london

maybe this shit will cause some people to remember there is a part of london south of the thames

Has it not gone the same way? I know loads of people being priced out of Brockley, Brixton, Tooting, etc.

HEY.

(Sorry, but Sarf London has seen some fairly ludicrous price rises, too. Several of my friends have ended up priced out of Streatham, believe it or not.)

yeah i've looked at various south locales and it's honestly not much better. brixton is as insane as hackney

:(

"priced out of brockley" - a memoir

yeah i was hearing the orher day about an ad exec who just spent low seven figures on a house in a bit of south london that north londoners would probably associate (assuming they had heard of it) with crime and deprivation

Was keeping a eye on Waltham Forest for a while

Prices have gone absolutely mental in Walthamstow over the last 18 months or so. Don't know if it's happened in Leyton/Leytonstone as well.

Edmonton still a cheaper option, and with good reason.

Waiting for Guardian Weekend to do a glowing "Let's Move To... Mitcham Junction" or something.

A friend is looking to be near the new Saint Martin's (ex-council N1, N7) and reports 'open days' of 30 couples viewing a flat at once, then flat inevitably sells to cash buyer for 10 per cent over the asking price, after sealed bids. Another friend bought a house in Walthamstow, the multiple-viewers at open day happened there, too.

Lots of people buying in the Bushwood section of Leytonstone right now, but also Harringey between Manor House and Turnpike Lane.

lol @ the trendy faux-S London locations listed above. charlton/woolwich border clearly where it's at. 15 months & no trouble (but then I am a man)

Is "but then I am a man" the new "I'm white, BTW"?

I live in South London (but then I am a man!)

I was not a man until South London. But then I was a man!

I like this catchphrase. But then I'm drunk.

If we must, my ex was flashed once while dog-walking round these parts - I was acknowledging that there are harassments men just don't cop

this has been sort of simmering away during the half decade of no growth, a sort of surface level entrenchment of the sort of things that cause estate agents to append 'village' to place names, now with a debt fuelled pseudo-revival it has gone into overdrive

The funniest example of this is surely Brixton 'village'.

The challenge is finding somewhere in zone 2/3 that isn't a 'village' just yet.

ok we're pretty fucken guilty as charged on that count

Oh yes Charlton Village, yes.

My street got declared a villaaaaaarge after a movie star moved in & wrote a column for the Guardian saying how nice it is. How much will this add to my house value?

I look forward to Thamesmead village.

I'm not even going to google that.

Another friend bought a house in Walthamstow, the multiple-viewers at open day happened there, too

When we were looking a year ago (in Walthamstow) this was the case *all* the time. Any property worth having was sold instantly before it even officially came onto the market. The estate agents had backlogs of clients on their books who had sales lined up but couldn't find anywhere to buy, so they would tip them off whenever they went to do a valuation and would then get them an early viewing (on the same day as all the others on their books). Basically no chance for a second viewing, no possibility for negotiation of price. Several times we called back the next morning to find places had already been sold.

but also Harringey between Manor House and Turnpike Lane

Harringay (in Haringey).

Someone told me recently that if a property has been on the market for more than three days then it's either severely overpriced or there's something wrong with it, although that may have been an exaggeration.

Think that depends v much on the neighbourhood. The people upstairs have just sold/bought and though I wasn't on good enough terms with the old neighbours for them to even tell me they were selling, they were having an unusual amount of visitors for several weeks. But although I'm on better terms with the new neighbours, I'm not on good enough terms to ask them how much they paid and how quickly they sold.

Owning a house right now feels like both a blessing when reading the horrendous issues my renting friends are facing, and also a millstone, like I'm attached to this hugely valuable thing I got entirely by accident and sheer luck, and yet if I get rid of it, I will never ever get another one.

This place is a total fucking shithole isn't it
― dave q, Saturday, May 11, 2002 12:00 AM (11 years ago) Bookmark Flag Post Permalink

... and that was 11 years ago, can you imagine what it's like now?

Brockely's still on offer for about £400pcm. I lived their for two years and the rent didn't change, my ex hosuemates stayed in the property and still pay the same...

It depends entirely on your landlord - those who have owned their place for ages will typically be renting at a lower rate at £400pcm-ish is fairly achieveable. If they bought more recently then they're likely to be renting it at a stupidly insane rate - I saw £600pcm plus quoted for a shared house in Herne Hill recently.

Brixton and Hackney are basically the same thing - the most fashionable parts of their respective areas, for that alone they're going to be overpriced even by London standards.

Throw Peckham in there as well.

Herne Hill is pretty damn posh these days and has been for some time! It was out of my price range when I was last looking 10 years ago!

Can attest to insanity in Walthamstow, in our street flats that were going for low £200k are now going for £350k. We are basically stuck where we are as we're paying probably £300 a month below market rent, luckily our landlord likes us and has paid his mortgage off.

Kinda thinking London is not for the likes of me any more, if it ever was. The only people I knew who owned their place even last decade were people who had help from their parents. I was looking at SE London now even NE London is out of the question but tbh it's not really any cheaper.

£600 a month would have been expensive for a room in a shared house even for a gentrified bit of South London not that long ago, especially one that isn't on the Tube.

It's partly the Overground that's sent everything mental but not everywhere even has that excuse.

xp The cost of commuting in is crazy as well. It's fairly typical for my colleagues to be paying £5000 - £9000 a year in train fares, which isn't any more supportable in the long run.

There definitely needs to be more work done to encourage companies / jobs to relocate to other cities.

Friend who had v. small (350 sf) ex-council one-bed in Bloomsbury sold it for £360K last year, thinking he would relocate and wind up either mortgage-free or on a very low one, but seems to have just missed out on getting similar-but-larger flats near Caledonian Road. Judging by his experiences over the last year, once prices go past £250K and pass the stamp duty threshold, there's not much barrier to them going straight to £300K. His offers have been trumped by cash buyers on many, many occasions.

I can confirm rents in Herne Hill rents are as bonkers as ever. We moved out of our tiny one bed roomed garden flat near brockwell park (which the landlord is now advertising for £1100 a month) up the the road to West Norwood to a 2 bedroomed house for only slightly more. I think Tulse/West Norwood is on the turn too. There were more baby buggies than people in the railway at Tulse Hill station last sunday afternoon.

I was recently told by a resident that the Hither Green / Lee area hasn't been subject to the kind of madness which other bits of not-too-distant South East London have. I understand it's unremarkably alright around there but it's not an area I know well (or one I care to know well, particularly).

depends which part of hither green/lee. several 'conservation areas' round there, and the inevitable blackheath creep. closer you get to downham the cheaper i'd imagine

and 'unremarkably alright'? sir it is PARADISE

It's pretty nice around there, I know it well. Last time I was round there the big pub next to the station had gone gastro and a lot of the shops in the market area had turned decidedly pastel-shaded so I suspect it's on the turn.

Conversely the Old Tiger's Head is painted a weird shade of pink now and looks like an Eastenders wine bar from 1988 so god knows what's going on there.

lol @ the lord northbrook. went in there quite a bit when it were a propah boozah n the england footy was on

about 4x as many fancy restaurants as a decade ago, yeah, blackheath is comin'. so flee south, south to where the rents are yet cheap, where baring road sheers off toward grove park, where bromley looms

It's cheap round there because it's shit. I mean there is literally nothing of interest.

Last time I was round there all the pubs had been demolished and replaced with big ugly furniture outlets, it made me nostalgic even for the roughest of them.

Are these prices going to fall back down again once Help to Buy stops, then? Or have they just permanently moved prices out of yet more people's reach?

Hopefully the end of HTB will mean some of the mad overheating stops but I don't get the expression we'll see prices actually fall anytime soon - it seems to take really bad conditions for prices to actually fall, I'm afraid. Most people seem to refuse to sell in a falling market unless they have to.

If interest rates shoot up, now that might be different.

NB I really don't know what I'm on about.

I do not think HTB has had a major impact yet. Interest rates rising could cool things but BTL rents could go up.

Was thinking interest rates rising could lead to a lot of repossessions? One thing holding me back from trying to get on HTB is that we could barely get a mortgage to cover a 2 bed flat somewhere out of the way around Waltham Forest as it is and that's with relatively low rates, if they go up I'd be stuck with huge mortgage repayments on some shithole. There must be a lot of people who are stretching themselves beyond their means?

That's a real concern when I see friends on new teachers' salaries looking to get a 95% LTV mortgage on a 250k flat. People seem to be judging repayments against what they're overpaying in rent now without really thinking about what happens if the rates go up. The challenge at a national level is that outside of a few pockets houses are not overpriced really and increasing rates to cool London could crash everywhere else.

outside of a few pockets houses are not overpriced really

Is this right? I heard the opposite when I went home for Xmas, unless Worcester is one of the pockets.

Was thinking interest rates rising could lead to a lot of repossessions?

Not necessarily. I mean, obviously if rates go up a lot it will lead to an increase in repossessions, but I think a relatively modest increase wouldn't lead to catastrophe. Firstly, a lot of people will have fixed rate mortgages. Secondly, people on variable mortgages who got them before the crash are paying considerably less now than they were pre-crash, so (assuming they still have the same income) they can afford for their mortgages to go back up again. Thirdly, people who bought even a fairly short time ago (e.g. a year) have probably seen the value of their property go up by 10% or more - if they became unable to pay their mortgage they could sell their property for a profit and move somewhere cheaper. Repossessions only really kick when people can't sell their property (usually because they're in negative equity).

xp Might be. West / South-west tends to be a bit more expensive, i think. Central England and the North is mostly a way off the peak of a few years ago. You can get a nice three-bed family home in Birmingham for about the same as a pokey studio on the fringes of London.

hell of a commute, though

fwiw Worcester is in Central England, albeit the south west part of it.