Buying in Forest Hill - Bad time?

[AristaEss]

Hello, we are first time buyers looking to buy a 2 bed flat in Forest Hill potentially before stamp duty ends. We've found a few nice places that we like and were close to making offers, however on further research we found quite odd average house price changes.

To quote Rightmove "Overall, sold prices in Forest Hill over the last year were 1% up on the previous year and 5% down on the 2017 peak of £545,838". This coupled with a potential drop in prices after the stamp duty holiday / brexit / covid has put a sudden halt to our plans, wondering if the Forest Hill area is going to bounce back from this, especially considering they have been struggling to keep up with prices from 3 years ago.

I guess what we'd like to know is if people know this area and think its worth taking the risk? The property is half way in-between forest hill and catford stations and we really like the walk from forest to the flat, however there is not a great deal of interesting or useful shops! Everything looks a tad run down / dead but its very hard to know what its like outside of lockdown. Any help would be appreciated!

Everywhere in London will be struggling to keep up with prices from a few years ago... Those that managed to sell between 2012 - 2016 will have been laughing all the way to the bank. I can't see property price reaching those levels for a short while. A rebalance was needed. I feel they're more accurately priced now, though for me, still on the high side in London compared to areas outside.

I live in Forest Hill btw.

I guess what we'd like to know is if people know this area and think its worth taking the risk? The property is half way in-between forest hill and catford stations and we really like the walk from forest to the flat, however there is not a great deal of interesting or useful shops! Everything looks a tad run down / dead but its very hard to know what its like outside of lockdown. Any help would be appreciated!

Would have helped if I'd given an opinion. I find that those priced out of Dulwich usually end up in Forest Hill. Dulwich isn't getting any cheaper, so I guess in that respect, FH isn't a bad option. I live in between FH and East Dulwich, so can't really comment on what it's like to live between FH and Catford. I keep hearing Catford is on the up, but there's a running joke that everyone living in Catford claim that they actually live in Forest Hill. It's not renowned for being particularly 'sexy' and my own limited experience of travelling through Catford is that it's a little rough.

On the flip side, people in Catford laugh at people in Forest Hill for spending so much when you can get so much more house for your money in Catford...

Haven’t a clue what house prices are going to do though, sorry.

@ronniemipperton

On the flip side, people in Catford laugh at people in Forest Hill for spending so much when you can get so much more house for your money in Catford...

Haven’t a clue what house prices are going to do though, sorry.

I guess it's down to whether you want a large house in a crap area or a smaller home in nicer/safer area...

I think wouldn’t be buying a flat price n London this year, prices are falling still. It’s certainly a buyers market so negotiate hard and better bung some cheeky offers in.

I’ve lived in Catford 8 years and I love it. Great neighbours/sense of community, great parks, some lovely local businesses (Good Food deli, new Singaporean food court, Pizzeria Italiana), our very own cinema, really good pubs). Excellent community run library. Loads of lovely Victorian houses with big gardens. Pretty happy with my crap area 🤷‍♀️

The 2017 peak seems to be a general South London trend - we bought just before Covid at a price lower than the flat was bought for in 2017 (we’re nearby but not FH). We also looked at properties in the area before Covid you are looking at and didn’t see much open between FH and Catford either so don’t think that’s a lockdown thing - that’s just the inbetween-ness of the area.

The snobbery on here is astounding

Do you want a home or an investment?

If you want to complete before March 31st you will need somewhere that is itself chain free.

Is your mortgage offer in place in principle? Surveys etc are taking a while.

I would think prices will drop to a level to include an overall cost with stamp duty very soon.

Forest Hill definitely up and coming.

But buy for what suits you best, transport links, access to shops, schools etc.

I'd move a bit further south east London to London Borough Bromley or Bexley as you'd get a house for that price. I wouldn't buy a leasehold flat for that price as I'd still have to pay maintenance charges etc. I'd want a house with a garden especially during a pandemic.

Bromley generally has excellent schools, if that's a consideration, plus very good transport links into London & motorway access. Link below is in Bromley borough but you can type just Bromley into search box to widen the search area.

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E19767&maxBedrooms=3&maxPrice=600000&minPrice=500000&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

@Ihatemyseleffordoingthis

Do you want a home or an investment?

Thanks all for the replies! Very helpful. The main priority is a home for at least 5-10 years, we've made sure there are some good schools in the catchment. But at the same time we definitely don't want to take a loss when it comes to selling in the future.

@NewYearNewPlumbing

If you want to complete before March 31st you will need somewhere that is itself chain free.

Is your mortgage offer in place in principle? Surveys etc are taking a while.

I would think prices will drop to a level to include an overall cost with stamp duty very soon.

Forest Hill definitely up and coming.

But buy for what suits you best, transport links, access to shops, schools etc.

Yeah our number one is chain free but realise it still may be too late, we are first time buyers though and the flat isn't that high...so not the end of the world if it comes to it.

So you expect the overall price would be lower including paying stamp duty in the near future? We were thinking about waiting, but with prices dropping doesn't that also typically mean less for sale? We also have a visa limitation which runs along side stamp duty, so its now or waiting until September when the prices might have jumped back up!

[quote Clicketyclick21]I'd move a bit further south east London to London Borough Bromley or Bexley as you'd get a house for that price. I wouldn't buy a leasehold flat for that price as I'd still have to pay maintenance charges etc. I'd want a house with a garden especially during a pandemic.

Bromley generally has excellent schools, if that's a consideration, plus very good transport links into London & motorway access. Link below is in Bromley borough but you can type just Bromley into search box to widen the search area.

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E19767&maxBedrooms=3&maxPrice=600000&minPrice=500000&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=[/quote]
Thank you for the info but our budget is lower than that! Will take a look though thanks.

I sold a house between Forest Hill and Catford in 2018. Prices had dropped then compared with 2016 and they have since risen. Prices seem to go up and down and would just buy when you are ready and not worry about that. London prices will always rise long term.
The area is fine though there are no good shops or coffee shops within walking distance. It is quiet and peaceful away from the south circular road.
There's a good choice of stations for commuting with Forest Hill, Honor Oak, Catford and Catford Bridge within one mile.
It's less than a mile to the retail park with large Sainsburys, Next, Curry's and other shops. Forest Hill and Honor Oak are good for barrs/restaurants/coffee shops. Sydenham is nearby with a good traditional high street.
Forest Hill has Hornimans museum and gardens. Crystal Palace Park, Dulwich Park and Beckenham Place Park are all quite near.
Rathfern and Kilmorie Primaries are both good schools. If you can afford private, St Dunstan's is walking distance.

In general do local people know if there was much money investing into the area (up until covid) or has that ship sailed? I've read that Forest Hill has maybe missed its chance to attract more development/investment a few years ago.

@mountains76

I think wouldn’t be buying a flat price n London this year, prices are falling still. It’s certainly a buyers market so negotiate hard and better bung some cheeky offers in.

Prices have been really strong and it has been a sellers market across the big area of S London I am currently buying and selling in!

You'd definitely get a house in Bromley borough for your price range. Type in Bromley, put in your budget & see what comes up. I can tell you which areas to go for or avoid.

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E19767&minBedrooms=3&maxPrice=600000&minPrice=450000&radius=1.0&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

Who can say, over 5-10 years?

Tot up how much rent you would pay in that time!

Since lockdown many people have moved to places with more space but a bit further out, because they need space to wfh, and travel into central London less. Areas like Sydenham, Streatham Vale, Norbury, Mitchum have all become very popular. Lots of young professionals moving in, and after lockdown the coffee shops, independent shops and trendy pubs will follow. It started in FH a few years ago, and is continuing.

If you love the flat, you can afford it, and you could see yourselves living there, go for it. You could tie yourselves in knots trying to forsee the future 10 years from now. Abd meanwhile you need somewhere to live.

I would happily move to Catford if my friends and routes to family were in that direction. FH too. And Beckenham Junction.

I don’t think the OP has mentioned her budget, beyond being below £500k?

@NewYearNewPlumbing

I would happily move to Catford if my friends and routes to family were in that direction. FH too. And Beckenham Junction.

I don’t think the OP has mentioned her budget, beyond being below £500k?

Its been up and down all year due to covid lending restrictions and how they treat spouse visa among other stuff, but right now its about 375. Which doesn't give a great deal of choice! We mostly just want 2 bedrooms in a family friendly area and FH has ticked those boxes in the times we have visited it this year.

I live in Sydenham, so easy distance to FH and Catford. My road is full of families with young kids, pretty much everything you need is easily accessible, there are nice parks. Sydenham's actually still a wee bit cheaper than FH, despite not being that different! Unless you can afford to live by the Horniman Museum, which I certainly can't...

If you're looking for somewhere to live for a reasonable length of time, then do it!

@ronniemipperton

I’ve lived in Catford 8 years and I love it. Great neighbours/sense of community, great parks, some lovely local businesses (Good Food deli, new Singaporean food court, Pizzeria Italiana), our very own cinema, really good pubs). Excellent community run library. Loads of lovely Victorian houses with big gardens. Pretty happy with my crap area 🤷‍♀️

Yep, same, love my Crapford! (And Good Food is so good, this is the first time in London I live so close to such amazing bread!)

FH has some twatty new shops that make DP and I worry we'll be priced out (renting), gentrification is on its way.

Not sure I'd mind some of the roads/areas between catford and forest hill but there are some dodgy looking bits I'd try and avoid. I found a school I really like the sound of but I'm a bit disappointed that its in catford just because the bit it's in doesn't look very nice and I know that how a place looks really affects how you can feel about it