Buying, Selling or Renting - Is Now A Good Time To Move To Crystal Palace?

Even before the start of the recession, people seemed to be consumed by the ever increasing price of property in their local area. Thanks to the banking crisis in 2007, property prices plummeted, thousands lost their homes and since then landlords and tenants have been at the mercy of inflated taxes, VAT and bailout costs.

I am not alone in previously being told the contract on my flat would not be renewed, (as the landlord could no longer afford the mortgage repayments) and then finding myself with just twelve weeks to arrange alternative accommodation, so the property could be sold. But over the last three years we hear that the economy has stabled, house prices are gradually increasing again and those landlords who put money back into their properties, are starting to get a return on their efforts, but is this actually the case?

If you are considering moving, now might still be too soon to put your house on the market, unless you own a detached, semi or terraced property, and even then you might still struggle to get the full asking price or any sale at all. Maybe you're a tenant who wants to get on the property ladder, then the government freeze on stamp duty for first time buyers on properties under £250,000, is a great help to those who have saved the required 10% deposit, but you might still struggle to find what you're looking for in your local area. Bank loans are still limited and those likely to be accepted, would realistically have to be earning over £35,000 to be able to afford the monthly mortgage payments, so is it worth buying when it appears to remain a rental market?

The appeal of picturesque, elevated views over south London, popular bars and restaurants and vintage inspired shops on the triangle, means property is highly sought after in Crystal Palace. As a result the area is saturated with estate agents, but unfortunately there doesn't seem to be enough properties available to settle the demand from people wishing to acquire an SE19 postcode.

This year Crystal Palace made it onto the Lonely Planet's Top Ten list of Greatest Neighbourhoods and we recently welcomed Kirstie and Phil, to the triangle, when it featured in an episode of Location, Location, Location, highlighting just how difficult it currently is to find an affordable family home, particularly within close proximity of the triangle. Ironically there are fewer properties available and sales figures from findaproperty.com show prices in Crystal Palace have dropped since 2007, particularly for detached properties, but there is clearly still huge demand for flats and maisonettes, which is pushing the price back up.

Property prices in 2007:

Flat/Maisonette - £203,000

Terraced House - £287,500

Semi-Detached House - £367,000

Detached House - £528,000

In comparison, according to Home, the average cost of the same properties in 2010, now looks like this:

Flat/Maisonette - up slightly to £213,000

Terraced House - down slightly at £280,000

Semi-Detached House - up considerably to £403,000

Detached House - dropping considerably down to £315,000

Bagging that dream property in Crystal Palace is a challenging and somewhat expensive task and in 2009 only 9 detached houses were sold, compared with 178 flats/maisonettes. While Crystal Palace is home to many families, the lifestyle attracts more couples, single professionals and students and it is predominantly this demographic that are currently renting the smaller properties in the area. Sadly when they decide to start a family and settle in a larger home, they have no alternative but to move out of the area unless they have an impressive dual income.

The Home 2010 summary shows there are currently 1,077 properties for sale in Crystal Palace, with an average price tag of £264,867 and depending on what you are looking for, it could be some time before you find it. If you are a homeowner then patience is definitely a virtue, as it could be even longer before you get a sale, as the average time a property stays on the market (TOM) is 111 days.

Affordable SE19 properties are fairly limited and those that are available, are snapped up very quickly. Properties in Crystal Palace are generally far higher than those in the surrounding areas, but if you are looking for a home here, then the best place to start is a local estate agent and there are plenty to chose from, with the arrival of Kinleigh Folkard & Hayward on Westow Hill. We will be posting a review of some of the best estate agents properties and services very shortly.

We also want to know your thoughts on local property prices...If you have recently moved to Crystal Palace, we would love to hear about your experiences, did you manage to bag yourself a bargain or did you have to wait for something suitable to become available?

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