House Price Crash forum: Tennyson House/brandon/meadowfield? Durham - House Price Crash forum

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Tennyson House/brandon/meadowfield? Durham Why the drop? 110+k -------35/40k 2 years

#1 User is offline   mon-keyhanger 

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Posted 26 January 2010 - 07:39 PM

Does anybody have any info on Tennyson House flats? Seem to be 2006/7 newbuilds. Must be serious problems of some sort. Not only the price drop, but there are at least 9 of these up for sale. I'm out of UK, so can't just drop by and research. Look ok inside-Rightmove pics. Is it Chav central or something? If it that bad- WHO in their right mind could have bought them in the first place.

I would appreciate some local knowledge here.Even if I lose interest with chronic negative info at least through morbid curiosity I may learn something of the fools rush in mentality of the last decade.

Cheers

#2 User is offline   Quokka 

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Posted 26 January 2010 - 10:27 PM

Good find. Looks like developer could be in trouble. I am seeing similar developments in NE with no sales in last two years but developers not moving on price. Do you know who the builder was?

Can't comment on area in recent times although Brandon is one of many Durham pit villages which no longer have a pit.

These could be good value now if your happy with the area.

#3 User is offline   meow 

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Posted 27 January 2010 - 10:44 AM

...or the whole of durham is being exposed as being a "tad" bit expensive for what/where it is...

http://news.bbc.co.u...s/html/20ue.stm
MEOW - Mortgage Equity Over Withdrawal

A woman phoned in today to say there was a house price crash coming, don't worry, there isn't....

#4 User is offline   physics34 

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Posted 11 February 2010 - 10:35 PM

The problem with these flats is that they have an absentee freeholder - in some situations this can be solved (ie make the property mortgageable) by indemnifying against the risk . In this size of development though - which mortgage company would be happy to lend against a property that had no arrangements made for repairs to communal areas/ roof etc ?

#5 User is offline   mon-keyhanger 

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Posted 12 February 2010 - 04:11 PM

View Postphysics34, on 11 February 2010 - 10:35 PM, said:

The problem with these flats is that they have an absentee freeholder - in some situations this can be solved (ie make the property mortgageable) by indemnifying against the risk . In this size of development though - which mortgage company would be happy to lend against a property that had no arrangements made for repairs to communal areas/ roof etc ?


Thanks PHY34

I suppose that can be done. I have done a little research on this, and the other things the owners have to do.( if you could get them to organise as a group) Not straight forward by any means.

The heavy drop in price may or may not cover the financial and emotional outlays needed to give peace of mind on purchases of this kind. Seeing it is the lowish price that makes it attractive in the first place - a bit of a no no for me.

#6 User is offline   physics34 

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Posted 12 February 2010 - 06:08 PM

View Postmon-keyhanger, on 12 February 2010 - 04:11 PM, said:

Thanks PHY34

I suppose that can be done. I have done a little research on this, and the other things the owners have to do.( if you could get them to organise as a group) Not straight forward by any means.

The heavy drop in price may or may not cover the financial and emotional outlays needed to give peace of mind on purchases of this kind. Seeing it is the lowish price that makes it attractive in the first place - a bit of a no no for me.


I have been through the process myself albeit with a block of four flats . It was fairly simple although took about 18 months to get finalised. I can't however begin to imagine the hassles that would come with a much larger develpment.

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