Property prices in Gipsy Hill - is this house worth it?

[NewtoSE]

Hi everyone!

My family is new to the UK, and looking to buy a home around Crystal Palace / Gipsy Hill. I am hoping to get some advice from locals as I don't know the area well, and the property market here is quite different to in Australia where I'm from.

There is a house on the market that we like on Woodland Road, SE19 opposite Paxton Primary School. It was listed in July for 725k and has been reduced to 650k. 2 bedrooms plus attic space, garden, needs a bit of work, around 100m2 total floor area. Is the fact that it's been on the market for this long and reduced in price a sign that something is wrong with the property? In Australia houses tend to sell very fast, so I'd be suspicious of something that had been on the market for 4 months, and reduced in price. I'm also not sure if being located opposite a school is desirable.

Any local expertise would be very welcome! Thanks in advance.

It's a great area. My knowledge of prices is a bit out of date but we sold our 3 bed terrace in that area for £515k 5 years ago. Prices were dropping then and have come up again so not sure if it's a sensible price but it's definitely a gelreat area of London with loads of lovely cafes and shops and parks.

Near a primary school is excellent if you need a primary school!

No it doesn't necessarily mean theres anything was wrong with the property other than it being overpriced. However you would need to do your local research carefully and have a proper survey to assure yourself before contracts are exchanged. The market here is difficult currently compared to Aus. Most areas are falling slightly in value and predicted to continue to do so into 2025. Buyers simply can't afford the sizes of mortgages they used to - due to the big changes in the costs of borrowing. In Australia I believe most areas are still booming ? Here you will generally be able to get a property at less than its asking price. The market has done a 180 from the cheap money times of the last 14 years...

If you don't need a primary school, you'd get a better price for a place that's not so close. Paxton is sought after by families so the place will cost more because it's in catchment. If you want to pay less, and to not live so close to a a school, look a bit further away. Generally Crystal Palace is a great place to live though and prices have come down in the area so you should do well.

Just as an example - and sure this won't be your style and it needs doing up so it's not a suggestion - this would've cost at least 100k more a year ago, but is the same price as the place you're looking at now, but has 5 bedrooms and is in a really nice spot. Further from GH but still walkable -
https://www.rightmove.co.uk/properties/140659037#/?channel=RES_BUY

Sorry - that one is on for what yours used to be priced at 725, this nearby one is on for less. Just so you can compare and see if yours is a good deal or not - https://www.rightmove.co.uk/properties/136588478#/?channel=RES_BUY

If you don't need a primary school place, I'd avoid being opposite a school. There is bound to be crazy driving and parking (quite reasonable people seem to lise their senses when taking children to school).

I once lived opposite a school. It was quite noisy when they were in the playground - depends if you find that noise annoying or endearing

I live locally to the school, in fact my son went there many moons ago!

Would agree with what others have said that if you don't need a primary school place I'm not sure being so close to it will be much fun. It was rebuilt several years ago and now is 3 form entry, so several hundred pupils potentially. The streets there are pretty narrow and parking there (if its a consideration) is really difficult at the best of times.

The schools reputation has gone down quite a lot in recent years, I think its now "Requires Improvement", so theres not even the bonus of having a decent school on your doorstep.

Having said that, at £650k I think thats a good price for a semi detached house (albeit a small one) so near to the Triangle. So I think to an extent the issues relating to its location so close to a school are at least partially reflected in the price.

Although Crystal Palace is (in my opinion) a pretty good place to live you do pay something of a premium compared to other areas. Have you considered some nearby areas? Penge seems to be getting something of a good reputation these days. Only a couple of miles from Crystal Palace and a fair amount cheaper.

Agree about Penge and most of its local infants and primaries are pretty good. Great for transport and lots of lovely Victorian houses, many within the price range stated. Has lots of lovely coffee shops, bars and gastropubs too these days and borders Crystal Palace Park and loads of other green spaces.

That is really helpful, thank you!

Thank you for the context on the school, that is good to know. Hundreds of pupils would be very busy indeed, definitely something to consider.

Good to know! I don't know much about Penge, sounds like it's worth exploring.

Sounds like things here are very different to in Australia - thanks for the insights, it's good to know that it's somewhat normal for a property to be on the market for a while here.

The house next door has been done up and is also on the market (overs over £829k