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Alarming house prices!
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Belle


Posts: 88
Joined: Dec 2009
Post: #1
10-02-2014 04:12 PM

I knew houses prices were going to be alarming when I found out how much our 2 bedroom house is currently worth but looking at 3/4 bedroom houses in Forest Hill I am even more shocked. Looking into it you won't get much change from 650K (actually more like 700k) if you're looking at a four bed house which is definitely beyond our price range. And Forest Hill is still considered cheap! CRAZY. It's a shame as we'll probably have to leave the area and nowhere in the vicinity is really do-able either - I've been looking at Hither Green. I hear on the grapevine that houses are going to sealed bids and things are going way over the asking price which sounds like a totally stressful experience. Kent here we come! SHAME.

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Novels


Posts: 83
Joined: Apr 2008
Post: #2
11-02-2014 12:55 PM

I am on the same boat as yourself, in a way.
However, there is one thing I can do...

If I were to sell my property, I would never give it to a certain agency on the high street which relies on open days for viewings.
I might lose a bit of money but my property is not a circus.

This post was last modified: 11-02-2014 12:57 PM by Novels.

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mcbain23


Posts: 32
Joined: May 2013
Post: #3
11-02-2014 01:12 PM

I'm interested to know Novels, why open days are bad?

A friend of mine had one on her flat in HOP, and she received 6 good offers that very day.

Have you had a bad experience in the past maybe?

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jaykayla


Posts: 22
Joined: Aug 2010
Post: #4
11-02-2014 01:46 PM

I'm not surprised prices have gone up in the HOP. It is frankly a great place to live and has now been "discovered". A rejuvenated high street, on-going money spent on the station including new lifts coming soon, nice neighbours, and lots of parks nearby. Although prices have gone up a lot, for what you get I still think it is pretty cheap relative to other places that fall within the 10-15 minute commute to London bridge/Canary Wharf.

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bluesuperted


Posts: 21
Joined: May 2012
Post: #5
11-02-2014 02:03 PM

I think most of the agents are now doing open days. In a way fairer as at least everyone is able to attend a viewing.

Prices are mad OP. Have you considered a loft conversion as a temporary measure? Or buying a place where that is an option? We did up a 30s very run down 3 bed and it's fab now - we could never have afforded a 4 bed even before this current run of prices. Also I think the Blythe Hill side of Catford is great and will only get better. Have heard nice things about the Corbett Estate too (reasonable victorian terraces) but a bit more isolated from transport and hubs there.

I agree that, even in this frenzied state, HOP and FH are actually fairly 'good value' compared with other parts of the capital (and much nicer!).

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IWereAbsolutelyFuming


Posts: 531
Joined: Oct 2007
Post: #6
11-02-2014 02:36 PM

Belle - Not a lot cheaper but there are 4-bed 1960s-70s townhouses at about 500k in FH

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Belle


Posts: 88
Joined: Dec 2009
Post: #7
11-02-2014 02:51 PM

Thanks for the reply. We can't do a loft extension as the roof is not high enough and a kitchen extension would add to the footprint but clearly it won't add an extra bedroom. I will keep an eye out for a 3 bed with a view of extending in the future but I don't think 550K is going to go very far in this market but hey you never know! Blink

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bluesuperted


Posts: 21
Joined: May 2012
Post: #8
11-02-2014 02:59 PM

Something like this:

http://mobile.pedderproperty.com/Propert...d/PWS27986

Not sure if still on market but because it's that bit further from hub of SE23 these roads are cheaper and I think really nice community etc.

Our house has a very similar footprint and we feel that we have plenty of space now that we have also converted the roof space. I love our 30s house even though not historically (ha!) as fashionable as Victorians.

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Belle


Posts: 88
Joined: Dec 2009
Post: #9
11-02-2014 03:33 PM

Thanks bluesuperted. I will certainly keep an open mind about 30's houses as I know how light and spacious they can be.

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bluesuperted


Posts: 21
Joined: May 2012
Post: #10
11-02-2014 03:52 PM

Very welcome. They have a great high pitch round here too which helps the loft conversion potential. They don't have the grandeur of the earlier houses but are (in my limited experience) much better insulated and sound proofed. We have put in picture rails and fireplace, some coving, nice architraves, bannisters etc and that has added to the character. Light is fantastic from the massive bays and FH has such nice light that the loft view is brilliant and adds a new light dimension. Hope you find a solution, house price bubbles/inflation are very bad at forcing ppl from areas they love.

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SeanThomas


Posts: 45
Joined: Apr 2012
Post: #11
16-02-2014 10:50 PM

I live on that road and it's very friendly.

You can get a lot more for your money if you live 12 minutes from FH station and go for 30s rather than Victorian. Some good houses the other side of Perry Hill too, near the river. Seem far away at first but in reality, are 10-15 walk from FH, Catford (which is better for transport I find anyhow) and Lower Sydenham.

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nottinghillbilly


Posts: 459
Joined: Dec 2010
Post: #12
18-02-2014 01:06 AM

I must say that I find 1960's houses really under valued...We moved to the area specifically because we wanted a 1960's townhouse (having previously owned a victorian terraced home north of the river) and they are plentiful here and roughly half the price of properties with similar square footage of an earlier period.
We love living in a 60's house, lots of natural light, large windows, room sizes that work and no annoying cornicing to catch dust.

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SLM73


Posts: 16
Joined: Jan 2014
Post: #13
04-03-2014 01:36 PM

House prices are alarming across London - the average price of four bed houses is now 500,000 to 600,000! I've lived in HOP and Forest Hill for 11 years now, I have friends here and I love the area but we're priced out if we want to move on from our flat! But then I think of the opportunities the move has opened up - where we are moving to has easy access to some of the most beautiful countryside and coast! So it's not all bad!

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Sherwood


Posts: 1,355
Joined: Mar 2005
Post: #14
04-03-2014 02:39 PM

Interest rates need to increase to control house prices.

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Southlonder


Posts: 119
Joined: Aug 2009
Post: #15
05-03-2014 02:38 PM

"House prices are alarming across London - the average price of four bed houses is now 500,000 to 600,000! I've lived in HOP and Forest Hill for 11 years now, I have friends here and I love the area but we're priced out if we want to move on from our flat! But then I think of the opportunities the move has opened up - where we are moving to has easy access to some of the most beautiful countryside and coast! So it's not all bad!"

Flats have proportionally gone up by the same amount in the area so I don't know what you are complaining about if you own your flat

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Belle


Posts: 88
Joined: Dec 2009
Post: #16
05-03-2014 03:37 PM

I am not complaining Southlonder. We have done very nicely thank you and the sale of our little house has enabled us to considerably upgrade but not in Forest Hill. That's all I was 'complaining' about i.e. that we'll have to leave FH, a place we've grown to love. However at the same time we too are looking forward to some coast and countryside Thumbsup

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Novels


Posts: 83
Joined: Apr 2008
Post: #17
05-03-2014 05:54 PM

Thanks for sharing this with us Belle!

We'll come and visit! Smile

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SLM73


Posts: 16
Joined: Jan 2014
Post: #18
05-03-2014 11:12 PM

I think that was my 'complaint', which was not really a complaint more a statement of fact. It matters little if flats have gone up at the same rate if you cannot afford to move with your circumstances in the area you have settled in. Yes I own a one bedroom flat, but I have a baby now and as both my husband and I work in the creative sector, even with any profit we make on its sale we could not take on a 400,000 mortgage. When I bought my place the difference between the price of a one bed flat and a two bed house was around 80 to 100,000. Now it's 200,000 to 300,000 - the opportunity for a family home in London is moving further and further away for the majority. So, we are moving to an area two hours away from London. That's a four hour commute for me three to four days a week and we're leaving the friends and support network I've built up here. I sympathise with those that are watching rents in the area rocket too but just because you own a flat does not mean you're in any better position if you want to stay in London and have a family. You only benefit if you move out, as we are, and as I laid out above, there's downsides to this. The trade off is that even though come the weekend I'll be knackered, I can be knackered by the sea!

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Novels


Posts: 83
Joined: Apr 2008
Post: #19
06-03-2014 03:07 PM

I agree with you SLM73 on all fronts.

I call myself lucky ten times over to own my property but it grieves me I can't put up my family and they can't afford to pay for a b&b or hotel in London.
Also, London is a mother to me and I wouldn't cope moving out.

'Creative' is, indeed, the word! Smile

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PVP


Posts: 271
Joined: Mar 2005
Post: #20
07-03-2014 10:05 AM

I think there is one important factor which I would like to add to this thread.

Life had reached the stage where I needed / wanted to upgrade from flat to house about 18 months ago. I would have loved to have stayed in FH. Since I bought in 2001, however, FH had gone from a void unknown outside locals to ironic beard central (or should that be central?). Given it had gentrified, hey presto, house prices were out of my budget.

Hence the solution was to move somewhere which yet to gentrify and I duly found a lovely 3 bed in Catford for 350k.

For those who bought in FH pre 2010, things have changed. This has been happening all over London for decades. When I first came to London in the mid 90's my mother was horrified I was considering living in Clapham Junction as it had been full of undesirables in her day. Why couldn't I live in Earl's Court or South Kensington? Riiiight mother. Things have changed a bit since your day.

To say you require a 400k mortgage is a bit far. You will if you want to live in FH. Assuming you made some money on your current home you should be able to upgrade with a 250k mortgage, just need to move out a little further.

As for moving out of London... maybe one day. I once commuted from outside London and frankly the longer I can postpone going back to that life the better.

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