moving to Sydenham

[beanwalls]

Hi All,

I really like Sydenham and would love to move there, but I'm not seeing many properties within my price range at the moment. Am I deluded in what I want for the money or is there just not much around at the moment? I need two bedroom and have an absolute maximum of 400k to spend.

Any thoughts or advice?

Thanks!

[ALIB]

Sydenham house prices increased a bit when the East London Line was commissioned, coupled with a few other local developments.

I don't have any advice, as I no longer liver there. Just to say, keep you eyes open for properties 'on the fringe' of your desired area.

[alywin]

There ought to be quite a few modern (and not so modern) 2-bed flats within that price range. Certainly there were a while ago, pre-lockdown.

[mosy]

I think it might be that there's just little action at the moment. You could try online agents active here, e.g. Acorn, Property World, Pedder. There are others, so check a catch all like Zoopla which has a fair number under £400K. Good luck.

[beanwalls]

Thanks for the replies. It's good to get a sense of what is a reasonable price, and yes I think that the pandemic has had an affect on what is available.

I've spotted a (quite small) two bed flat in Thorpe Close... does anyone know that bit of Sydenham or that block of flats??

[chrisj1948]

I've spotted a (quite small) two bed flat in Thorpe Close... does anyone know that bit of Sydenham or that block of flats??

It is in a very well-regarded part of Sydenham, a conservation area, about two minutes walk from the station. A desirable location.

Regards
Chris

[beanwalls]

Thanks Chris!

[monkeyarms]

As suggested above, I imagine it's simply that no many people for obvious reasons are putting properties on the market.

By the same token though, I'd have thought this would mean things there's a lot of room for bargaining with properties that are on the market. I'd go and see things that are above your price range and put in low offers if I were you. Property prices are going down. What with Brexit proper coming in at Christmas, I think you'd a fool to pay whatever prices estate agents are currently hoping to achieve.

My prediction is that it'll be difficult for a while as property owners will respond to decreases in property values by sitting on them, not budging, hoping for an upturn but I can't that upturn coming. Best time to buy in terms of reduced property prices probably somewhere around March or April next year. That's my market prediction anyway!

[alywin]

Hmm, I'm not so sure. I was talking to an estate agent yesterday - admittedly a little farther out than Sydenham - who was telling me that demand is outstripping supply, prices are going up, they are getting multiple offers, sealed bids and what have you, on properties. And they are having to limit viewings to those who either don't have a property to sell or who are under offer

[monkeyarms]

It doesn't surprise me that there's not much on the market, and so those who have to move, and have to live in a particular area, are currently having to pay above the odds, but it also means they are buying something that is probably overpriced and something that will down in value:
https://www.bbc.co.uk/news/business-53247066

There will be areas that buck the national trend of decreasing property values, but that doesn't mean there isn't a national trend of decreasing property values.

Personally there's no way in the world I would be offering asking price (let alone more!) for a property right now: the combination of coronavirus fallout and Brexit fallout means you could be buying something that'll be worth significantly less money in a year's time. We're about to hit a big economic recession and property prices are only just beginning to reflect that, so it strikes me as crazy to buy right now rather than wait and see... Plus Boris Johnson's promised bonfire of regulations means there's going to be a lot of cheap retail-to-resi conversions. This ought to mean lots more flats flooding the market (and probably not very good quality flats). Be interesting to see how it effects high streets like Sydenham's. I can imagine retail-to-resi conversions closer to Lower Sydenham, probably won't effect the busier end for the simple reason that it's too busy for a ground-level conversion to be so marketable.If I had the cash I'd be eyeing up the cake shop!