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Hi there,

Just a quick update on my area: Southgate, North London (N14).

Most stuff still hugely, HUGELY overpriced and not selling. Some sensibly priced stuff moving, but not much. But then, the number of For Sale boards has risen dramatically in the last 2-3 weeks (must be the Spring Bounce! :-)), so this has put a lot of extra pressure on prices

Anyway, to show you what direction prices are heading, here's some stuff I've been following for months:

This was on a 750k, now had 25k chopped off.

http://www.rightmove.co.uk/viewdetails-434..._t=buy&chnl=buy

This was on at 750k, and has been chopped back and back for the last 8 months. Now 695k

http://www.rightmove.co.uk/viewdetails-338..._t=buy&chnl=buy

This is listed about 7 times! Highest at 595k, lowest 550k

http://www.rightmove.co.uk/viewdetails-416..._t=buy&chnl=buy

This has been listed for 3 months at 580k, now listed another two times at 570k and 565k

http://www.rightmove.co.uk/viewdetails-626..._t=buy&chnl=buy

This is on listed twice, once at 325k and then chopped to 310k

http://www.rightmove.co.uk/viewdetails-635..._t=buy&chnl=buy

This was on at 320k for a long time, now 308k

http://www.rightmove.co.uk/viewdetails-506..._t=buy&chnl=buy

This was on the market for most of last year at about the same price (maybe slightly higher). Now just come back on after a long time away...

http://www.rightmove.co.uk/viewdetails-643..._t=buy&chnl=buy

This is very cheaply priced for the area - compared to all the others that have been listed close to it for the last year. And after 9 months on the market, it still hasn't sold...

http://www.rightmove.co.uk/viewdetails-546..._t=buy&chnl=buy

This has been on for months at 275k, now 268k

http://www.rightmove.co.uk/viewdetails-440..._t=buy&chnl=buy

In short, all massively overpriced. Cheapest house is a horrible ex-council dump in 'need of renovation'. A bargain at £240k - i.e. nearly three-quarters of a million pounds (and will be a lot more after you've financed the renovation, stamp duty, etc.) Absolute maddness.

Nomadd

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Thanks  for that.

That last one is really quite something. I hought I'd become de-sensitized to this after a few months on this site but THAT REALLY blew me away  :o

Then if you really want to be blown away, this is the one which is the dump:

http://www.rightmove.co.uk/viewdetails-617..._t=buy&chnl=buy

In the EA's own words:

The best thing about this home is that you can start from scratch and finish it to your own taste.

Looking to practice your DIY skills in a big way? Good. Then put down that packet of drill bits, get out of B & Q and call us now before it's gone!

£240k + renovation costs, buying costs, etc. How stupid can things get????

Nomadd

Edited by Nomadd
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Then if you really want to be blown away, this is the one which is the dump:

http://www.rightmove.co.uk/viewdetails-617..._t=buy&chnl=buy

In the EA's own words:

The best thing about this home is that you can start from scratch and finish it to your own taste.

Looking to practice your DIY skills in a big way? Good. Then put down that packet of drill bits, get out of B & Q and call us now before it's gone!

£240k + renovation costs, buying costs, etc. How stupid can things get????

Nomadd

Small world - my brother put in an offer of £220k on that place a week and a half ago and it was rejected!

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Thanks Nomadd, good stuff.

This is my favourite one, have been tracking for ages. Originally on at 475k !!! The price has dropped regularly over 18 months, but still not sold. Now 329k !! Still vastly overpriced. I know that this proporty was purchased for 115k in 1999.

http://www.findaproperty.com/agent.aspx?ag...3&photo=1#photo

Edited by N14
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  • 2 months later...

Thanks Nomadd,

Enjoyed reading your site some great price reductions, I have the Chase Way details in front of me. Was offered by EA a few months ago for £595k. I also saw it for rent at a ridiculous price.

Kind regards,

Wadisgod.

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How about a few miles up the road to Hadley wood? (yeah, I know it's a bit posh)

But they are heading in the right direction.

How about this for 1,150,000 quid:

http://www.findaproperty.com/agent.aspx?ag...=prop&pid=79665

Ok, maybe a bit pricey. How about 185K off?

http://www.findaproperty.com/agent.aspx?ag...prop&pid=296107

It's a start! :lol:

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Used to live on Leigh Hunt Drive, in 2002, 1 bed flat was going for £150k (asking), over 2003/04 this went up to 165-175 - interesting to note on findaproperty.com that while one 1 bed is still being offered out at 175k, one is now under offer where the asking price is £149k! So back to 2002! If one considers that these were bought in 2000/1 at around £100k, I still think there is plenty of downside here... Cheers Bubble

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How about a few miles up the road to Hadley wood? (yeah, I know it's a bit posh)

But they are heading in the right direction.

How about this for 1,150,000 quid:

http://www.findaproperty.com/agent.aspx?ag...=prop&pid=79665

Ok, maybe a bit pricey. How about 185K off?

http://www.findaproperty.com/agent.aspx?ag...prop&pid=296107

It's a start!  :lol:

Although it's a bit 'posh', I see HW as one of those places that will be hit hard. I've tracked all the HW property on Rightmove for the last year or so, and none of it seems to have sold. Hardly suprising with such stupid prices. Some of the price drops are in the £100-200k+ range - and they still haven't sold.

With no-one further down the chain making money, the HW properties are just priced way beyond what anyone - even a fool - can pay. Interesting to note that the largest price falls in the recent reports have been for 3-4 bed detached houses - 3.5 percent last month alone - and that's what HW is made up of (and bigger, of course.)

For such a nice area, it's one of those places I would certainly avoid, as I think there is the potential to lose *serious* amounts of money there over the next few years.

Nomadd

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  • 440 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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