Houses selling in ED?

[Treehugger2]

Hoping to sell our big house on Barry Road in the spring in order to downsize. Would suit local family with growing teenagers. Have heard mixed views as to whether a) the housing market has stalled and nothing is selling or b) it's a feeding frenzy, with multiple buyers for every house that comes on the market. I don't want potential buyers, just views on what the market is looking like at the moment. Thank you.

[JohnL]

Zoopla has started pushing values up again (I know that's not exactly definitive)

[Azalea]

Why not ring round a few estate agents for views. No Flies has good recommendations.

[Rockets]

Many properties are being reduced in price or pulled off the market at the moment as it has pretty much stalled due to usual seasonal slow-down amplified by Brexit and election uncertainty. A lot of people are taking their houses off with a view to going back on in the spring when they hope the markets will have picked-up again. Houses have been selling but seemingly only if they are high-end properties in super desirable locations and you find a buyer who is awash with cash as a lot of mortgage companies have been pushing back after surveys and insisting on reduced offers. It certainly isn't a feeding frenzy - the agents may claim so but more likely there can be high demand for good properties as there isn't a lot of stock on and much that is on is over-priced and low quality.

[Treehugger2]

Interesting, thanks Rockets. i just have anecdotal info from a friend who tried for three properties in ED and was up against multiple buyers for each, only getting the third after a bidding war. I was quite surprised to hear this, as thought everything had stalled.

[Jules-and-Boo]

do estate agents still make up bidding wars by pretending there are other interested parties?

[alice]

A few houses sell within 24hrs in se22 according to rightmove. These are almost always priced at the lower end of their possible range.

[SpringTime]

Most of London has had this coming - prices just can't keep on going up when there isn't enough equity coming in at the bottom. The market has indeed slowed and this started in April 2016 with the stamp duty surcharge (less investors buying to let, so less buyers overall). After the EU ref the market stalled all the more, and continuing challenges around Brexit have led to an imagined or indeed very real uncertainty for movers (buyers in particular) as to whether forking out so much money for a property is really a wise decision.

Would you buy now at ?1.2m for a house in SE22? Or ?1.5m perhaps? Or even ?800,000. When the market's on the up of course this seems like a plan. When it's subdued and could get worse, with the very real prospect of a significant decline in prices then it's no wonder people are being apprehensive.

At the moment if you want to get a queue of buyers you'd need to lop a good 25% of the likely value (whatever that is, who knows) and use that as your asking price, and even then the interest might seem underwhelming... most buyers are offering below the asking price even if it's competitive.

[SpringTime]

Jules-and-Boo Wrote:

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> do estate agents still make up bidding wars by

> pretending there are other interested parties?

They shouldn't do so as this is an offence - The Property Ombudsman can slaughter an agent for this king of thing.

[micromacromonkey]

are any of the commenters here estate agents, or just guessing? (educated guess or not)

[fishbiscuits]

"Bidding war"? Or sealed bids?

Big difference...

[Treehugger2]

Would anyone suggest sealed bids to get the best price? I guess it's a good way to test the market and the attractiveness of your house, and if you don't get what you want, to just withdraw, wait and start again. We bought our house 15 years ago, so have no idea how things have moved on.

[sheff]

A few family houses have either been sold recently on Barry Road, or are still on the market.

Potentially check with the estate agents.

One has recently had a full refurb etc on for about 6 wks- that has sold - https://www.rightmove.co.uk/property-for-sale/property-64881354.html

This one on since May - https://www.rightmove.co.uk/property-for-sale/property-62030421.html

On since July - https://www.rightmove.co.uk/property-for-sale/property-73182526.html

On since Nov but was listed before with no sale - https://www.rightmove.co.uk/property-for-sale/property-66247860.html

I live on Barry road and nosy!

[mikeb]

why paint a house dark grey?

[picmicnic]

https://www.theadvisory.co.uk/propcast/postcode/?outcode=SE22

[SpringTime]

micromacromonkey Wrote:

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> are any of the commenters here estate agents, or

> just guessing? (educated guess or not)

At least one is an estate agent...

[Treehugger2]

Thanksyou Sheff, I suppose I am wondering whether people with young families who spent ?800k -?1m on 3/4 bed houses might now be thinking/able after 5-8 years to upsize to a more expensive bigger house in the same area. That's what we did when prices were considerably lower. I don't know if the mind set is the same. Or if finances allow.

[Blackcurrant]

The number of houses for sale has fallen quite a bit over the last 6 months. More than just the usual seasonal fall. Lower supply will support or push up prices, all other things being equal (which they aren't, as mortgage rates have fallen, which stimulates demand). I'd expect prices to rise a bit in the new year. Not like 2014, when the market went bananas, but maybe enough to kick off a few bidding wars over bargains.

[dbboy]

Until Brexit is sorted and even then for at least 2 yrs after the property market will remain difficult, if you don't need to sell and can afford to hang around do so. Unfortunately it's a buyers market and buyers are ruthless, they'll use every underhand trick they can to get a lower price. When they have the survey done question everything it says when the buyer tries to use this to negotiate the price down. Ultimately as seller you do not need to accept the first, second or even third offer they make. If you set yourself a lower limit stick to that, it's your choice if you sell or stick it out.

[KidKruger]

Prices won?t be rising in the new year, there is no reason likely for the conditions to be in place and enable that.

[bsand]

Here you are the last two month's sold prices from nethouseprices.

https://nethouseprices.com/house-prices/se22 - the highest price is ?2,295,999

for https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=12602075&sale=10600264&country=england

and the lowest (sold in a public sale) was ex-local authority flat in Dawson's Heights for ?338,000. I would have though unique, Grand Designs like properties can name their price and will be sought after. But topped out 2 bedders (made into 3 with a loft, maybe side return and kitchen extension) seem to be less desirable as there is no scope for the buyer to extend down the line in the future as the family grows. Some recent buyers may have spent a lot of cash buying these and doing them up but they don't seem to attract a pay-back premium that they might have done 2-3 years ago. A big issue in the market currently is chains breaking down as buyers pull-out or can't raise the funds so there are a fair few yo-yo properties going under offer and then back on the market.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=78472865&sale=10600192&country=england

Here's a beautiful 3 bedder which went for ?814,890 which at peak one could easily seen going for 900k.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61974606&sale=10600306&country=england

Flat, Leasehold, Non-Newbuild

?650,000 18th September 2019

11 Overhill Road, London, SE22 0PQ

Semi Detached, Freehold, Non-Newbuild

?985,000 17th September 2019

11 Buxted Road, London, SE22 8DQ

Terraced, Freehold, Non-Newbuild

?572,500 10th September 2019

Flat 172 Ladlands Overhill Road, London, SE22 0PP

Flat, Leasehold, Non-Newbuild

?338,000 6th September 2019

17 Matham Grove, London, SE22 8PN

Terraced, Freehold, Non-Newbuild

?1,060,000 6th September 2019

Flat 20 Mercia Court Highwood Close, London, SE22 8NN

Flat, Leasehold, Non-Newbuild

?375,000 6th September 2019

25 Trossachs Road, London, SE22 8PY

Terraced, Freehold, Non-Newbuild

?975,000 3rd September 2019

293 Upland Road, London, SE22 0DN

Semi Detached, Freehold, Non-Newbuild

?1,072,500 2nd September 2019

53 Underhill Road, London, SE22 0QR

Flat, Leasehold, Non-Newbuild

?449,950 2nd September 2019

19 Eynella Road, London, SE22 8XF

Semi Detached, Freehold, Non-Newbuild

?2,295,999 30th August 2019

Click here to see Below Market Value Properties

3 East Dulwich Grove, East Dulwich, London, SE22 8PW

Freehold, Non-Newbuild

?15,500 30th August 2019

45 Beauval Road, London, SE22 8UG

Terraced, Freehold, Non-Newbuild

?1,380,000 29th August 2019

Flat 20a Ivybridge House Albrighton Road, London, SE22 8BS

Flat, Leasehold, Non-Newbuild

?230,000 29th August 2019

6 Donkey Alley, London, SE22 0NY

Semi Detached, Freehold, Non-Newbuild

?800,000 29th August 2019

185 Landells Road, East Dulwich, London, SE22 9PN

Terraced, Freehold, Non-Newbuild

?640,000 28th August 2019

50 Homestall Road, London, SE22 0SB

Terraced, Freehold, Non-Newbuild

?787,000 28th August 2019

75 Dovercourt Road, London, SE22 8UW

Semi Detached, Freehold, Non-Newbuild

?1,500,000 27th August 2019

79a Underhill Road, London, SE22 0QR

Flat, Leasehold, Non-Newbuild

?630,000 23rd August 2019

37 Ulverscroft Road, London, SE22 9HF

Terraced, Freehold, Non-Newbuild

?980,000 23rd August 2019

11a East Dulwich Grove, East Dulwich, London, SE22 8PW

Flat, Leasehold, Non-Newbuild

?665,000 23rd August 2019

3 Jarvis Road, London, SE22 8RB

Freehold, Non-Newbuild

?1,100,000 23rd August 2019

17 Ulverscroft Road, London, SE22 9HF

Terraced, Freehold, Non-Newbuild

?1,000,000 23rd August 2019

55 Melbourne Grove, London, SE22 8RG

Semi Detached, Freehold, Non-Newbuild

?1,125,000 22nd August 2019

8 Jennings Road, London, SE22 9JU

Terraced, Freehold, Non-Newbuild

?805,000 22nd August 2019

10 Ulverscroft Road, London, SE22 9HG

Terraced, Freehold, Non-Newbuild

?835,000 20th August 2019

55 Underhill Road, London, SE22 0QR

Semi Detached, Freehold, Non-Newbuild

?1,100,000 19th August 2019

127 Landells Road, East Dulwich, London, SE22 9PJ

Terraced, Freehold, Non-Newbuild

?645,000 19th August 2019

Flat 1 30 Friern Road, London, SE22 0AX

Flat, Leasehold, Non-Newbuild

?702,000 19th August 2019

29 Friern Road, London, SE22 0AU

Terraced, Freehold, Non-Newbuild

?1,275,000 19th August 2019

Flat 4 219 Friern Road, London, SE22 0BD

Flat, Leasehold, Non-Newbuild

?359,000 16th August 2019

9 Shelbury Road, London, SE22 0NL

Terraced, Freehold, Non-Newbuild

?935,000 16th August 2019

Flat 20 18 - 22 Grove Vale, London, SE22 8EF

Flat, Leasehold, Newbuild

?600,000 16th August 2019

19 Thompson Road, London, SE22 9JR

Terraced, Freehold, Non-Newbuild

?814,890 16th August 2019

63c Melbourne Grove, London, SE22 8RJ

Flat, Leasehold, Non-Newbuild

?368,000 16th August 2019

23 Ryedale, London, SE22 0QW

Terraced, Leasehold, Non-Newbuild

?425,000 16th August 2019

343a Lordship Lane, London, SE22 8JH

Flat, Leasehold, Non-Newbuild

?375,000 16th August 2019

Flat 6 Stagshaw House East Dulwich Estate, London, SE22 8DB

Flat, Leasehold, Non-Newbuild

?380,000 16th August 2019

9 Velde Way, London, SE22 8TP

Terraced, Leasehold, Non-Newbuild

?554,690 15th August 2019

25 Worlingham Road, London, SE22 9HD

Terraced, Freehold, Non-Newbuild

?1,040,000 15th August 2019

Flat 1 187 Lordship Lane, London, SE22 8HA

Freehold, Non-Newbuild

?26,000 14th August 2019

Lower Flat At 84 Barry Road, London, SE22 0HP

Flat, Leasehold, Non-Newbuild

?575,000 14th August 2019

7 Tribeca Court, 2 Crystal Palace Road, London, SE22 9BF

Flat, Leasehold, Newbuild

?555,000 14th August 2019

4 Shawbury Road, London, SE22 9DH

Terraced, Freehold, Non-Newbuild

?880,000 14th August 2019

23a Derwent Grove, London, SE22 8DZ

Flat, Leasehold, Non-Newbuild

?404,000 13th August 2019

51 St Aidans Road, London, SE22 0RN

Detached, Freehold, Non-Newbuild

?840,000 12th August 2019

13 Bassano Street, East Dulwich, London, SE22 8RU

Terraced, Freehold, Non-Newbuild

?840,000 9th August 2019

20 Scutari Road, London, SE22 0NN

Terraced, Freehold, Non-Newbuild

?1,015,000 9th August 2019

Flat 5 377 Upland Road, London, SE22 0DR

Flat, Leasehold, Non-Newbuild

?497,500 9th August 2019

Flat 2 196 Lordship Lane, London, SE22 8LR

Flat, Leasehold, Non-Newbuild

?400,000 9th August 2019

64 St Aidans Road, London, SE22 0RW

Terraced, Freehold, Non-Newbuild

?875,000 6th August 2019

[SpringTime]

Asking prices might go up in the New Year as fresh movers try their luck and agents look to win instructions by pricing high when they value clients' properties. Asking prices and agreed sale prices are rarely the same thing though. I don't think actual sale prices will go up. Too much going on at the minute. Too many distractions and concerns - when the election is out of the way (and you never know, it might be a seismic result) Brexit will not be going away.

As for a buyers' market, the flow the the market still favours the seller. There are more buyers out there than available stock, it's just that the market is much slower at the moment, so most listings sell because the vendor is reasonable and understands that there isn't a queue of buyers waiting to come in - they'll still come but it's a trickle. If no buyers show then the most obvious problem will likely be overpricing. In a slower market buyers have more choices, and more time to consider whether they offer, and they will of course act according to price as well as all their other buying criteria.

[Ghlpc]

The answer to your post is yes.

Any house will sell at the correct price.

But what a seller thinks is the correct price and what the currnt market dictates are often two different things.

[bsand]

I think some fundamentals will persist (just some untutored thoughts off the top of my head!)

1. ED will weather an adverse market better than some of the marginal areas that rose with the seemingly endless London boom.

2. The peak of the market was the spring before the Brexit vote - when everything seemed to sell and quick. Prices I would hazard a guess are down 10% from that peak. (see the 3 bedder in Thompson Road above).

3. 925k is a new ceiling for many properties as ?1 over that the stamp duty doubles from 5% to 10%. Unless you have a huge 3 bedder then that would be the very top price. And with a new top then everything has to find it's price point under that ceiling. That's why scope for loft / side returns is at a premium as it negates the need to sell up with all the attendant hassle and costs as a family grows and keeps the 'ticket' price below that magic figure.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=81740825&sale=10600300&country=england

4. 'True' value of a topped out 2 bedder / 'half house' (loft to take it to 3 / side return kitchen extension to garden) is around the 800-825 mark or probably less.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59606823&sale=10600309&country=england

5. Interest rates are unlikely to rise anytime soon - if anything once the election is over and Johnson gets his majority (urrggh) reality will bite once again and I think the UK will see interest rates staying put or even going down with more QE to keep the Ponzi fed. The London market fed by more overseas 'bargain' buyers will put a floor under the London decline from the peak.

6. If you can't afford ED now then I'm afraid you aren't rich enough anymore so probably best to sell up and move out (I did) for there is much better 'value' and lifestyles elsewhere.

7. Don't worry Waitrose is coming !

8. This is the highest price ever for SE22

204, Peckham Rye, London, Greater London SE22 0LU

?3,000,000 Terraced, Freehold, Residential 09 Dec 2014

?600,000 Terraced, Freehold, Residential 19 Jun 1998

Terraced house, Freehold, 8 Beds, 3 Baths, 4 Receps

9. victorian,VICTORIAN,VICTORIAN !

[hitherman]

Thanks bsand - I have read your take on this with interest.

Out of curiosity: on your p.6 - where did you end up moving out to?