neilrich

Newcastle Upon Tyne

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Unrealistic homeowners forced to slash asking prices

Justin Anim, managing director of Pattinson estate agents, which has 28 offices across the north including Stockton, Sunderland, Newcastle and Durham, said that though an Englishman’s home may be his castle, sellers could be in need of “a reality check” over how much it is worth.

Read More http://www.journallive.co.uk/north-east-news/todays-news//2011/08/20/unrealistic-homeowners-forced-to-slash-asking-prices-61634-29269983/#ixzz1VcWkbLXk

A rare dose of plain speaking from an EA. I think this is starting to get serious for them in terms of lack of business. :)

Edited by Quokka

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A rare dose of plain speaking from an EA. I think this is starting to get serious for them in terms of lack of business. :)

All those years we've heard the likes of Justin Anim and The Journal talking the market up, and now, it is they who are having to talk it down.

How the tables have turned. :D Thankfully many of us who have previously posted on this thread had the foresight, with the exception of Smarter than the average bear last known to be living at City Quadrant NE1 4DP where nothing has SOLD since May 2008! :lol:

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All those years we've heard the likes of Justin Anim and The Journal talking the market up, and now, it is they who are having to talk it down.

How the tables have turned. :D Thankfully many of us who have previously posted on this thread had the foresight, with the exception of Smarter than the average bear last known to be living at City Quadrant NE1 4DP where nothing has SOLD since May 2008! :lol:

Perhaps, just perhaps, even the likes of Justin have now understood that they need volume and cannot survive if things don't get moving.

Hopefully this will reflect internal strategy within the Pattinson's network, and reuslt in all of their offices doing the same thing, and talking vendors down with regards to pricing.

It's happening anyways. The crash, I mean.

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I'm a keen watcher of this thread and have posted a couple of times to the effect that the missus and I have been considering a move up to Newcastle (close to her family).

Well, we've finally put the wheels in motion and have our house in Hertfordshire on the market. Obviously we can't do anything concrete until we (hopefully) get offers on our current place but in the meantime we've been doing some (mostly online) research.

We were originally targeting Gosforth and Jesmond but the value you get there doesn't seem great. Plus there's the student issue.

We then took a chance outing to Tynemouth and really like the place. Looking at Tynemouth and the bits of North Shields that are close to Tynemouth (close to Northumberland Park). Seems easily doable to get a nice 4-bed in Tynemouth or a larger 5-bed in the nice bit of North Shields for under £300k. You can get even better value in the streets close to North Shields Metro itself - but is that still considered a no-go area? We have 2 kids under three.

Anyone with insights into property in that neck of the woods?

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North Shields Metro itself - but is that still considered a no-go area? We have 2 kids under three.

Anyone with insights into property in that neck of the woods?

Ask yourself where is the closest metro?

Take some body armor: Meadowell

Bad :North Shields, Shiremoor

OK:Cullercoats

Good :Tynemouth, , Whitley bay, Monkseaton, West Monkseaton,Northumberland park

P

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Ask yourself where is the closest metro?

Take some body armor: Meadowell

Bad :North Shields, Shiremoor

OK:Cullercoats

Good :Tynemouth, , Whitley bay, Monkseaton, West Monkseaton,Northumberland park

P

One problem is some of the worst parts of North Shields have a Tynemouth postcode.

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We did a recce yesterday, viewing 12 properties in Whitley Bay, Tynemouth and North Shields.

Saw some nice stuff in Whitley Bay but really have ruled that area out - it seems low-rent to us.

Tynemouth is obviously very desirable - but the 2 properties there would really stretch our budget.

Central North Shields was a bit dodgy (but some ace properties) - didn't seem great for young kids. The bit of North Shields close to Northumberland Park (eg top end of Linskill Terrace) seems to offer a good compromise - close to Tynemouth but without the Tynemouth prices.

The search goes on!

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We did a recce yesterday, viewing 12 properties in Whitley Bay, Tynemouth and North Shields.

Saw some nice stuff in Whitley Bay but really have ruled that area out - it seems low-rent to us.

Tynemouth is obviously very desirable - but the 2 properties there would really stretch our budget.

Central North Shields was a bit dodgy (but some ace properties) - didn't seem great for young kids. The bit of North Shields close to Northumberland Park (eg top end of Linskill Terrace) seems to offer a good compromise - close to Tynemouth but without the Tynemouth prices.

The search goes on!

From an external perspective, how have you found prices in the NE? Do you think prices are below national or at parity?

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From an external perspective, how have you found prices in the NE? Do you think prices are below national or at parity?

I can only really go on personal experience. We're coming from Hertfordshire where prices are still pretty tasty - and we were in London for 10+ years before that.

Compared to where we are located right now, there seems to be much better value in the NE, although Tynemouth itself is pricey. We need - for various work and family reasons - a 5+ bed property. There's def a better selection of housing stock in the north east compared to the small market town we're in right now.

We're very keen to secure the right property and not buy somewhere and then get stuck there if we later want to move. We accepted an offer (from a chain-free buyer) on our Herts property around two weeks after going to market and property here seems to be shifting quickly - but properties in the areas we're looking at in the north east have, in general, been on the market for months and months (thanks Property Bee!).

We will STR if we need to - we won't be rushed into buying. Although I'll be loathe to give up my lifetime base rate +0.99% tracker!

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I can only really go on personal experience. We're coming from Hertfordshire where prices are still pretty tasty - and we were in London for 10+ years before that.

Compared to where we are located right now, there seems to be much better value in the NE, although Tynemouth itself is pricey. We need - for various work and family reasons - a 5+ bed property. There's def a better selection of housing stock in the north east compared to the small market town we're in right now.

We're very keen to secure the right property and not buy somewhere and then get stuck there if we later want to move. We accepted an offer (from a chain-free buyer) on our Herts property around two weeks after going to market and property here seems to be shifting quickly - but properties in the areas we're looking at in the north east have, in general, been on the market for months and months (thanks Property Bee!).

We will STR if we need to - we won't be rushed into buying. Although I'll be loathe to give up my lifetime base rate +0.99% tracker!

Thanks for the feedback Spangled.

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We did a recce yesterday, viewing 12 properties in Whitley Bay, Tynemouth and North Shields.

Saw some nice stuff in Whitley Bay but really have ruled that area out - it seems low-rent to us.

Tynemouth is obviously very desirable - but the 2 properties there would really stretch our budget.

Central North Shields was a bit dodgy (but some ace properties) - didn't seem great for young kids. The bit of North Shields close to Northumberland Park (eg top end of Linskill Terrace) seems to offer a good compromise - close to Tynemouth but without the Tynemouth prices.

The search goes on!

When we were looking there, quite a bit of Monkseaton seemed very nice. One place we would have bought, I think, but there was glitch in the communications with the EA.

It also depends on what sort of property you're looking for. You want Victorian, and Tynemouth is still probably your best bet. If you're after a new "estate" house then you want to be a bit further inland. The Abbots Way houses are just behind the main N Tyneside hospital and it was a bit too much of a mammoth estate for us - but you can get space for a decent price there.

Also promising is Preston, I think. Find Preston Road, N Shields on Google and then look at the northern end of the road and the bits to east of west. To the west, there's the Tynemouth Golf Club, and a friend who used to live there told me that there was a waiting list for the waiting list. Saw a nice looking house there once with a view of one of the fairways.

There are still those who are leary of Whitley Bay since it used to be full of benefit B&Bs and a few too many young people with bad habits. Anywhere near the coast, and I'd say see what it's like by 9pm on a Saturday night, and you've probably seen the worst of it. If it's OK at that time, then you can live with it the rest of the time.

db

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** FOR ONE MONTH ONLY THIS PROPERTY HAS BEEN REDUCED BY £10,000 FOR A QUICK SALE ** Reeds Rains are delighted to offer to the market this three storey town house.

Reed Rains

:lol: They still don't get it.

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Not so shocking for those who have been reading this thread.

We'd been saying that the public sector cuts would affect house prices.

Honestly, the impact has been minimal so far, but it's increasing and downward pressure on prices is certainly there.

Also, don't forget these are asking prices, not sold prices.

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Just thought I'd update on my situation, having asked the good members of this board for their opinions on certain parts of Newcastle earlier this year...

We ended up buying in Tynemouth. We had narrowed down our search to Tynemouth, North Shields and Whitley Bay (close to the in-laws in Washington but not *too* close...). North Shields offered great value but not always a family-friendly vibe (although I appreciate NS is a large area) and Whitley Bay had some nice bits (incl Monkseaton) but also some real tat, esp close to the stag-happy centre. Tynemouth ticked more boxes for us in terms of family life and good schools, even if we had to compromise on size of property and value for money.

Being a shandy-drinking southerner, I now just have to get used to the cold!

PS Before anyone says it, I'm fully aware of the ups/downs of buying at this stage in the property cycle. For us - with two young children and another on the way - the benefits of having our "own" place outweighed the flexibility/uncertainty of renting.

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Just thought I'd update on my situation, having asked the good members of this board for their opinions on certain parts of Newcastle earlier this year...

We ended up buying in Tynemouth. We had narrowed down our search to Tynemouth, North Shields and Whitley Bay (close to the in-laws in Washington but not *too* close...). North Shields offered great value but not always a family-friendly vibe (although I appreciate NS is a large area) and Whitley Bay had some nice bits (incl Monkseaton) but also some real tat, esp close to the stag-happy centre. Tynemouth ticked more boxes for us in terms of family life and good schools, even if we had to compromise on size of property and value for money.

Being a shandy-drinking southerner, I now just have to get used to the cold!

PS Before anyone says it, I'm fully aware of the ups/downs of buying at this stage in the property cycle. For us - with two young children and another on the way - the benefits of having our "own" place outweighed the flexibility/uncertainty of renting.

Tynemouth is lovely, I would love to live there myself (and only have a 20 minute commute instead of 45!).

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Looks like a race to the bottom is going on in Peel House:

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^1688&sortByPriceDescending=false&minBedrooms=2&includeSSTC=true&_includeSSTC=on&index=10

Almost bought a flat there 20 years ago for 30k IIRC (7% IIR at 120k ?) but ended up with a Tyneside flat instead. Pokey.

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Looks like a race to the bottom is going on in Peel House:

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^1688&sortByPriceDescending=false&minBedrooms=2&includeSSTC=true&_includeSSTC=on&index=10

Almost bought a flat there 20 years ago for 30k IIRC (7% IIR at 120k ?) but ended up with a Tyneside flat instead. Pokey.

I haven't looked at NE1 for quite a while but RM asking prices for city centre slaveboxes seem stubbornly sat around the 100k mark.

Is this realistic? Are actual selling prices much lower? Looking at RM market trends for sold/marketed trends for flats in NE1 it doesn't look like they're shifting much at all...

Sold properties in NE1

And the number of marketed flats seems to be edging up...

Marketed properties in NE1

But here we still are.... <_<

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I haven't looked at NE1 for quite a while but RM asking prices for city centre slaveboxes seem stubbornly sat around the 100k mark.

Is this realistic? Are actual selling prices much lower? Looking at RM market trends for sold/marketed trends for flats in NE1 it doesn't look like they're shifting much at all...

Sold properties in NE1

And the number of marketed flats seems to be edging up...

Marketed properties in NE1

But here we still are.... <_<

The right move link is on the postcode NE2 which is the Jesmond area as far as I know, mainly students. What do you think of the trend in fewer students moving to the area ddue to increased fees affecting house prices.? I for one think this will put a downward pressure on areas such as Jesmond, Heaton and the West end of Newcastlel.

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The right move link is on the postcode NE2 which is the Jesmond area as far as I know, mainly students. What do you think of the trend in fewer students moving to the area ddue to increased fees affecting house prices.? I for one think this will put a downward pressure on areas such as Jesmond, Heaton and the West end of Newcastlel.

Just an update on what I had mentioned earlier. Apparently the Universities are building more halls of residence in the area to compete with the BTL, so this may have a downward push on the price of flats in the student aeas of Newcastle.

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Just an update on what I had mentioned earlier. Apparently the Universities are building more halls of residence in the area to compete with the BTL, so this may have a downward push on the price of flats in the student aeas of Newcastle.

My old landlord owned, together with his brother, a stupid amount of houses in Jesmond.

All 6-8 bedrooms. He used to rent out to people up to 30 years old in work, then stopped some of that and rented to students instead for at least our house but many others too It hink (less work every month maybe). This tied in with the parking changes in Jesmond, so maybe as a by-product of that as most people working in the houses had cars, and if you only get parking permits for 2 people in a house of 8 you're a tad screwed renting out to people with cars. Saying that most students had better cars than me in Jesmond (not at all depressing).

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Just an update on what I had mentioned earlier. Apparently the Universities are building more halls of residence in the area to compete with the BTL, so this may have a downward push on the price of flats in the student areas of Newcastle.

To add to this - Uni of Northumbria are building almost a thousand spaces in the Gateshead town centre development completing in the next few years (just across he water, on the old Get carter car park).

Purpose built, brand new and a hop away from the fleshpots of Newcastle - got to think BTL will be affected.

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To add to this - Uni of Northumbria are building almost a thousand spaces in the Gateshead town centre development completing in the next few years (just across he water, on the old Get carter car park).

Purpose built, brand new and a hop away from the fleshpots of Newcastle - got to think BTL will be affected.

Yep, they managed to design something even more ghastly than the Get Carter parking lot. That's an achievement in itself.

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There's more than just that. There are absolutely tons of student res. buildings in Newcastle now, must be thousands (tens of thousands?) of rooms and there seem to be ever more applications to build more too. Looks like a bubble and possible future blight on the area when the HE market collapses further due to fees, etc.

I'd imagine there'll still be demand for Jesmond but could hit areas like Heaton pretty hard.

That's a very good point, and the good news associated with that is that BTL landlords will be missing a huge part of their typical "safe" tenants.

On a broader subject, I am finally seeing meaningful price reductions in the areas I keep an eye on (Low Fell and so on). Stuff which was well into 200k now stuck at 170ish and increasing in volume.

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