newaccount99 Posted October 22, 2004 Share Posted October 22, 2004 Definately stalled within Basingstoke and a glut of properties now available on the Market. Have seen consistent drops of 10-25K in asking prices of my target price-band (325-425). Difficult to judge the other band of interest to me 225-275K (band I STR'ed at) as there is such a glut (this price being the stamp-duty threshold band). This band is very mixed with some very overpriced props presumably from speculative sellers. Also like to monitor the recent "City lifestyle apartments" that have come to town. Unfortunately there ain't any city living to be had here. The best selling point is "45 mins commuting to Waterloo" trouble is it's nearer 1hr, you'll be standing all the way and you'll be £30 lighter per day. These "lifestyle" props, although fairly well presented, represent a financial turkey. Many BTLers have snapped them up.......but to my calculations these are providing 4-5% yields when fully let, yet there always appear to be plenty empty and available Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted October 28, 2004 Author Share Posted October 28, 2004 Local Rag, reasonably lengthy article from local EA admitting that market was undergoing some "correction". In his words "asking prices have dropped by 5% since the summer peak".......which makes it "an ideal time to buy before the new year rush" " Noticed a stange marketing ploy from an EA full page spread today: All houses were marked POA (Price on application). What the f**k is that all about?!? Oh right so i'm curious about the price which will compell me to ring you, once you have me on the phone i'll be in you hypnotic "prices are rising" grip and i'll make an offer.........I think not. It's not unusual to see £500K props marked POA, but please! every trash ex-local authority house on your books marked POA......what's that all about I ask you? Quote Link to comment Share on other sites More sharing options...
Michael Posted October 31, 2004 Share Posted October 31, 2004 Definately stalled within Basingstoke and a glut of properties now available on the Market. Have seen consistent drops of 10-25K in asking prices of my target price-band (325-425). Difficult to judge the other band of interest to me 225-275K (band I STR'ed at) as there is such a glut (this price being the stamp-duty threshold band). This band is very mixed with some very overpriced props presumably from speculative sellers. Also like to monitor the recent "City lifestyle apartments" that have come to town. Unfortunately there ain't any city living to be had here. The best selling point is "45 mins commuting to Waterloo" trouble is it's nearer 1hr, you'll be standing all the way and you'll be £30 lighter per day. These "lifestyle" props, although fairly well presented, represent a financial turkey. Many BTLers have snapped them up.......but to my calculations these are providing 4-5% yields when fully let, yet there always appear to be plenty empty and available <{POST_SNAPBACK}> Yes, ''City Lifestyle'' apartments are the properties that will fall most in price...... These luxury developments have spead from places like central Manchester and Leeds to the centres of industrial towns like Huddersfield......and Halifax...... They are almost always in aspiring!!!!!!''grotty urban chic'' parts of towns rather than leafy suburbs......................Developers like them so much because the original buildings cost little because of the location then all they do is make a whole building of 'luxury'' flats .....with expensive kitchens and bathrooms ....and even in a bad inner city area of say Leeds they can sell them as ''City lifestyle ''flats ........ie sell tiny 2 bedders for £200k ....rather than £80k for the average 2 bed flat in the same area......120k more on the selling price.....just for a better kitchen and bathroom and knowing all the flats in the block are of similar specification..... In Central Leeds and Manchester these places are going for 200k in cities where you can get a nice semi in the suburbs for that price............. There is a famous such block of these flats in Sheepscar as you enter Leeds Centre from the North.....surrounded by similar-looking blocks of 1960s council flats!. Quote Link to comment Share on other sites More sharing options...
Thunderbird 2 Posted November 1, 2004 Share Posted November 1, 2004 Those multi-coloured dives near the train station by the empty IBM building? But you've got Festival Place shopping mall you lucky chumps! Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted November 3, 2004 Author Share Posted November 3, 2004 Those multi-coloured dives near the train station by the empty IBM building? But you've got Festival Place shopping mall you lucky chumps!<{POST_SNAPBACK}> Yes last few remaining! and they have been for over 12 mths now. Actually they only have 6 duplex penthouses left (I can't see how they could have many more than that in the first place!) with your 5% stamp duty paid - yep you got it that's over £500K for a Penthouse......In Basingstoke. I pity the poor buggers who bought these flats, sure they got smeg appliances et al but that little fountain in the middle is a teenage chav magnet. Oh and right by club Liquid too that will be lovely for the 2am chuck out time. Basingstoke will see 20-25% real-value drops over the next 3 years......These dives will drop significantly more.... Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted November 9, 2004 Author Share Posted November 9, 2004 Land registry figures for Basingstoke and Deane Av Price £ Sales Q increase Dec-98 111019 972 Mar-99 112614 788 1.44 Jun-99 115841 1066 2.87 Sep-99 133144 1195 14.94 Dec-99 128144 1223 -3.76 Mar-00 142663 849 11.33 Jun-00 143565 1029 0.63 Sep-00 157589 888 9.77 Dec-00 143325 928 -9.05 Mar-01 148405 790 3.54 Jun-01 158664 1094 6.91 Sep-01 172965 1246 9.01 Dec-01 174144 1051 0.68 Mar-02 152786 843 -12.26 Jun-02 180640 1144 18.23 Sep-02 184436 1144 2.10 Dec-02 190878 1017 3.49 Mar-03 196597 678 3.00 Jun-03 190664 780 -3.02 Sep-03 205786 1000 7.93 Dec-03 206467 1227 0.33 Mar-04 207369 800 0.44 Jun-04 203590 1167 -1.82 Sep-04 221089 1035 8.60 Septembers figures weren't quite what I expected or hoped for. When you look at the figures 100% growth in 6 years, maybe the crash like the boom will bypass lil' old Basingstoke Quote Link to comment Share on other sites More sharing options...
zzg113 Posted November 9, 2004 Share Posted November 9, 2004 If anything, that 100% growth in 6 years make the crash more likely, not less; it suggests that Basingstoke is not a very desirable residential area! The least desirable areas are worst hit in a downturn. Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted November 15, 2004 Share Posted November 15, 2004 Those blue and yellow "crown heights" boxes are already dropping significantly... Over the last few months the smallest 2-bed 2-wc flats dropped from the 230k asking price to 185k (I saw someone trying to offload one of these in the local rag for this amount. Finally it went...). Have seen several of these being got rid of for anything between 190k and 215k even before build completion. Did have a look at the mock-up in the showroom last year. *TINY* *TINY* rooms. The penthouses are all 500k+. Not sure how realistic these prices were/are given the total area over 2 floors is over 2000 sq. ft. Noticed a half-built development of flats overlooking Woking train station with a huge poster saying "Great deals available now...". I wonder how great ? I think Crown-heights was completed just in time for everyone to fall for the price tags. The ones in Woking won't be... Kept my eye on a couple of places. One was a 3-bed end terrace with a large up/down extension, now boasting 2 double beds and a 3rd useful size bedroom, ground floor double sized lounge, separate diner and large kitchen. Conservatory, etc, etc... was put on the market 2 months ago for 200k but hasn't sold. For-sale sign has now been taken down but the property still shows on the web site as "unsold" and isn't under offer. Probably only worth 130k a few years ago... Quote Link to comment Share on other sites More sharing options...
Martello Posted November 16, 2004 Share Posted November 16, 2004 Not Basingstoke - but not far away - market town near Reading which often comes up as 2nd most desirable place to live in the UK (why? its full of yobs!). Prices here have been static at best for getting on for 2 years. We reached unsustainable prices a long time before the rest of the country. I took an offer on my property for 375k two years ago but pulled out of the sale due to change of circumstances. I did a load of work on it and sold it one year later (almost a year ago for 385k). Agents said early 400s, tried 415, took 385 after property on market for about 4 months. Paper full of 20% annual rises - not in London and the South East - not for about 2 years. Market at bottom has held up due to lunatic BTL market - but, now, First Time Buyers and new BTL landlords are endangered species. Higher up the market - lots of properties in 400k to 500k bracket staying on market for months and months. Even seen some taken off market and put back on 'fresh' a couple of months later. Prices? Lots of £485ks are now down to £425ks - and a lot more to come in my opinion. Weirdly, developers are still trying to unload new 2 bed flats for between 200k and 250k when for 275k you can get quite a decent 3/4 detached estate house. Block of 2 bed flats near me - on market 7 months ago at 250k. Now 215k. Most still unoccupied. How long before the developer will take 175k for them. Not long, and even at that price they are too expensive. Quote Link to comment Share on other sites More sharing options...
zzg113 Posted November 16, 2004 Share Posted November 16, 2004 Not Basingstoke - but not far away - market town near Reading which often comes up as 2nd most desirable place to live in the UK (why? its full of yobs!). Give us a clue? Is it Henley? Come on, if somewhere is full of yobs I want to know about it so I can avoid it! Quote Link to comment Share on other sites More sharing options...
eric pebble Posted November 16, 2004 Share Posted November 16, 2004 Local Rag, reasonably lengthy article from local EA admitting that market was undergoing some "correction". In his words "asking prices have dropped by 5% since the summer peak".......which makes it "an ideal time to buy before the new year rush" "Noticed a stange marketing ploy from an EA full page spread today: All houses were marked POA (Price on application). What the f**k is that all about?!? Oh right so i'm curious about the price which will compell me to ring you, once you have me on the phone i'll be in you hypnotic "prices are rising" grip and i'll make an offer.........I think not. It's not unusual to see £500K props marked POA, but please! every trash ex-local authority house on your books marked POA......what's that all about I ask you? <{POST_SNAPBACK}> BTLOpting Out: You are making me double up in pain -- I can't stop laughing -- I like your style -- very, very funny... Quote Link to comment Share on other sites More sharing options...
Thunderbird 2 Posted November 17, 2004 Share Posted November 17, 2004 Yes last few remaining! and they have been for over 12 mths now. Actually they only have 6 duplex penthouses left (I can't see how they could have many more than that in the first place!) with your 5% stamp duty paid - yep you got it that's over £500K for a Penthouse......In Basingstoke. I pity the poor buggers who bought these flats, sure they got smeg appliances et al but that little fountain in the middle is a teenage chav magnet. Oh and right by club Liquid too that will be lovely for the 2am chuck out time. Basingstoke will see 20-25% real-value drops over the next 3 years......These dives will drop significantly more.... <{POST_SNAPBACK}> Are they really £500K? Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted November 17, 2004 Author Share Posted November 17, 2004 Are they really £500K?<{POST_SNAPBACK}> Some of the duplex penthouses with terrace are yes..... Yeah like someone with £1/2M is going to buy a penthouse in...Basingstoke. Like PatientWaiter says, lots are much cheaper £180-225K and of course there will be the 'affordable housing' ones coming on the market soon once the council has sold them to all the 'Vicky Pollards' under a generous "right to buy" discount. Vicky hanging out on her Basingstoke balcony! The other monstrosity is "Victory Hill" about 600 yards to the west of Crown Heights. The developers pulled a good trick here, first came all the 3-4 story prestige, smeg fitted, exec appartments....great they are all sold now lets build two 15 story towerblocks to keep those exec apartment balconies in constant shade. Hey Martello whereabouts do you live then? Is that Newbury? can't think of any desirable towns around here. Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted November 17, 2004 Author Share Posted November 17, 2004 Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted November 24, 2004 Share Posted November 24, 2004 Given up trying to add intelligent angles to what's happening to the housing market and the economy and instead joined the euphoric fray: Shabby 3 bed ex council end-terrace with 1/2 house upstairs/downstairs side extension on for 200k (worth 130k or less about 3 years ago) now dropped to 189k. Not sold in over 2 months... An absolute glut of 1 bedroom flats and studio apartments have appeared from nowhere... what's going on? Redwoods (EA most responsible for guide price hiking) seem to be extending their opening hours... they were all in there "suited and booted" at around 7:00pm last night at my local branch. Can anyone confirm this? Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted November 26, 2004 Share Posted November 26, 2004 Couldn't really get anything in Basingstoke for less than 90k over the last 18 months. Studio flat in Popley (admitedly one of the rougher areas) now 70k. Remember them being 50k three-and-a-half years ago. 50% of total gains over the last 3 years washed away already ??? Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted November 28, 2004 Share Posted November 28, 2004 Crown Heights 4th floor 2 bed apartment: http://fish4.co.uk/homes/homesforsale/view...stlocations.jsp Originally on sale for 230k (new), dropped to 220k so that the last few would sell a good few months ago... Now 180k. Lowest price I've seen one of these sell for. Snap it up... If you don't fancy it, there are *plenty* for rent through Redwoods... Quote Link to comment Share on other sites More sharing options...
defweb Posted November 29, 2004 Share Posted November 29, 2004 ahh crown hights. that 4th floor apartment is probably one of the many that overlook a multi storey car park. who the hell bought these monstrosities? Quote Link to comment Share on other sites More sharing options...
zzg113 Posted November 29, 2004 Share Posted November 29, 2004 A blind person? No-one who had actually seen the flats with their own eyes would contemplate ever going near them again, never mind buying the f*cking things! Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted November 30, 2004 Author Share Posted November 30, 2004 A blind person? No-one who had actually seen the flats with their own eyes would contemplate ever going near them again, never mind buying the f*cking things!<{POST_SNAPBACK}> Yeah I'd buy one - £75K is my offer... Here's before and after shots: 1960's fashion architecture Torn down in 2001 to make way for....... 2000's fashion architecture I can't actualy see much improvement myself, give it another couple of years and even my offer will look toppy. Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted December 6, 2004 Share Posted December 6, 2004 There they go... I count 13 Crown Heights boxes for sale with discounts of up to 50k from their original asking price. I count 4 Victory Hill boxes for sale, some before completion... These figures are from the rightmove website alone. Can anyone confirm if they've seen any others ??? There must be plenty for sale through Redwoods and the like... And plenty for rent as well... Oh $H1T.... Quote Link to comment Share on other sites More sharing options...
PatientWaiter Posted December 7, 2004 Share Posted December 7, 2004 Falling faster than I thought. Last time I polled right move, it was for a limited price range. Here's the full set of results: Crown Heights - 13 for sale, 21 for rent (finished building a few months ago) Victory Hill - 23 for sale, 15 for rent (finishing...) Fairfields - 1 for sale, 3 for rent (finished) Norn Hill - 1 for sale, 4 for rent (not a new build) Miscellaneous - 7 for sale, 5 for rent (new / old builds) Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted December 7, 2004 Author Share Posted December 7, 2004 You need to take a trip over to Victory Hill.............. They are in the process of building at least another 150+ flats just wait till these hit the market....won't be available/counted individualy on Rightmove. Quote Link to comment Share on other sites More sharing options...
rainbow Posted December 8, 2004 Share Posted December 8, 2004 Stopped off at Braisingsteak recently, on my way home to Dorset, to check out the new Festival shopping centre. Saw those flats you are all on about, what crap! And what are they going to put underneath, where that fountain is? Had a nose around the agents, as you do, they must be buying their Tippex by the gallon. Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted December 11, 2004 Author Share Posted December 11, 2004 There they go... I count 13 Crown Heights boxes for sale with discounts of up to 50k from their original asking price. I count 4 Victory Hill boxes for sale, some before completion... These figures are from the rightmove website alone. Can anyone confirm if they've seen any others ??? There must be plenty for sale through Redwoods and the like... And plenty for rent as well... Oh $H1T.... <{POST_SNAPBACK}> Looks like these duplex ones are dropping fast, last time I looked they were £299K, now in @ £285K Duplex latest Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.