London house prices?

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Discussion

z4RRSchris

11,218 posts

178 months

Tuesday 18th October 2016
quotequote all
camshafted said:
Amazon Property have sold eight flats in Park Crescent, Regent's Park, for £80 million. I believe six of the eight buyers were Brits, apparently downsizing from large family homes to lateral apartments.
Don't believe all you read in the papers, they have sold 8, but £80m isn't correct. its just under £50m.

there was an indian and a uzbeck in there, so the 6 brits might be true.

Edited by z4RRSchris on Tuesday 18th October 14:15

AC43

11,433 posts

207 months

Tuesday 18th October 2016
quotequote all
z4RRSchris said:
the market is falling, i think its down 15% already.
10-15 points down sounds about right for NW London - especially for properties north of £2m which are fecked.. People are still asking pre-Brexit numbers but having to settle for a lot less. Plus loads of gazundering going on.

Still can't believe I exchanged on my last development the week before Brexit and completed the week after.

Ker-fking-ching!

AstonZagato

12,649 posts

209 months

Tuesday 18th October 2016
quotequote all
z4RRSchris said:
camshafted said:
Amazon Property have sold eight flats in Park Crescent, Regent's Park, for £80 million. I believe six of the eight buyers were Brits, apparently downsizing from large family homes to lateral apartments.
Don't believe all you read in the papers, they have sold 8, but £80m isn't correct. its just under £50m.

there was an indian and a uzbeck in there, so the 6 brits might be true.
Who bought the "large family homes" from which the Brits downsized, though?

z4RRSchris

11,218 posts

178 months

Tuesday 18th October 2016
quotequote all
AstonZagato said:
Who bought the "large family homes" from which the Brits downsized, though?
no one! its just better PR than saying millionaires who already own a few homes in London bought another...

Croutons

9,807 posts

165 months

Tuesday 18th October 2016
quotequote all
fido said:
croyde said:
... house in a popular street in SW London...

...popular SW London road...
Out of interest, roughly which post codes are these? (Am interested in what you consider SW London, obvs road names would be nice, but appreciate...)

fido

16,752 posts

254 months

Tuesday 18th October 2016
quotequote all
Croutons said:
Am interested in what you consider SW London
SW London as in SWxx postcode e.g. Wimbledon / Merton .. yes I know some people think Kingston is in SW London! rolleyes

croyde

22,700 posts

229 months

Tuesday 18th October 2016
quotequote all
Croutons said:
Out of interest, roughly which post codes are these? (Am interested in what you consider SW London, obvs road names would be nice, but appreciate...)
SW18. Happy to say more on a PM. I believe I posted a link to the avert on here but can't remember how far back.

JiggyJaggy

1,449 posts

139 months

Tuesday 18th October 2016
quotequote all
camshafted said:
JiggyJaggy said:
To be accurate quantity of sales are supposedly down 80%, not the market is down 80%. Samsung's 7 sales are probably down 80% or more, there is a massive difference in what you are saying.

We are noticing buyers are definitely on the fence a lot more at the moment and not sure of committing. You are right however that PCL is definitely fuelled by international buyers. With the cheap £, they continue to purchase. A client last week purchase in Chinese Yuan and saved 10% just on currency conversion hence a £1m apartment cost £900k, and thats before we even started negotiating on his behalf!
I'm guessing this makes it an interesting time for a buying agent with dollar-based foreign clients then?
Absolutely, never had US based clients in before, suddenly they are popping up via referral.

Adam B

27,142 posts

253 months

Tuesday 18th October 2016
quotequote all
Croutons said:
Out of interest, roughly which post codes are these? (Am interested in what you consider SW London, obvs road names would be nice, but appreciate...)
officially and approximately

SW1 Belgravia/Kensington
SW2 Brixton
SW3 Chelsea
SW4 Clapham
SW5 Earls Court
SW6 Fulham
SW7 South Kensington
SW8 Vauxhall
SW9 Stockwell
SW10 West Brompton
SW11 Battersea
SW12 Balham
SW13 Barnes
SW14 Mortlake/East Sheen
SW15 Putney
SW16 Streatham
SW17 Tooting
SW18 Wandsworth
SW19 Wimbledon
SW20 Raynes Park/Morden/Merton

Generally when I refer to SW with friends we are subconsciously excluding the mega expensive central areas:

SW1 Belgravia/Kensington
SW7 South Kensington
SW10 West Brompton
and perhaps SW3 Chelsea

and some of the more external areas that are Richmond or Merton councils:
SW13 Barnes
SW14 Mortlake/East Sheen
SW19 Wimbledon
SW20 Raynes Park/Morden/Merton

Edited by Adam B on Tuesday 18th October 17:03

okgo

37,848 posts

197 months

Tuesday 18th October 2016
quotequote all
fido said:
SW London as in SWxx postcode e.g. Wimbledon / Merton .. yes I know some people think Kingston is in SW London! rolleyes
Well technically it is part of greater London and the postcode SW extends into Kingston essentially.

kingston12

5,473 posts

156 months

Wednesday 19th October 2016
quotequote all
okgo said:
Well technically it is part of greater London and the postcode SW extends into Kingston essentially.
Kingston is just perennially unfashionable, I think. Ask someone from London and they'll tell you it is in Surrey and ask someone from Surrey and they'll insist it is in London!

From a property price perspective, being considered outside of London is definitely better. Apart from the scruffiness of the town centre, the lack of an SW postcode is probably one of the main things that holds prices lower than other areas.

The section of the borough that is in SW15 is one of the most expensive parts of it, even though it is one of the worst connected. It's nice to be able to walk to Richmond Park and Wimbledon Common, but getting to work in London would be a nightmare as it would take hours on the A3 in the morning and evening and there are no stations nearby. There are no local facilities apart from Asda. But it is SW15 (just).

In terms of prices, what I am seeing here since the Brexit vote is quite large falls in the asking prices for flats and massive rises in the asking prices of houses in the better roads. No evidence of either type selling much, though.

okgo

37,848 posts

197 months

Wednesday 19th October 2016
quotequote all
kingston12 said:
Kingston is just perennially unfashionable, I think. Ask someone from London and they'll tell you it is in Surrey and ask someone from Surrey and they'll insist it is in London!

From a property price perspective, being considered outside of London is definitely better. Apart from the scruffiness of the town centre, the lack of an SW postcode is probably one of the main things that holds prices lower than other areas.

The section of the borough that is in SW15 is one of the most expensive parts of it, even though it is one of the worst connected. It's nice to be able to walk to Richmond Park and Wimbledon Common, but getting to work in London would be a nightmare as it would take hours on the A3 in the morning and evening and there are no stations nearby. There are no local facilities apart from Asda. But it is SW15 (just).

In terms of prices, what I am seeing here since the Brexit vote is quite large falls in the asking prices for flats and massive rises in the asking prices of houses in the better roads. No evidence of either type selling much, though.
To my mind, London = z1/2 - anything beyond that is just more of the same suburban spread.

I live in Surbiton as you probably know, and I get that its not in London, fine by me, its vastly better connected and more pleasant than many of the postcodes listed above 8.19 train sees me at my desk in Great Portland St (about 5 min walk from Ox Circ) at 8.55. I always find it amusing that people in places like Raynes Park, Roehampton or Morden etc are so worried about what is or is not London, they're all stholes which are in many cases cheaper than Surbiton!



Harry Flashman

19,282 posts

241 months

Wednesday 19th October 2016
quotequote all
croyde said:
My house in a popular street in SW London has been on the market 3 months now.

Had only 5 viewings, no offers and 2 price reductions.

This is a street where houses usually went within days of the board going up with many bidding wars.

The house we are hoping to buy, bigger but in a less salubrious part of SW London, has been on the market 18 months now with a number of price reductions.

Something is going on.
I think that this may be due to being where you are - those prices more than doubled between 2008 and 2015 (a friend of mine sold his terrace a few streets from you last year). Seemed to be driven by a lot of folk selling flats in places like Clapham/Fulham and moving to your area as they could afford a house there from just selling a flat, and driving prices up perhaps excessively.

Areas like this are likely due a correction from overly aggressive price growth due. West Norwood, Southfields and bits of Streatham are in similar straits, IMHO.

And absolutely, buyers are nervous. London did not want Brexit, and most of us are worried about the future. Theresa May has openly said that people with mortgages/debt have had it too easy, intimating a rise in interest rates, or at least more restrictive lending. London is worried, and house sales will reflect that for a while.

kingston12

5,473 posts

156 months

Wednesday 19th October 2016
quotequote all
okgo said:
To my mind, London = z1/2 - anything beyond that is just more of the same suburban spread.

I live in Surbiton as you probably know, and I get that its not in London, fine by me, its vastly better connected and more pleasant than many of the postcodes listed above 8.19 train sees me at my desk in Great Portland St (about 5 min walk from Ox Circ) at 8.55. I always find it amusing that people in places like Raynes Park, Roehampton or Morden etc are so worried about what is or is not London, they're all stholes which are in many cases cheaper than Surbiton!
Totally agree, but there are good and bad parts of all of those areas. If you want to buy a sub-1000sqft 2 bed terraced house in Surbiton you could pay £300k or £900k depending on where it is. I'd rather live in a lot of Raynes Park than the poorer areas of Surbiton/Kingston and vice versa.

Transport and the feel of the area are the big factors that influence price outside of the central zones, but I do think that Kingston has the advantage of much lower ceiling and floor prices because it is not considered part of London.

p1stonhead

25,489 posts

166 months

Wednesday 19th October 2016
quotequote all
kingston12 said:
okgo said:
To my mind, London = z1/2 - anything beyond that is just more of the same suburban spread.

I live in Surbiton as you probably know, and I get that its not in London, fine by me, its vastly better connected and more pleasant than many of the postcodes listed above 8.19 train sees me at my desk in Great Portland St (about 5 min walk from Ox Circ) at 8.55. I always find it amusing that people in places like Raynes Park, Roehampton or Morden etc are so worried about what is or is not London, they're all stholes which are in many cases cheaper than Surbiton!
Totally agree, but there are good and bad parts of all of those areas. If you want to buy a sub-1000sqft 2 bed terraced house in Surbiton you could pay £300k or £900k depending on where it is. I'd rather live in a lot of Raynes Park than the poorer areas of Surbiton/Kingston and vice versa.

Transport and the feel of the area are the big factors that influence price outside of the central zones, but I do think that Kingston has the advantage of much lower ceiling and floor prices because it is not considered part of London.
Jesus, I wouldnt! And I say that as someone who grew up on the cambridge estate in Kingston. Surbiton is vastly nicer than Raynes Park or even Kingston.

croyde

22,700 posts

229 months

Wednesday 19th October 2016
quotequote all
Harry Flashman said:
And absolutely, buyers are nervous. London did not want Brexit, and most of us are worried about the future. Theresa May has openly said that people with mortgages/debt have had it too easy, intimating a rise in interest rates, or at least more restrictive lending. London is worried, and house sales will reflect that for a while.
Loans have been difficult to get for a while now. Makes me wonder who is buying when my own bank won't lend us £100,000 against a supposedly £1,000,000 house with only a £220,000 mortgage on it.

Have gone the various broker routes with no luck apart from one coming up with a 6% interest only remortgage.

paralla

3,528 posts

134 months

Wednesday 19th October 2016
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I paid £522/sq foot for a flat in Vauxhall in December 2012. Just had it valued at £1100/sq foot by an estate agent so its not all doom and gloom.

I fully appreciate a valuation isn't a sale price and there's liars, cheats, good scumbags, bad scumbags and then there's estate agents.

z4RRSchris

11,218 posts

178 months

Wednesday 19th October 2016
quotequote all
you wont get 1100 in vauxhall. 750/800

okgo

37,848 posts

197 months

Wednesday 19th October 2016
quotequote all
z4RRSchris said:
you wont get 1100 in vauxhall. 750/800
hehe

Ouch.

croyde

22,700 posts

229 months

Wednesday 19th October 2016
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Estate agents valued my house at 1.1 million but it didn't sell so now at 900,000 and still no bites.

I have been saying all along who'd pay these prices for a little terraced house. Looks like people are finally waking up.

I'd happily drop to half a mil as long as what we want to buy drops a similar percentage.

My ex lives in the house with the kids. Meanwhile there is me at 54, with a well paid job yet cannot afford even a one bedroomed flat in the same borough as my kids, hence why I now rent out in the sticks.

Edited by croyde on Wednesday 19th October 11:20