Bristol.

[sylv123]

Talking of rental cost, I am surprised to see some flats going down, today

http://www.rightmove.co.uk/property-to-rent/property-22808195.html (650 to 595)

http://www.rightmove.co.uk/property-to-rent/property-28107901.html (775 to 695)

http://www.rightmove.co.uk/property-to-rent/property-27502579.html (575 to 525)

http://www.rightmove.co.uk/property-to-rent/property-31273253.html (600 to 550)

http://www.rightmove.co.uk/property-to-rent/property-17284284.html (700 to 600)

not great flats of course but still a surprise. It may not increase that much after all...

[Jimmy_James]

Talking of rental cost, I am surprised to see some flats going down, today

http://www.rightmove.co.uk/property-to-rent/property-22808195.html (650 to 595)

http://www.rightmove.co.uk/property-to-rent/property-28107901.html (775 to 695)

http://www.rightmove.co.uk/property-to-rent/property-27502579.html (575 to 525)

http://www.rightmove.co.uk/property-to-rent/property-31273253.html (600 to 550)

http://www.rightmove.co.uk/property-to-rent/property-17284284.html (700 to 600)

not great flats of course but still a surprise. It may not increase that much after all...

Interesting.

Couple of things jump out for me on this

Think we are moving back to having more 'forced landlords' over the winter period as sellers try and cut their losses after a long period with their house out to market while life events move on. Would add downward pressure on rents, as these landlords would be more interested in any cashflow rather than that which ties into a decent yield.

One of the agents marketing your flats was 'medics on the move'. A good example of how parts of the Bristol job market are going to be driving sales as a necessity - as Bristol NHS employees (GPs, hospital staff - particularly higher up the chain) get employment opportunities elsewhere. GPs and NHS consultants are a bit like academics - good career openings are rare and often very location specific (i.e. they have to leave Bristol for them).

[M Wall]

That's nothing - in the same development a 2 bedroom flat for £598,000..!!!!

The only added advantage to this flat is that it has a balcony you can throw yourselves off once you've realised how much money you've wasted.

You could buy a nice 3/4 bedroom Georgian house in BS6 for that money. Mental.

The developers must be underwater - and the creditors must realise they are not going to realise any cash on these pricings.

That has got to be typo! I also see that BS1 has become Clifton as well..... :-)

[sylv123]

Anectotal,

It may be because my girlfriend starts a business around park street so I tend to look at retail unit for let which I did not before, but there are about 5 retail untis for let/sale on park street + 2 repossession.On the triangle as well, 4 shop in a row are for sale or auction.

East street abd north street are overwhelming number on shop are not used. The only side increasing is the number of coffee shop.

Last year businesses went bust after chrismas. This year , few go bust before chrismas.

I know nothing on retail property, does someone know?

[Lagarde's Drift]

You can't get a house in Montpelier, Clifton, Cotham or Redland for £200k.

I'm sick of living in a flat.

Hate to break it to you, but you will hate living in Beddy even more. There is an adage, "Better to live in the worse house on a nice street, than the best house on a horrible street". Hence why those nice BS6/8 houses are expensive. Very expensive.

[dothemaths]

Anectotal,

It may be because my girlfriend starts a business around park street so I tend to look at retail unit for let which I did not before, but there are about 5 retail untis for let/sale on park street + 2 repossession.On the triangle as well, 4 shop in a row are for sale or auction.

East street abd north street are overwhelming number on shop are not used. The only side increasing is the number of coffee shop.

Last year businesses went bust after chrismas. This year , few go bust before chrismas.

I know nothing on retail property, does someone know?

Yup. There's also been several shops closed/gone bust on Whiteladies road/Cotham Hill area in the last year or so.

This is the real economy which is not doing well. House prices are currently detached from that.

Given current lending criteria, many, many people with mortgages in Bristol wouldn't be able to buy the properties they are living in even if prices drop 10% so they WILL keep hanging on with zirp keeping them afloat. In this situation, people just stay put unless forced to by job loss, divorce , etc... It won't be pretty when interest rates rise or if jobs start to go but I think the market is frozen until then.

[sylv123]

Yup. There's also been several shops closed/gone bust on Whiteladies road/Cotham Hill area in the last year or so.

This is the real economy which is not doing well. House prices are currently detached from that.

Given current lending criteria, many, many people with mortgages in Bristol wouldn't be able to buy the properties they are living in even if prices drop 10% so they WILL keep hanging on with zirp keeping them afloat. In this situation, people just stay put unless forced to by job loss, divorce , etc... It won't be pretty when interest rates rise or if jobs start to go but I think the market is frozen until then.

But if interest rate stay like that for years...there is no point waiting to buy.

I cannot find ant serious article on the subject.

I agree with you however. ZIRP is the key that will decide when the market dips.

[desperate young]

But if interest rate stay like that for years...there is no point waiting to buy.

I cannot find ant serious article on the subject.

I agree with you however. ZIRP is the key that will decide when the market dips.

ZIRP is not all that is saving Bristol. In my experience Bristol is just not suffering from the recession the economy is too diverse. Around the area I have been looking to buy the decent family properties go STC relatively quickly, the rubbish stays on the market, it has always been this way. One guy I know has just flipped a property, so annoying, bought for 170k sold for 210k, after (he claims) spending 10k.

If I had another 100k to spend I would go for it, but I don't! Can't decide now if I should just go for it and buy what I can or look further south into Somerset and commute. The market is a lot stronger than it was in late 2008 IMO. Will it get easier to get a good deal next year, personally I doubt it.

I think I personally need to face up to the fact that the area I want to buy in just isn't going to crash massively and with this inflation eroding my limited deposit fund I need to make a decision. Bristol is not the North or Midlands it is a bit different.

Rant over!

[moesasji]

But if interest rate stay like that for years...there is no point waiting to buy.

I cannot find ant serious article on the subject.

I agree with you however. ZIRP is the key that will decide when the market dips.

There might not be many articles on it, but I would think very hard about what is happening in Ireland at the moment. The parallels with the UK are not that difficult to see.

Keep in mind that if loans are considered riskier then interest rates that banks charge will have to go up, simply to keep enough money coming in to keep them alive.

[lady_muckfish]

Hate to break it to you, but you will hate living in Beddy even more. There is an adage, "Better to live in the worse house on a nice street, than the best house on a horrible street". Hence why those nice BS6/8 houses are expensive. Very expensive.

Thanks for your patronising comments.

I do actually have friends living in Bedminster/Southville area who all enjoy living there. I do research where I'm going to buy, I'm not going to buy somewhere blindly without looking at what I'm getting myself into.

Have actually had an offer accepted on a house, my work colleague used to live on that road last year and said it's a friendly place to live so I'm confident that I'm not going to have horrible time living there.

[Pablo]

Currently looking in BS6 (FTB) and a little confused about the market in BS6.

I was looking back in late 2008 when a relative was looking to buy and has since bought in the area, during that time up until now, the prices have barely budged!

In 2009 there was a severe shortage of property and this lead to properties being snapped up very quickly, but the prices seem to have stayed and the sales levels have dropped. Looking at Land Registry figures, Bristol as a whole seems to be gaining some momentum whilst most places are stable or dropping month on month.

I see this for a number of reasons (around Redland/Cotham/Clifton)

1) Rental opportunity - 2 universities and a seemingly endless stream of rich parents buying property for their young kids

2) Number of properties are coming on, but sellers have little motivation to sell (due to point one), thus they are listing their properties out of interest due to low set up costs (no homebuyers) and holding their positions as a result.

Now, the wider market has predictions of 5, 10 and even 25% drops. I didn't see this during the first big dip in BS6, what is the risk of this happening? (in your opinion) Yes mortgage applications are slower, job losses are predicted - but we saw all this in the last dip and what impact did it actually have? Marginal

I personally see the market remaining slow until Spring as people sit on their hands, then picking up again slightly.

Intrigued to see peoples views on why these properties haven't gone?

http://www.rightmove.co.uk/property-for-sale/property-17310636.html - Repossession and thus priced competitively, admittedly didnt take my heart when viewing it, but a very nice property all the same and parking for less than £160k?

http://www.rightmove.co.uk/property-for-sale/property-29821406.html - Dropped from £179k, to £169k, to £162k . Again a 2 bed period property, admittedly a bit too close to gloucester road for my liking, but still seemingly good value compared to the lovely 200k plus properties.

Edited December 5, 2010 by ItalianV6

[Butthead]

Intrigued to see peoples views on why these properties haven't gone?

http://www.rightmove.co.uk/property-for-sale/property-17310636.html - Repossession and thus priced competitively, admittedly didnt take my heart when viewing it, but a very nice property all the same and parking for less than £160k?

http://www.rightmove.co.uk/property-for-sale/property-29821406.html - Dropped from £179k, to £169k, to £162k . Again a 2 bed period property, admittedly a bit too close to gloucester road for my liking, but still seemingly good value compared to the lovely 200k plus properties.

The first one looks like a liability as far as energy costs are concerned! It's clearly in need of a bit of a refurb, and it's at the grottier end of BS6. The second isn't great either, the combined lounge/kitchen/diner is a bit off-putting and again it is in need of updating.

I'm currently living in a 2 bed in BS6, with parking, which sold last year (from my previous landlord to the new owner - who's still renting it to me) for £168k. It's nicer than either of those two, yet still took 9 months to sell. Friends of mine who bought a similar place in '07 for £210k have been trying to sell for 18 months and unsurprisingly can't - so they're renting it out "until the market recovers"...

As far as the market generally is concerned, I suspect BS8 and the nicer end of BS6 will remain relatively resiliant and if house prices fall these areas will fall less. You might see more movement on larger places as they're not as supported by the student pound (or student's 'bank of mum and dad' pound). I don't see a pick up next year but that's a macro view, the recession will be back with higher unemployment, we might have new FSA rules on mortgages, lending will be tight either way.

Whatever happens, it looks like we'll be in competition for property when the time is right

[Pablo]

The first one looks like a liability as far as energy costs are concerned! It's clearly in need of a bit of a refurb, and it's at the grottier end of BS6. The second isn't great either, the combined lounge/kitchen/diner is a bit off-putting and again it is in need of updating.

I'm currently living in a 2 bed in BS6, with parking, which sold last year (from my previous landlord to the new owner - who's still renting it to me) for £168k. It's nicer than either of those two, yet still took 9 months to sell. Friends of mine who bought a similar place in '07 for £210k have been trying to sell for 18 months and unsurprisingly can't - so they're renting it out "until the market recovers"...

As far as the market generally is concerned, I suspect BS8 and the nicer end of BS6 will remain relatively resiliant and if house prices fall these areas will fall less. You might see more movement on larger places as they're not as supported by the student pound (or student's 'bank of mum and dad' pound). I don't see a pick up next year but that's a macro view, the recession will be back with higher unemployment, we might have new FSA rules on mortgages, lending will be tight either way.

Whatever happens, it looks like we'll be in competition for property when the time is right

168k sounds good value with parking in the nicer part of BS6. What road are you on? Are both bedrooms a double? Did your old landlord take a hit on resell to sell for 168k and thus the slow sell?

I remember there being a white property on Cotham Brow with parking for around that money, but the kitchen was tiny!. Was it this one?

Edited December 5, 2010 by ItalianV6

[Butthead]

168k sounds good value with parking in the nicer part of BS6. What road are you on? Are both bedrooms a double? Did your old landlord take a hit on resell to sell for 168k and thus the slow sell?

I remember there being a white property on Cotham Brow with parking for around that money, but the kitchen was tiny!. Was it this one?

Rather not say which road specifically but it's north of the railway line and I can walk to Whiteladies Road in under 5 minutes. The old landlord took a hit against their valuation but made a profit overall, bought for £140k in '02 IIRC.

It's not the one you're thinking of.

I think the flat is reasonable value at £168k, I considered buying it myself, but while I like it it's not without fault and the rental yield is just over 5% before costs/voids/tax. I'd be looking to pay £140k for it or something similar (although actually I'm aiming for somewhere nicer for more).

[Pablo]

Rather not say which road specifically but it's north of the railway line and I can walk to Whiteladies Road in under 5 minutes. The old landlord took a hit against their valuation but made a profit overall, bought for £140k in '02 IIRC.

It's not the one you're thinking of.

I think the flat is reasonable value at £168k, I considered buying it myself, but while I like it it's not without fault and the rental yield is just over 5% before costs/voids/tax. I'd be looking to pay £140k for it or something similar (although actually I'm aiming for somewhere nicer for more).

Can understand you not wanting to state the road name, thanks for the additional detail.

140k sounds cheap, almost a little too cheap given the area. That amounts to about a 16/17% reduction on what appears to be a discounted price.

Be great if it did happen, but given the way BS6 is holding out, seems hopeful, as we saw job losses and a weak economy in the first dip with little impact?

Edited December 5, 2010 by ItalianV6

[dothemaths]

Intrigued to see peoples views on why these properties haven't gone?

http://www.rightmove...y-17310636.html - Repossession and thus priced competitively, admittedly didnt take my heart when viewing it, but a very nice property all the same and parking for less than £160k?

http://www.rightmove...y-29821406.html - Dropped from £179k, to £169k, to £162k . Again a 2 bed period property, admittedly a bit too close to gloucester road for my liking, but still seemingly good value compared to the lovely 200k plus properties.

Open plan kitchen-living room.

[Pablo]

That certainly appears to be the consensus, open kitchen/lounge = no sale.

Those are just the two "value" properties I have noted in recent weeks and considering the price of similar property was a little surprised they hadn't shifted despite their faults.

[frenchy]

Can anyone recommend a solicitor/conveyancer near bristol?

thanks

[Butthead]

Can understand you not wanting to state the road name, thanks for the additional detail.

140k sounds cheap, almost a little too cheap given the area. That amounts to about a 16/17% reduction on what appears to be a discounted price.

Be great if it did happen, but given the way BS6 is holding out, seems hopeful, as we saw job losses and a weak economy in the first dip with little impact?

I agree that £140k "sounds cheap". The question you need to ask is does it sound cheap because of fundamentals or because we're so used to high prices that we've been conditioned? The type of property we're talking about is aimed at young professional couples, probably university graduates, income of maybe £20k - £25k each. Historically they'd buy at perhaps 3x joint income? That's in the £140k ballpark. Also consider rental yield. In the past BTLs would target at least 6%, and a value of £140k roughly represents that.

Am I deluding myself? Time will tell!

[Pablo]

I agree that £140k "sounds cheap". The question you need to ask is does it sound cheap because of fundamentals or because we're so used to high prices that we've been conditioned? The type of property we're talking about is aimed at young professional couples, probably university graduates, income of maybe £20k - £25k each. Historically they'd buy at perhaps 3x joint income? That's in the £140k ballpark. Also consider rental yield. In the past BTLs would target at least 6%, and a value of £140k roughly represents that.

Am I deluding myself? Time will tell!

Agree with your financial justification and income multiples, but I am wondering whether vendors will "allow" it.

I can imagine one of two scenarios in this area:-

1) Very real shortage of property being added to the market (2009 situation) or the properties that stay on are people "testing the market" and aren't serious sellers.

2) Owners choose to rent the properties instead, given the relatively high rents asked in the area.

I was viewing a property last weekend in admittedly close proximity to the university, and the amount of viewers with seemingly bundles of cash including lecturers/developers e.t.c was surprising - definitely plenty of interest for perfect locations. There was a vast amount of interest in this one property.

It would be fantastic if they did drop to those levels, but also trying to maintain a balance as I/we could potentially miss out on a period in time where the market is a little more open to offers

Crystal Ball - Needed!

Edited December 6, 2010 by ItalianV6

[bricor mortis]

I guess everyone has their own perception.

I have lived on North Street, the Ashton End, and I didn't like it at all. Why would you pay 200k for a house thats neighbours include massage parlors? In terms of being friendly I think the whole BS3 area is very socially divided, you have a large contingent who rely on the state and would frequent bars like BS3 and then you have the very middle class yummy mummies who block entrances to coffee ships with their squadrons of prams while their little jaspers run riot.

I'd rather live somewhere like Easton that has far more sense of community.

Stokes Croft I know well and I feel less intimidated there as most of the people who hang out in the streets are so off their faces, compared to streets around Bedminster which seem to have far more asbo types hanging around in large groups. Most of the stories I have heard from female friends where they have been followed, verbally abused etc have been around Bedminster / Windmill Hill areas.

Maybe I was a little harsh before on BS3, for sure there is a lot worse in Bristol, but I still say it's vastly overpriced and should be more along the lines of areas such as Eastville, Easton, Fishponds in terms of costs.

Isnt Easton for people who are priced out of Mogadishu ?

Eastville is tarnished by the proximity to easton and having signs on the lampost letting you know it is a red light area, fishponds jams right up with traffic at the roundabout to get to the M32, otherwise Fishponds would be a desirable area.

If BS3 was a long way from the Centre of Bris or very ethnic poor, it would be less desirable, but its not. and this is central to understanding its appeal to others.

[naturals]

"Why would you pay 200k for a house thats neighbours include massage parlors?"

I'd far rather live in a street with a massage parlour than a street with a pub full of pissed up louts!

[Lagarde's Drift]

"Why would you pay 200k for a house thats neighbours include massage parlors?"

I'd far rather live in a street with a massage parlour than a street with a pub full of pissed up louts!

Problem is, that massage parlour will not be frequented by "gentlemanly" types, nor will it be the only "non-standard" shop on that street. Bristol does seem to have a large number of rough areas, but comparing between themselves isn't really helpful, unless you are talking about house prices. Why is a house in Beddy worth so much more than, say, Eastville? Are bohemians really worth that much as neighbours?

[lady_muckfish]

Why is a house in Beddy worth so much more than, say, Eastville? Are bohemians really worth that much as neighbours?

As echoed in the post above, because of the location - it's close to the city centre.

[Pablo]

Some more decreases are coming in

Although I think this one was a little optimistic at 170k in the first place.

http://www.rightmove.co.uk/property-for-sale/property-28439398.html