Lewisham homes selling at 7th-fastest rate in the country

The Telegraph reports that Lewisham homes are the seventh-fastest-selling in the country.

In total, 63.97% of Lewisham homes advertised on search engines are already under offer or sold subject to completion - the seventh highest proportion out of the 99 most-populated parts of the country, according to an index by eMoov. The paper says:

The top 10 is dominated by the capital’s outlying suburbs and up-and-coming London boroughs, such as Haringey and Hackney, but southern cities such as Bristol, ranked sixth, and Brighton and Hove, 12th, also scored highly on the index. “Central London areas have overheated so much that people are sidestepping into the next area,” said Mr Quirk [from eMoov]. “Ten years ago no one wanted to move to Hackney, and now it’s the next best thing. There is no question that London has now overheated.”

Apart from the most-fancifully-valued properties at the top end of the market, Brockley's houses and flats are tending to go within days or weeks of being put on the market - despite some eye-watering valuations - as buyers prioritise London's inner boroughs.

12 comments:

Pete Thornton said...

Obviously being under offer isn't the same as having sold, but I know some friends of ours went under offer having been on the market in Ladywell for all of two days.
Lots of people moving down here from North London it would seem.

Headhunter said...

2 days? That's ages! Since I've lived on Manor Ave, one of the nearby basement flats has sold twice - once in 2009 and once in 2012 and both times it was under offer within 24 hours. The first time was in about Jan or Feb 09 supposedly at the bottom of the market, the 2nd time they had one of those open days - there were sooooo many people buzzing around and by the end of the day it was under offer...

maisie_moo said...

It really looks like a bubble. Friends had their 3 bed house in Brockley valued 6 months ago, almost had a heart attack at the valuation, and when they had it valued again recently it had gone up a further 20%. I assume you need a very large deposit when there's that kind of inflation, since presumably mortgage lenders will be concerned about its sustainability.

Madness said...

Just what we need, another housing bubble. It does nothing for the economy, constrains many to choose between an overpriced, sub standard rentals or taking on a mountain of debt.

I do wish the government would introduce a sensible housing policy instead of these quick fixes to grab votes. It makes London a very difficult city to live in.



Brockley seems to have been 'discovered' by North Londoners looking to cash in on their sale properties in smarter postcodes. At least they have spare cash to do the places up to a higher standard that impoverished first time buyers. It won't be long before they start excavating basements, chopping down trees and suing each other.



It looks like this madness will go on until the next election.

terrencetrentderby said...

Not really, unless we enter another big recession causing mass unemployment and or interest rates go up a lot people will sustain their high mortgages. .

Unless the population shrinks or people stop migrating here more homes will need to be built, many more. Population of London will grow by 1 million over the next 10 years, demand is far exceeding supply and this is compounded every year.

Your friend's house will keep going up. People gotta live somewhere.

NAT said...

And beyond probably; But what's all this about North Londoners coming down here and chopping down our trees?

Headhunter said...

The massive recent price increases are a a bit worrying but as you say, whilst the underlying economy is OK and demand remains high I don't see why prices would crash. They didn't crash in 08/09 during one of the world's worst known financial crises so there's not much reason for them to do so now...

terrencetrentderby said...

An unfortunate sign of the times is that people (the ones that rent or are first time buyers with small deppsits) will need to get used to their homes taking up a much bigger share of their income than before, as was the case in the past and as is the case in many other counties around the world today.

Monkeyboy said...

the single biggest reason is that the interest rates dropped massivley. it's a freekish scenario, depends how rates move in the near and longer term. double the interest rate, double your outgoings? may be some shocks comming up unless wages move in the meantime.

maisie_moo said...

I get the point re supply and demand, and I'm not surprised prices are rising around here - it's simply the rate that is alarming - prices seem to be going up at an accelerating rate. A quick look at recent additions on Zoopla: a 1 bed flat on Tressillian Rd, bought for £250k in Jan 2012, now asking £400k. That's 60% in just over 2 years, and half of that is probably in the last 6 months (I had reason to watch 1 bed flat values a year ago, and nothing was on for more than £300k then). I know of a house that recently went for 10% over the asking price, which indicates even estate agents are underestimating the rate of change in the market.

Brockley Nick said...

Yes, some are underestimating it. Some are also overestimating it. There are some large houses on the market in Brockley which have been priced very optimistically and which haven't been selling.

interesting times said...

35% of mortgages are interest only.


You are supposed to save to pay off the capital and there is a big question mark over how many have done this.


The interest rates are at the lowest point since records began. Just a few years ago they were double and some of us can remember when they reached 17%. At the moment they are at 0.5% so a mortgage payer will probably pay 2.5%. So it will not take much of a change for monthly interest outgoings to double or triple. That might put a lot of people under serious financial pressure, and the same is true of many businesses.


Coming out of this recession will not be plain sailing for first time buyers who are mortgaged up to the hilt it will be a case of how long they can hold your breath.


This sort of property madness is not the way other countries behave.

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