Sold house prices post Sept crash - London

[housingplanningquestion]

I'm trying to figure out what house prices (in East London / Walthamstow in particular) are going for. I can see Rightmove SSTC, but those houses might have had lower offers accepted. I know Rightmove takes a while to update sold prices. I've seen a couple of more up to date sold prices on The Move Market. Any other good sites? Am I right in thinking that prices for houses sold post September's financial Trussonomics and consequent mortgage hikes, should be coming on to Rightmove now? So most sales before that may not reflect more recent lower prices. Or what are you noticing about big houses selling? We are looking at 3 beds with potential to extend, or 5 beds finished. Thank you.

Stainforth is a big house, finished it would get 1.3 at least I reckon. And not really an issue if you’re staying for secondary school as market will grow over 10+ years. But it’s a lot of work to reconfigure! It will always be a narrow Victorian house with no hallway and a dark looking garden though.

Ok then I agree that the Stainforth Road property is overpriced, but I think you are also coming to the realisation that you will not be getting what you want (finished 5 bed or 3 bed with potential to extend to 5 bed) in the area you want unless property prices crash enormously. Which I personally don't think they will, especially in popular areas like Walthamstow. By the look of it, Palmerstone Rd would cost a fortune to renovate thus may be only economically viable for developers turning it into flats.

Don't want to come across as harsh and my comment probably came across harder than if I was talking to you. But really I just think that you would be better off focussing on 4 beds with potential to put in a home office as you say.

Yes Stainforth is actually bigger than the other one @housingplanningquestion has discounted despite only being 3 bed.

Though I do still think it's overpriced considering all the hassle of doing the necessary work. And will always have an unappealing narrow entrance.

I think I would keep looking or maybe extend the search area slightly.

Stainforth does have loft done but not to building regs so can’t be a bedroom on listing - which I guess explains the stupid 925-975 price.

Yes, they've also been cheeky with the size description on Stainforth - the 'covered patio' and 'utility room' are both lino tacked on decking covered with perspex. That ground floor is really 64sqm. and some of the windows don't fit the frames, you can put your finger through. But the bedrooms are large and I personally quite like the dark jungly garden.

Today I learned that if you put an area into house prices.io, you can put the full postcode into Rightmove, hit the 'sold' button, and sometimes still see the original asking price of the property.

Ooh will be trying that

It doesn't work for all that many, but I managed to find a few. Past April is probably too late for them still to be on RM.

The evening standard has e17 and e11 as #1 and #2 property hotspots in london lazt week

Along my road in wanstead 3-5 beds any condition are now £1.1-1.3m and sell within a week

Still many wealthy families in their 40s wanting a 3-5 bed in E London in a safe area with great schools and shops, it seems

Annecdotally colleagues have said Hornchurch & Gidea Park are going like wildfire as well

I bought in 2007 and every year has been apparent doom ever since. Just buy in a decent area where your kids will feel safe with access to transport and ok schools, job done :)

Zone 3 East London here - trendy but cheaper than Walthamstow. My neighbour’s 3 bed terrace just sold for £50k over asking price - after a single open day. That asking price itself was £50k above typical sales prices 2 years ago - so that’s broadly £100k up on 2021. So I’m not seeing any downturn in this corner of East London.

It’s true that the cost of development now exceeds the uplift in value. But that doesn’t necessarily mean that those houses requiring development are overpriced - if they’re still attractive to people not looking to do a side return/loft/basement.

I guess if a property sells within a couple of months it was not overpriced whatever other people may think but if it doesn’t sell and has to be reduced then it was overpriced 🤷🏼‍♀️

Also, I seem to get better results if I added 1/4 mile to the postcode search.

Ok thanks

Patma - free browser extension - adds a box to each for sale Rightmove property, showing the date it was listed and any price changes since then.

@housingplanningquestion are you a cash buyer? I walk past this house often. It seems a bargain, even taking into account the fact that it's next to the railway line. And I'm pretty sure it's close enough to be in the WFSG catchment.

@WinterDeWinter which house are you thinking of? We are chain free but need a mortgage on top of having a large deposit.

@WinterDeWinter Oh sorry I see it now!

That house is cash buyers only as has existing tenants that won’t be leaving prior to Exchange hence the price is lower than it would otherwise be.

@housingplanningquestion I think your deposit might cover that one. If you like it and have the stomach for a full reno I'd offer £485K citing reno costs of £500K and proximity to railway line (the railway also own the next door lot - It will get overgrown regularly I should think but on the other hand you have no neighbours on that side..)

Yes, it's curious that isn't it? The last house I sold stayed on RM as SSTC 7 months after completion and around 3 months after the sale was registered in the Land Registry. I'm not sure if it is some kind of EA shenanigans, laziness or incompetence.

@WinterDeWinter do you (or anyone else) know what it would be like living so close to a railway line? I discounted that one because of the railway rather than any other reason.

They like to show off how many houses they have for sale or sold, because it gets them more business.

No names mentioned ( actually I will name & shame Dexters in London) but some EA are awful for this.

They keep properties live on their website plus Rightmove etc for way too long. So annoying when you’re looking to buy & you think they have lots of interesting properties on their books but actually they’re nearly all SSTC. Apart from the one on the main road or the one that hasn’t been decorated since the 80s.

@housingplanningquestion There are two trains roughly crossing over each other every 15 mins during the day, going slowly because the station is right there, plus some cargo trains which go through a bit faster - not sure how frequently.

When I was a child we had a train track at the bottom of our long garden - I loved it, but it was a lot further away obviously. Only thing to do is go there and hang out I think - and talk to the neighbours? I'm not there again till Monday I'm afraid but will try and make a note if there's one passing when I'm outside!

It’s got zero outside space, it’s not got massive potential even at that price! It’s a small 3 bed with a stolen bathroom upstairs. Think it would be a nice first house for a small family with deep pockets. Unless you can demolish and dig a basement and completely redesign 😅