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#1 Retired Member 1

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Posted 23 June 2007 - 07:58 AM

I have been looking to buy for a while now and after 3 vendors pulled out (my luck) I found myself 30k short to buy what would have been my ideal property.

I gave up in getting a period house as it is not affordable anymore so I am left looking at garden flats, which have gone up and up and up and up ...... believe it or not I can find same prices in Clapham, Maida Vale and other areas.

I love CP and I would probably struggle to move out of the area but (without disrespect) is it really worth it that much?

I have started looking more intensively in East London where I can get a 3 bed victoria house in a nice area close to work for the same price I get a 2 bed garden flat here .... mmmhhhh I must say I am not liking it!

But then again, maybe it's just me .....
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#2 Pants

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Posted 23 June 2007 - 09:36 AM

I think flats and houses are generally overvalued at the moment. My sister put an offer on a one bed flat in West Norwood. The mortgage valuer came back and said that it was 10,000 over valued but the seller wants the asking price because that's what the excited agent told her it is worth. It obviously isn't...

It's probably more a case of far too many estate agents in CP competing with eachother to get properties on their books by overvaluing them.

#3 Retired Member 1

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Posted 23 June 2007 - 05:11 PM

I agree with you .... it went mad since May/June ....
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#4 adrianx

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Posted 23 June 2007 - 08:24 PM

It's very interesting indeed, but you'll find this is far from a local phenomenon. I left my beloved Crystal Palace 1 month ago and after selling my house, I have bought a house in Central London. Many thought I was mad, but I'll tell you it was the greatest move for me. No more *** trains and treipsing up Gipsy hill or Anerley hill. I still pop back to visit especially to pay homage to sergios(The lovely couple are my second parents) but honestly, everywhere, particularly in London are seriously over valued, but what do you do, Sit back and wait?. The market is silly and a general price correction is well overdue. But will it happen? Who knows.
My advice is to go where you feel it best compliments your life. Stay local and maybe compromise or, If East London suits you better for work and you'll be able to get more for your money then go for it. I'd been living in Crystal Palace for 10years and as much I thoroughly enjoyed living there, I knew my life and work leant towards re-locating to Central london. I know it's not everyone's cup of tea. But I feel great about being back here I can get a taxi home without getting weird looks when I mention my home location. As it would annoy me when Driver uttered the words 'I don't go to Crystal Palace mate!' Also within the 4months since I put the formal offer on my house, it has increased by a staggering amount. But I won't go into that. As I'm bored of the 'My house is worth this much conversations', and I'm starting to sound smug which I hate.

LSPE, I really hope you find what you're looking for. I too, understand that house hunting in this day and age is unbelievably stressful.
Good Luck!!
x

Edited by adrianx, 23 June 2007 - 09:37 PM.


#5 Retired Member 1

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Posted 24 June 2007 - 07:51 AM

Thanks fella - I agree.

Having a break from "hunting" today but start all over again tomorrow.

Keeping options open to both CP and East London, the latter not my top choice but VERY close to work so I might compromise on that.

Frustrating indeed ... all because I had 2 vendors pulling out (censored comments here he he he).
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#6 adrianx

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Posted 24 June 2007 - 10:00 AM

You definitely still have the spirit... I take it your sale is still going okay..?

#7 Dazza

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Posted 25 June 2007 - 09:41 AM

Morocco is all the rage at the moment LSPE

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Your obviously mistaken me with someone who gives a fig

#8 Retired_Member_2

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Posted 25 June 2007 - 10:21 AM

Morocco to east London is a bit of a commute

#9 Retired Member 1

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Posted 25 June 2007 - 04:09 PM

Where there is the will ......



I'd rather head back to Italy
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#10 Bosie

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Posted 26 June 2007 - 08:07 AM

It does seem to be going a bit mad at the moment, I wonder if it is just the area catching up with other parts of South London, as it is still relatively cheap compared to other parts?

Having said that a terraced house has gone on sale on my street for over 550k, which is absolutely ridiculous, I doubt it will sell at that price.
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#11 Retired Member 1

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Posted 26 June 2007 - 08:25 AM

A terraced house was sold for 565k in my road ... it was 3/4 bed house adn very nice ---- I think we are catching up with the rest of London ....
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#12 Spooks

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Posted 26 June 2007 - 10:25 AM

I think the recent publicity about our up and coming status - transport links etc is definitely attracting a lot of 'buy to let' investment money - a flat in our block had three offers at asking price (200K) as soon as it went on the market - one of the three simply increased his offer by 10k to secure the property; not the actions of a struggling first time buyer.

#13 Retired Member 1

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Posted 26 June 2007 - 02:39 PM

One flat was buying has been bought at 15k over my offer so I am not surprised!!!

I personally think they should regulate more both the estate agents and the market in England cause I cnnot get my head around the risk of being gazumped and the fact that to buy 3 properties (unsuccesfully) it costed me around 3k between surveys, solicitors etc etc ... NOT a happy bunny!

I also think the estate agents are driving the market and it's like a little oligopoly of few players deciding the prices, leveraging on an easy to get borrowing market and struggling buyers who'll pay (almost) anything to get a roof above their heads ...

sorry end of rant!
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#14 matt

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Posted 27 June 2007 - 07:40 AM

Thats what HIPS are supposed to be for.... ( the first bit).

Edited by matt, 27 June 2007 - 07:41 AM.


#15 Urma

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Posted 27 June 2007 - 09:49 AM

In case anyone is interested in what Winkworth describe coyly as 'a blank canvas', 220 Leigham Court Road is up for sale for 475k. It is a large 4 bed 1929 semi with a big garden backing onto Julian's school, and so well within it's 200 yard catchment area (wahay!). Beautiful views across west London from the back. The 'blank canvas' part is because the little old lady who has lived there since the '60s has passed on, and no 'upgrading' was done in her time, or probably before...

I feel as if I'm doing Winkworth's job for them here, but judging by the 500k+ price tags that the terraces above are asking for, it might be worth a look for the DIY experts amongst you. They're big houses, and the Julian's catchment area adds a premium. A caution though: 218 was repo'd and has just been bought at auction (460k I think), and a conversion-to-flats (4 or 5) application has gone in - highly controversial and hotly contested!