Looks like Honor Oak, Forest Hill and Brockley are uniquely shining:
How up to date is the ONS data? The article says ‘over the past 12 months versus the previous 12 months’ - is that really upto the end of June 2020? I’d be surprised if the whole lockdown doesn’t have a massive knock on effect over the next few years given the amount of economic slowdown. And then we have the B word looming too. I think all in all and with people moving out of London because they can work from home, businesses closing office space etc the downward pressure on housing is inevitable. Any positives in there are just a blip.
The OH works for an estate agent primarily in Camberwell and surrounding areas including Sydenham and FH. She has never been busier. Most properties are going for over the asking price.
Does that make any logical sense to anyone? People are furloughed, huge unemployment, businesses shutting down left right and centre and people are paying over asking price for houses? It’s not that I don’t believe you, I’m genuinely surprised.
Same! We were thinking about selling up but decided to rent our house out instead.
I thought prices would be tumbling and I’d give it a few years to see if there was a recovery.
People buy property as a long term investment.
Purchasers evidently believe the current crises are temporary, and that the U.K. has brighter days ahead. I’m one of those people. I’m not alone.
Population density of much of Forest Hill is low, together with fairly good train service.
People need housing and a lot of people had savings/parents and were ready to move pre Covid. People are also selling and moving up the chain and on and on.
Despite Covid there are still people working and getting paid, very low lending, people like Nationwide doing 90% first time buyers loans. It all ads up in the end.
My wife has a lot of people putting in silly, low offers when housing went back, all were rejected. Most valuations were done at pre Covid levels, and in some cases, higher.
Let us not forget how attractive the break in stamp duty is. A friend who’s buy/sell stalled due to Covid is now looking at a significant saving if it can get going again on a purchase of a home around £750k albeit in another part of Sze London.
There is danger of course of a short term bubble given the time limit on the break.
I might just sell up then!