The Knimbies who say No Posted October 17, 2008 Share Posted October 17, 2008 Seems to have locked up- I'm struggling to find many reductions in SN1 recently. Anyone having a similar experience? Quote Link to comment Share on other sites More sharing options...
NKay Posted October 21, 2008 Share Posted October 21, 2008 (edited) Actual selling prices out for August on www.myproperty.co.uk One new build from Bryant Homes - 4 bed semi with downstairs study that we looked at back in July, sold in August for £200k, asking price in July was £245k. We'd considered offering £220k for it and thought that was being cheeky! Edited October 21, 2008 by NKay Quote Link to comment Share on other sites More sharing options...
pokissimo Posted October 21, 2008 Share Posted October 21, 2008 Actual selling prices out for August on www.myproperty.co.ukOne new build from Bryant Homes - 4 bed semi with downstairs study that we looked at back in July, sold in August for £200k, asking price in July was £245k. We'd considered offering £220k for it and thought that was being cheeky! Got a call from David Wilson the other day - they began 1) You looked at houses priced between X and Y, which of course is negotiable. 2) would you like a part-ex? Seems like they are getting twitchy...seems like 20% off is achievable - so I wonder how expensive a house they'll take that kind of cut with. Quote Link to comment Share on other sites More sharing options...
athlete Posted October 22, 2008 Share Posted October 22, 2008 Seems to have locked up- I'm struggling to find many reductions in SN1 recently.Anyone having a similar experience? I have been monitoring SN1 and agree not much moving and not much reductions. I noticed one terraced property opposite town gardens in Old Town had gone down from 220,000 to 197,000 but that looks like the biggest fall in that particular area. I am still holding out for further reductions around Avenue Road (old town) for a nice 3 bedroom terraced with garage - although as this is quite a popular area prices are falling very slowly!! what are other peoples experiences? Quote Link to comment Share on other sites More sharing options...
athlete Posted October 22, 2008 Share Posted October 22, 2008 On another note - any seen these new properties come onto the market from Miller up at Okus in old town: http://www.rightmove.co.uk/viewdetails-235...p;mam_disp=true I cant belive how expensive these are for the area and style of house - I would be very surprised if these get much interest!!! Quote Link to comment Share on other sites More sharing options...
pokissimo Posted October 22, 2008 Share Posted October 22, 2008 On another note - any seen these new properties come onto the market from Miller up at Okus in old town:http://www.rightmove.co.uk/viewdetails-235...p;mam_disp=true I cant belive how expensive these are for the area and style of house - I would be very surprised if these get much interest!!! Does seem a little overpriced: even compared with this which is just a little further up Okus road: http://www.rightmove.co.uk/viewdetails-234...p;mam_disp=true Is there something particularly worse about this area than avenue road? Other than new vs old (and the attendant quality of construction issues). (And I guess you can walk into old town from avenue road) Avenue road always struck me as a pain in the a**e to live on if you dont have a garage with the contant parking issues... Quote Link to comment Share on other sites More sharing options...
athlete Posted October 22, 2008 Share Posted October 22, 2008 Does seem a little overpriced: even compared with this which is just a little further up Okus road: http://www.rightmove.co.uk/viewdetails-234...p;mam_disp=true Is there something particularly worse about this area than avenue road? Other than new vs old (and the attendant quality of construction issues). (And I guess you can walk into old town from avenue road) Avenue road always struck me as a pain in the a**e to live on if you dont have a garage with the contant parking issues... You gave all the reasons above ;-) the ones on the right hand side as you go down towards the school have garages at the back in the garden (rear access road) some double garages. the road is quite quiet (apart from 8.30am and 3.30pm school!) as it is blocked at the far end - so realisticly residents only. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 23, 2008 Share Posted October 23, 2008 I've mainly been looking at SN1 too. I see rents are falling, but house prices are not. Few seem to be selling either. Angel Ridge has some laughably overpriced homes- I just cant imagine that Miller or anyone else thinks they'll sell. I think it's just going to take time- I'll be looking at auctions in the meantime. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 27, 2008 Share Posted October 27, 2008 'The Whytes' development of 1(small number)- and 2-bedroom(vast majority) flats covered by postcodes SN2 1FE/1FD on Whitehouse Road continues to perplex; I've watched it for three months or so without seeing anything sell, or even go 'sold stc' to re-appear later. Absolutely nothing. Now we have one 2-bed dipping into 5-figures: http://www.rightmove.co.uk/viewdetails-109...p;mam_disp=true Originally listed at 120k in September, so perhaps a motivated seller. The crazy thing about the development is that of the 9 2-bed properties up for sale on RM, the price now ranges from 100k to 170k! The Developer, Bovis, has still not sold the all the remaining new flats either; It dropped asking prices from 189k to 140k recently. Typical sold prices for the 2-beds ranged from 150-180k in 2007. It seems likely that sellers are staring down the barrel of 50% losses in 18 months(if anyone can be found to buy even at these prices). I'd expect the 2-bed repo which sold in Churchward last month for 69k suggests that these have much further to fall before anyone fancies buying; I would not be surprised to see these change hands for sub-60k. The first repo in The Whytes will be interesting indeed. These estates will ultimately drive down prices elsewhere in town. Not to the same extent, of course as these are amongst the least desirable places to live near the town centre. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 28, 2008 Share Posted October 28, 2008 Latest land registry figures: Swindon -1.2%(Sept) -6.3%(Annual) £141,101 (Average) Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 30, 2008 Share Posted October 30, 2008 A couple of new listings of interest to SN1: Broad Street, 3-bed, 90k: http://www.rightmove.co.uk/viewdetails-112...p;mam_disp=true Albion St, 3-bed, 100k: http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true Savernake St(Old town), 2-bed, 90k(needs work): http://www.rightmove.co.uk/viewdetails-235...p;mam_disp=true King William Street(Old town), 2-bed, 90k: http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true Some drops starting to appear again-forced sellers coming through perhaps. Certainly in Old Town, 2-beds for sub 100k was not possible a few months ago. There was one on Savenake St a while ago at 125k, albeit in 'move-in' condition. Even 3-bed in Mnachester road area for sub 100k were not around a few months ago. That they are starting to appear is a good sign for falls elsewhere in Old Town. If I come across anything else of interest,I'll post it. Does anyone live in Swindon anymore? Quote Link to comment Share on other sites More sharing options...
Spook321 Posted October 30, 2008 Share Posted October 30, 2008 A couple of new listings of interest to SN1:Broad Street, 3-bed, 90k: http://www.rightmove.co.uk/viewdetails-112...p;mam_disp=true Albion St, 3-bed, 100k: http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true Savernake St(Old town), 2-bed, 90k(needs work): http://www.rightmove.co.uk/viewdetails-235...p;mam_disp=true King William Street(Old town), 2-bed, 90k: http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true Some drops starting to appear again-forced sellers coming through perhaps. Certainly in Old Town, 2-beds for sub 100k was not possible a few months ago. There was one on Savenake St a while ago at 125k, albeit in 'move-in' condition. Even 3-bed in Mnachester road area for sub 100k were not around a few months ago. That they are starting to appear is a good sign for falls elsewhere in Old Town. If I come across anything else of interest,I'll post it. Does anyone live in Swindon anymore? Yeah, me mate Need to buy as well, but I'm just looking for a room over our head so have been mainly concentrating on the "rougher/cheaper" areas of town. I have an offer accepted on an end terraced (Repo) that went for 135K in mid 07. Offered 30K less than that. There have been quite a few at the bottom end of the market, in Penhill etc that have had 20K+ knocked off the asking price. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 31, 2008 Share Posted October 31, 2008 (edited) Yeah, me mate Need to buy as well, but I'm just looking for a room over our head so have been mainly concentrating on the "rougher/cheaper" areas of town. I have an offer accepted on an end terraced (Repo) that went for 135K in mid 07. Offered 30K less than that. There have been quite a few at the bottom end of the market, in Penhill etc that have had 20K+ knocked off the asking price. Welcome Spook. It's a funny old market round here. Things have been pretty static recently, but this morning I've noticed that someone appears to have had their BTL portfolio repossesed: 14 flats beside the GW/Queen's tap pub: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true 5-bed, rented as single rooms: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true 6-bed, ditto: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true All advertised through Strakers, and up for auction on 27th November. I presume they all belonged to the same person. Edited October 31, 2008 by cheeznbreed Quote Link to comment Share on other sites More sharing options...
pokissimo Posted October 31, 2008 Share Posted October 31, 2008 Welcome Spook. It's a funny old market round here.Things have been pretty static recently, but this morning I've noticed that someone appears to have had their BTL portfolio repossesed: 14 flats beside the GW/Queen's tap pub: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true 5-bed, rented as single rooms: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true 6-bed, ditto: http://www.rightmove.co.uk/viewdetails-199...p;mam_disp=true All advertised through Strakers, and up for auction on 27th November. I presume they all belonged to the same person. Apparent yields (according to offers over prices) seem to be north of 10% - although how realistic that is I dont know. Who knows about the potential impact of HMO regs on those places, either...seems like they would have the potential to chuck off enough cash to pay their way otherwise, though: Quote Link to comment Share on other sites More sharing options...
athlete Posted October 31, 2008 Share Posted October 31, 2008 Honda employ 5000 people with maybe 4000 living in and around Swindon plus all the associated companies that supply and rely on Honda - I am hearing scary things about them going down to one shift, forced days off and limited shift allowance and overtime on the news?!?! does anyone else think how hard this will hit the Swindon economy with staff cautious about spending because they are worried about losing their job?! any views? Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 31, 2008 Share Posted October 31, 2008 Apparent yields (according to offers over prices) seem to be north of 10% - although how realistic that is I dont know. Who knows about the potential impact of HMO regs on those places, either...seems like they would have the potential to chuck off enough cash to pay their way otherwise, though: yes, although I guess that requires full occupancy which may not be happening-there appears to be no shortage of rental choice around Swindon at the moment. A lot of BTLers probably cant drop rents much, especially if they are recent entrants to the market. It's certainly starting to get interesting. Quote Link to comment Share on other sites More sharing options...
heather5 Posted October 31, 2008 Share Posted October 31, 2008 I've said it before. There are lots of people wanting to sell in SN1 and areas around. But they are not advertising - have not approached EAs to sell. It's not because as suggest that they are not prepared to sell for mega bucks - many of them know the markets and know and are prepared to market the prices "right" - but they don't have somewhere else to move to that is a downsize property in the same area. So they are ALL staying put - and there are a lot of them in this area. That info enough should be enable you to get creative - and if you don't - well that's 'cos you didn't live through the last 3 situations of this nature. Quote Link to comment Share on other sites More sharing options...
SwindonCrash Posted November 1, 2008 Share Posted November 1, 2008 Morning everyone What's the current thoughts in Swindon? I'm not feeling it's going how I want! Take for example Old Walcot, I'm 'reliably' informed by many Swindon EA's that the place has a desirability factor, meaning it is effectively 'immune' to proce falls. Immune isn't a word I would use, as there have been marginal falls, but nothing to mention. PS - The Honda arrangement as I understand it is a condensed working one, where Honda itself will be shut on Mondays and the staffhave to fit their week into 4 days. Not sure if this is 100% correct as it would ultimately lead to the same amount of cars being produced. A Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 2, 2008 Share Posted November 2, 2008 I've said it before.There are lots of people wanting to sell in SN1 and areas around. But they are not advertising - have not approached EAs to sell. It's not because as suggest that they are not prepared to sell for mega bucks - many of them know the markets and know and are prepared to market the prices "right" - but they don't have somewhere else to move to that is a downsize property in the same area. So they are ALL staying put - and there are a lot of them in this area. That info enough should be enable you to get creative - and if you don't - well that's 'cos you didn't live through the last 3 situations of this nature. Sure, I can well imagine there are people not wishing to sell at the moment, but there are still plenty of properties available in SN1, albeit the number is dropping. There is hardly a lack of choice. There are 400 properties in SN1 on Rightmove, 185 of which are under 150k in price. If you really wanted to sell to downsize, surely you would manage it if you were not afraid to take a lot less than you thought it was worth. If you after a specific street, perhaps you wont find exactly what you're after, but there is plenty in the area as a whole. Surely the most creative thing we can do at the moment is sit on our backsides for six months and let prices fall further. You seem to be advocating a leaflet campaign to find the 'silent sellers'. What's the point? Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 3, 2008 Share Posted November 3, 2008 Here's a 2-bed repo on Stratton-St-Margaret, which went for 89k today: http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A It previously sold for £131,750 in June 2005: http://www.zoopla.co.uk/property/results/h...price_years=all a ~30% nominal drop from mid-2005. Quote Link to comment Share on other sites More sharing options...
athlete Posted November 8, 2008 Share Posted November 8, 2008 makes interesting reading - 12 properties sold in SN1 in September - no wonder the EA were calling me almost every day!! although av prices are not falling that much :-( Quote Link to comment Share on other sites More sharing options...
'Bart' Posted November 9, 2008 Share Posted November 9, 2008 makes interesting reading - 12 properties sold in SN1 in September - no wonder the EA were calling me almost every day!!although av prices are not falling that much :-( Sellers may be able to carry on like this, but surely EAs are suffering badly? Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 10, 2008 Share Posted November 10, 2008 Sellers may be able to carry on like this, but surely EAs are suffering badly? True. EAs must be hurting. There must be fifteen EAs on commercial road alone. I know there will be sales in other parts of town, but 12 sales in a densely-packed part of the town is abysmal. It is carnage, but prices are not falling fast enough. More repos are required to make peeople see sense wrt asking prices. Most of these EAs will go to the wall I think, unless they have lettings departments. Even then they're in for a tough time. I note in SN2 1FD, one of the two-beds has disappeared from RM. Not sold STC either. I wonder if this will be the first repo there-I'll keep a look out. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 11, 2008 Share Posted November 11, 2008 Seems we have a motivated seller in Brunel Crescent(SN2 1FD in this case, but also spans 1FE): http://www.rightmove.co.uk/viewdetails-226...p;mam_disp=true dropped from 122 to 100 in six weeks, although was advertised at original price since August when first listed. I'm interested in these properties, not as a purchase, but as an indication of the severity of falls expected. These places will be hit much harder than elsewhere, though. These 2-beds sold for 150-180k within the last 18 months-2 years. A 90k asking will fetch 80k on average asking:sold ratios, but in this market it is hard to see where the bottom is. None of the 10 properties has gone 'Sold STC' since I started watching in spring. Unfortunately, it will take a repo or severe discount to get these shifted. I'll keep my eye on it. Elsewhere, not seeing many discounts in SN1. Seems we've reached another sticking point, perhaps in the wake of the interest rate cut. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 12, 2008 Share Posted November 12, 2008 (edited) Some Swindon auction property today at Allsop's: Stratton: 3-bed terrace, garage, garden: Sold today for £140,000, lot 726: Last Sold: 23/July/2004 £174,995 http://www.auction.co.uk/residential/lotDe...=582&MP=125 loss of £34,995 or 20% since July 2004 1-bed flat, Victoria Rd SN1, Sold today for £49,000 lot 727: Last Sold: 21/Oct/2005 £125,000 http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A loss of £76,000 or 60% since Oct 2005 It was originally listed on Rightmove by Primary Executive homes at £86k on 12th Sept. 3-bed terrace, SN1 (Colburne Rd.), Sold today for £100,000, lot 796: Last Sold: 18/Jun/2004 £128,000 http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A loss of £28,000 or 22% since Jun 2004 It was originally listed on Rightmove by Allen and Harris at £135k on 28th Sept. 3-bed terrace, SN1 (Broad St), Sold today for £125,000, lot 822: Last Sold: 29/Jul/2004 £141,500 http://www.auction.co.uk/residential/LotDe...amp;S=L&O=A loss of £16,500 or 12% since Jul 2004 It was originally listed on Rightmove by Parkers at £90k as a repo/acution on 28th Sept. So, some thumping losses today. 12-22% below 2004 prices nominal puts us somewhere around autumn 2003, as 2003 experienced strong gains in prices. The clock is unwinding. I think the three houses are significant as they didn't appear to be in bad condition, whereas some repos of late have been. The flat took a beating, but it is understandable. I actually went to have a look the the building as there are flats to let. However, it's on a busy road, and there are lots of for sale signs up, and it looked uncared for. 60% off is not surprising in the circumstances, and shows the rubbish that could be sold for crazy amounts in the boom days. I firmly believe that these flats will drag other stuff down though. Edited November 12, 2008 by cheeznbreed Quote Link to comment Share on other sites More sharing options...
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