from a part of Surrey/London that few have heard of to the bars popping up on maple road, the tide of yummy mummies, crime stats now being made public and comparable, so I do think the late 20's crowd see surbiton in a new light.

Still live in Kingston and think both towns are great, having lived in Camden, kennington and deptford at various points over the last 13 years I can honestly say there is no part of London I would rather be, so it's certainly not a compromise because I was priced out of clapham etc. areas rise, areas fall, surbiton could be the new hackney for all I know. Still think prices are too far removed from reality!

[worried1]

I do see where you are coming from, I certainly agree there was an exodus of priced outs coming this way in the 2005/7 period in particular. I think since then, and perhaps as a result, surbiton has become more established in the sw London circles as a place in its own right, so I do think its worth considering there are perhaps a lot of people who have seen the light and would rather pay a premium to be able to get away from the smoke but still be within it, as opposed to having make do.

My own background is that I moved to London for work when I was 19, around 2001. The only area I knew at first was surbiton as my uncle ran a few pubs in the area through the 80's and 90's, so I was drawn there when I moved. I have seen it gradually change in that time from a part of Surrey/London that few have heard of to the bars popping up on maple road, the tide of yummy mummies, crime stats now being made public and comparable, so I do think the late 20's crowd see surbiton in a new light.

Still live in Kingston and think both towns are great, having lived in Camden, kennington and deptford at various points over the last 13 years I can honestly say there is no part of London I would rather be, so it's certainly not a compromise because I was priced out of clapham etc. areas rise, areas fall, surbiton could be the new hackney for all I know. Still think prices are too far removed from reality!

There has definitely been a change in the area in the last 15 years, and it is for the better in terms of the bars/restaurants and shops that are available, but for the worse in house prices. Kingston/Surbiton are in a fairly unique position because they did not really have to 'gentrify' like Clapham or areas in SE London, more just modernise to get where they are now.

I certainly agree that it is a bit more on the map now. 15 years ago, if you told someone you lived in Surbiton, you would be derided as a dull suburbanite living in the middle of nowhere by those living in London, and derided as a Londoner living in a built up, dangerous area by those living further out. It is amazing how many people in both camps respond very positively about it now, especially those who have visited. As you say, there are also more people who are here because they want to be here now, as opposed to here because it is the closest to London they can afford to get.

It shows how good the area is, because this has happened against the tide of central-ish London becoming much more fashionable in that time, and the suburbs and provinces in general less so. As I keep banging on about in other threads, who would have thought 15 years ago that areas like Anerley and Crystal Palace in SE London would be more expensive than Guildford or Tunbridge Wells? It would have been inconceivable.

Perhaps the exodus from London to Surbiton has slowed down, but I still think it continues to some extent. The indications are that small houses in central locations are still selling for this type of money:

http://www.zoopla.co.uk/for-sale/details/33064019

http://www.zoopla.co.uk/for-sale/details/34135119

This must be mainly to those moving out of London with a pocket full of equity, because it would be a big stretch for a local person selling a small flat for £300k or an FTB.

[quine]

Overpriced flat anyone?

Last sold 2009: £470k, spruced up a bit and now at £675k

http://www.zoopla.co.uk/for-sale/details/32210431

Very long commute from there into London. No wonder it keeps changing hands.

For that money you could live in Richmond.

Did go under offer but has fallen through - lucky escape for someone. Reduced from 675k to 599k no takers and now 575k. Still overpriced.

http://www.rightmove.co.uk/property-for-sale/property-31531074.html

[Mrs Bear]

Did go under offer but has fallen through - lucky escape for someone. Reduced from 675k to 599k no takers and now 575k. Still overpriced.

http://www.rightmove.co.uk/property-for-sale/property-31531074.html

Lease on that one - 125 yrs from 1975 - will be a deterrent. Getting close to the 80 year point, where it becomes even more expensive to renew a lease.

[bambam]

This one really brought the price increase home to me today:

http://www.zoopla.co.uk/for-sale/details/33918701

Last sold for £87k in 1996, so in excess of 600% increase in 18 years if they get asking price. What has happened to salaries in that time, perhaps doubled?

The worst thing about it is that this one is not actually priced too badly when compared to a lot of the stuff that has come on recently.

Similar thing in a dull part of Z4, E18, handy for the North Circular:

http://www.zoopla.co.uk/for-sale/details/33683095

£78k in 1996, £500k in 2014

Much cheaper per square foot of course, but a very dull area.

[longgone]

sad to see the plebs are still buying for crazy money in surbiton.

good to see a few reductions though

[worried1]

Asking prices still going up in the more sought after parts of the area:

http://www.zoopla.co.uk/for-sale/details/34624354#U7LJl8dylkdhVETu.97

This is a good road, and an extended house, but is at the end of the day just a standard suburban semi. Highest recorded selling price for a similar house is £931k last year, so it will be interesting to see if they get anywhere near the 23% annual increase they are looking for!

The slowdown is becoming more pronounced in general, even in these roads. This house went on for £700k at the start of August, and is now unsold with a £20k reduction. Still far too expensive, of course, but this would have been snapped up before the summer.

http://www.zoopla.co.uk/for-sale/details/34135119?search_identifier=06f917792e1f733ada498d6d5bb00321#P9yLpty03hFqCLTX.97

[longgone]

second one 400k max

[worried1]

second one 400k max

Should be, but an almost identical one sold last year at £675k. I think there are still people out there that would pay £600k for it, but we'll see.

It is interesting that the owner of that one is looking for the same price as last year, while the owner of the one on The Mall expects 23% more. Differing levels of disillusion?

[longgone]

Should be, but an almost identical one sold last year at £675k. I think there are still people out there that would pay £600k for it, but we'll see.

It is interesting that the owner of that one is looking for the same price as last year, while the owner of the one on The Mall expects 23% more. Differing levels of disillusion?

i think 675k would buy a very nice 2 bed flat some where in zone 3 probably , so why bother with that thing even with the crazy prices !

[worried1]

i think 675k would buy a very nice 2 bed flat some where in zone 3 probably , so why bother with that thing even with the crazy prices !

Indeed, and maybe even zone 2. The classic market for these houses in Surbiton is actually people moving out of that type of flat in London. People who are not quite ready for (or can't afford) the detached house in Surrey 'proper' yet, but want a bit more space and the quick train link back into town.

Unfortunately at this type of price, they may as well stay in London as prices for similar houses seem to be about the same!

[bambam]

Somewhere like Acton/Shepherds Bush would be cheaper.

[worried1]

Somewhere like Acton/Shepherds Bush would be cheaper.

I'd have thought Shepherds Bush would be more expensive now. This is the closest in size I can find to the £680k house:

http://www.zoopla.co.uk/for-sale/details/34441963#kOZK8xRGssw9MBU7.97

I don't know that area that well, but what often happens is that the 'best' part of a cheaper area is often as expensive as an average part of a more expensive one. Outside of that part of Surbiton, these terraced houses are more like £500k than £700k. Still fantastically over-priced, but a bit more in line with the remoteness of the location.

The street with the £680k house is no different in real terms to any of the other streets of terraced houses in Surbiton, except it is the only road like that in the direct vicinity of the station, river and the better bars and restaurants. I think that people with London money are prepared to buy there and almost forget the fact it is just Surbiton rather than a s*****y London postcode. Put the same house out in Berrylands or Long Ditton and they are not interested, leaving locals with much smaller budgets to those areas.

Edited September 26, 2014 by worried1

[longgone]

I'd have thought Shepherds Bush would be more expensive now. This is the closest in size I can find to the £680k house:

http://www.zoopla.co.uk/for-sale/details/34441963#kOZK8xRGssw9MBU7.97

I don't know that area that well, but what often happens is that the 'best' part of a cheaper area is often as expensive as an average part of a more expensive one. Outside of that part of Surbiton, these terraced houses are more like £500k than £700k. Still fantastically over-priced, but a bit more in line with the remoteness of the location.

The street with the £680k house is no different in real terms to any of the other streets of terraced houses in Surbiton, except it is the only road like that in the direct vicinity of the station, river and the better bars and restaurants. I think that people with London money are prepared to buy there and almost forget the fact it is just Surbiton rather than a s*****y London postcode. Put the same house out in Berrylands or Long Ditton and they are not interested, leaving locals with much smaller budgets to those areas.

judging by the smell at berrylands station last week , it`s not a place i would want to live with a massive poo soup factory nearby.

[worried1]

I'd have thought Shepherds Bush would be more expensive now. This is the closest in size I can find to the £680k house:

http://www.zoopla.co.uk/for-sale/details/34441963#kOZK8xRGssw9MBU7.97

I don't know that area that well, but what often happens is that the 'best' part of a cheaper area is often as expensive as an average part of a more expensive one. Outside of that part of Surbiton, these terraced houses are more like £500k than £700k. Still fantastically over-priced, but a bit more in line with the remoteness of the location.

The street with the £680k house is no different in real terms to any of the other streets of terraced houses in Surbiton, except it is the only road like that in the direct vicinity of the station, river and the better bars and restaurants. I think that people with London money are prepared to buy there and almost forget the fact it is just Surbiton rather than a s*****y London postcode. Put the same house out in Berrylands or Long Ditton and they are not interested, leaving locals with much smaller budgets to those areas.

Not sure why that shows up as s*****y! I actually put an equivalent word for 'posh', so that rather changes the tone of the post.

[worried1]

judging by the smell at berrylands station last week , it`s not a place i would want to live with a massive poo soup factory nearby.

I agree, and I dont think that will change for years. I read in the local rag that Thames Water don't even use the site anymore, but won't spend the money to neutralise the smell unless they are allowed to build loads of flats on the land.

They are holding the council to ransom over another piece of land they own next to the river on Portsmouth Road, so it doesn't really surprise me.

[worried1]

This is the biggest price drop yet, I think:

http://www.zoopla.co.uk/for-sale/details/34172053?featured=1&utm_content=featured_listing#rsAKVSYjHXd3zLFs.97

I think that this was on for £750k with Foxtons originally, the reduced to £700k. Silly prices, of course, but interesting that they have reduced it by £225k and put it on with a different agent to hide their initial stupidity.

If they had put it on at this price during the mad times of Spring 2014, I reckon they would have got £500k for it, even though it was never worth that. Now they will need to chase the market down quite a bit more. than that.

[worried1]

If they sell for £500k then that is just a 50% increase in 3 years. Shows just how insane the current market is when the property earns £1,000 per week ie £50,000 per year tax free. Nobody needs to work anymore just buy a property as this property is probably among the top 2% or earners as I guess you would need to earn a salary of £85,000 per year to take home £50,000 after deductions.

Indeed and that is actually quite slow growth compared to what has happened a little closer to London. Some of the properties in the SE postcodes have doubled in a year, netting their owners over £200k in untaxed profit. There aren't many jobs in the whole economy that pay that.

Why bother slaving away in a stressful £75k job that nets you £4k per month if your house is 'earning' more than 3 times as much?

[longgone]

This is the biggest price drop yet, I think:

http://www.zoopla.co.uk/for-sale/details/34172053?featured=1&utm_content=featured_listing#rsAKVSYjHXd3zLFs.97

I think that this was on for £750k with Foxtons originally, the reduced to £700k. Silly prices, of course, but interesting that they have reduced it by £225k and put it on with a different agent to hide their initial stupidity.

If they had put it on at this price during the mad times of Spring 2014, I reckon they would have got £500k for it, even though it was never worth that. Now they will need to chase the market down quite a bit more. than that.

330k looks about right to me for that

would not mind that for 300k who knows couple of years time these silly flats might go back to 250k , where they should be anyway.

[worried1]

330k looks about right to me for that

would not mind that for 300k who knows couple of years time these silly flats might go back to 250k , where they should be anyway.

I think £250k is the right number as well. That would allow a couple of FTBs on £35k each to buy one on a 3 times joint income mortgage with a £40k deposit. Should never have been higher in my opinion because that is still a push compared to the 'old days', but we find ourselves in a position where we have a long way to get back down to that.

It was only really at the original peak in 2007 when standard 2 bed flats in Surbiton hit £250k anyway, only the really top ones were more. That was considered ridiculous at the time, but now it seems to be £450k+ for those standard ones and up to £700k+ for the top ones. Wages certainly haven't changed much since then....

[worried1]

This represents a new high in asking price for this road:

http://www.zoopla.co.uk/for-sale/details/34425809#5T4pQFSXb3WO8zW1.97

The highest price ever paid in this road prior to 2014 was £590k, and several of the houses are a lot bigger than this one that is now on the market for 38% more than that!

[Elad]

I suppose the extra price is for the boat for when the river floods....

[worried1]

I suppose the extra price is for the boat for when the river floods....

I don't think it would ever flood there because although it is close to the river, even the end of the road is a long way above it. When the area flooded this year, it was lapping against some of the buildings in Kingston, but was still probably 25 metres down from this road - you never know, though!

The thing that is a bit of a p*sstake about this road is it is described as a 'river road' by the EAs, but when you get to the bottom of it there is just a disused waterworks, and you have to walk about 300m down the main road to actually get to the river.

Let's see if it is worth £815k to someone!

This is a much better deal in my opinion:

http://www.zoopla.co.uk/for-sale/details/34752219#tvFbADpiddbfI5Oh.97

Obviously it is still ridiculously priced (and still has the waterworks rather than the river at one end of the road!), but at least these houses have been selling at £800k for the last few years. It is the best part of 1,500 sqft which is good for this area, and could easily be extended to 2,000sqft.

It hasn't got the character for the other house, but most of the features have been removed from that one anyway.

[worried1]

Spot the difference between this one and the semi in the last post:

http://www.zoopla.co.uk/for-sale/details/34777725#uIMXF4m1F5RZ1IM5.97

These two were built by the same builder to the same design at the same time and are only a couple of roads away from each other, but one is £620k, the other £900k.

The sad thing is, that thanks to the miracle of our property market, the £900k one will sell first!