Harringay, Haringey - So Good they Spelt it Twice!
What's happening in the Harringay property market?
It’s been a very interesting market in Harringay this spring 2013. There are quite a few people who want to sell their property in Crouch End or Dalston/Stoke Newington and move to the Ladder, and people who want to sell their property on the Ladder and move to the east side of Green Lanes. However, these people (many of whom are our clients or potential clients) are being outbid by chain free or first time buyers. They are not getting a look-in!
We have even been confronted by someone with a property on the Ladder who said that we should be able to ensure that their bid is accepted because we would receive their business in return for helping them get the property. But to do this would compromise our integrity because it would mean that we are not acting in the best interests of our client. All bids are presented to the client and ultimately it is them that select the buyer.
The only thing that could change this dynamic is if prices keep being forced up to the point that only those people with something to sell in the rising property market will be able to afford it. Only then would the first time buyers be outbid. If this happens then we might see demand from first time buyers spread further into Seven Sisters, or into smaller 1 and 2 bedroom flats, which are still "relatively" undervalued.
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Replies to This Discussion
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Permalink Reply by Rachella on
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Don't forget Noel Park, where you can get a whole house for the price of a flat in other parts of London.
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Permalink Reply by Elan on
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Yes, those Noel Park houses must surely be the best value freehold character properties near the tube within Zone 3 London right now.
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Permalink Reply by Abi on
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I think this IS already happening in Seven Sisters, Elan. Two neighbours in my street recently completed at asking price without even having time to put a for sale sign up - and we're nearly all first time buyers who started looking in Stokey and got bored of box rooms. We managed it even without hitting the stamp duty threashold but I've not seen anything go at below £250k since then.
Quite simply people are starting to realise that you can get some significant space here and still commute on a zone 1-2 and because this undervaluing has gone on for a while, previous owners have also often done the flats up to amazing standards.
I also have friends with houses in Noel Park and it's even more affordable there, I think.
I don't know how much further the London housing market can really go up, but it makes sense that you'll see more significant movement in 'cheaper' areas, I suspect. Of course it's all relative unless you plan to move out...
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Yes you're right... We recently sold a house in the "Dowsett Road area" of N17. It was on the market for £280,000 and there was huge demand resulting in a sale price of £296,000 to first time buyers.
Noel Park is an area to watch. It has all the right ingredients; tube, period character, and you'll get a freehold for the price of a flat nearby.
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