Price drop in East Croydon??

Emy1501

I'm not too far from East Croydon. I know South Croydon is falling as I know agents are struggling to sell flats. 2 bed flats within walking distance of the East Croydon station especially period ones are selling for close to 200K. They will hold their value better than any other in the borough due to the fast train links to Victoria and London Bridge.

August to now is not a long time but the last quaterly reports fom Halifax and Nationwide suggested prices had fallen in greater london by about 5% over the last quarter. Prices in Croydon also fell by 2.5% last month according to the LR figures and Croydon fell the most in Greater London.

I expect prices to fall at least another 10% next year in Croydon. Did you not factor in further falls when you made your offer?

olly300

lovethymini wrote: »

I think this is known as gazundering...

What did the surveyor value the property at?
If they valued it at less and advise that the price should be dropped, fair enough.

However if the surveyor has not done this, then you risk annoying the vendor and appearing selfish and greedy, thus losing the property and destroying the chain for however many people there are on it.

As buying a property is usually a lengthy business there is always the question of what the property has gained or lost during that time.

If you go over to the mortgage board you will find people having their properties revalued due to their drawn out buying process or the lender finding another excuse to withdraw the mortgage.

So while the vendor may be annoyed there is a chance the sale may not go through anyway if they insist on the price in August.

PasturesNew

Some propertysnake drops
http://www.propertysnake.co.uk/site/postcode/cr0

And some RightMove drops (Property Bee evidence)

July 08 £187,500 reduced to £160k http://www.rightmove.co.uk/viewdetails-10608138.rsp?pa_n=1&tr_t=buy&mam_disp=true

Aug 08 £192,500 reduced to £160k http://www.rightmove.co.uk/viewdetails-10608159.rsp?pa_n=1&tr_t=buy&mam_disp=true

Sep 08 £187,500 reduced to £174,950 http://www.rightmove.co.uk/viewdetails-10889091.rsp?pa_n=1&tr_t=buy&mam_disp=true

July 08 £207,500 reduced to £177k http://www.rightmove.co.uk/viewdetails-10608114.rsp?pa_n=1&tr_t=buy&mam_disp=true



With a search criteria of: Flats, New Build, Lowest Price, Starting From £160k, on the first 10 results 5 are reduced.

Emy1501

PasturesNew wrote: »

Some propertysnake drops
http://www.propertysnake.co.uk/site/postcode/cr0

And some RightMove drops (Property Bee evidence)

July 08 £187,500 reduced to £160k http://www.rightmove.co.uk/viewdetails-10608138.rsp?pa_n=1&tr_t=buy&mam_disp=true

Aug 08 £192,500 reduced to £160k http://www.rightmove.co.uk/viewdetails-10608159.rsp?pa_n=1&tr_t=buy&mam_disp=true

Sep 08 £187,500 reduced to £174,950 http://www.rightmove.co.uk/viewdetails-10889091.rsp?pa_n=1&tr_t=buy&mam_disp=true

July 08 £207,500 reduced to £177k http://www.rightmove.co.uk/viewdetails-10608114.rsp?pa_n=1&tr_t=buy&mam_disp=true



With a search criteria of: Flats, New Build, Lowest Price, Starting From £160k, on the first 10 results 5 are reduced.

None of those properties are in East Croydon they are all in West Croydon. You cannot really compare East Croydon with West Croydon. West Croyon is the Ghetto part Croydon. Have had the pleasure of living there myself

PasturesNew

Emy1501 wrote: »

None of those properties are in East Croydon they are all in West Croydon. You cannot really compare East Croydon with West Croydon. West Croyon is the Ghetto part Croydon. Have had the pleasure of living there myself

I keyed in CR0 into Rightmove.
That's what it gave me.

I've never been to Croydon and probably never will.
No idea what's there.
The OP said CR0.
I (obviously wrongly) assumed estate agents knew where the properties they are selling are based.

Addiscomber

CR0 covers a large area with a variety of districts with different characteristics. CR0 6SB and CR0 5JL are 2 East Croydon postcodes that I have chosen at random.

I live a little further from East Croydon and the only house here that appears to have sold had been on the market for about a year - will be interested to see how much it has gone for but it is too soon yet. Another local house has been on the market for about the same length of time and has been reduced by 15%, but from what was a really silly price even at the peak.

neverdespairgirl

PasturesNew wrote: »

I've never been to Croydon and probably never will.
No idea what's there.

You aren't missing much, don't worry.

cazmanian_minx

I completed the sale of my 1-bed flat in Croydon 2 weeks ago (a top-floor conversion in CR0 4 - the nicer bit of Waddon/Old Town borders). The sale took 8 weeks from offer to completion and the buyer asked for (and got) £4k off the week before exchange.

Caz

chivers1977

July 08 £207,500 reduced to £177k http://www.rightmove.co.uk/viewdetai...&mam_disp=true

This one used to be the Phillips office building - I can't believe the original price having escaped from Thornton Heath which is another not so desirable part of Croydon borough!

Addiscomber

chivers1977 wrote: »

July 08 £207,500 reduced to £177k http://www.rightmove.co.uk/viewdetai...&mam_disp=true

This one used to be the Phillips office building - I can't believe the original price having escaped from Thornton Heath which is another not so desirable part of Croydon borough!

Unfortunately the link doesn't work.
Although I pass it on the bus when going to Mayday Hospital, I haven't noticed what has been done to the Phillips building. I shall try and remember to look next time. I agree that even the reduced price is too much to tempt me to consider living in a converted office building anywhere, let alone there.

To go back to the OP's original question, I doubt that there have been any drops in the last 2 months sufficient to warrant you making a fuss and risk losing your £800 spent on fees. Given the current state of the financial world and the property market how long did you think it would take to buy a property? It isn't as simple as buying groceries after all. By the way, 2 months is absolutely nothing to how long it took years ago - there was pretty much a standard 4 weeks between exchange of contracts and completion.