Rcession

[Keef]

Fair enough Gerrard, but I feel the opposite really, I've "done Dulwich", and feel happy that I can jump on a bus and enjoy the eating and drinking placed of ED after a 10-15 minute ride (that runs all night), and yet get away from it too. Don't get me wrong, ED will always kind of be home to me, especially as long as my parents are alive (so hopefully quite a few years yet), and a couple of years ago I was loathed to move up to Sydenham, but now having looked at flats to buy in both areas, it feels like a no brainer to me. But different folks and all that.

For the record, the "Bridge House Inn" has recently been done up beyong recognition, and is REALLY nice. Went there for a cheeky beer yesterday, and was very impressed.

[SeanMacGabhann]

did you Keef? Spooky - we went along for Sunday lunch and were recognized by Scott from the Rye days - free champagne ahoy!!

Liked the place a lot...

[Keef]

We were out in the garden, it was about 6pm, but they still seemed to be serving food.

Big outdoor space, and seem to have a summer pims bar & bbq!

[grandpafred]

I'm old enough to remember when houses sold in this area for less than one thousand pounds, remember your houses in only worth anything when you want to sell, while your living in it, it is a home not a video for Foxtons.................

[lozzyloz]

Not strictly true gpfred if you're using it for collateral or raising finance through a re-mortgage or equity release scheme. Probably won't be too long before residential derivatives are available!

[xone262]

In my opinion South East London as a whole is set to go through the roof again as soon as some liquidity comes back into the market. Initially higher growth will be around CP with tube, but nunhead, brixton, brokley etc are all becoming more desirable and are widely known to be some of the last places in London where buying your first freehold house is still achievable. Probably have around 12-18 months to get through first.

Loads of people in ED are investing in their houses right now. Shed loads of loft conversions and extensions adding value long term.

[AcedOut]

Residential derivatives are already available, although not as accurate as I'd like for purposes of hedging against a fall in your own property. You are able spread-bet or even buy a put warrant against a property index (normally Halifax linked). These are available for regional sectors also, so you can gain exposure exclusively to London if you so desire.

So yes, it is possible to protect against a fall in your house price.

The same can be said for those worried about increases in the price of oil. You're able to buy exposure in oil, such that you will gain from any increase in oil prices. It'll be tough to hedge this precisely, but check out the ticker OILB.L if you're interested...

[AcedOut]

"remember your houses in only worth anything when you want to sell"

Don't forget re-mortgaging! Not that you'd want to do it now...

[macroban]

Local property developer?

[xone262]

Macroban - well if renovating my own house to live in and enjoy makes me a "local property developer" then the answer is yes. Do you really think a local property developer would need to come on a forum like this to try and find an architect?

My comment states that it is my opinion. It also mentions a very large area of London. If you disagree just say so and reply with a normal post. That's what a forum is for.

I'll leave it to you to decide wether you need to be suspicious and make unnecessary assumptions of people.

[macroban]

Help is on hand from ex-Foxtons employees.

[Otto]

Back to topic - our neighbors house is finally under offer...!

xo, otto

[????]

macroban - 1% for telling you to tidy up and have the smell of fresh coffee perculating when buyers comes round stikes me as a 'thanks but no thanks'

[Huguenot]

Whenever I see Otto sign off I get confused.

The only famous Otto I know is Otto von Bismarck who observed 'better pointed bullets than pointed words'

It doesn't seem to go with the 'xo' (kiss and a hug??) ;-)

[Nero]

I think of Otto the stoner school bus driver from 'The Simpsons'.

[annaj]

It always make me think of a book I had as a child about flap-eared Lorna and her best friend Otto.

Which of course is nothing to do with house prices. Sorry.

[alachlan]

too much gossip girl methinks

and there have been a few viewings of #17 too

[Ellsbells]

though everyone seems to be talking flats as far as anyone i know trying to sell houses nothing is moving- mainly it seems because further down the ladder no-one can get a mortgage so the whole chain collapses. it doesnt seem to be an issue with price- people coming in the door who want the house just cant sell their own one first at any price. anyone who can afford to is just hanging on to see what happens to the market (after all why buy this year if next year its all dropped another 10% or even more) whilst those who HAVE to move are giving up and renting both ends..... either prices have to drop or banks have to relax lending rules but to be honest as long as we all go down in price together so if you have a property what is needed to buy will be the same relative to what you are trying to sell. those who arent on the ladder yet of course are shouting hurrah. feel most sorry for those who have bought at the height and are now paying hefty mortgages whilst watching their investment collapse. how come no-one at any of the banks is getting axed- they caused all this by over lending ridiculous sums out of sheer GREED in being able to make so much money- now when it all collapses they are long gone with fat bonuses lining their pockets.....

[Jeremy]

>how come no-one at any of the banks is getting axed

They have been - what makes you think otherwise?

[will dex]

Ratty i live in ED and work in Sevenoaks. You do not want to move there, unless you like a good kip....

[alachlan]

"how come no-one at any of the banks is getting axed- they caused all this by over lending ridiculous sums out of sheer GREED in being able to make so much money- now when it all collapses they are long gone with fat bonuses lining their pockets....."

Reality check at table 7 please!

http://news.hereisthecity.com/news/business_news/7851.cntns

[Keef]

Was listening to radio this morning, and some bloke was saying he reckoned the market will drop at least 20-25% from it's peak last year, and maybe up to a third...

Flats I've looked at don't seem to be shifting off the market either, and people do seem to be slicing chunks off of asking prices.

At the end of the day though, no one but the most desperate are going to take a 25-33% loss, so you can see it grinding to a halt a bit. Who are the winners... the bloody landlords charging high rent whilst the housing market sits still! (6)

[AcedOut]

I've done a lot of research on mortgages recently. HSBC (who do not offer any mortgages through a broker) still have some relatively competitive products (for example, a 1% LT BoE tracker) and just offered me a 4.6x salary mortgage with 80% LTV.

If you're looking to move up the ladder, I think it's worth looking and putting in some 'silly' offers.

> 10% down on a ?250k flat = -?25k

> 10% down on a ?500 house = -?50k

>> So, you're up ?25k net. But your risk exposure is higher.

Personally, I'm still waiting for the crest of the slump although I think houses on my street are already down ~15% from last year.

East Dulwich prices shot up a lot more that other areas in London over the past few years, so we have to expect a bigger fall too.

[macroban]

I've seen a Foxtons' "SOLD" sign in Overhill Road.

[Jeremy]

Several places have sold recently in the area, including a place I was watching on Oakhurst Grove. It's just a question of pricing your property realistically. However, the agents presumably want to keep prices as high as they can, and seem to be marketing properties at prices which they will never possibly acheive.