Anyone know Norbury SW16 (bubble? )

[LottySpot]

Surely this is proof there is a bubble. £400,000 for this?!

crazy London price

[itdc]

For london prime/suburb area in general see this, full of bubbles

www.housepricecrash.co.uk/forum/index.php?/topic/195761-is-prime-london-crashing/page-568

SW3
Mar 2014 (Terraced, Freehold)£2,460,000
Estimated Value£2,631,306
Asking Price£3,950,000 50.12%

N3
Apr 2010 (Flat, Leasehold)£283,000
Estimated Value£391,579
Asking Price£565,000 44.29%

N3
Mar 2007 (Semi-Detached, Freehold)£427,500
Estimated Value£621,477
Asking Price£975,000 56.88%

[itdc]

in this case the chrome house price apprisal plug in is your bubble detection friend:

[itdc]

116 Northborough Road, London

May 2001 (Terraced, Freehold)£83,000
Mar 2004 (Terraced, Freehold)£152,00023.10%
Sep 2005 (Terraced, Freehold)£189,95019.88%

The Land Registry HPI for Croydon implies that a property worth £189,950 in September 2005 would be worth approximately £266,973 in April 2015.
This is equivalent to a change of £77,023 or 41%. A change of 41% spread over 9.5 years is equivalent to a compound annual growth rate (CAGR) of 3.6 per cent.

Estimated Value *£223,526

Asking Price £400,000 78.95%

[LottySpot]

DH pointed it out to me and tbh l don't think anyone will pay that price but I'm totally at seeing it nonetheless.

[lalalonglegs]

But it compares really well to, say, Streatham which is half a mile up the road and that sort of house would cost about £100k more. I don't know Norbury well but it seems a nicely done house and, if you were priced out of Streatham, a relative bargain.

I am always extremely sceptical when it comes to those zoopla and similar algorithms that claim to tell you what a property should cost.

[itdc]

I don't know norbury well either. The most consideration factor is the location, if you compared streatham with wandsworth common which is about a further mile away. you will have to put up %50 to get the same thing.

[LottySpot]

Yes but Norbury isnt Steatham, which isn't Balham, which isnt Clapham. See the pattern? Next Thornton Heath will be commanding these prices

Fwiw, l live in Norbury and think it has improved a lot and I'm happy with the transport links but when do you say £400,000 for a 2 up 2 down (with downstairs loo) is too much?! That is 100% more than l paid for mine 5 years ago.

[nickEcave]

I know Norbury well. That is a very high price for a 2 bedroom house, but prices in Streatham have gone through the roof in the last few years, so not surprised that prices of houses conveniently located for the train station are increasing quickly. Norbury has fantastic train links to Victoria, London Bridge and Thameslink but is a spread-out area, so the roads closer to the station are going to command a higher price.

[indieblack]

Thornton Heath you were saying...

www.rightmove.co.uk/property-for-sale/property-52930925.html

Looks like prices have gone nuts again and this time I have no idea where it'll end.