Naturally, one of the most common questions that appear in my inbox is ‘Can I still find a good property deal in Croydon’. This one is from Mr. Davis, who emailed at a cool 3am this morning…
Really enjoy reading your blog on the Croydon Property Market, so just wanted to say thank you for your time and effort on the site. There is some great information here, and it is clear that you really know your area!
I wanted to know your honest opinion on how to find a good property deal in Croydon, and if there are any tips and advice you can share with me… Can you even still find property deals in Croydon as I feel the market may be saturated already… ?
Please feel free to post this back onto your website, it may be helpful for others too.
Now there are a multitude of ways you can find property deals, and I have written about this a few times, both to investors who have popped in through the office, and many more on emails and phones. As it is such a common question however, I thought it’s worth an update with some new figures and tips.
Just quickly, I want to make sure that we are all on the same page as to what a ‘property bargain’ is…
In my opinion, a ‘property BARGAIN’ is a property that you have or are in the process of buying, and it has come to being substantially cheaper than you thought it would be. For example, you were looking at a 2 bed flat in Croydon for £320,000, and you managed to grab it for £250,000. I would call that a bargain. If it sold for £300,000, I would just call that a good saving. Remember, property values are rarely going below the asking price in Croydon.
Grabbing a bargain is not the only way to make money with property in Croydon (right now), and I am of the opinion that you do not need a ‘bargain’ to be a successful property investor in the Croydon area. (Please note, this is a time-sensitive article – I am writing this of 2016. If this blog is still here in 7 years, and you are somehow reading it, the story may very well be different). I will explain my reasons on why I do not think you need to buy substantially below market value property in the Croydon area in a different article. For now, lets just focus on how to find them.
So, let’s get into some hard data…
Property Flips and Flops in Croydon.
Table data from Mouseprice.com. Click table for larger image.
Successful Property Flips
Take your time and have a look at that table… this is hard evidence that within just a few years, you can have over 80% increase in property price. What you may find interesting is that most of these properties are toward the western side of Croydon (Thornton Heath, West Croydon etc). As I have stated before, value properties and good investment properties can be found in these areas.
Unfortunate Property Flops
Again, hard evidence that property can be bought at a good price! These would have all been good investment properties. I would normally say ‘you make money when you BUY property’, but in my opinion, I think buying property at market rate will still make you money in CROYDON only. Call me if you want to know why I truly think this… 07957336999 or firstname.lastname@example.org
Like I say, there are plenty of property deals in Croydon, and they are popping up all the time. You just need to know how to find them, or know someone who knows how to find them. If you have a property and you want to know if its a bargain, or simply another professional opinion on the property in Croydon, please feel free to contact me.
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