Big drops in new flats (surbiton)

Penelopa.Pitstop

The prices of not new builds on the other side of Surbiton are going down nicely too. I will stick to the area and wait. Most of the flats/houses I viewed between November and April are now off the market unsold.

slipthru

A flat in my road in west london has gone from £170,000 to £99,000 they must be desperate to sell.

It's a horrible pokey 1 bed flat in a council tower block, £99,000 is still overpriced as far as i'm concerned.

Fuchsia_a

adr0ck wrote: »

there not houses their flats;)

I've mainly been watching non-newbuild houses in Hillingdon between about £200-£250k, and a heck of a lot of them have dropped their asking prices by between about £15-£25k since the start of the year. One I liked at £280k has dropped their price to £230k - other houses on the street achieved over £250k a year or so back, and several others I've noticed have dropped by £30k or more without being spectacularly overpriced in comparison to other asking prices in the area. None of them seem to be shifting, though!

I noticed a couple of newbuild (or nearly new) pokey retirement flats going to auction with a guide price of about £70k, and there are flats in the same development of the same size that were priced at £120-£130k last year that have now reduced to under £100k since the auction.

There seems to be a pattern I've noticed on rightmove:

- house is put on the market
- description changed (repeat multiple times)
- price dropped by £2-£10k
- price dropped again after a month (repeat once or twice)
- house relisted with a different agent, and repeat from start

If anything, newbuild properties around here are being reduced in price less than resale properties - I think the developers are clinging onto the asking price for all they're worth, but frankly anyone would have to be insane to buy one considering how ridiculously overpriced they are in comparison to other flats and houses in the area - you can get a nice, two bedroom house in a quiet road for the same price as a tiny one bedroom flat sandwiched between one of the busiest road junctions in town and the police station.

littlesaint

Fuchsia_a wrote: »

I've mainly been watching non-newbuild houses in Hillingdon between about £200-£250k,

Yeah, the one I referred to earlier is non-newbuild.

It's had a few viewers and I think it would be interesting to know whether they are cash buyers, people with mortgages sorted or people who haven't seen a mortgage adviser. If it's the first two, it suggests that people viewing properties are holding back for a bargain. If the latter, then people may not be able to get a mortgage. It's difficult to know though.

Ionkontrol

I saw them going up as well and wouldnt pay 50p for one. They'll fall down with wood rot.

fc123

http://www.rightmove.co.uk/viewdetails-20603582.rsp?pa_n=1&tr_t=buy

SE18 Woolwich. This devt. was built on a site that had a big LA block on it.
25 yrs back they were all 'Hard to Let' flats....anyone could apply (and get) one. My BIL lived there a v long time ago....for £30 pwk.....and saved like crazy to buy something somewhere else, anywhere, but Woolwich.

I am thinking that they put a couple of overpriced penthouses on to make the rest of the stuff appear cheaper.
But the rest of the block are overpriced too.


This was the RM link that confirmed to me that the housing market has gone truly bonkers.

ADD; I just noticed it has more bathrooms than bedrooms....a new, key trend in use of living space?

PasturesNew

The prices of new flats in London seem to be the same as the prices for new flats most other places ... new build flats seem to have just been bunged up everywhere at the same silly prices.

All £200-450k no matter where they are.

Madness.

fc123

Hey PN, did you see this today?
http://www.guardian.co.uk/uk/2008/jul/07/housingmarket.construction?gusrc=rss&feed=business
OMG we were going to abandon London in 2001 and buy here.......but to live in etc and run a shop in town.
Do you think your old town can sustain these prices?

m00m00

PasturesNew wrote: »

new flats


Madness.

this edited version sums up the situation more succinctly

SouthCoast

Location, location, location and chav capital of Southern England at £665950:

http://www.rightmove.co.uk/viewdetails-21819443.rsp?pa_n=1&tr_t=buy