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House prices in Forest Hill - are they *definitely* on the up?
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JonathanH


Posts: 8
Joined: Dec 2008
Post: #1
03-02-2010 12:56 PM

Just saw this on the Foxtons site. A 2 bedroom flat on Devonshire Road for ?329,950! It doesn't have a garden and from what I can see isn't absolutely mind-blowingly amazing.

So why is it so high? Anyone know? Or is this just the first signs of estate agents trying to hike up prices quicker by slapping whopper prices on at first and then coming down to more sensible prices and making people feel like they've got a bargin.

Wonder if anyone else has noticed or has any thoughts on the SE23 market.

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tttttttttttttt


Posts: 22
Joined: Mar 2005
Post: #2
03-02-2010 01:10 PM

Foxtons notoriously over price things ............ and by quiet some margin it seems ............. they've had a house on Honor Oak Road on for many months, which I think started off at ?575k (if I remember rightly) and is now down at ?499k, with (I think) some way to go yet .......

It doesn't have the effect I feel of hyping, but infact quite the opposite of leaving the property lingering on the market for far too long, with thoughts of how greedy and/or dillusional Foxtons or the owners are and subsequently, the feeling of them getting increasingly desperate as they bring the price down to where it should have been in the first place.

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Cidered


Posts: 50
Joined: Nov 2007
Post: #3
03-02-2010 01:32 PM

I think they may have transposed the 3 and the 2 at the start of the price. Or perhaps the valuer was concussed after hitting their head on the low ceiling in the reception room.

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Baboonery


Posts: 581
Joined: Sep 2007
Post: #4
03-02-2010 01:57 PM

About 18 months ago there was a fairly ordinary one bed on Devonshire on the market through Winkworths (I think) for 229, as I recall. I know it's meant to be a desirable address, but really, them's Wandsworth prices.

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newcomer


Posts: 25
Joined: Apr 2008
Post: #5
03-02-2010 02:15 PM

House prices will be on the up as well though- especially as the ELL has now become a reality (almost). So there's a lot of overhyping, but probably also some 'natural' price inflation in the area.

Certainly, a lot of people have started to look into Honor Oak/Forest Hill that would normally have not even known that we exist! From personal experience, a lot of our city-based friends are beginning to move from South-West to South-East London (eg, Dulwich, Forest Hill, Brockley, etc) as you get more green space, good schools, and more of a 'community' feel. And housing is still cheaper than it would be in, say, Wandsworth, Clapham or Fulham. This extra demand is bound to increase prices eventually, though perhaps Foxtons and the like are a little premature with their marketing as personally I would have thought that it might be a year or so yet before we really see the impact of the new transport links.

The bottom line is that even if prices rise here, they will still reflect the fact that we're in zone 3 rather than zone 1. By comparison, a small 2-bed flat in Angel starts at around 500k or more, so compared to that even the Foxton prices seem reasonable!

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michael


Posts: 3,196
Joined: Mar 2005
Post: #6
03-02-2010 02:59 PM

I tracked some figures on another thread based on sales of Flats, here is an update:

April 2007 figures:
Average flat in Forest Hill =?195k
Average flat in East Dulwich = ?255k

April 2008 figures:
Average flat in Forest Hill =?216k
Average flat in East Dulwich = ?254k

April 2009 figures:
Average flat in Forest Hill =?184k
Average flat in East Dulwich = ?212k

November 2009 figures:
Average flat in Forest Hill =?208k
Average flat in East Dulwich = ?244k

It is difficult to get a good indication of the housing market as sales levels are still quite low. However, these figures suggest that if you ignore the market peak in 2008 the long term trend in house prices in Forest Hill is positive.

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JonathanH


Posts: 8
Joined: Dec 2008
Post: #7
03-02-2010 03:01 PM

Thanks Michael. Useful .

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Cidered


Posts: 50
Joined: Nov 2007
Post: #8
22-02-2010 01:22 PM

Just noticed that the flat on Devonshire Road, which was on the market for 329,950 has - unsuprisingly - now been reduced by 40k to 290,000.

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Tinkerbell


Posts: 356
Joined: Dec 2007
Post: #9
22-02-2010 08:40 PM

Foxton's once valued a flat I was selling around 30% above all the other agents who'd sent their valuers. And of course tried to push me into signing an exclusive deal as well for the first 3 months. Needless to say I didn't sign with them and have steered clear since. Once you're signed up, they'll usually start dropping the price pretty soon, until it reaches a realistic price.

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michael


Posts: 3,196
Joined: Mar 2005
Post: #10
06-08-2013 09:17 AM

An update with the last few years included:

April 2007 figures:
Average flat in Forest Hill =195k
Average flat in East Dulwich = 255k

April 2008 figures:
Average flat in Forest Hill =216k
Average flat in East Dulwich = 254k

April 2009 figures:
Average flat in Forest Hill =184k
Average flat in East Dulwich = 212k

April 2010 figures:
Average flat in Forest Hill =193k
Average flat in East Dulwich = 237k

April 2011 figures:
Average flat in Forest Hill =184k
Average flat in East Dulwich = 235k

April 2012 figures:
Average flat in Forest Hill =197k
Average flat in East Dulwich = 249k

April 2013 figures:
Average flat in Forest Hill =229k
Average flat in East Dulwich = 282k

Flats continue to be approximately 20% cheaper in Forest Hill than in East Dulwich, for larger houses the margin is greater (30% based on average figures).

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Herbert


Posts: 63
Joined: Apr 2010
Post: #11
06-08-2013 09:51 AM

I think there are large variations depending on the areas within Forest Hill. Prices have gone up over 50% for the same properties on the roads around me in the 5 Years i've been in FH.

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michael


Posts: 3,196
Joined: Mar 2005
Post: #12
06-08-2013 09:56 AM

The other statistic I thought I would look at is whether Forest Hill is good value for money. Many people complain that house prices are too high in Forest Hill, but this has to be compared to the wider area.

SE London is cheaper that NW or SW London, but here are some other SE postcodes ranked by order of average prices based only on May 2013.

SE21 793k
SE11 688k
SE24 568k
SE1 498k
SE22 450k
SE10 437k
SE5 425k
SE3 424k
SE16 408k
SE15 328k
SE12 322k
SE14 320k
SE23 314k
SE4 303k
SE27 298k
SE26 291k
SE19 290k
SE13 276k
SE8 272k
SE17 270k
SE6 250k
SE20 246k

Using SE23 as our base, East Dulwich has an average price 43% higher, but prices in Peckham, Lee, New Cross, Herne Hill are all higher. However Forest Hill is more expensive that Sydenham, Norwood, Lewisham, Deptford, Crystal Palace, Catford, Penge and Anerley.

If people are looking for a cheaper place than Forest Hill there are plenty of options within 10 minutes of Forest Hill town centre by public transport. But for Forest Hill to be cheaper than Peckham or Lee does suggest that it is still good value.

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Newbie


Posts: 40
Joined: Apr 2008
Post: #13
06-08-2013 10:12 AM

House prices are overpriced full stop in London. Yes - I think Forest Hill is too expensive now. An average 3 bed home half mile from the station will now set you back 500k. Brockley is even more expensive and Nunhead, Peckham Rye are also ridiculous. I wouldnt call Forest Hill good avlue anymore.

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Southlonder


Posts: 119
Joined: Aug 2009
Post: #14
06-08-2013 10:29 AM

I think anyone wanting to get a bargain in FH may have now missed the boat. My 5 bed terraced house in HOP was recently valued at 650k and I was told it would sell in a week, that is either very good or very bad, depending on how you look at it

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lacb


Posts: 623
Joined: Mar 2005
Post: #15
06-08-2013 11:39 AM

True, southlonder, and that is a fast sale price.

michael, though I suspect your conclusion is probably roughly correct, I am not convinced by the method and this could mislead.

I don't think you can compare value for money in this way. You may have a better chance by taking into account average sq m but this becomes a tricky calculation if you are going to do it properly and would probably need to broken down by property type too to be of any use.

I personally doubt that Blackheath (SE3) is better value than Dulwich (SE21) by a factor of nearly 2! It is likely that there is a more active market in flats in Blackheath to account for this.

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Bcm


Posts: 187
Joined: May 2010
Post: #16
07-08-2013 09:42 PM

SE3 also covers Kidbrooke and the immense Ferrier estate. That will have a massive factor on average price of flats

http://en.m.wikipedia.org/wiki/Ferrier_Estate

Or did until recently!

This post was last modified: 07-08-2013 09:44 PM by Bcm.

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michael


Posts: 3,196
Joined: Mar 2005
Post: #17
13-01-2014 09:51 AM

Forest Hill is one of the Top 20 affordable places to live in London apparently (alongside Catford and Sydenham):
http://www.thelondoneconomic.com/tle-t20...in-london/

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MightyMouse


Posts: 122
Joined: Apr 2012
Post: #18
13-01-2014 10:34 AM

"Affordable" if you're part of a household on three times the national average salary, according to the article.

Which is in no way "affordable" in the real world.

Yes, the prices here, as everywhere else in London, are definitely on the up. The prices for those new flats on Devonshire Road (the converted post office thing) are just ridiculous. Best part of half a million for a two bed flat?

I've literally just looked on Zoopla - a flat on Stanstead Road, on for 179,950, has had an offer of 215,000.

I've stopped looking here now - in a year's time, when I'll be in a position to buy, I'll be moving back to SW London, as there will be nothing here in my budget. In the meantime, I can feel myself disengage from Forest Hill slowly but surely. Too affluent for the likes of me, apparently (only earning double the national average salary gets you nowhere here, sadly).

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michael


Posts: 3,196
Joined: Mar 2005
Post: #19
13-01-2014 11:24 AM

Sorry to hear that MightyMouse. I didn't realise house prices were cheaper in SW London, generally I thought they were higher. There are still places cheaper than Forest Hill in SE London which are not very far away. I hope you find a place where you feel comfortable wherever that may be.

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Anotherjohn


Posts: 347
Joined: May 2005
Post: #20
13-01-2014 12:18 PM

MightyMouse

I have seen some interesting ex-council flats in Perry Vale come onto the market at very sensible money recently and although they may not be all that attractive at the moment I believe they will turn out to be a very good buy within a very short period of between 1 to 2 years. That's where I'd be looking right now.

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