tahoma

Ng1 Flat Price Crash

10 posts in this topic

NG1 6GX is postcode centre I keep an eye on, I'm familiar with it and used to know a lot of Nicole-Farhi-scarf-wearing developer types there who thought buying a flat or two off plan would see them retired by 45.

[url="http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE^1162517&searchLocation=NG1+6GX&outcode=NG1&incode=6GX&radius=0.25&year=30&originalIncode=6GX"]Err, wrong.[/url]

Look at that, it's a bloodbath. Most flats are going waaay below their nominal price in the early 2000's, pre bubble. I expected prices to drop to their nominal 2002ish level, but they have already overshot that and we are just getting warmed up. Maybe people do not want to pay hundreds of thousands to live in glorified student halls after all.

But there has not been a house price crash, oh no. Not here. Never. It's NG1, you see.

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Link updated to show the specific post code only

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E1162517&searchLocation=NG1+6GX&outcode=NG1&incode=6GX&year=30&originalIncode=6GX

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[quote name='Son of Taeper' timestamp='1333735328' post='909008112']
Link updated to show the specific post code only

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E1162517&searchLocation=NG1+6GX&outcode=NG1&incode=6GX&year=30&originalIncode=6GX
[/quote]

The prices as new must be seriously distorted by the developer. How can you explain big drops from 2002 to 2005?

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[quote name='thecrashingisles' timestamp='1333735519' post='909008113']
The prices as new must be seriously distorted by the developer. How can you explain big drops from 2002 to 2005?
[/quote]
They were all manipulated and many blocks sold off to investors via dodgy investment clubs. All a big game with pretend deposits called developers gifts and being allowed by stupid banks>

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Just round the corner, this
http://www.rightmove.co.uk/property-for-sale/property-31613545.html
has changed a bit inside since I went to school there to be terrorised by Irish nuns - the Sisters of Mercy, IIRC - a title always regarded with bitterness by the inmates.
The chapel/dining room would require a rather special personality to enjoy it!

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[quote name='tahoma' timestamp='1333734685' post='909008105']
NG1 6GX is postcode centre I keep an eye on, I'm familiar with it and used to know a lot of Nicole-Farhi-scarf-wearing developer types there who thought buying a flat or two off plan would see them retired by 45.

[url="http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE^1162517&searchLocation=NG1+6GX&outcode=NG1&incode=6GX&radius=0.25&year=30&originalIncode=6GX"]Err, wrong.[/url]

Look at that, it's a bloodbath. Most flats are going waaay below their nominal price in the early 2000's, pre bubble. I expected prices to drop to their nominal 2002ish level, but they have already overshot that and we are just getting warmed up. Maybe people do not want to pay hundreds of thousands to live in glorified student halls after all.

But there has not been a house price crash, oh no. Not here. Never. It's NG1, you see.
[/quote]

Good job we've got near zero percent interest rates so we can all help them out.

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the only thing is with new build flats they arent a good barometer of market prices.

often people have to pay a premium to be the first owners of a new build with both flats and houses, and 20% off the new build price is quite often a normal price once the dust settles. Edited by mfp123

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[quote name='mfp123' timestamp='1333823394' post='909008670']
the only thing is with new build flats they arent a good barometer of market prices.

often people have to pay a premium to be the first owners of a new build with both flats and houses, and 20% off the new build price is quite often a normal price once the dust settles.
[/quote]

Yeah, right. I'm sure the developer explained all that to [i]this [/i]canny investor.

[b]23, Ropewalk Court, The Ropewalk, Nottingham, City Of Nottingham NG1 5AB[/b]
£92,500 Flat, Leasehold 19 Oct 2011
£157,000 Flat, Leasehold (New Build) 26 Sep 2001

[i]Dear? Shall we buy a flat off-plan, and sell it 10 years later for 60% what we paid for it, despite there being the biggest property bubble in history in the interim? Yes? Sounds like a good idea? Great, I'll call the estate agents.[/i]

What utter bullsh*t. These people thought they would make a killing.

These prices are a very good barometer of market prices for flats that were horrendously overpriced to begin with. Settle [i]that [/i]dust.

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PS -

[b]Apartment 8, Loxley Court, St James's Street, Nottingham, City Of Nottingham NG1 6FE[/b]
£95,000 Flat, Leasehold 13 Aug 2010
£162,000 Flat, Leasehold 11 Jun 2004
£160,000 Flat, Leasehold 14 Feb 2003
£148,500 Flat, Leasehold (New Build) 07 Nov 2002

Looks like buyers 2 and 3 didn't get their discount for it not having that 'new flat smell' (ie cheap plaster and sealant).

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I remember when the first 100k+ flats started appearing around Canning Circus. I was amazed at that time there were any buyers, considering you could buy 3 bedroom houses in places like Arnold or Carrington for around 40-50k, even cheaper in Forest Fields or Radford (not the best of areas I know).
I suppose the buyers thought that a city with 2 universities would be bound to have ever-increasing property prices. Luckily it seems that the folk of Nottingham have had a lot more sense.

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