London - are house prices dropping near you?

[ScoutandAtticus]

I live in SW19 and have noticed alot more reduced prices in the last few weeks. Could this mean the bubble has popped just a little? Some of the prices here have been crazy.

Interesting question. I think the last 6 months has seen an enormous increase, but have since plateaued out (SE London). I don't think they will drop but buyers will start to get more options at the same price. We brought last April and actually had our offer accepted in September 2014 and in those 7 months the house went up £100k! It has since gone up almost the same again.
This may be because SE London has historically been behind the rest of London for prices.

I think they are dropping in SE London. I am seeing properties reduced by 10k after the first week of being on the market and as much as 10% in the next few weeks. That is, if they are not sold on open house day.

Still going up at a ridiculous rate here (west london)

we won't be moving up the ladder anytime soon!!

SE London, I seems that offers are accepted rather than going over asking price.

Mind you there are only so many buyers who can buy a regular home for close to half a million so the steep price rise has to fizzle out.

This may be because SE London has historically been behind the rest of London for prices.

Because we've still got no bloody Tube!

I had another look today but searched under my neighbouring postcode (sw20) and there are quite few reduced prices. Interesting. I suppose there had to be come correction.I still can't believe a 3 bed semi can cost a million!

Se1, se16, reducing asking prices since about December (Q4 2015 was flat) at over 750-800k price threshold...even at 650k+ in Surrey quays. There's just a phenomenal amount of new build stock hitting the market at the same time.

As for sw8 nine elms, battersea power station area....from 850k+ many resales are selling at less than purchase price of 2+ years ago. What was affordable in eg Malaysian ringgit then is now 30% more expensive in gap now and many round 1 buyers can take afford to complete when the first ones are due Q4 2016. Frankly it's a bloodbath.

I can't comment on other postcodes. I am certain that London cannot be viewed as a single entity and gut says the cheap seats (say

GBP ie pounds sterling , not gap!

SE London

Intense and constant rise.
Houses don't even put boards up anymore. There are so many people on the agents list of interest, that one morning of open house results in 40 closed bids.

Take your pick of buyers.

That's mid market 3 - 5 bed houses.

I'm guesstimating my house has seen a rise of £60k in the last 15 months
judging by the (sealed bids) prices achieved on my street.

My experience with houses in SE London is that they are either gone on the open house day or they just remain for months( based on right move data). In NE London like Chigwell and Woodford , houses have not been moving for months now. But then most of them are in 600k+ bucket

I think it depends upon price bracket. Having just bought in WC1, I have spoken to a number of agents and it seems anything under £1m is still shifting fast, but over that the position is different and things are sticking.

I'm watching a few areas on rightmove and yes loads are being reduced

I'm in SE London too and not seeing that at all. There are 4 houses on the market in our road. All have dropped the asking price in the past few weeks.

Obviously it's a factor of supply, but also I think the original asking prices were just way too ambitious.

Ours has been on for a few weeks now at a ridiculously over inflated price. No offers but a couple of viewings. The estate agent gets a bigger cut the higher the price it sells for. We aren't in a rush to sell so we don't mind her trying to push it.

Friends have sold their places in a matter of days with a more 'realistic' price though. I think the market is still pretty good.

I'm seeing many of the new builds my way (Lewisham) being priced down - and thank fuck for that. Other property types still going strong in "undiscovered" (thanks, Evening Standard) Brockley, Forest Hill etc.

We put on the market less than 4 weeks ago and completed today, 38% over sept 2013 when we bought. Just checked and plenty put on in March is under offer in TW13. Historically undervalued area with brilliant transport links and schools. We are/were 30 mins to Waterloo, no aircraft noise, conservation area, large Edwardian house, quiet tree lined with park at end of road and 4 mins to station and shops, 24 hour buses, 10 mins to Richmond and close to M4 and Heathrow (without the aircraft noise that drove us mad in Isleworth)