London Street

With 2017 just around the corner, we've found five London property bargains which are ideal investments for the New Year. The asking prices for these properties have seen severe swings, yet have ultimately dropped; perhaps Brexit is making more of an impact on the capital’s property market than meets the eye? 

Earlier this year, Plentific found that 1 in 5 UK homeowner’s likelihood to move has been affected as a result of Brexit. Potential buyers are particularly hesitant to invest in London’s unsteady market and are consequently waiting and hoping for the bubble to burst. 

From these examples, we can see some of our capital’s properties have significantly decreased in value over 2016. With the coming New Year, there is potential for interested buyers to take advantage of these reductions and get more for their money.

Prices are now falling across the capital and these savings could easily be invested into some substantial renovations

Spokesperson for Plentific, Stephen Jury, said: ‘2016 has proven to be an unpredictable year for London’s property market. Brexit had a dramatic impact on foreign and local buyer demand which has led to a steep decline in completed sales during the third quarter. Prices are now falling across the capital and these savings could easily be invested into some substantial renovations.’  


NORBURY

Norbury
  • Example Property: 4 Bed Flat, London Road
  • First Listed Asking Price in Jan 2016: £800,000
  • Asking price in Feb 2016: £595,000
  • Asking price in Nov 2016 (Current): £500,000
  • Decrease: -37.5%

Interestingly, the asking price of this Foxton’s property has decreased almost as much as Foxton’s share prices this year, proportionally speaking. After being listed for £800,000 in January, it plummeted to £595,000 in one month, and then was reduced once more to £500,000 in November. 

Whilst it has yet to find a buyer, 2017 may well bring fresh interest to this home!


WALTHAMSTOW

Walthamstow
  • Example Property: 5 Bedroom Detached House, Wanstead
  • First Listed Asking Price in Oct 2016: £1,499,995
  • Asking Price in Nov 2016 (Current): £800,000
  • Decrease: -46.7%

After being on the market for only 2 months, this property's asking price dropped by almost half of its value in one week; perhaps the owners questioned the chances of selling with the original asking price? 

The 47% decrease in value also mimics Foxton's share prices over the last 12 months. With an overall drop of £699,995, will potential buyers finally invest in this home in 2017?


NEW CROSS

New Cross
  • Example Property: 3 Bed Detached House, Stanley Street
  • First Listed Asking Price in May 2016: £1,200,000
  • Asking Price in June 2016: £1,050,000
  • Asking Price in July 2016: £995,000
  • Asking Price in Aug 2016: £895,000
  • Asking Price in October 2016 (Current): £795,000
  • Decrease: -33.8%

This property is an example of a new build with its developer apparently struggling to find a buyer. It has seen regular monthly reductions in asking price since it was first listed in May, amounting to over £400,000 off the original price.

Brexit has clearly had an impact on the ease of selling attractive new builds, such as this. However, with the obvious pattern of reductions, how long should a potential buyer wait before making an offer?


BROMLEY

Bromley
  • Example Property: 4 Bed Detached House, Shortlands Road
  • First Listed Asking Price on 15th March 2016: £1,399,995
  • Asking Price on 18th March 2016: £849,995
  • Asking Price in June 2016: £1,000,000
  • Asking Price on 11th October 2016: £649,995
  • Asking Price on 21st October 2016 (Current): £750,000
  • Decrease: -46.4%

The listing history of this family home makes for interesting reading; the value has repeatedly increased and decreased throughout the year. On the 10th June, just prior to Brexit, it increased in value by almost 20%, but after the unexpected vote it eventually lowered again by a larger 35% in October. 

Although the owners appear to have regretted this large drop, as it was quickly increased again within 2 weeks by over £100,000! However, despite the indecisiveness on the worth of this property, there has been an overall reduction of almost half of the original asking price, which reflects the difficulties in finding a buyer this year.


ENFIELD

Enfield
  • Example Property: 4 Bed Detached House, Griffins Close
  • First Listed Asking Price in Jan 2016: £1,995,000
  • Asking Price in Feb 2016: £1,195,000
  • Asking Price in Mar 2016: £1,095,000
  • Asking Price in Apr 2016: £1,049,000
  • Asking Price on 29th Nov 2016: £1,028,000
  • Asking Price on 30th Nov 2016 (Current): £1,010,000
  • Decrease: -49.4%

Dropping by almost one million pounds (half of its value) over 2016, this house has been severely reduced in price. Interestingly, the majority of this decrease occurred within the first couple of weeks of it being on the market, after which the value steadily reduced month-by-month. 

It held a price of £1,049,000 over the summer, until November when it continued to drop. With an attractive decrease of £985,000, will this property catch a buyer’s attention in 2017?