How Far Will House Prices Fall? [Volume 6]

[princeperch]

E14 also seems good value for rental. I see you can rent a fairly uninspiring but perfectly functional and practical 1 bed near a DLR station for 1500 quid or so

A professional couple should be able to comfortably stretch to that and would significantly save on commuting time and costs if one or both worked in the wharf.

[mwstewart]

ooid said:

I do not want to show particular properties seeing the amount of reduced properties (mostly flats) near Canary Wharf. (E14) is strange. Quite decent or even new properties have asking prices of 2015-2016 and some of them have already seen 7-10% asking price reductions. I'm aware loads of business moving (or planning to) out of the area but assumed there has been a steady population in the area whenever I visit?

That's a very local thing. The Wharf has fallen out of favour for a number of reasons

[macron]

Such as what, out of interest?

[princeperch]

https://www.google.com/amp/s/amp.theguardian.com/b...

Probably for all the reasons in this article.

As an asides, I work for a central government department currently located on petty France in Westminster.

They are looking at moving from petty France to either a new office in canary wharf or the Olympic park in Stratford. I suspect they'll go for Stratford in the end because it's cheaper. The rents however in the wharf, do seem fairly competitive compared to the west end and the city.

[NomduJour]

The best thing about Canary Wharf is the Elizabeth Line out; best thing about Stratford is never having to go there in first place.

[Earthdweller]

The best thing about Stratford was always the Railway tavern otherwise known as the “early house”

Opened at 6am for all the night workers going home, many great memories there

[ooid]

A few of these commercial sales have also been making a massive impact.

https://www.cityam.com/12-storey-canary-wharf-towe...

Due to the location, I still think it is an opportunity area -imho-

[mwstewart]

Earthdweller said:

The best thing about Stratford was always the Railway tavern otherwise known as the “early house”

Opened at 6am for all the night workers going home, many great memories there

Agree with that. A real old fashioned boozer.

Would rather not be there at all, however

[mwstewart]

ooid said:

A few of these commercial sales have also been making a massive impact.

https://www.cityam.com/12-storey-canary-wharf-towe...

Due to the location, I still think it is an opportunity area -imho-

I really like the place. As a place to work it's just really convenient with all the the shops I want in close proximity. As to living - not my first choice.

[G-wiz]

Savage falls in London prices in 2023, apparently:

[ooid]

Fire Sale (117 properties for £5.6m)

http://www.investmentweek.co.uk/4174453

[Louis Balfour]

ooid said:

Fire Sale (117 properties for £5.6m)

http://www.investmentweek.co.uk/4174453

Would these have been ones where a strategic S.21 was on the cards, which would soon be prohibited if Gove is to be believed.

[ooid]

Louis Balfour said:

Would these have been ones where a strategic S.21 was on the cards, which would soon be prohibited if Gove is to be believed.

Probably. A few slum lords just sold these assets to them in massive values apparently and caught by short-sellers. Loads of drama happened last year with them.

[princeperch]

Saw my old flat is now showing at the land registry

I sold it in 2014. The people I sold it to spent about 20k on it, New bathroom, boiler, redec, new flooring etc.

Poor sods.

[okgo]

And yet still the housepricecrash loons are moaning about affordability of FTB places.

It is as good as it has been, or rather it was when that transacted, back on the way up now.

[princeperch]

Things still seem to be chugging along where i am

https://www.rightmove.co.uk/properties/146008088#/...

I laughed out loud when this went up for sale but i suspect the only person whos laughing now is the bloke who paid 42 grand for it in 1997 who is now the vendor

[okgo]

Still represents a fairly unique way of life in London and is near to an outstanding primary. A lot going for it. Same thing in other parts of zone 2/3 would be considerably more in other directions. I dare say it still looks quite cheap to have decent transport options and be surrounded by green and not be MILES out.

[Earthdweller]

princeperch said:

Things still seem to be chugging along where i am

https://www.rightmove.co.uk/properties/146008088#/...

I laughed out loud when this went up for sale but i suspect the only person whos laughing now is the bloke who paid 42 grand for it in 1997 who is now the vendor

That was insanely cheap for 97 tbf

[Mr Whippy]

Earthdweller said:

princeperch said:

Things still seem to be chugging along where i am

https://www.rightmove.co.uk/properties/146008088#/...

I laughed out loud when this went up for sale but i suspect the only person whos laughing now is the bloke who paid 42 grand for it in 1997 who is now the vendor

That was insanely cheap for 97 tbf

Only 10.2% inflation for 27 years.

Let’s hope it was their primary residence though.

[princeperch]

If i had to guess id have said its market value then would have been about 80 grand.

I think my rather more modest victorian terrace in Leytonstone was worth about 40 to 50k back in 96/97. I sold that 2 years ago for just over 700k.this Edwardian im Wanstead is worth something approaching double that.

Doesnt really matter either way i guess, the guy backed the right horse.