Anyone buying or selling in SE London at the moment? How's the market?

[Zone4flaneur]

We've decided to sell instead of doing work to our current house. We're in the selling at 800-900k band and buying around £1 million (god these are insane amounts aren't they?). Sydenham/Palace/Forest Hill/Penge area.

Just wondering how others are finding the market. We've had EAs biting our arms off for the gig but we're worried there's not much to buy- either optimistic pricing sitting around for a long time or doer uppers- I'm guessing stuff is probably going before it hits rightmove as seems to go straight to offer accepted. Is the market still quite hot?

We're being a bit fussy otherwise we'd just stay where we are and do work (we're fine for schools etc, like the street) but also wondering if the whole endeavour is doomed.

We sold (but didn't buy) in that U Syd/FH late last year in the 700-800 band. Out neighbours sold at the same time (moving back to where they were originally from). Both sold within a month, and within 25k of asking.

Most of the buyers out there are somewhat...demanding right now. Other friends have sold, have awful buyers and are struggling to find anywhere in a similar price band.

Choose your agent carefully- we saw some shocking ones who promised the earth, but didn't deliver. 1% seems to be the current standard rate.

Slightly further out and a couple of bands lower but it’s really mixed.

An interesting thing we’ve noticed is how few of our potential buyers are selling before attempting to buy. They’re either ‘cash’ buyers or planning to remortgage and let their current house in order to buy. As a result they think they’re in a really good position and get really picky, offer low — before getting cold feet and pulling out.

I long to be told that a viewer has just sold and is looking to upsize and buy in the catchment area of good schools.

I’ve noticed some houses apparently going on to Rightmove already SSTC. No idea what’s going on there, especially as they then hang around for months.

OK that's interesting thanks. The agent we've gone for has sold 2 identical (well almost identical, with different levels of extensions) on our road in the last 6 months and the neighbours gave them a decent review but the experience has reminded me how KFH truly are the Foxtons of South london and should be avoided at all costs.

@NewFriendlyLadybird I called an agent this week about a house that looked interesting and he refused to show it to me as they'd had 3 under asking offers from people who hadn't sold yet and the vendors were annoyed. On the other hand the agent we're going with has started pushing houses that will go on the market about the same time as us which was what was making me suspect they're going off market. The ones sitting around seem to have a quirk- e.g. backing onto a railway line, or small garden and I'm guessing prices are too high for compromising. Last time we sold, in the dark ages, we went into rented in between, but can't do that this time due to secondary applications.

Would also be interested to know what buyers are being picky about!

Things they’re picky about are either things that can’t be changed, such as the driveway being short (one car only) or the driveway being at the back of the house, or that would be very easy for them to change if they bought, such as a conifer in the garden.

Another thing we’ve noticed is the number of buyers coming in with a plan to remodel the entire internal space, even bringing along multiple sets of builders to quote. Obviously they could do that, but they don’t NEED to, and it’s a bit much when they then make a ridiculously low offer, complaining that it’s all that they can afford given what they want to do with the house. I blame George Clarke.

I just want a normal buyer who wants to buy the house we’ve got rather than some fantasy future version. We did have one of those, but then they were turned down for a mortgage, despite having an AIP.

We are selling our flat in FH/Sydenham area and looking to buy a house here, similar budget (800-1m). Unfortunately, there just aren't enough coming on the market. There is one that we are potentially interested in (and has been on the market a while) but a "very rude" local estate agents won't show it to us until we have an offer on ours. We have only been on the market less than a week so early days still

We aren't selling yet but will be soon. 4 flats on our road have come on the market in the last couple of weeks which is unusual.

I know for a fact Dexters - who seem to have a monopoly in SE London leave things on Rightmove even when they're sold. They presumably do it to get people to contact them.

I'm in the Telegraph Hill area and have heard good things about Conran's and bad things about Dexter's. KFH's prices are nuts and not at all realistic. Same with Mundays.

Ours will be aimed at a FTB and they are out there but evidently not charmed by the flats around us as they're getting viewings but no offers.

The quotes we got were so wildly different between agents that it was clear nobody has a clue. Based on our (and our friends') experience so far, the local agents tend to under price to sell quickly. As a seller, I'd only go with them if I'm in a rush to sell.

It does seem that KFH and Dexters def overprice and then keep reducing. Mundays are new to our area I think - have sold a few flats recently and their photos are really lovely (like modern house).

I can't stand the narrative on the Munday listings.

I know that Dexter's try and do it off market before adding to Rightmove. We had them in about a year ago and they suggested they had buyers lined up and wouldn't put it Rightmove unless those buyers weren't keen.

(We didn't end up putting it on the market at that point so I don't know how true that is).

We had the same experience with KFH a few years ago when we briefly considered selling. We always got new properties pushed through to us a week or so before they went on all the portals.

We sold and bought in an adjoining area to you last year, more Dulwich area, and I have to say we had a great experience with KFH. It was the West Dulwich branch so not one you are local to but they priced our house at a realistic level (after we explained to them we didn't want to over price), and we were under offer within 3 weeks. The guys were all lovely and made the whole process seamless from there to completion, even though our buyer was fairly nervous and pretty hard work. Literally couldn't fault them. So I think branches must vary from area to area.

The guy who valued our place said that asking prices are largely led by the vendor and they often suggest a much more moderate price point, sometimes arriving at a compromise but not always. So you can't always blame the agent for overpricing.

We were on a lot of mailing lists and matey with some local agents and there still wasn't a lot to choose from, but we were lucky to find something that suited us at the right time. This was 9 months ago.

Thanks for all the Intel. KFH also told us they would float the house to buyers at a high price pre market and then lower if they said it was too much, which I didn't love as a strategy. But I can also see the ones that are hanging around are highly priced for the square footage with perhaps people not wanting to drop their price at all.

@NewFriendlyLadybird I hate that, people can see it doesn't have parking for 2 cars or whatever. I suppose what they mean is they don't like it enough to compromise on that thing but why not just say that? It's ok to just not like it.

@Bear2014 yes I think it can massively vary by branch or possibly individual agent.

Dexter's called me about a house that they said they were going to market for £995k but they knew they could help me get it for about £925k. It did go on at a far too high price and was then dropped in price massively.

Didn't help me feel like I could trust them very much.

Selling in FH at moment. The market is very confusing. Not much seems to be selling apart from small ‘starter’ houses and flats which are going at inflated prices.

A warning @Zone4flaneur our EA promised us they had loads of people lined up and would sell it instantly. That hasn’t happened. In fact sounds very much like the same spiel as yours. Especially the ‘off market’ price test, which failed miserably as their price was so over inflated

Yes not to worry we haven't gone with them anyway, and went for the middle valuation which made sense with what 2 others on the street have just achieved, but EAs will always tell you they have loads of people just desperate for your house won't they? I haven't come across Munday's at all but they look a bit more NewX/Peckham from the website.

We're in the 'next step up from a flat' category. Substantial 3 bed terrace. If we don't sell we don't sell I guess and that's ok too.

@kirinm Dexter's don't really have much of a hold on this corner of SE London. There is a LOT of Pedder about and various local ones (PropertyWorld, for example) along with various usual suspects eg KFH, Robinson Jackson, Hunters, Leaders...

@Zone4flaneur our previous neighbours used KFH and actually sold their house during this pre-qualified period. Even their agents were surprised, as normally they use their lists to test pricing etc and soft launch so that RightMove etc are pitched at the right price.

They purchased / acquired lots of EAs near me and in and around Nunhead / Peckham so they're suddenly everywhere.

@Bear2014 I was going to say exactly the same! We sold with KFH West Dulwich a couple of years ago (so different market) and I thought they were good - they valued at a mid-level (so much less than Foxtons, but more than the local agent we tried) and they got us the price we wanted.

In my head I put Dexters/ Jacksons/ Foxtons in the same bracket in the same bracket (will be overpriced) but I think KFH is a bit more branch dependent.

All the agents we had in to value did pre-market viewings though for us - I guess it is an easy way to jump the market.

Dexters are everywhere here now.

@Zone4flaneur I wonder if you’re actually right by me as Dexter’s told me they were going to value a similar property on the next road a few weeks ago!

Not us- we didn't have Dexters round! But if anyone's selling a 4 bed 2 bath in that area let me know...

Truepenny's seem quite busy around East Dulwich.

On a side note ,backing onto a railway line isn't all bad is it ? No neighbours on that side of your garden and I find the noise of trains nuch less intrusive than random trampolining children or barbeques ,comforting in fact .No surprise redevelopments of sheds/houses/extensions/flats .

Ugh I hate the way Dexters do that!