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#1 HouseDog

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Posted 05 December 2007 - 10:53 AM

http://www.northampt...tate.3546956.jp [Dec1 07 ]

House prices fall but estate agent predicts soft landing


A leading estate agent in Northampton says the housing market is heading for a soft landing with property price growth continuing to level off.
Simon Bond, managing director of O'Riordan Bond, dismissed fears of a property price crash, saying house prices would continue to grow, only at a slower rate.


Mr Bond made the comments after Nationwide Building Society reported house prices had fallen by the biggest amount in 12 years. According to the mortgage lender the average cost of a home in Britain dropped by 0.8 per cent in November.

At the same time figures from the Bank of England showed the number of mortgages approved for people buying a home fell to their lowest level for nearly three years during October.

Just 88,000 home loans were approved for people moving during the month, the most subdued figure since February 2005 and well down on the recent monthly average of 109,000.

Fionnuala Earley, Nationwide's chief economist, said: "November's data confirms that the housing market is indeed cooling. Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market."

This month's fall, according to the mortgage lender, has reduced annual house price inflation from 9.7 per cent to 6.9 per cent, a lot lower than the double-digit growth of previous years, but still above inflation.

According to Mr Bond, the slow down in house price growth does not herald a crash but much-needed stability.

He said: "In real terms over the course of a year it's not about house prices going down, butthe rate of increases slowing down a bit."

Mr Bond added: "Over the next six to 12 months house price growth will slow down to about inflation, which I think is going to be good in the long term.

"In the last few years house prices have just gone up and up and as a result fewer people have been able to get on the housing ladder. If house price growth slows down the market will be far more sustainable."


The price fall reported by Nationwide is just one of a handful of recent surveys showing a slow down in the housing market.

Earlier this month Hometrack, a research group, said house prices in England and Wales had fallen in November for the second month. And the Land Registry reported house price growth in England and Wales dropped in October to just 0.1 per cent.

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So there we have it - no crash in Northampton just a soft landing and much-needed stability! :blink:

#2 HelpMe!

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Posted 05 December 2007 - 12:09 PM

So that's going to be really reassuring to all the punters that've purchased new boxes in Grange Park and around Wellingborough, Rushden & Irthlingborough in the last few years - not

Stilll, could be worse, they could've purchased a 'stunning, exec apartment ...'

#3 HouseDog

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Posted 05 December 2007 - 12:58 PM

So that's going to be really reassuring to all the punters that've purchased new boxes in Grange Park and around Wellingborough, Rushden & Irthlingborough in the last few years - not

Stilll, could be worse, they could've purchased a 'stunning, exec apartment ...'



.. 'stunning, exec apartment ...' .. in Northampton ? :P

But there is no need to worry .... Simon Bond knows whats going on .. [ http://www.northampt...ices.3483941.jp ]

Simon Bond from Northampton estate agent, O'Riordan Bond, said: "What we're seeing is that prices are not necessarily going down, properties are coming onto the market with an inflated asking price.

"The demand for properties is beginning to reduce, interest rates have risen and the credit crunch is affecting the number of people who are able to borrow. Lenders are more cautious and, of course, there's always a seasonal downturn at this time of year.

"We have seen a slowing down in the number of transactions by about 20 to 25 per cent, and that is country-wide, but now properties are being priced correctly. Across Northampton as a whole, there are 30 per cent less properties being bought and sold.

"We're down about 20 per cent but in the new year, more people want to buy houses. One great thing about Northampton is that it has got a fantastic location, the population is growing and people are relocating to Northampton. There wouldn't be the opportunity to build so many houses if the demand wasn't there."

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#4 TheCountOfNowhere

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Posted 05 December 2007 - 01:04 PM

That's strange as one of his agents last week was telling me "times were tough" and "it's defintiely a buyers market"

And "However, Towcester estate agent, Jackie Oliver, said South Northamptonshire was resisting the downturn."

There areplenty of places in towcester on propertysnake that would indicate otherwise.

I guess they have to try and talk it up tho.

HouseDog, the articale "[ http://www.northampt...ices.3483941.jp ]" should be on the main page, thats BIG news !!!

#5 HouseDog

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Posted 05 December 2007 - 01:50 PM

http://www.northampt...pton.3554473.jp

Prince Charles to visit Northampton tomorrow

The Prince of Wales will visit Northampton on Thursday, to check on the progress of a new housing development he helped design.
Prince Charles will visit the Upton housing scheme, close to Sixfields, before calling into Mereway Community College.


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Upton on Anglia TV and in the Chron tomorrow then!

#6 TheCountOfNowhere

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Posted 05 December 2007 - 07:24 PM

Aaaaaaahhhhhhhhhh at last, the penny drops, now I see why Upton is such a ridiculous looking over the top development, Prince Charles is involved.

Maybe people there are paying a premium for his great ideas....maybe they should ask him for their money back where they are stuck with 100K negative equity and/or find that resale is impossible.

Upton...400 K for a town house, not in a town but on a flood plane, no gardens, no parking, maybe it should be renamed..."Not-on"

Edited by TheCountOfNowhere, 05 December 2007 - 07:26 PM.


#7 TheCountOfNowhere

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Posted 18 December 2007 - 07:14 PM

I've seen what might be an even more ridiculous development in Northampton:

"Woolmonger Street, Northampton, Northamptonshire £180,000 2 bedroom flat "

http://www.rightmove...6...=2&tr_t=buy

If these dont bomb i'll eat my house ( when I buy one).

I love the "situated in the historic heart of Northampton's town centre"...across from Morissons !!!

These places remind me very much of:

"Wellington Street, Northampton, NN1 £99,999 2 bedroom flat "

http://www.rightmove...0...=1&tr_t=buy

And which are now being offered for 60K on ( lot 187 ):

http://www.countrywi...ondon-Dec07.pdf

For 180, in Northampton, you could get one of these instead:

Lea Road, Abington, Northampton £180,000 4 bedroom terraced

http://www.rightmove...1...=2&tr_t=buy

No way pedro !!!

Edited by TheCountOfNowhere, 18 December 2007 - 07:14 PM.


#8 Airmech

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Posted 19 December 2007 - 04:18 PM

If I'm right the Wellington street flats still have some that were never sold and that dump in Woolmonger street will be no different. You need a shower after going into that Morrisons and the "YMCA" place on the corner which is basically a homeless shelter does little to help the already massive crime problem in that area.
2 Hopes at £180,000 I think they added an extra zero by mistake.
Whale,Oil,Beef,Hooked

#9 TheCountOfNowhere

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Posted 19 December 2007 - 04:27 PM

If I'm right the Wellington street flats still have some that were never sold and that dump in Woolmonger street will be no different. You need a shower after going into that Morrisons and the "YMCA" place on the corner which is basically a homeless shelter does little to help the already massive crime problem in that area.
2 Hopes at £180,000 I think they added an extra zero by mistake.


I heard that the council bought up the remainder of the Wellington street flats and put the lower echelons of society in there...i.e. all the sh*te. If they are stuggling to sell them at 60K now they must be really bad.

I agree, anyone touching the Woolmonger street flats, regardless of any HPC will loose an arm and a leg.

If you're from Northampton and are thinking of buying one, or know anyone that is DONT DO IT !!! Just look at the selling history and auction history of the wellington street flats.

That's my good deed for the day done :-)

If you ignore the advice then make sure you get a top floor flat so you can at least chuck yourself off it when you loose 120K next year.

Edited by TheCountOfNowhere, 19 December 2007 - 04:28 PM.


#10 HouseDog

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Posted 20 December 2007 - 12:10 AM

http://www.guardian..../13/houseprices [ December 13 2007 ]


House prices across the UK fell at their fastest rate in more than two years last month as higher interest rates and tighter controls on mortgage lending prevented many buyers from getting on the property ladder, the Royal Institution of Chartered Surveyors (RICS) says today.

Its latest monthly report on the housing market says prices are expected to fall further. The attitude of surveyors appears gloomier than at any time since 1998. The figures for November compare the proportion of surveyors reporting a drop in prices with those who saw the market climb. The study shows 40.6% more surveyors reported a fall than a rise. In October, the gap was just 23.4%.

According to the RICS the fall in prices is being driven mainly by weakening demand after interest rates rose five times to reach a six-year high until last week, when the Bank of England cut them by a quarter-point. Sluggish earnings growth and the global credit crunch have also deterred many would-be buyers.

"It is clear that the housing market continues to feel the strain of depressed market conditions," said Jeremy Leaf, a spokesman for the RICS. "The recent credit crunch continues to hit confidence."

The Midlands bore the brunt of the falling prices, while London and the south-east were less affected. The latter two regions have been at the forefront of the housing boom, boosted by £14bn in City bonuses awarded this year.

The RICS survey follows figures from mortgage lenders Halifax and Nationwide which have also shown marked falls in prices, bringing annual house price inflation down significantly from the double-digit growth seen earlier this year.

Widespread evidence of increasing price falls has sparked concern about the possibility of the biggest collapse in the housing market since the 1990s.

With signs emerging that the economy is set to slow sharply, there are fears that people may be forced to sell for distressed reasons.

The RICS report is widely regarded as one of the best barometers of the housing market because it looks at more anecdotal evidence from estate agents, reflecting confidence in the sector, while other surveys are based on selling prices.

Quentin Jackson-Stops, from Jackson-Stops & Staff surveyors in Northampton, said November had been a very poor month. "Winter has come early to the property market," he said. "The number of viewings of properties fell substantially during the month and only properties that are very keenly priced or in the very best condition and location are generating interest."

Leaf said the strong underlying economy and healthy labour market would help prevent sustained price falls. Last week's interest rate cut and the expectation of more would also help lift sentiment


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:blink:

#11 TheCountOfNowhere

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Posted 20 December 2007 - 11:42 AM

Quentin Jackson-Stops, from Jackson-Stops & Staff surveyors in Northampton, said November had been a very poor month. "Winter has come early to the property market," he said. "The number of viewings of properties fell substantially during the month and only properties that are very keenly priced or in the very best condition and location are generating interest."

Leaf said the strong underlying economy and healthy labour market would help prevent sustained price falls. Last week's interest rate cut and the


Good find !!!

Correct me if im wrong buy dont Jackson-Stops & Staff deal mainly with propertys that are "the very best condition and location" ?

Hence they must only be selling stuff thats "very keenly priced".

I think Northampton really has seen an actual selling price drop. Hopefully in the new year EAs will stop being bullish and set asking prices in line with selling prices.

Edited by TheCountOfNowhere, 20 December 2007 - 11:42 AM.


#12 HouseDog

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Posted 20 December 2007 - 04:23 PM

Good find !!!

Correct me if im wrong buy dont Jackson-Stops & Staff deal mainly with propertys that are "the very best condition and location" ?

Hence they must only be selling stuff thats "very keenly priced".

I think Northampton really has seen an actual selling price drop. Hopefully in the new year EAs will stop being bullish and set asking prices in line with selling prices.



Jackson-Stops have some very nice property for sale starting at circa £200K http://www.jackson-s...orthampton.html

#13 Jonesy

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Posted 22 December 2007 - 05:21 PM

If I'm right the Wellington street flats still have some that were never sold and that dump in Woolmonger street will be no different. You need a shower after going into that Morrisons and the "YMCA" place on the corner which is basically a homeless shelter does little to help the already massive crime problem in that area.
2 Hopes at £180,000 I think they added an extra zero by mistake.


Yeah I wonder about the Woolmonger street development, I would say the area is actually worse than that around Morrisons/YMCA/Derngate - at least there you've got Becket's Park and over Far Cotton side there's the river. The Woolmonger street development looks out onto the loading bays at the back of Iceland/Homebargains/Peacocks and the back of some shops and the hotel on Gold Street. I've walked around it a couple of times and there's nothing remotely aspirational about the area.

#14 HouseDog

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Posted 22 December 2007 - 08:04 PM

Yes - I can't see anyone buying in Woolmonger Street - its not exactly an area to live in .. :unsure:

It will be interesting to see what happens to these developments over the next few years.

#15 HouseDog

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Posted 29 December 2007 - 02:08 PM

http://www.northampt...y-4K.3626980.jp [ 29th Dec 07 ]

Town houses up by £4K in a year by Wayne Bontoft

THE AVERAGE house in Northampton has risen in value by £11 a day over the past year, despite worries that the housing boom could be about to end.
Latest figures compiled by the Northampton-based building society Nationwide show the average price of a house in Northampton is now £187,927, an increase of £4,162 from a year ago.

The result puts Northampton in 20th position of the towns and cities surveyed by Nationwide, just one place behind Leeds and ahead of major places such as Glasgow, Bradford and Coventry.

Northampton estate agent Alex Houghton, who works at Whites in Wellingborough Road, said he believed the rise followed a healthy start to sales in 2007. He said: “We had a very good first nine months of the year, then things levelled off a little.

“I think a lot of people are waiting at the moment to see exactly how the housing market will pan out in the New Year so the number of people coming into the office making inquiries has dropped off a bit.

“But we are hopeful that things will turn round in the New Year.”

Across Northampton, the average cost of a house rose by two per cent.

The figure was higher than in areas such as Birmingham and Sheffield, where prices rose by just one per cent, but way behind towns at the top of the table such as Belfast, where the average went up by 32 per cent.

Nationwide’s chief economist, Fionnuala Earley, said: “House price growth recorded another strong year in 2007, but the national figures disguise movements in different parts of the country.

“Belfast for example saw the fastest rate of house price growth in 2007. Prices increased by 32 per cent to take the average house price to £306,698.

“This is equivalent to an increase of £201 per day and brings Belfast up to fifth place in the ranking of most expensive towns and cities in our sample, overtaking Edinburgh and Cambridge.

“But St Albans is still the most expensive town to buy a house in the UK. The average price is £347,563 – over £40,000 higher than in Belfast and just over £8,000 more than its closest rival, Oxford.”



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Well what did you expect? - still no mention of the 30 jobs gone at just one local estate agent?

I know the local press have this story as one reporter asked me about the story even mentioning the name of the estate agent concerned. :blink:




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