House prices

[sparticus]

It looks like a nice house. But 1.4 million to live in Sydenham? Are they serious? Will they get it?
http://www.pedderproperty.com/Property/ ... 27610.aspx

[Rachael]

A nice house? That's a cracker. Yes, they'll get it, or close to it. Houses of those proportions in that area (Thorpes, Mayow Road) have been priced at over £1million for a few years now. Anyone who wanted a house on Cator Road and missed out would probably consider this one. The only thing that might stop them realising that price is the size of the gardens (both front and back), which are quite small for a house this size.

[pip]

Looking at Zoopla today at current values of sydenham properties I found that Zoopla in no way reflects the selling prices actually being obtained by along way.

[Rachael]

Looking at Zoopla today at current values of sydenham properties I found that Zoopla in no way reflects the selling prices actually being obtained by along way.

Their data is at least six months to a year out of date - both the flats next door to me sold last summer, but Zoopla doesn't have either of those sales listed.

[alywin]

And it took them months to get my neighbours' property sale on there.

[FromCtoShiningC]

With prices in Clapham and Dulwich etc (and that's just South of the River) going through the roof, it's not a surprise… And also, I've always thought the Sydenham and Penge housing stock of period properties is as good as anywhere in London….. some lovely streets with a great character….

[robbieduncan]

And it took them months to get my neighbours' property sale on there.

The Land Registry release a new list of sold prices every 3 or 6 months (I forget which). After completion (and only after completion) solicitors have 3 months (again I think) to notify the Land Registry. So there is quite a scope for delay.

[Eagle]

There will be tears before bedtime soon when interest rates start to rise.


This bubble will burst and prices will dive.

A 35% plus reduction across the board best for most locals.

[Manwithaview1]

It looks like a nice house. But 1.4 million to live in Sydenham? Are they serious? Will they get it?
http://www.pedderproperty.com/Property/ ... 27610.aspx

That famous liar and perjurer Andy Coulson's house in Wood Vale was up for sale at £1.485 Mill

[Manwithaview1]

There will be tears before bedtime soon when interest rates start to rise.


This bubble will burst and prices will dive.

A 35% plus reduction across the board best for most locals.

People were telling Osborne this for years but still he ploughs ahead with that stupid housing policy. Moron.

No doubt Tories will blame Labour for it.

[Eagle]

Man with a vIEW


I think we are in agreement . Put the official flags out.

I also agree that the coalition housing policy of encouraging prices to increase is a disaster waiting to happen.

Tears before bedtime.

[Alfred Adler]

A 4br house in Girton Road, I am reliably informed, that was advertised for offers in excess of £500k by the Property World merchants on the high street, has been sold for £585k, and took one day to sell. The usual bubble mentality was involved, open day arranged by agents to create panic as couples are walking around to view the property and having to look in rooms as other viewers are coming out of the rooms. Where will it end?

[Eagle]

There will be tears before bedtime I am afraid.

Girton Rd , with due respect , not the best area in Sydenham.

[leenewham]

No, Girton road isn't the best street in Sydenham. If it was the houses would be a lot lot more.

It's still a nice street though with nice people living on it.

But house prices are even sillier than before 2008. There is very little on the market which is inflating prices. And the price rises are pointless and the top end is going mad. The problem is, everyone now NEEDS their house to sell for silly prices to afford to move to another house that too has sold for a silly price.

We need to stop houses being investments and speculation, or at least make it a less desirable investment. And we need to spread the wealth around the country and take the heat and focus away from London. Perhaps we need to consider ideas like a parliament for England based in the Midlands. Scotland has one. Wales has an assembly. We need better transport between Leeds, Manchester, Birmingham etc. We need better housing design, more sustainable, better planned. People are moving further out of London. When I first came here it was possible ego get a flat in a nice area or close to the centre of London. I lived in Hamstead in the 90's for under £100 a week in an amazing flat. There is nothing like that available now, anywhere in the centre. We are all moving further and further out in search of value and space. Transport is creaking under the strain. It's speeding up too, the trains seem even busier than ever, even outside of rush hour. Working from him is part of the solution, just building more homes isn't. It's has to be a multi idea solution.

PROPERTY PORN:

Just out of interest the 10 bedroomed Cedars is up for sale on Sydenham Hill if you have 3.5 million:
http://www.rightmove.co.uk/property-for ... ry29863584

Comes with a free house!

Or if that's to small, just down the road in Beckhenham there are 16 bedrooms:
http://www.rightmove.co.uk/property-for ... 50229.html

Or 11 on Church Road:
http://www.rightmove.co.uk/property-for ... 42705.html

All of which make the 1.4 million quid for a house in the Thorpes look like poor value!

If you want to take a look inside the amazing Pagoda in Blackheath which is also up for sale, it's here:
http://www.rightmove.co.uk/property-for ... 17241.html

It's a bit like a digital open house.

[Eagle]

Lee

Wise words from your goodself.

I heard someone said my house is worth such and so forth.

I answered on what do you base that. If the house was exactly the same but in Rochdale how much would it be worth ?

If City of London Economy Collapses , due to overseas competition , the London market will dive my over 50% , probably more.

People who pay these stupid prices probably need to be certified. Wait to interest rates start rising.

A house is only worth what a prospective buyer prepared to pay. Nothing more.

[leenewham]

The issue is that at the moment so little is on the market that anyone wanting to move has to pay over the odds.

Estate agents don't have much on their books so larger selling prices help with their commissions and balance sheet which is probably why there are so many open days with properties at the moment and places selling over the asking price.

It's a sellers market. At the moment a house is worth what a seller is prepared to let it go for. If they have nothing to move to, no chain, there is little incentive to accept a lower price.

Some friends of our have bought a place and sold their. They move in a week. The place they bought has gone quiet and haven't communicated with them for weeks so they have nowhere to move to. I expect they may well suddenly ask for higher price. It's essentially ransom.

When we first started looking at Sydenham as a place to put down our roots we lost properties that were going above asking price and then the market crashed.

It will happen again.

[Eagle]

Lee
I think happening already. People who give their word should remember . My word is my Bond

However it will turn and as gone up so much crash will be all the bigger.

[Robin Orton]

I heard someone said my house is worth such and so forth. I answered on what do you base that. If the house was exactly the same but in Rochdale how much would it be worth ? [...] A house is only worth what a prospective buyer prepared to pay. Nothing more.

Not sure what your point is, Eagle. In economic terms, the 'worth' of anything is the price a prospective buyer is prepared to pay (and a prospective seller is prepared to accept) and nothing more (or less). Applies not just to houses but to potatoes, gold ingots, smartphones, Picasso paintings, designer handbags, ballpoint pens, the services of a sex worker, vintage claret, footballers' salaries ...

[Eagle]

Robin

True I did not explain very well. Meaning to point out the value of the bricks and mortar are not great. Houses can go down as well as up and indeed do and will in the future.

I truly hope those who are paying stupid prices have the cash and not buying on a mortgage. That is the route of dire consequences.

[Robin Orton]

Meaning to point out the value of the bricks and mortar are not great.

Indeed. I think that most houses are insured for significantly less than their market value (at least, mine is) because the cost of rebuilding it if it were destroyed e.g. by a fire would be so much less, because it would not include the value of the land on which the house stood. It is the latter which has been roaring ahead recently.