KFH: Brockley housing market report

"He's a creative, I'm a creative. We don't make steam engines out of pig iron in this country anymore yeah... we hang out, we fuck around on the playstation and we eat Ben and Jerry's. That's how everyone makes their money now yeah?"
- Jeremy, Peep Show

In a market report that could have been written by one or two of our more bullish correspondents, estate agentcy KFH has declared that the good times are rolling once more. We weren't aware that they even had a "Brockley Branch" but evidently this guy has his finger on the pulse.

Chris Early, Sales Manager at Kinleigh Folkard & Hayward’s Brockley branch, comments:

"The last four weeks have seen a steady flow of business at a greater volume than experienced in Q4 of last year.

"Deals are being struck between serious buyers and serious sellers. There are also a lot of market watchers waiting for the right time to dip their toe in.

"Buyers should think long term about having a home rather than treating property as a potential cash cow. They must do their research and be prepared to negotiate for the right property.

"If I were buying in Brockley in the current market, I would be looking for a 3 bed Victorian home within a 0.5mile radius of Brockley station. There are a few on the market and they are big enough to house a family and stay in for the long term."

63 comments:

Anonymous said...

Lol

Hugh said...

How much do estate agents make?

The Cat Man said...

Lol. I happen to have a 3 bed victorian house within 0.5m of the station, does that mean I have skipped the reccession?

Headhunter said...

A friend of mine just bought a small 2 bed house for 170k in Brockley. There are definitely bargains to be had now that the market is on its knees, if you've got the financing and cash that is...

Headhunter said...

BTW love that peep show quote! Made me laugh...

Brockley Nick said...

I was beginning to wonder if anyone liked the quotes. Not that it would have stopped me putting them in if not.

tyrwhitt ali said...

I seem to remember KFH saying something similar about three bed houses back in November....

I'd love to buy but I suddenly need a £20k deposit. Sigh. Still at least with renting, someone else has to fix things!

Tyrwhitt Michael said...

On the basis that this thread is about house prices, what are the odds that we get more than 250 comments?

Hugh said...

Agreed - great quote. Very well observed.

Hugh said...

The Red House on Wickham is still on at 1.65 million. I wonder if potential buyers are put off by the fact that it was bought for about 1.2 million 3-4 years ago (i.e. not long before the market peaked) but that nevertheless the vendors are still looking for a 40% profit.

Tw@ts.

Hugh said...

1.275 million, August 05.

So 30% uplift.

You get my drift though.

Anonymous said...

Probably put off due to the need to tranferring one million, six hundred and fifty thousand pounds to get your hands on said property. They can keep trying...

Brockley Nick said...

@tm - Hugh's on a mission to post 250 on his own.

Tamsin said...

I love quotes at the headings of things - definitely a plus point for any book from "Watership Down" to popularised science. (Mark you, Kipling cheated, he wrote his own chapter headings.)

Anonymous said...

I've been looking at properties on rightmove regularly. I haven't seen many houses go "under offer" and in fact I haven't seen many drop their price significantly. The same houses are not selling....maybe I have missed something.

Actually there was a house on manor avenue which is back on the market after about 6+ months of being "under offer". The particulars say 3 bed (and it is within 0.3 miles of the station) but it has come back on at the same price.

Peter said...

We bought our house from the KFH in Brockley/Crofton Park.

Headhunter said...

Probably means that the sellers aren't that desperate to sell, they're not in a situation which means they absolutely have to sell tomorrow, so they can hang in there and wait for the money they want...

Headhunter said...

Of all the estate agents I dealt with when I was looking back in 06, I think KFH were the best

Hugh said...

I've dealt with Chris at KFH and must say he's dependable, likeable and responsive.

Anyone got their eye on that nice 6-bed Avon Road gaff just come on at 7-something?

I like the way they picture it with a black Porsche outside.

Monkeyboy said...

I'm sure he is responsive, bugger all else to do all day. I expect prospective buyers are about as common as red squirrels at the mo.

Hugh said...

Two years ago the great divide was between property owners and property renters. People wouldn't shut up about it. Now it's between the employed and the soon-to-be-or-already redundant.

And so the wheel turns.

Monkeyboy said...

I'll shut up now. We're being briefed on Thursday about TfL's 1000 job cuts. I'm hoping to be 'mapped' which apparently means I'll have a job. If you're a 'hybrid' it means you may have to apply for you're own job 'cos there are more than one of you doing it.

The day's must fly by in HR thinking of ways of saying YOU'RE SACKED in ever more obscure ways.

Anonymous said...

Interesting that nobody else has picked up on the comment that he mentions within 0.5 mile radius of the station. Radius (north, south, east and west) Estate agents obviously see the station as central to the regeneration of Brockley which has been debated on here before. Brockley station is going to be the new heart, centre, whatever you want to call it, of Brockley. The ELL clearly seals the deal.
Tom

Anonymous said...

Shame its also the arse-end of Brockley at the moment.

Anonymous said...

Yeah, but what an arse!

Anonymous said...

"at the moment"

tyrwhitt ali said...

My landlady is selling her house on Tyrwhitt Road for £1.4m, including my flat. Not that she's actually told me..... Still judging by the photos, it's been on since I first moved in back in May so I'm not unduly worried.

Anonymous said...

Estate agents talk up the vanishing property market... surely not. KFH=Kentucky Fried Hokum.

JP said...

Purchase price: £1,275,000
Stamp duty (4%) 51,000
Estate agent's fee 1.5% 24,750
VAT (15%?) 3,712

£1,354,462

Plus refurb costs?
Plus loan interest since Aug 2005?
NO WAY 30% profit.

quick brown fox said...

I like the quotes too - Peep Show, Simpsons etc. Keep 'em coming.

Anonymous said...

Anon
10 February 2009 18:06

theres also a 3 bed on upper brockley rd thats been on sale for two years and no interest,LOL,
finger on the pulse !!!!

Hugh said...

Ali, I know the house you mean. Don't worry, she's been selling it for about 4 years. She won't find a buyer until she drops the price by 400K. You're safe.

JP, fair enough but you can't expect an incoming buyer to pick up your costs. Prospective buyers always ask what the vendor paid and tend to back off if they smell a p*ss take.

jon s said...

Typical estate agent drivel. The basket of properties I am considering buying are all still available with falling prices.

Demand is hardly likely to go up as unemployment continues to rise and we shift from easy credit (and the end of the housing bubble), to normal lending.

JP said...

Hugh, there won't be a 30% uplift. for the vendor. In fact, when alls told, they'll be lucky to draw even. And that's only if they achieve anywhere near the asking price; which in the current market is unlikely. So I don't think they're 'taking the p*ss' - just mimimising their losses.

Historically, the incoming buyer did pick up your costs and I've never known a prospective buyers to ask what I paid for a property. But they do probably dig around online. (I usually do, but then I add the stamp duty. I also try to find out what work they've done, and add that in.)

But, true to say, in the current financial climate people will not care about your losses; only their gains. The latter which must surely tell us where they think house prices are eventually headed.

Hugh said...

JP, incoming buyers always look online for the last price the property sold for.

I have many times withdrawn from a prospective purchase on the basis I'm not working at the office all day to earn money to line someone else's pockets, whether we're talking their costs or their profits.

It's war out there.

nobbly brick said...

You sound like the ideal buyer Hugh

:)

Hugh said...

One has to make a stand, old fruit.

tyrhwitt ali said...

Cheers Hugh! That's a comforting thought - I just can't face the thought of moving again!

Anyone would think I have a load of stuff. Oh wait, I do.....

JP said...

Hugh, I know, I believe I said as much. But I think where we differ is that you don't believe the additional costs; stamp duty, refurb, estate agents' fees, etc, should be taken into consideration in those so-called 'lined-pockets'. (I do.)

They are linings with holes. And my pockets, far from lined, would certainly like to know what it is you've got to sell if the above doesn't matter to you. In fact, isn't that like saying you moved in during th 2nd World War, so I'm only going to give you 200 quid and a poke in the eye with a burnt stick for that million pound property? (Now that would certainly bring the housing market to its foundations.)

Hugh said...

JP, come round when I buy the Red House for 800K in 2011 and have tea. We'll discuss further.

Brockley Nick said...

It's exhillarating to watch two bif beasts of Brockley Central square up, like de niro and pacino in Heat.

Hugh said...

In or on?

We're creatives, yeah?

Brockley Nick said...

That should have been big beasts but bif works just as well.

The Cat Man said...

I thought you don't pay stamp duty on conservation area properties?

Swifty said...

Hugh if you were 'with it' you wouldn't ask the question.

It's clearly 'in', as in Heat, the much hyped 1995 film by Michael Mann, the capitalisation should have indicated that it Nick was referencing a proper noun as opposed to referring to an adjective.

Everyone's a creative, it's just that some of us get paid for it!

Kate that one's for you hon!

patrick1971 said...

There's a three bedroom house on in Glynde Street at the moment for £250K. £250K!! Unbelievable. Okay, it needs total refurbishment, but even so... There's one opposite which is in perfect condition for £335K, so probably balances out as you'd need to spend at least £80K to do a full refurb. Definitely bargains to be had if you have the finance in place.

john from Moonbow said...

Many of the new arrivals I met in Brockley sold their previous flat, often new build, to get a house in this area. Selling any kind of new or converted flat now is very difficult, as the article below illustrates, reducing potential buyers further up the chain. Regardless of estate agents speak this is not going to change anytime soon as ALL the major UK banks are effectively bankrupt.

My experience with the Peckham branch of KFH was very, very poor.

"Lenders are demanding 50% deposits on newbuilds
Hefty mortgage downpayments on new homes are freezing first-time buyers out of the property market despite falling prices, reports Guy Anker
The Observer, Sunday 1 February 2009
If you thought it was difficult getting a standard mortgage just now, then try getting one for a newly built home. Banks and building societies already require buyers to pay large deposits to secure a second-hand place. Yet they want you to pay even more up front when purchasing a brand new property.
The problem has deepened over recent weeks because of the growing economic crisis. Some mortgage providers will not lend on a recently constructed place, full stop. Those that do, ask for up to a 50% deposit. Buyers may therefore need a mammoth £100,000 down-payment on a £200,000 home…"
[http://www.guardian.co.uk/money/2009/feb/01/banks-mortgages]

Hugh said...

Swifty, accelerate your uptake.

MB said...

.... perhaps 'Dumb & Dumber'??

drakefell debaser said...

Yep, one of the main reasons new builds, particularly flats, are not wanted is because of the mass overpricing they were sold for over the last couple of years. The developers offered discounts and to pay for the stamp duty but even then the buyer (thinking they had got a deal) were in effect paying for the whole lot and then some anyway. Considering many have cardboard walls and views of someone else’s bedroom its no wonder they don’t hold their value as well as other properties. I believe Manchester has complete blocks standing empty.

Thamesmead was black listed by Bradford and Bingleys Mortgage Express ( I think the first post code ever to receive this) because of scams in the area and B&B now have a massively over valued asset book against a huge loan book which is why they are knackered. Houses fair better but new build flats are a no go.

Developers are now going to extremes and I read over the weekend that some are now offering a yearly travel card, yearly gym subscription, £4000 Waitrose voucher and other bits and bobs just to get people to buy and one developer is selling expensive houses in Kent with an Aston Martin in the garage.

Bricks and mortar not MDF.

Anonymous said...

Whilst it's enjoyable to read unbridled pomposity and optimism square up...........

http://tinyurl.com/b2q7y5

Swifty said...

Hugh where's your sense of humour?

Anyway are you on twitter yet mate? I want to see how you spend your days?

10.00am- Just gave it to them on the Brockley blog, bloody peasants and creatives.

11.00am- Had to get new trousers from M&S, there's a new temp in accounts.

Hugh said...

That about sums up the day so far.

mintness said...

"Buyers should think long term about having a home rather than treating property as a potential cash cow."

Lovely to hear. Now where were those words between 2001 and 2007?

RosieH said...

Amazingly, the nice mortgage arranger at Lloyds I went to see today (and who doesn't live much beyond SE London zone 4) tells me she's inundated with people coming in for mortgages and has seen prices actually creep up again this past month in our area.

Happily, she also seems to think I may finally be able to get a place of my own after 14 years hard slog.

KFH bloke is clearly angling for long termers as no one is going to pretend the Market is going to turn a quick buck any more. Suits me, though, especially if the 'buy to let-gets' stay away a while

Monkeyboy said...

Two bits of transport gossip, one bad

Why is Blackheath Hill always f**ked! I hardly ever drive but when that stretch is being worked on I may as well forget Blackheath exists!

…. and one good …..we hope.

nobbly brick said...

You would have thought when Blackheath Hill was closed - how long was it for, 18 months? - they would have made a proper job of fixing it!

patrick1971 said...

Isn't Blackheath Hill built on top of tunnels or caves or something like that, which is why it collapsed so drastically back in 2001 or so and was closed for three months? Maybe the problem has (no pun intended) resurfaced again.

Anonymous said...

Best pun of the day. Well done.

Headhunter said...

There's more info here about the hole in Blackheath. The Greenwich Phatom has also written about a naughty nightclub set up in the caves in Regency times....

Tamsin said...

Lovely info. about the collapse of Blackheath - we were at Zippo's Circus that day and it happened literally that afternoon. Some of our party got home the direct route and others, leaving a bit later, had to be diverted.
Then, a direct bus route being a factor in our daughter's choice of school - for more than two years she and the 53 bus were diverted all around the houses!

fabhat said...

The 1.65 mill house on Wickham Rd seems to have (finally) sold - the porcupine like signs from assorted estate agents are all down, and a host of cleaners, electricians and assorted trades have descended on it...

Headhunter said...

See? The housing market's picking up! Get in quick I tell you....

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