Thursday, 30 July 2009

For Sale Signs

Being a homeowner in Worcester Park used to be such a joy.

Yes, there were the dreaded monthly mortgage payments swallowing up a huge chunk of your monthly earnings but there was also the comforting thought that as you worked hard to keep your home, your home that was returning the favour by earning even more than you were on a monthly basis.

Then the bubble burst.

According to the Nationwide House Price Index, if you bought a house for £250,000 in Worcester Park in the autumn of 2006, you would have made a healthy £50k by Christmas 2007.

As the market stands now, according to the figures, all profits would have been wiped out and you would actually have made a small loss on the purchase.

All very sobering stuff and when the housing bubble burst it was no wonder that estate agents were very soon amongst the first high street casualties in Worcester Park. Mann Countrywide, Andrews, Samuel James, Knightwood Estates and Grand Estates - one by one they succumbed to the collapsing market and closed down in 2008.

Perhaps there is finally good news on the property front. Prices have crept up for three successive months and anecdotally things do seem to be moving faster than before.

Then there is the rebirth of Andrews estate agents on Central Road.

The Deputy Mayor Of Sutton will be in Worcester Park on Monday (3rd August) from 6.30pm to join manager James Ankers (pictured) for the re-opening of the branch just nine months after it closed its doors - a move which, the company says, signifies their belief that the 'tide has turned' in the property market.

Will other estate agents in Worcester Park follow suit and rise phoenix-like from the ashes? Only time will tell.

I wouldn't hold your breath for the return of Dury & Cole, though.