Jump to content


Photo
- - - - -

Ng1 Flat Price Crash


  • Please log in to reply
9 replies to this topic

#1 tahoma

tahoma

    HPC Senior Veteran

  • Members
  • PipPipPipPipPip
  • 3,066 posts

Posted 06 April 2012 - 05:51 PM

NG1 6GX is postcode centre I keep an eye on, I'm familiar with it and used to know a lot of Nicole-Farhi-scarf-wearing developer types there who thought buying a flat or two off plan would see them retired by 45.

Err, wrong.

Look at that, it's a bloodbath. Most flats are going waaay below their nominal price in the early 2000's, pre bubble. I expected prices to drop to their nominal 2002ish level, but they have already overshot that and we are just getting warmed up. Maybe people do not want to pay hundreds of thousands to live in glorified student halls after all.

But there has not been a house price crash, oh no. Not here. Never. It's NG1, you see.

Virtually no idea is too ridiculous to be accepted, even by very intelligent and highly educated people, if it provides a way for them to feel special and important. Some confuse that feeling with idealism.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from 'society,' rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by 'society'.

I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.

Thomas Sowell

#2 Son of Taeper

Son of Taeper

    HPC Veteran

  • New Members
  • PipPipPipPip
  • 2,043 posts

Posted 06 April 2012 - 06:02 PM

Link updated to show the specific post code only

http://www.rightmove...ginalIncode=6GX
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#3 thecrashingisles

thecrashingisles

    I live on HPC!

  • Members
  • PipPipPipPipPipPipPip
  • 13,711 posts

Posted 06 April 2012 - 06:05 PM

Link updated to show the specific post code only

http://www.rightmove...ginalIncode=6GX


The prices as new must be seriously distorted by the developer. How can you explain big drops from 2002 to 2005?

#4 plummet expert

plummet expert

    HPC Veteran

  • Members
  • PipPipPipPip
  • 1,662 posts

Posted 06 April 2012 - 09:10 PM

The prices as new must be seriously distorted by the developer. How can you explain big drops from 2002 to 2005?

They were all manipulated and many blocks sold off to investors via dodgy investment clubs. All a big game with pretend deposits called developers gifts and being allowed by stupid banks>

#5 cartimandua51

cartimandua51

    HPC Veteran

  • Members
  • PipPipPipPip
  • 2,507 posts
  • Location:Wiltshire

Posted 07 April 2012 - 05:57 PM

Just round the corner, this
http://www.rightmove...y-31613545.html
has changed a bit inside since I went to school there to be terrorised by Irish nuns - the Sisters of Mercy, IIRC - a title always regarded with bitterness by the inmates.
The chapel/dining room would require a rather special personality to enjoy it!
Posted Image

#6 pl1

pl1

    HPC Senior Veteran

  • Members
  • PipPipPipPipPip
  • 3,188 posts
  • Location:Somewhere in time

Posted 07 April 2012 - 06:22 PM

NG1 6GX is postcode centre I keep an eye on, I'm familiar with it and used to know a lot of Nicole-Farhi-scarf-wearing developer types there who thought buying a flat or two off plan would see them retired by 45.

Err, wrong.

Look at that, it's a bloodbath. Most flats are going waaay below their nominal price in the early 2000's, pre bubble. I expected prices to drop to their nominal 2002ish level, but they have already overshot that and we are just getting warmed up. Maybe people do not want to pay hundreds of thousands to live in glorified student halls after all.

But there has not been a house price crash, oh no. Not here. Never. It's NG1, you see.


Good job we've got near zero percent interest rates so we can all help them out.


#7 mfp123

mfp123

    HPC Veteran

  • New Members
  • PipPipPipPip
  • 2,887 posts

Posted 07 April 2012 - 06:29 PM

the only thing is with new build flats they arent a good barometer of market prices.

often people have to pay a premium to be the first owners of a new build with both flats and houses, and 20% off the new build price is quite often a normal price once the dust settles.

Edited by mfp123, 07 April 2012 - 06:30 PM.


#8 tahoma

tahoma

    HPC Senior Veteran

  • Members
  • PipPipPipPipPip
  • 3,066 posts

Posted 08 April 2012 - 08:26 AM

the only thing is with new build flats they arent a good barometer of market prices.

often people have to pay a premium to be the first owners of a new build with both flats and houses, and 20% off the new build price is quite often a normal price once the dust settles.


Yeah, right. I'm sure the developer explained all that to this canny investor.

23, Ropewalk Court, The Ropewalk, Nottingham, City Of Nottingham NG1 5AB
92,500 Flat, Leasehold 19 Oct 2011
157,000 Flat, Leasehold (New Build) 26 Sep 2001

Dear? Shall we buy a flat off-plan, and sell it 10 years later for 60% what we paid for it, despite there being the biggest property bubble in history in the interim? Yes? Sounds like a good idea? Great, I'll call the estate agents.

What utter bullsh*t. These people thought they would make a killing.

These prices are a very good barometer of market prices for flats that were horrendously overpriced to begin with. Settle that dust.

Virtually no idea is too ridiculous to be accepted, even by very intelligent and highly educated people, if it provides a way for them to feel special and important. Some confuse that feeling with idealism.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from 'society,' rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by 'society'.

I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.

Thomas Sowell

#9 tahoma

tahoma

    HPC Senior Veteran

  • Members
  • PipPipPipPipPip
  • 3,066 posts

Posted 08 April 2012 - 08:37 AM

PS -

Apartment 8, Loxley Court, St James's Street, Nottingham, City Of Nottingham NG1 6FE
95,000 Flat, Leasehold 13 Aug 2010
162,000 Flat, Leasehold 11 Jun 2004
160,000 Flat, Leasehold 14 Feb 2003
148,500 Flat, Leasehold (New Build) 07 Nov 2002

Looks like buyers 2 and 3 didn't get their discount for it not having that 'new flat smell' (ie cheap plaster and sealant).

Virtually no idea is too ridiculous to be accepted, even by very intelligent and highly educated people, if it provides a way for them to feel special and important. Some confuse that feeling with idealism.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from 'society,' rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by 'society'.

I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.

Thomas Sowell

#10 Trampa501

Trampa501

    HPC Veteran

  • Members
  • PipPipPipPip
  • 1,921 posts
  • Location:London

Posted 08 April 2012 - 11:53 AM

I remember when the first 100k+ flats started appearing around Canning Circus. I was amazed at that time there were any buyers, considering you could buy 3 bedroom houses in places like Arnold or Carrington for around 40-50k, even cheaper in Forest Fields or Radford (not the best of areas I know).
I suppose the buyers thought that a city with 2 universities would be bound to have ever-increasing property prices. Luckily it seems that the folk of Nottingham have had a lot more sense.
Chrimbo 2011-12 predictions
Really I do not have a clue. It could all change, or it could stay the same!





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users