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London MNers - what's happening to property prices in your area?

13 replies

BrummieOnTheRun · 04/03/2008 20:31

And are families currently leaving london for cheaper climes beyond the M25?

OP posts:
Carmenere · 04/03/2008 20:32

My immediate are is fine, very little depreciation at all, maybe a couple of per cent in th past few months but overall it is doing nicely.

MrsSeanSlater · 04/03/2008 20:35

We've had a lot of properties come on to the market at the sort of prices they were selling for last year. A lot have had to be reduced in price and they're shifting very slowly.
This time last year most properties were selling within a week for over the asking price, most going to sealed bids or best and final offers. Now they're on the market for months. We're on the market but have had very few viewings in the last month and no second viewings at all. We're in SW London.

lalalonglegs · 04/03/2008 22:16

I'm also in SW London and it's laughable the way agents and/or vendors refuse to accept that the climate has changed. Their offices are dead, for sale signs stay in place for months (or, quite often, people don't put them up for fear of having them there for months and you only find out the place if for sale through browsing the websites), no one is prepared to lower the price so nothing is selling.

Nothing selling so no one moving away.

MrsSS: do you think your agent is being realistic with asking price? Has s/he talked you into putting it onto the market at a higher price than you would have felt comfortable with given gloom and doom? I just ask because I am baffled why, around me, vendors are still asking almost £1million for completely ordinary Victorian terraces etc - probably more than they were asking for this time last year (albeit they may have achieved more once it went to best and finals).

kerala · 04/03/2008 22:22

Sold ours within the week, had around 30 viewings in that week. Had to take abit below the asking price but very happy with the price we got.

Moving south west and finding we can get MUCH more for our money.

MrsSeanSlater · 04/03/2008 22:23

Lala, we put it on slightly higher than we would have thought we would get because all three agents said the same when we had it valued. But another house round the corner which is very similar to ours has dropped their price twice and it's now more than £10k less than ours, so no-one's going to buy ours when they can get the same thing for less.
We haven't put a board up for that very reason - we don't want to advertise to our neighbours that we're trying to sell, only to have to take it down in a couple of months if we don't get a buyer.
We've got a planning application in for an extension so if that's approved (already been turned down once) we'll extend instead and move in a few years when the market picks up a bit.

MrsSeanSlater · 04/03/2008 22:24

Kerala, where do you live?

bran · 04/03/2008 22:28

I'm expecting prices to drop like a stone where I am (near Canary Wharf) as they are building like mad. I guess that there will be at least 3,000 new apartments coming onto the market in the next 18 months and I don't think there are enough people moving into the area to keep prices up.

I'm surprised that they haven't started dropping already, but they seem to be holding steady and places are still selling. One of my neighbours has just sold for what she thought was a surpisingly good price to someone who wanted to buy in this development and so put leaflets through every door.

lalalonglegs · 04/03/2008 22:34

Oh good luck with extension MrsSS. Don't be put off going to appeal if you think local authority are being unreasonable and staying put is far easier than this selling malarky.

MrsSeanSlater · 04/03/2008 22:38

It would be sooooo much cheaper to extend too. We're looking at £20k in stamp duty alone if we move, plus all the other costs.

BrummieOnTheRun · 05/03/2008 10:10

you're so right, lala. many agents and vendors clearly think self-delusion is enough to sustain the market

so while it clearly varies a lot by area in London, it doesn't sound like silly season is returning any time soon.

OP posts:
kerala · 05/03/2008 11:21

MrsSS near Hampstead Heath. Two local mum friends also recently sold their places within 6 weeks of putting them on the market at prices pretty near the asking prices.

merryberry · 05/03/2008 11:53

tufnell park holding very steady, usual shortage of family sized homes holding up prices, tbh.

MrsSeanSlater · 05/03/2008 13:29

I've just had a look at Find a Property and there have been loads of new instructions in the last couple of weeks so maybe things are picking up at bit.

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