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Poll: Will ELL impact house prices in HOP?
Yes prices will increase above the london average
Prices will increase but if the market goes up
It will make no difference
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ELL Line to HOP: Will it boost house prices?
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Southlonder


Posts: 119
Joined: Aug 2009
Post: #1
18-05-2010 12:16 PM

Hi

I'd be interested to know the thoughts of other HOP residents about what impact (if any) the ELL will have on the valve of properties in the area

My architect who lives in FH is convinced it will have a big impact...not sure though?

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Southlonder


Posts: 119
Joined: Aug 2009
Post: #2
18-05-2010 12:29 PM

I just realised as this is my first post that it would be rude not to introduce myself!

I bought a house on Garthorne Road in Sept of last year having lived in Clapham and Brixton for a number of years. I guess I could be classed as an "overspill" buyer in that I was originally going to buy in E. Dulwich but the prices and crime put me off

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Snazy


Posts: 1,504
Joined: Jan 2008
Post: #3
18-05-2010 12:40 PM

Welcome to SE23 Smile

In short, yes, I think it will increase prices of commuter distanced properties in the area. Not expecting a boom as such, but a decent bump I would have thought.... once the market recovers a little anyway.

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michael


Posts: 3,217
Joined: Mar 2005
Post: #4
18-05-2010 01:13 PM

I've post some recent average house price figures on another thread http://www.se23.com/forum/showthread.php...9#pid23209

I have no doubt that ELL will increase house prices between Brockley and Crystal Palace, at least compared to average house prices across London as a whole. It would be hard to imagine why houses would be even better value (compared to the rest of London) than at present in this much undervalued area of London. Although some of that value has already been lost as local house prices have risen slightly faster than other areas of London.

We will be the best connected area of South East London in zone 3. Given that it is also a lovely place to live, I can't see why people would not pay a premium to move to Honor Oak and Forest Hill.

Of course others such as Dan On The Hill have different opinions. You can read a variety of views on another thread on house prices http://www.se23.com/forum/showthread.php...9#pid17609

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Ex FH Pat


Posts: 112
Joined: Oct 2009
Post: #5
18-05-2010 02:01 PM

Im surprised that house prices are not higher in FH & HOP as I think both are very nice areas, I have not heard of many murders of gang related crime in these areas like we have in the " brighter borough of wandsworth "

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Southlonder


Posts: 119
Joined: Aug 2009
Post: #6
18-05-2010 04:38 PM

I agree I have to say HOP continues to impress me. The main issue for me would be a local supermarket and a proper pub (yes the HOP is nice but that's strictly FH and not on the HOP parade

My wife seems to think as soom as HOP get's connected to the ELL that a Sainsbury/Tesco local will follow, I hope she is right!

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tripandfuschia


Posts: 68
Joined: Apr 2010
Post: #7
18-05-2010 05:18 PM

I am just putting my house on the market and the news from the agents is that some parts of FH is reaching 2007 prices and things are very bouyant here.

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michael


Posts: 3,217
Joined: Mar 2005
Post: #8
19-05-2010 02:23 PM

Not directly related to House Prices, but this article tells you a little bit more about where you live!
http://londonist.com/2010/05/introducing...ine_ho.php

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sandy


Posts: 189
Joined: Oct 2006
Post: #9
19-05-2010 08:00 PM

One quibble with the link - "Honor Oak residents are young families and young professionals, perhaps on the cusp of starting a family." This leaves out rather a lot of other people who live in HOP!

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baggydave


Posts: 384
Joined: May 2004
Post: #10
19-05-2010 10:04 PM

You need to add a fourth category - something along the lines "who cares" or "aren't there more important things to discuss".

Correct me if I am wrong, but didn't unstable and rampant price inflation fuel both the current financial situation, and that of 22 years ago.

Or am I just taking myself too seriously. Now that would be an interesting poll.

And there is a proper pub in Honor Oak, the General Napier. Now that is a bonus.

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tripandfuschia


Posts: 68
Joined: Apr 2010
Post: #11
20-05-2010 03:15 PM

well I actually agree to some extent with your sentiments baggydave but I also will be enabled to make the move I have been hoping to make and life style change I have hoped to make for a while, if as the agents say, the market is quite bouyant.

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Baboonery


Posts: 581
Joined: Sep 2007
Post: #12
20-05-2010 04:58 PM

Close to the dread phrase Hard Working Families there!

But yes, I agree with baggydave.

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Erekose


Posts: 553
Joined: May 2010
Post: #13
20-05-2010 07:45 PM

Yes baggydave that accords with my recollection of events. We moved to FH in 1988 at the peak of that boom and then spent several years sitting on a nice pile of negative equity.....

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James123


Posts: 11
Joined: Jan 2009
Post: #14
20-05-2010 07:52 PM

I'd presume that if property prices in SE23 rise over and above property prices in the rest of London it is good for all home owners here, surely. Not great for others maybe.

The ELL may or may not make a significant difference to prices, but travelling back from Canary Wharf today (despite the change at New Cross Gate) it made Forest Hill feel very well connected - which must be a key factor.

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roz


Posts: 1,793
Joined: Mar 2005
Post: #15
20-05-2010 08:14 PM

I think there will be some even-ing up of house prices but no great rocketing- which I think will be good for maintaining the current eclectic mix of people and businesses etc.

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PackOfDusters


Posts: 30
Joined: Nov 2007
Post: #16
21-05-2010 09:36 AM

I'd dispute that.
For anyone wanting to move from a flat to a house within Forest Hill it's still a bad thing surely? If all property prices rise by the same proportion then house prices will be even more unaffordable. Personall, I'd much rather find that my flat was 20k cheaper, but that any house I had my eye on was 30k cheaper...

However, I do fear that the overground will boost property prices round here Sad

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Cidered


Posts: 50
Joined: Nov 2007
Post: #17
21-05-2010 09:53 AM

PackOfDusters beat me to it, but I'd also say it's not a good thing for most current residents if property prices in SE23 rise above the rest of London.

I've lived in HOP since 2001, bought in 2005 and am looking to stay in the area but move from a flat to a house sometime soonish, however I'll potentially be out-priced.

Evan Davies wrote an interesting article which talks about this back in 2004(!) and it's still relevant I think: http://news.bbc.co.uk/1/hi/business/3701070.stm

One of the main things that attracted me to HOP was that it's a down to earth spot, so personally I'm hoping the new Overground won't change the character of the area too much. Also, if it does bring with it a Tesco or Sainsburys metro then Honor Oak can pretty much say goodbye to ever getting an independent butcher or green-grocer.

Given that there seems to be barely an area in SE London which hasn't had the phrase 'up and coming' applied to it I won't be holding my breath that we're the next Herne Hill or East Dulwich, despite what our local estate agents are saying.

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tripandfuschia


Posts: 68
Joined: Apr 2010
Post: #18
21-05-2010 10:23 AM

I agree it is totally unfair and difficult for younger people, people wanting to trade up, move from a flat to a house etc. I bought my first flat in Hackney and second one in Dalston, I was unable to move to anything bigger or in a slightly better area because the prices went sky high and that was when I researched and found this area 5 years ago. I think it is an amazing area and have enjoyed living here very much. Now prices here apparently have gone up again. I am hoping to move and pay off a large chunk of mortgage. My mortgage was huge because I bought expensively and spent loads of money doing up a house I expected to stay in for the next 20 years. A couple of years ago I was unable to work for 18 months due to health reasons and returned to a much lower paid job. I'm only telling this story to illustrate that sometimes you just can't tell what will happen with house prices/ your life etc. Now I may benefit from prices going up and move to a smaller house in a cheaper area, and not have a huge mortgage. Still it doesn't help younger people or first time buyers!

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michael


Posts: 3,217
Joined: Mar 2005
Post: #19
21-05-2010 10:30 AM

Well you've all had plenty of time to invest in property in Forest Hill over the last few years knowing that house prices will rise over the next couple of years above the London average.

House prices are roughly governed by the same laws of supply and demand as anything else (but supply is very inelastic - I think that is the technical term). The more people want to live in an area, the more they are willing to pay. It would be strange to imagine that demand for property in HOP and FH will not increase thanks to the improved transport connections.

It is also quite possible for independent shops to thrive close to supermarkets, as long as there is enough footfall in the high street and if people have enough disposable income to choose quality over supermarket deals.

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Cidered


Posts: 50
Joined: Nov 2007
Post: #20
21-05-2010 11:42 AM

Quote:
It is also quite possible for independent shops to thrive close to supermarkets, as long as there is enough footfall in the high street and if people have enough disposable income to choose quality over supermarket deals.


Agreed. Although Forest Hill doesn't exactly provide a shining example of this possibility (not yet, at least).

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