When/Will house prices cool down?

[havoc]

princeperch said:

kingston12 said:

The location looks pretty grim. It's right by Stansted Airport and the M11/A120 interchange. That's a lot of noise for a country property with no direct access to any facilities.

It is grim, however it is probably just, just far enough away from the motorway proper that the noise wouldnt be too bad. I dont know if its under the airport flight path either which potentially it is.

In short nice house and plot but everything else is likely a potential nightmare. Whos gonna buy it now the post covid panic has gone? A pilot possibly.

Agreed. And it does look to be right under the flightpath.

As to that Teddington one - WTAF? £800k for a shoebox? In god's name why? Are things seriously that silly in greater London?
Around here (and this is a nice town) that'd be c.£250k at best depending on location, £300k max if in the centre of town.

[pb8g09]

havoc said:

Agreed. And it does look to be right under the flightpath.

As to that Teddington one - WTAF? £800k for a shoebox? In god's name why? Are things seriously that silly in greater London?
Around here (and this is a nice town) that'd be c.£250k at best depending on location, £300k max if in the centre of town.

Where's here? Looking for somewhere to semi-retire to next around that sort of price!

[kingston12]

havoc said:

princeperch said:

kingston12 said:

The location looks pretty grim. It's right by Stansted Airport and the M11/A120 interchange. That's a lot of noise for a country property with no direct access to any facilities.

It is grim, however it is probably just, just far enough away from the motorway proper that the noise wouldnt be too bad. I dont know if its under the airport flight path either which potentially it is.

In short nice house and plot but everything else is likely a potential nightmare. Whos gonna buy it now the post covid panic has gone? A pilot possibly.

Agreed. And it does look to be right under the flightpath.

As to that Teddington one - WTAF? £800k for a shoebox? In god's name why? Are things seriously that silly in greater London?
Around here (and this is a nice town) that'd be c.£250k at best depending on location, £300k max if in the centre of town.

Teddington prices are certainly a bit crazy and that house would be a bit cheaper in most of the surrounding suburbs, except for Richmond.

[okgo]

Why is Teddington so expensive?

Schools aren’t anything special
Train is ste
Road links OK
High street is alright in pockets

I get Richmond (save the flight path) but Teddington has always baffled me at the levels it is.

[kingston12]

okgo said:

Why is Teddington so expensive?

Schools aren’t anything special
Train is ste
Road links OK
High street is alright in pockets

I get Richmond (save the flight path) but Teddington has always baffled me at the levels it is.

I think it's the conservation aspect - Teddington has remained much as it was 60-70 years ago, whilst other nearby places like Kingston, Surbiton, Ealing etc. are unrecognisable in parts due to excessive numbers of poor quality, often high rise, blocks of flats having been built in place of the original architecture.

The poor rail connections have probably helped Teddington in that way, causing much less pressure to build short term housing for more transient residents.

This effect has compounded over time, and now leafy, Victorian Teddington is a much more reliable destination for the moneyed people looking to move out from more central areas than the other suburbs which have been disfigured more extensively, even if it means their journey back in takes over twice as long.

[Mr Whippy]

kingston12 said:

This is a good example of a ridiculous/lazy estate agent listing:

https://www.rightmove.co.uk/properties/146391953#/...

"A detached house in Teddington for under £950,000 is always going to be big news for buyers!"

Well, it might be 'big news' if you got any more that 841sqft for your £950,000, but it obviously wasn't as it has been reduced several times to £800k even though the agents has left the original comment in the listing.

It’d nearly doubled in 6yrs when they’d bought it.

Obv everyone excited about the trend line continuing on that trajectory… or not.

[kingston12]

Mr Whippy said:

kingston12 said:

This is a good example of a ridiculous/lazy estate agent listing:

https://www.rightmove.co.uk/properties/146391953#/...

"A detached house in Teddington for under £950,000 is always going to be big news for buyers!"

Well, it might be 'big news' if you got any more that 841sqft for your £950,000, but it obviously wasn't as it has been reduced several times to £800k even though the agents has left the original comment in the listing.

It’d nearly doubled in 6yrs when they’d bought it.

Obv everyone excited about the trend line continuing on that trajectory… or not.

That trajectory probably did continue for a couple more years after they bought it, but has gone into reverse since then. It's probably 'worth' roughly what they paid for it in 2019, which is obviously not the answer they are looking for!

[number2]

Haven't seen this thread for a while, or the other house price thread!

Has 'Alfa' bought anywhere yet do we think?

Is there anything we can take from the lack of interest in posting about house prices - not a lot going on? Media have something better to report?

I'm not 'feeling' like much is happening outside of a general stagnation - I assume that comes from the media and people I'm exposed to.

Interest rates have settled and expectations don't appear to be for more rises, inflation isn't a media panic, so people are just getting along with life, with no panic to buy, or to sell.

[Mr Whippy]

If asking prices were broadly set and met up to 2020 with rates at ~ 2% ish, I can’t see anything but a loooong stagnation or slump at best as salaries catch up or enough distressed sales reset expectations.

The surge in cash buyers coming out of the woodwork on the sdlt cut stimulus and free money period has now gone.


Genuinely in the doldrums here until either prices become affordable or money in pockets rises.

[havoc]

pb8g09 said:

Where's here? Looking for somewhere to semi-retire to next around that sort of price!

South Warwickshire.

Depending on which side of the river you are, a proper-sized 3-bed detached (with driveway, garage and garden) is probably £350-450k, £500k for a newbuild.

[soupdragon1]

Talking of flight paths...I live fairly close to Belfast international airport (it's not a super busy airport, maybe a bit like Leeds Bradford) but we're looking at moving to a property close to the airport. House is a old stone farmhouse, a bit of a dog but great grounds, about 1.8 acres.

Phoned the estate agent. Was told that it was a cash sale as nobody would provide a mortgage due to being within 1 mile of the airport. What in gods name is that all about? Never heard that before. It's selling cheap due to renovations needed (a lot) so we've enough equity to buy it but screw that for an idea. If circumstances change, don't want to be left with a home you can't get a mortgage on.

[kingston12]

soupdragon1 said:

Talking of flight paths...I live fairly close to Belfast international airport (it's not a super busy airport, maybe a bit like Leeds Bradford) but we're looking at moving to a property close to the airport. House is a old stone farmhouse, a bit of a dog but great grounds, about 1.8 acres.

Phoned the estate agent. Was told that it was a cash sale as nobody would provide a mortgage due to being within 1 mile of the airport. What in gods name is that all about? Never heard that before. It's selling cheap due to renovations needed (a lot) so we've enough equity to buy it but screw that for an idea. If circumstances change, don't want to be left with a home you can't get a mortgage on.

Quite. That would really limit your market if you did need to sell it on.

I'd never heard of that rule either though.

[okgo]

Bank won’t wanna hold the bag if a plane lands on it presumably.

[Sheepshanks]

okgo said:

Bank won’t wanna hold the bag if a plane lands on it presumably.

Hopefully it’d be insured. I imagine they’re just thinking about resale risk if the borrower defaults.

[DonkeyApple]

okgo said:

Why is Teddington so expensive?

Schools aren’t anything special
Train is ste
Road links OK
High street is alright in pockets

I get Richmond (save the flight path) but Teddington has always baffled me at the levels it is.

Proper airport rather than one of those regional wife beater ones.

Reasonable run to the marinas opposite the IoW.

Great selection of prep schools.

Generally not an island surrounded by stabby ghettos.

Not Surrey.

Not Kingston.

Not suburbia.

Protected from the savage horrors of South London by the Thames still.

Bushy Park.

Walkable to Twickers.

Still has fewer social climbing, obnoxious new money tts than Richmond which has become polluted by those absolute floaters.

Life is still walkable.

Personally, I wouldn't and I don't think it's the greatest of places but I can see its value. It's a good compromise for a couple who have a flat in town but are having to consider how to cope with buggies then schooling but who are also abjectly terrified and rightly so of suburbia. You have the massive loss of the Tube and quick taxis but the reality is that can be a fair trade for buggy space, car space, park space and quicker access to England.

[okgo]

It’s absolutely suburbia. It’s zone 6 bloody miles from anything that feels like London. And a train that’s worse than the link from places 30 miles further out!

[kingston12]

Indeed. I’d agree with most of that, but Teddington is absolutely a part of London’s suburbia.

I think the difference that DA is referring to is that it’s ‘nice’ Victorian suburbia as opposed to nearby 1930s estates like Berrylands or Tudor. I’d imagine those areas would be a lot more difficult to get used to for people moving out of town.

In reality, I’m not sure if Teddington is that expensive compared to the surrounding areas, it’s just that more of it is nice. Prices aren’t that much lower in the best roads in north Kingston or the river roads in Surbiton even if those wider areas are much cheaper overall.

Edited by kingston12 on Tuesday 21st May 08:17

[DonkeyApple]

okgo said:

It’s absolutely suburbia. It’s zone 6 bloody miles from anything that feels like London. And a train that’s worse than the link from places 30 miles further out!

It's suburbia light. A compromise to that full blown lifestyle change of needing a car to go anywhere, having horse nutters appearing in the social circle and the legal requirement to install railings with gold tops, some eagles and a brace of Germans outside as if you actually live on the North Circular and operate a chain of franchises.

[Tim Cognito]

Any cooling seems to be specific to regions/streets and even individual houses, we were buying during 2021 and the thing that stood out was that even absolute dogst was selling instantly/bidding over asking. The people who lost their minds and paid handsomely for anything with a front door during that time are the ones who may be in for a bath if they need to sell any time soon.

Overground sewer pipe through your living room? No problem sir. House entirely made from asbestos, yes I'll bid 20k over asking. Oh what's that, access via a 3 mile privately maintained road with shared ownership with you and one other house which needs resurfacing. Sign me up.

If you had a house with "issues" it was a once in a lifetime opportunity to offload it for a decent price.

[DonkeyApple]

Tim Cognito said:

Any cooling seems to be specific to regions/streets and even individual houses, we were buying during 2021 and the thing that stood out was that even absolute dogst was selling instantly/bidding over asking. The people who lost their minds and paid handsomely for anything with a front door during that time are the ones who may be in for a bath if they need to sell any time soon.

Overground sewer pipe through your living room? No problem sir. House entirely made from asbestos, yes I'll bid 20k over asking. Oh what's that, access via a 3 mile privately maintained road with shared ownership with you and one other house which needs resurfacing. Sign me up.

If you had a house with "issues" it was a once in a lifetime opportunity to offload it for a decent price.

This is in line with what we were discussing much earlier in the thread in that the market has sobered up and become selective so quality still sells at good prices but other stuff is finally being priced against that accordingly.

In that regard the property market is the most sane that it's been for years.