WOKING property prices - going up or down? Any locals?

[HennyPennys]

Help needed re a DC who is looking at buying - first time buyer.
They are looking up to £250K and for a 1-bed flat or small house. Location is important and they have narrowed it down to certain areas in Woking.

Prices seem to have stalled and little of what they have looked at have been snapped up.

As their budget is really tight, they don't want to get into a negative equity situation but neither do they want to miss out if prices are hiked up next spring.

We've advised on putting in low-ish offers but not knowing the area aren't sure of the market trends.

have been snapped up = have NOT been snapped up.

It’s a funny market for that type of property. There have been so many flats built in the centre of Woking over the last 10-12 years and any that are available now haven’t appreciated in value since they were built, so pretty poor investments really.

My advice would be to pay the asking price as the vendors are unlikely to be able to afford to take offers. Research on Zoopla to see what they paid for the property, some have been sold recently for less than the new build price. This is what happens when (the council) decides to give planning to small housing units in a very small area which floods the market of this type of property.

£250k budget is too small for these properties, but could get you somewhere is Goldsworth Park, which is a bus ride from the station. Goldsworth Park has a more stable housing market as it was built in the late 70s with a full mixture of housing from 1 bed flats up to 5 bed detached houses. It has doctors surgery, Waitrose, post office, Costa, boots within a small retail park. Plus it’s built around a lake, so quite pleasant for a first time buy.

They are looking at Goldsworth Park- that's where they have seen a few. We have been to have a look from the outside of some there and DC has viewed some too.
One drawback is the service charge and ensuring it isn't hiked year after year.
There is something for sale on a road between York Rd and Guildford Road (flat) but needs some work doing to it.

Are they looking at Goldsworth Park ? We used to live there, houses used to be good value.

Kingfield looked like good value property too and not to bad an area. Westfield Avenue properties might be ok.

We sold our house in Barnsbury in 2011. Will we live to regret it ? Um, dunno.

Sheerwater has some reasonable value properties but has it's share of social problems.

I'd say don't wait for property prices to go down, they could go up. Get one now. However, I'm in rented accommodation in Cambridgeshire with my husband - long story !

We will buy a house another day, probably not Woking as, not to fine a point on it, we couldn't afford it.

Have they looked into properties on Old Woking ?

I've just had a quick look on Rightmove. In amongst the flats and maisonettes for their budged there is one end of terrace and some other terraced houses. At least one was a two bedroom terraced house.

Our first house was a three bed terrace on Goldsworth Park which cost £64,950 in 1995.

I don’t know the area. However, as a principle, you can hedge your bets by getting a fixer upper. As you do it up, you add value. If the prices drop, you end up breaking even.

The market stalling is a red flag and coupled with the fact that 250k is a huge amount for a one bed anyway (compared to earnings of FTB), I wouldn’t be suprised if there’s a correction.

With regards to service charges, you’d need to look at the annual statements and see if there is a healthy sinking fund and any big repairs planned.

Thanks for all the comments.

Yes the cost is huge. DC can only afford as we have given an early inheritance of some £££s but they earn a decent-ish but not high salary.