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Swansea-State Of The Market


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#496 Geek Man

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Posted 05 April 2012 - 05:25 AM

305K asking for a terrace in Mumbles. :rolleyes:

http://www.rightmove...y-22548792.html

MT,

Astonishing. Even accepting the over-inflated asking prices of Britain in general, SA3 ($A ?) is a grotesque outlier. I grew up in SA3 and visit friends and family there once a year on average. On some of those visits I am joined by friends from overseas. Germany, Australia, NZ, France and America.

I think their reaction to the area explains much of the price distortion.

They find West Swansea and Gower nice enough, but would never consider living there for reasons that include: terrible employment prospects for skilled people, poor climate, too overcrowded in the tourist season, a bit tacky, a lot of litter, a cultural backwater with poor transport links, over-priced and under-sized mostly ugly houses, expensive/unpleasant/unreliable public transport.

In short it does not stack up next to where they live overseas. I agree, which is why I left for NZ years ago. Sure, there are crowd-free corners of Gower that will impress most people, but that's not the only impression visitors go away with.

Visitors see that the vast majority of the Swansea urban sprawl is much, much worse than SA3. The approach by road or rail has improved a bit but remains nightmarish. They wonder where the hell you are taking them. It puts them in mind of the poorest bits of eastern Europe where the scars of the soviet construction era remain. SA3 (Mumbles and Gower) and part of SA2 (Swansea West) seem like an oasis when they reach them. It's a relative thing. They would not choose to live in Swansea, but if they really had to, they would choose SA3; at almost any price.

As with any urban area of similar population, when you look at the most desirable bits, it matters not that the majority are on state benefits or low-skill low-pay jobs; all that matters is that some of the population are employed in the same good jobs that you find in any western city: health, education, local government, bank managers, and even a few in private enterprise: lawyers, car dealers, manufacturing - the proportion is far too small in Swansea, but that's a different issue. Overall, Swansea is downtrodden and poor but there are enough of these ever-present well-paid to hold up demand in the only pleasant part. Supply and demand operating within a niche market.

The wider Swansea urban area also includes many of the cheapest houses in Britain, and the price of these has fallen steeply. Because you don't consider living there, you don't ever post examples. I am sure many other British cities have this same distortion where a poor area makes an adjacent area more expensive than it might otherwise be, but in Swansea the proportion that is frankly, a bit grim, is exceptionally high. I'd wager that 90%+ of the population live in a house/flat that neither you or I (or most on this forum) would ever consider (no matter that you'd have nicer neighbours than in the wealthier bit).

If you were looking to buy in a poor UK suburb rather than an affluent one, say sub-100K, Swansea would score highly because over-abundance of poor properties suppresses prices at the bottom and you get to live next to Gower, perhaps enjoying lovely views over Swansea Bay and Mumbles. Geographically, the more northern poor parts have better access to the M4, whereas driving from West Swansea/Gower to Cardiff is excruciating because you have to go along the sea-front and through the city centre first. The stop-start of the first 10km can easily consume half of the journey time. Yet some people who work in Cardiff choose to live in SA3 and commute. An extra hour per day. Paying perhaps 50% more rent or with a big mortgage. This reflects how much they like SA3, but also how much they dislike the rest of Swansea.

To see prices fall in Swansea West, you need to see those who can still afford them squeezed a bit more. Higher mortgage rates and/or cuts at the middle and top of public sector is how this can/should happen. Good luck! Alternatively, poor parts of Swansea might improve so much that pressure on SA3 is reduced. That happens when people like yourself give up on Mumbles and seek better value (and nicer neighbours) somewhere like Mount Pleasant. That's already happening to some degree. If that's not for you, fair enough, but consider moving to some other city where the median quality is much higher and there is less competition for houses that you would consider. Pretty much any other city will leave you feeling less tormented.

#497 The Masked Tulip

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Posted 05 April 2012 - 07:45 AM

MT,

Snipped...



Thanks for taking the time to post that Geek Man.

I agree with everything you wrote and found myself nodding in agreement as I read every word.

Thanks again for writing what you wrote - spot on.

Edited by The Masked Tulip, 05 April 2012 - 07:51 AM.

The success or failure of your deeds does not add up to the sum of your life. Your spirit cannot be weighed. Judge yourself by the intention of your actions and by the strength you faced the challenges that have stood in your way.

The people closest to you have been trying to tell you that you have made a difference. That you did change things for the better. The Universe is vast and we are so small. There is really only one thing that we can ever truly control - whether we are good or evil.


The political triumph of the American Right has been to advance relentlessly the economic interests of the country's richest people, while emphasising a swath of moral, social and foreign policy issues that motivate and certainly distract middle-class and poor voters.

#498 The Masked Tulip

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Posted 05 April 2012 - 07:47 AM

This appears to be up that lane that runs round the back of Cefn Coed and down through Tycoch. Is that 1 or 2 saunas that I can see?

http://www.rightmove...65F007D3378DE63
The success or failure of your deeds does not add up to the sum of your life. Your spirit cannot be weighed. Judge yourself by the intention of your actions and by the strength you faced the challenges that have stood in your way.

The people closest to you have been trying to tell you that you have made a difference. That you did change things for the better. The Universe is vast and we are so small. There is really only one thing that we can ever truly control - whether we are good or evil.


The political triumph of the American Right has been to advance relentlessly the economic interests of the country's richest people, while emphasising a swath of moral, social and foreign policy issues that motivate and certainly distract middle-class and poor voters.

#499 The Masked Tulip

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Posted 05 April 2012 - 08:57 AM

315K asking price!!!???

http://www.homesonvi...UMB&ID=DUP01808

Edited by The Masked Tulip, 05 April 2012 - 08:58 AM.

The success or failure of your deeds does not add up to the sum of your life. Your spirit cannot be weighed. Judge yourself by the intention of your actions and by the strength you faced the challenges that have stood in your way.

The people closest to you have been trying to tell you that you have made a difference. That you did change things for the better. The Universe is vast and we are so small. There is really only one thing that we can ever truly control - whether we are good or evil.


The political triumph of the American Right has been to advance relentlessly the economic interests of the country's richest people, while emphasising a swath of moral, social and foreign policy issues that motivate and certainly distract middle-class and poor voters.

#500 Byron

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Posted 05 April 2012 - 10:49 AM

Greek man, what you say is so true.
But to add to the fire, totally non PC and quite unmentionable, is the slow depletion of the Swansea intellect.
Year after year, a good proportion of our brightest and best have left the city. This of course happens everywhere, but in Swansea and South Wales the effect is more pronounced and now after at least a Century of such depletion we have so many less than desireable areas in the city simply because of this.

#501 mumblesmental

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Posted 06 April 2012 - 03:21 PM

never seen such a ugly house as that tycoch monstrosity! What a dreadful place

#502 swa

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Posted 06 April 2012 - 11:54 PM

at least swansea doesn't have earthquakes like in nz.

B)

#503 mumblesmental

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Posted 07 April 2012 - 06:01 PM

at least a quake might smash that place down!

#504 Argoed

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Posted 16 April 2012 - 09:26 AM

Hmmm. :o :lol:

I used to offer 1% with no VAT. Could not get an instruction. Started asking 1.5 + VAT and getting instructions now. Plus lots of buyers signing up and lots of viewings.

Having said that, we did not really bother with sales until 3 months ago. We are now being proactive and building a sales branch with a view to opening more offices. This is on the back of successfully building the letting business and sourcing investment or BMV property.

We also share our instructions with 1000 estate agents across the UK which means we are in pretty much every area in the UK and that helps find people relocating. It gets us on every portal which is the best way to sell these days. We lose commission due to this, but commissions are not what drives us. All we want to do is sell and let property which is the reason for being in business. Of course we have to make money, but our lettings takes care of all the running costs, so a sale is a bonus. Providing people or I/we don't get greedy, then there is a lot of money to be made selling houses the right way.

However, I still have the same problem. Other EA's ramping prices to gain the instruction. They have no interest in selling the house or at least for 6 months anyway. They now pick up commission on other things just for the instruction. EPC's floor plans etc. Then after no viewings tell the vendor to reduce.

Hi SEA,

You are are man in the know , so I wonder if you can clarify something for me. I have made an offer (cash) on a repro but the EA has asked for proof of funds. Is this normal? It seems to me very intrusive, but that being said......say I flash a statement across his desk, but he then asks to copy it to produce for the bank involved in the sale. Would this be regarded as usual in such situations. I must say I feel very uncomfortable with the demand.

#505 Swansea Estate Agent

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Posted 18 April 2012 - 01:59 PM

315K asking price!!!???

http://www.homesonvi...UMB&ID=DUP01808


315k. More like 135k

#506 Swansea Estate Agent

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Posted 18 April 2012 - 02:01 PM

This appears to be up that lane that runs round the back of Cefn Coed and down through Tycoch. Is that 1 or 2 saunas that I can see?

http://www.rightmove...65F007D3378DE63


Our office manager just sold her house in Reynoldston and viewed this house. She said it was a long way over valued and not nice at all.

The pictures look ok apart from the outside to me.

#507 mumblesmental

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Posted 18 April 2012 - 04:50 PM

SPA! you usually talk so much sense! that place is just awful, inside and out, i really would not live there if you paid me! Has it been a long week?!

#508 Argoed

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Posted 19 April 2012 - 03:41 AM

Our office manager just sold her house in Reynoldston and viewed this house. She said it was a long way over valued and not nice at all.

The pictures look ok apart from the outside to me.

Hi SEA,

You've mentioned buying repossessed properties. Wonder if you can expand on the process? I make an offer , then notice goes in the paper asking for figures over mine. Does the notice go in a local paper only or also outside the area. The public know what they have to beat but do I also get advised what the counter offers are ? If not why not? I shown my cards why should "his" be witheld ?
Your observations much appreciated.

#509 Swansea Estate Agent

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Posted 19 April 2012 - 09:36 AM

I was viewing it on my mobile, so it was not too clear and now I have looked again and can understand your points more :D

It's been a very long week. My 3 month old has not slept for what seems like an eternity and with our new 0% sales commission I am over-worked :huh:

The guy that lives next door to that property is one of our main landlords and he has been trying to sell his property with Dawsons for about 5 years, but now off the market. I assume they got the price from his property which was on for more than this one.

#510 Swansea Estate Agent

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Posted 19 April 2012 - 09:45 AM

Sorry it's been a longer week :D

It is his house :lol: :lol: :lol: :lol: :lol: :lol:

No wonder I had some kind of soft spot for it. I was going to say that his property had been on the market over priced with Dawsons for about 5 years. I'm sure it was closer to half a million. I told him that he needs to bring it down quite a lot.

Our office manager took a 50k hit on her property in Reynoldston last week which was a 5 bed detached with 2 receptions and 4 bathrooms and was on the market for less than this property. When he found out, he was gutted and took it off Dawsons. Looks like Astleys are going down the same route though.




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