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The pavements of Stoke Newington are mostly narrow and at the
weekend it's difficult to avoid bumping into house and flat hunters who throng Church
Street, stare at the glossy photographs inside the estate agents' windows and find their
way around with the help of the AZ guide.
Stoke Newington was a typical run-down inner-London area until the property boom started
in 1985. That ended in 1989 as the Thatcher era collapsed into recession, but the local
improvement continued. House prices are now stable or rising slightly and do not reflect
the national picture. The latter shows a relatively stagnant market due to a general
reluctance of people to move house and incur greater financial commitments. That is
largely due to fear of another recession. This area still has more potential buyers than
sellers and the local housing market is very active, which is good news for vendors but
not so good for purchasers.
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A nice little Church Street des.res. Directly
opposite the Library, Sisters' House is on the site of a medieval mansion and was built in
1714. Not for sale, but you probably couldn't afford it anyway. |
There were 29 estate agents in and around Church Street in the mid-1980s.
Now there are just 11. One of the survivors is Michael Naik, who came to Britain from
Mauritius in 1974. After working for two agents in Stamford Hill, he opened his own
business in 1984.
He believes that Stoke Newington became popular when Church Street was designated a
conservation area in 1985, preventing business premises from indulging in some of the
worst design and building excesses that can be seen in other inner-city shopping areas. It
was also fairly near the City and cheaper for those upwardly mobile people who could not
afford to live in Islington or Highbury. Many musicians, artists, media people and writers
were also attracted by its more bohemian aspects and the mix of people.
Acknowledging that his profession is not always held in the highest public esteem, he is a
strong believer in the stricter regulation of estate agents. He supports the attempts of
the government to introduce transparency into the property market. This would involve the
vendors having to produce packs of information that detail all recent structural surveys
and major work carried out on the property. He also welcomes the idea of anti-gazumping
legislation that would compel both buyer and vendor to make a deposit of 5 - 10 per cent
of the asking price with their solicitors. If vendors accepted a higher offer from another
buyer after agreement on the sale was reached they would forfeit their deposit. However,
he is sceptical that this would be effective in the higher ranges of property where the
loss of a deposit could be outweighed by the advantage of a greatly increased offer.
In 1985 the price of a three-bedroom terraced house in this area was between £48,000 and
£60,000. Today it would fetch £185,000-£190,000. A one-bedroom flat priced at
£75,000-£85,000 in 1999 would have gone for only £17,000-£25,000 fourteen years
earlier. A six-bedroom house on traffic-busy Lordship Park was valued recently at
£500,000 with at least another £150,000 to be spent on refurbishment.
So where are the new bargain areas around here? Mr Naik says that Clapton E5 district
around Chatsworth Road, Lower Clapton Road and Lea Bridge Road is up and coming. A
£135,000, three-bedroom house in that area would be no more expensive than a two-bedroom
flat in Stoke Newington.
For those with more money to spend, proximity to Clissold Park is one criterion. The
'best' Stoke Newington roads include Clissold Crescent, Queen Elizabeth's Walk, Grayling
Road, Grazebrook Road, Carysfort Road and Bouverie Road. Less expensive places and good
value can be found around Princess May Road, Prince George Road, Walford Road, Brighton
Road and Palatine Road, all south of Church Street and on the way to Dalston.
Those selling a house or flat probably know that cleaning up after the cat and throwing
out the rubbish and old bicycles from the back garden can be helpful to a sale. Michael
Naik also advises that the property's 'original features' should be preserved or enhanced.
This will attract more interest from potential buyers. For instance:
Open up or install fireplaces.
Do not remove cornices repair or leave alone.
Sash windows are better than the aluminium version.
Do not plaster over brickwork but carry out repointing.
Throw out old carpets and strip and varnish the floors.
The natural look adds value and there should be plenty of light.
A visit to Michael Naik or any other reputable agent in Church Street will
clarify the possibilities and problems of buying or selling property in Stoke Newington.
Even with their help it's a stressful activity, but we can also recommend the Safedale
Pharmacy (on the corner of Bouverie Road and Church Street) for some headache relief. Good
luck.
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