wolvesaussie Posted January 10, 2011 Share Posted January 10, 2011 Anyone know the latest state of the market for Birmingham City Centre flats, We currently rent a flat in the Orion building, right by new st station, rent is 650 a month for a one bedroom plus study. Thinking of buying something but not sure what a fare (not inflated price would be). If you check nethouseprices there have been 2 sales of 1 bedrooms for very cheap £56,000 and £64,000 in 2010 but all I can find at estate agents are one beds for about 100,000 and two beds for 120,000. If we could pick one of these up for £70,000 or something it would be much cheaper than renting... Anyone any idea/advice? They have just openned that Cube at Mailbox, maybe the extra supply will bring prices down more. Quote Link to comment Share on other sites More sharing options...
Kyoto Posted January 10, 2011 Share Posted January 10, 2011 Birmingham seems to be one of the most affected city centre markets. £70k might be pushing at this stage, but they do exist. http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^44&sortByPriceDescending=false&maxPrice=70000&radius=0.25&partBuyPartRent=false&index=20 Almost 100 available under £100k... http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^44&sortByPriceDescending=false&maxPrice=100000&radius=0.25&partBuyPartRent=false&index=20 Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted January 10, 2011 Share Posted January 10, 2011 Trust me. You can knock at least 30% off those asking prices. Have a look in at the local auctions. you will be really suprised what you can get for your money in Birmingham inner ring. It really is a buyers market Quote Link to comment Share on other sites More sharing options...
yokel Posted February 22, 2011 Share Posted February 22, 2011 You'd better get in quick though before you miss the boat (again?) The proposed high speed rail line from London to Birmingham may lead to property price rises of between 10 - 20% in Birmingham because you would be able to live there and your commute to London would only be several hundred pounds a month and be an hour or so each way once you got on the train. I know this because `Midlands Today', the BBC regional news interviewed a `property expert' who said it was so. On the other hand, he did say that property prices (city centre apartments) had fallen 50% in value peak to trough, so at least he was candid as well as very optimistic. Y Quote Link to comment Share on other sites More sharing options...
jonb Posted February 22, 2011 Share Posted February 22, 2011 You'd better get in quick though before you miss the boat (again?) The proposed high speed rail line from London to Birmingham may lead to property price rises of between 10 - 20% in Birmingham because you would be able to live there and your commute to London would only be several hundred pounds a month and be an hour or so each way once you got on the train. I know this because `Midlands Today', the BBC regional news interviewed a `property expert' who said it was so. On the other hand, he did say that property prices (city centre apartments) had fallen 50% in value peak to trough, so at least he was candid as well as very optimistic. Y Birmingham will be competing with places like Reading which is 25 mins from Paddington by train, and rent for a 1 bed flat in the town centre is £600 per month. Train costs £344.10 per month, or £409 per month if you want to include underground travel. If you move to Birmingham, it looks like you would save about £50-£75 per month in rent, but even the current ticket options cost a lot more than the saving, and I would imagine High Speed would be more expensive still. Quote Link to comment Share on other sites More sharing options...
Danny 76 Posted April 11, 2011 Share Posted April 11, 2011 As my first post help and advice would be greartly appreciated. I have recently made an offer on a flat in Digbeth on a 50% shared ownership basis. The seller has marketed in at £110K, though my valuation has had it valued at £85K. My questions are: There are a number of repossed properties in the block and other surronding developments ranging between 80 - 90K. I have been told by the housing association that these should have not been included in my final valuation figure as they do not represent the true value. Is that correct? If I went with another lender would another valuation figure come out at £110K? Would they use the same comparables? The seller has recently had another valuation undertaken by the same valuer and the figure is still £110K. He did not advise of what comparbles where used but stated figures from Zoopla where included. Though there are another two in the block which are marketed for £100K 50% share which have not moved since August. The seller advises that he is not prepared to move on the figure of £110K as he is currently in negative equity. He purchased his share in 2006 when the property was worth £170K. My concerns are that I've seen a number of shared ownership properties in Birmingham City Centre of which have been on the market for sometime. With recent drops I think the majority of sellers are in negative equity and not prepared to move on the price. My thoughts are to save more money for a deposit and buy outright as the valuations will not match their figures. Quote Link to comment Share on other sites More sharing options...
jonb Posted April 11, 2011 Share Posted April 11, 2011 As my first post help and advice would be greartly appreciated. I have recently made an offer on a flat in Digbeth on a 50% shared ownership basis. The seller has marketed in at £110K, though my valuation has had it valued at £85K. My questions are: There are a number of repossed properties in the block and other surronding developments ranging between 80 - 90K. I have been told by the housing association that these should have not been included in my final valuation figure as they do not represent the true value. Is that correct? If I went with another lender would another valuation figure come out at £110K? Would they use the same comparables? The seller has recently had another valuation undertaken by the same valuer and the figure is still £110K. He did not advise of what comparbles where used but stated figures from Zoopla where included. Though there are another two in the block which are marketed for £100K 50% share which have not moved since August. The seller advises that he is not prepared to move on the figure of £110K as he is currently in negative equity. He purchased his share in 2006 when the property was worth £170K. My concerns are that I've seen a number of shared ownership properties in Birmingham City Centre of which have been on the market for sometime. With recent drops I think the majority of sellers are in negative equity and not prepared to move on the price. My thoughts are to save more money for a deposit and buy outright as the valuations will not match their figures. Don't buy a flat worth £85k for £110k. You will just have the same problem as them when you come to sell it. Quote Link to comment Share on other sites More sharing options...
Spot Posted April 11, 2011 Share Posted April 11, 2011 As my first post help and advice would be greartly appreciated. I have recently made an offer on a flat in Digbeth on a 50% shared ownership basis. The seller has marketed in at £110K, though my valuation has had it valued at £85K. My questions are: There are a number of repossed properties in the block and other surronding developments ranging between 80 - 90K. I have been told by the housing association that these should have not been included in my final valuation figure as they do not represent the true value. Is that correct? If I went with another lender would another valuation figure come out at £110K? Would they use the same comparables? The seller has recently had another valuation undertaken by the same valuer and the figure is still £110K. He did not advise of what comparbles where used but stated figures from Zoopla where included. Though there are another two in the block which are marketed for £100K 50% share which have not moved since August. The seller advises that he is not prepared to move on the figure of £110K as he is currently in negative equity. He purchased his share in 2006 when the property was worth £170K. My concerns are that I've seen a number of shared ownership properties in Birmingham City Centre of which have been on the market for sometime. With recent drops I think the majority of sellers are in negative equity and not prepared to move on the price. My thoughts are to save more money for a deposit and buy outright as the valuations will not match their figures. Lots of people are saying "I can't sell for less than "X" because of negative equity". That's their problem not yours. Hang on to your cash and don't be in a rush to buy. It looks like there could be plenty more pain on the way. Shared ownership? Shudders... Quote Link to comment Share on other sites More sharing options...
mrtickle Posted April 11, 2011 Share Posted April 11, 2011 The seller advises that he is not prepared to move on the figure of £110K as he is currently in negative equity. Tough. As others have already said. He purchased his share in 2006 when the property was worth £170K. But it wasn't worth that much then - we've had the biggest housing bubble in history. He massively overpaid for it.! My concerns are that I've seen a number of shared ownership properties in Birmingham City Centre of which have been on the market for sometime. With recent drops I think the majority of sellers are in negative equity and not prepared to move on the price. My thoughts are to save more money for a deposit and buy outright as the valuations will not match their figures. Good plan. Don't touch shared with a bargepole. In time the 100% share may be £85k. Quote Link to comment Share on other sites More sharing options...
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