SE23.com - The Official Forum for Forest Hill & Honor Oak, London SE23
Online since 2002   11,000+ members   72,000+ posts

Home | SE23 Topics | Businesses & Services | Wider Topics | Offered/Wanted/Lost/Found | About SE23.com | Advertising | Contact | |
 Armstrong & Co Solicitors



Post Reply  Post Topic 
Pages (4): « First < Previous 1 [2] 3 4 Next > Last »
House Prices
Author Message
brian


Posts: 2,002
Joined: Apr 2005
Post: #21
24-06-2008 10:50 AM

Average flat prices seem high
Was taking to one of our leading estate agents who cannot move a fully refurbished 1 bed in Devonshire for GBP 160k.

Find all posts by this user Quote this message in a reply
CAW


Posts: 32
Joined: Jun 2008
Post: #22
24-06-2008 10:54 AM

As i previously mentioned though I have just had my flat valued for sale in the new Printworks development (its shared ownership so you do not need to find a buyer - bonus!), it's two bed with a balcony and has been valued at 250k... i think it really depends on the flat and the location - I used to live on Devonshire, and although its one of the nicer roads in FH, some buildings/areas are pretty rough - block of flats half way down on the left anyone?...

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #23
24-06-2008 11:18 AM

Hi please enlighten me re shared ownership.
If you have say 50%, who owns the balance.
Say your are selling and independent valuer puts price at GBP 250k , do the other part owner have to pay you GBP 125k whether they want to or not.

Find all posts by this user Quote this message in a reply
CAW


Posts: 32
Joined: Jun 2008
Post: #24
24-06-2008 11:23 AM

The other half is owned by Tower Homes, a housing association that specialises in shared ownership. You pay them a reduced amount of rent for the second half. This allows people who cannot get a 250k mortgage get a 125k mortgage but still own a lovely new home. You can buy out the other half at a later date.

When you sell Tower Homes have a queue out the door for properties so you are obliged to sell to someone in that queue. There are no offers and they have to pay the independent valuation. Even if you have bought the other share and own 100% of the property you still have to sell to the queue and get the indepentdent market value for the property, so it takes the stress out of selling!

Find all posts by this user Quote this message in a reply
Elizabeth25


Posts: 212
Joined: Mar 2005
Post: #25
24-06-2008 12:14 PM

Don't you have to be a key worker, like a nurse or a teacher, to get in that queue? Or someone on a limited income? It isn't just 'first come first serve', is it?

Find all posts by this user Quote this message in a reply
CAW


Posts: 32
Joined: Jun 2008
Post: #26
24-06-2008 12:16 PM

Well i am neither - all you need to do is join the housing list for lewisham which is quick and free. They were originaly intended for key workers but as I mentioned previously they cannot afford them in London.

I am on nearly double that of a nurse and I barely cope!!

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #27
25-06-2008 04:34 PM

Thanks for explanation . Seems a good bet if you want to sell.

Find all posts by this user Quote this message in a reply
Dommy


Posts: 16
Joined: May 2004
Post: #28
26-06-2008 02:01 PM

Apr 2007 Apr 2008 Change

Detached ?404,500 ?790,000 +95%

Semi ?315,000 ?765,000 +143%

Terraced ?304,950 ?426,000 +40%

Flat ?185,000 ?215,000 +16%

So detached houses have almost doubled in a year? Semi-Ds up 143%? I'm not so sure (but then I am on the Sydenham borders...).

Find all posts by this user Quote this message in a reply
Elizabeth25


Posts: 212
Joined: Mar 2005
Post: #29
26-06-2008 02:37 PM

Where did you get this data?

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #30
26-06-2008 03:00 PM

Are these actual sales that have gone through or agents valuation
There is a very big difference between those.

Where did you get the figures. How many properties in each April.?

Find all posts by this user Quote this message in a reply
Dommy


Posts: 16
Joined: May 2004
Post: #31
27-06-2008 11:24 AM
Find all posts by this user Quote this message in a reply
alisa


Posts: 84
Joined: Mar 2008
Post: #32
27-06-2008 11:31 AM

ok, so if you look at the 3rd graph (absolute number of sales) there are very few actual detached sales (none in last 3 months shown) and not that many of semis - so I'd read as sample not big enough to really be able to comment


http://www.se23.blogspot.com/
Find all posts by this user Quote this message in a reply
gingernuts


Posts: 505
Joined: Nov 2007
Post: #33
27-06-2008 11:32 AM

Need to take this with a pinch of salt. Comparing apples to pears comes to mind.

A small detatched house could have sold in 2007 for 400k while a large victorian property on the east Dulwich boarders would have been worth 800k at the same time. Just because the large house wasnt sold until 2008 doesnt make 'detached houses' increase in value between 07 and 08 by 100%.

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #34
27-06-2008 11:59 AM

I agree , although surprised at the figures. The volume is well down and we need to look at each individual property.

Find all posts by this user Quote this message in a reply
michael


Posts: 3,255
Joined: Mar 2005
Post: #35
27-06-2008 01:19 PM

But generally property prices actually seem to be level (not dropping or rising) this is the same in many parts of London according to this web site. Demand is certainly down and that puts downward pressure on the prices, but the housing market is hardly in meltdown as the papers would have us believe.

Find all posts by this user Quote this message in a reply
Simon


Posts: 12
Joined: Jul 2005
Post: #36
27-06-2008 01:54 PM

From recent experience, things are actually quite bad out there. I'll be going to work in the US for a year or so and was going to sell the flat. I had 2 different agents tell me not to put it on the market unless I had to. There are no buyers out there and prices have dropped considerably. For instance, our flat was valued at ?290k before Christmas and now it would likely fetch around the ?260k mark. We've decided to rent it out as that market is quite buoyant.

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #37
27-06-2008 02:57 PM

Yes I have spoken to 2 estate agents reguarly and they are having problems. If people want to sell quickly generally they have to consider reductions to sell.
Also volume down by well over half.
The overall prices in estate agents windows may not have gone down by much over last 12 months but we are in a totally different market situation

Find all posts by this user Quote this message in a reply
admin
Administrator

Posts: 424
Joined: Dec 2002
Post: #38
24-04-2009 01:47 PM

The Times today:

"Kinleigh Folkard & Hayward (KFH), the London agent, this month reported offers over asking prices in areas from chi-chi Muswell Hill to up-and-coming Forest Hill."

Find all posts by this user Quote this message in a reply
mambo66


Posts: 6
Joined: Nov 2007
Post: #39
24-04-2009 09:53 PM

Admin, you are quoting an estate agent's report. Do we want to call it a reliable source?

It's funny, I was looking for this post to update the conversation. At the time many felt sure nothing was going to happen. I had been quite negative then but did not imagine things would have gone quite as bad as they have. I now think that house prices are going to be brought down another 30%. At that point I hope that a wise governement is going to reform borrowing, so that we can finally accept that hard-work, not inflated house prices, is the secret to a comfy old age. Otherwise there would be also the choice of a more generous pension system. But we would need to pay more taxes for that. Shall we put this to the vote?

M66

Find all posts by this user Quote this message in a reply
brian


Posts: 2,002
Joined: Apr 2005
Post: #40
25-04-2009 07:00 AM

I must agree that we have some way to go downward in prices yet.
The only prices worth considering are of property actually sold , therefore Land Registry prices.
Not sure another 30% to come down as mentioned but still in my opinion some way.

Find all posts by this user Quote this message in a reply

Friends of Blythe Hill Fields


Possibly Related Topics ...
Topic: Author Replies: Views: Last Post
  Alarming house prices! Belle 72 59,216 17-06-2014 10:30 AM
Last Post: banshee
  Not alarming house prices 0 1,511 Today 09:19 AM
Last Post: