Anyone recently sold/selling a flat in SE London?

(18 Posts)

Just wondered what your experience had been. We have been trying to upsize for a while but, having bought our 2 bed garden flat at the peak of the market in 2007, its been a struggle to break the £250k stamp duty barrier and have enough money to make the move. We tried to sell in September and despite being valued by 4 estate agents as being able to achieve £270k + we only got offers at £250k (completely understandable) so came off the market with the aim of saving like crazy to make up the shortfall.

The property market in our area seems to have gone a little crazy in the last couple of months (high demand and low stock) and as we had seen a few sold signs on our street we had an agent round to value yesterday, and were really shocked when he said we should market at £320k to achieve £300k! This just seems a bit mental to me that it could have increased in value so much so quickly, however a quick Rightmove search does show many comparable flats marketed at a similar price that are under offer or sold.

We are just about to have a new baby so its really not the ideal time to sell, and I don't know fully whether to trust this valuation and go through all the stress of viewings etc just to be disappointed. However the agent did say that if more flats do come on the market then this could mean prices dropping slightly, so was quite persuasive about the need to sell soon if we want to achieve more (which given the price of houses in the area we will need to do to have a chance of upsizing).

Has anyone got any experience of the market in this area the last few months and does this valuation seem reasonable? It's way beyond what we were expecting!

Barbabeau Sun 21-Apr-13 11:17:19

What postcode are you in? I've heard that some bits of SE have gone crazy. We bought a couple of months ago and DH ran into the estate agent recently who said we were lucky to buy when we did as things were going under offer super quickly now. We're in the neighbourhood that was recently featured in the Guardian's Let's move to series.

BoundandRebound Sun 21-Apr-13 11:19:21

If your flat has gone up that much so will the house you want to move to unless moving areas so start by seeing if you can afford to move and if its worth it to you, factor in the moving costs, stamp duty etc

Barbabeau - we are in the same place! Welcome to the area, it is bloody great smile

And yes, I am really aware of the house prices going up Bound, but we are currently v close to the centre and moving further out into the less desirable part (though rapidly becoming more desirable) means if we sold for a decent amount it's just doable. It's another reason I don't want to wait too long though, in case the houses become further out of our reach.

Sounds like it might be true then. Eek, can I really face selling with a newborn?!

Barbabeau Sun 21-Apr-13 18:55:48

Yes we love it here and are so happy with the move. Everything about it is nicer than our old neighbourhood.

Good luck with the move LittlePickleHead.

MadBusLady Sun 21-Apr-13 19:09:04

<waves>

We've just bought a little south of where you are, moved in a month ago. We were looking at houses not flats, so I don't know how it translates, but we definitely noticed prices creeping up as we were looking (from beginning of 2012).

I don't think things necessarily go under offer within hours like they do in more obviously prime parts of London, but I do get the impression there have been steady climbs.

MintyyAeroEgg Sun 21-Apr-13 19:10:25

Its gone completely nuts here lately. So much so that we are thinking of selling our 3 bedder and going up the road to SE19, where we can hopefully afford 4 beds.

TheRealFellatio Sun 21-Apr-13 19:19:38

I am looking around at trying to buy a flat somewhere/anywhere in London at the moment, and even areas that you could not give away 5-10 years ago have gone absolutely through the roof. I am trying to hold out for somewhere on a tube line but I don't think it's going to happen.

Levantine Sun 21-Apr-13 19:22:16

There is very little on at the moment as far as I can see. On the most popular road near me (same area) houses are sold before the estate agents board goes up

Levantine - this is a real worry, we'll be able to sell but have to wait ages for anything to buy. But I suppose we need to be in a proceedable position to have any chance at all and just register with all the agents so we hopefully hear about properties coming on the market

If you don't mind me asking Levantine - are you north or south of the tracks?

Levantine Sun 21-Apr-13 20:57:14

North. We weren't taken seriously until we were very far down the road with our buyers. There really is nothing at the moment is there, but something will come up I'm sure. Would you consider renting for a bit?

Hey TheRealFellatio do you want to buy my flat? We are on the tube (sort of!) ;)

We'll be looking south due to DDs school which seems to have a little more on the market, v jealous of your north location though!

We've been talking about renting but I'm worried prices will continue to rise and we'll be priced out (especially given how expensive renting is so our ability to save will be reduced). I guess it might make sense to rent another flat so it's a bit cheaper until we find a house to buy. We also only have a year to port our mortgage and really don't want to lose our current deal so we would be under real pressure to find somewhere.

Oh we'll, I'm having a baby in a weeks time so its probably best to give ourselves at least a few weeks after that to think about it and decide whether to the the plunge!

MintyyAeroEgg Sun 21-Apr-13 21:13:44

Mystified by this north and south of the tracks you are speaking of.

I think I've got wrong end of stick somehow!

Minty - it's se23 - north is traditionally the more desirable area. You can't be too far though, SE19 is just up the road?

Southeastdweller Sun 21-Apr-13 21:25:26

TheRealFellatio* Not all areas of the city are bouncing with big property price increases, even those with a tube line - I know because I live in one, in S.E London. It's horrible, but some people like it. PM me if you want to know where.

Sorry for the thread hijack.

Not a property owner but v excited to see so many local MNetters!
I've been lucky enough to live right in the centre north of the tracks for many years and it's lovely to see it being revived and enjoyed by newer residents smile

TheRealFellatio Mon 22-Apr-13 12:28:29

I cant sorry - I am buying cash and I don't have that much!

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