Inverclyde

[Alistair darlings mole]

INVERCLYDE

On Rightmove last November (around 530 properties for sale)

On Rightmove Last week (675 properties for sale)

On Rightmove Yesterday 25.03.08 (711 properties for sale)

On Rightmove Today 26.03.08 (723 properties for sale)

Edited March 26, 2008 by Alistair darlings mole

[lucy2308]

INVERCLYDE

On Rightmove last November (around 530 properties for sale)

On Rightmove Last week (675 properties for sale)

on Rightmove Today 25.03.08 (711 properties for sale)

Excellent info, excuse my ignorance how do you know this, would like to track North Ayrshire.

Thanks

[davidmc08]

Thanks for the Info - that is very interesting!

Based in Inverclyde myself and cannot believe the asking prices at the moment!

Where do you see prices heading in Inverclyde? Personally I think they are AT LEAST 30% overvalued.

Area I've been looking at is Ashburn Gardens/Gate in Gourock.

Asking prices are still 100 - 120k. 2 years ago these flats where going for 75k!

What area are you looking at?

Cheers

Dave

[Alistair darlings mole]

Thanks for the Info - that is very interesting!

Based in Inverclyde myself and cannot believe the asking prices at the moment!

Where do you see prices heading in Inverclyde? Personally I think they are AT LEAST 30% overvalued.

Area I've been looking at is Ashburn Gardens/Gate in Gourock.

Asking prices are still 100 - 120k. 2 years ago these flats where going for 75k!

What area are you looking at?

Cheers

Dave

I really don't think Gourock will move anytime soon (old trad building with great views), I've seen a couple of flats for sale at ashburn/gate and would say 90k top price. Maybe try your look at taking 10k (Depends if the seller needs a quick sale).

I'm looking at greenock west end

Ps. All EA's in Inverclyde use Rightmove.

Edited March 26, 2008 by Alistair darlings mole

[davidmc08]

I really don't think Gourock will move anytime soon (old trad building with great views), I've seen a couple of flats for sale at ashburn/gate and would say 90k top price. Maybe try your look at taking 10k (Depends if the seller needs a quick sale).

I'm looking at greenock west end

Ps. All EA's in Inverclyde use Rightmove.

Hmm.... I wouldnt be so sure.

If you look at Sold Prices for last 2 years you can see that its only really been in this time period that we have seen the massive growth.

Before that prices were relatively stable ( i.e before 100% mortgages!), now that this has been taken away where are FTBs going to get the money bearing in mind that most folk here work in Tmobile/IBM/RBS and earn well below 20k!

I actually bought in Greenocks West End last July, was a silly time to buy, but couldnt find anything worth renting and it was well within my price range.

Bought for 70k, but reckon it will only be worth 50k after the crash.. but hopefully everything else will come down at the same percentage.

[Alistair darlings mole]

Hmm.... I wouldnt be so sure.

If you look at Sold Prices for last 2 years you can see that its only really been in this time period that we have seen the massive growth.

Before that prices were relatively stable ( i.e before 100% mortgages!), now that this has been taken away where are FTBs going to get the money bearing in mind that most folk here work in Tmobile/IBM/RBS and earn well below 20k!

I actually bought in Greenocks West End last July, was a silly time to buy, but couldnt find anything worth renting and it was well within my price range.

Bought for 70k, but reckon it will only be worth 50k after the crash.. but hopefully everything else will come down at the same percentage.

Time will tell. Gourock (sort after area) will be the last place in inverclyde to see major falls tbh if any (you can count it falling - Major???))

Edited March 26, 2008 by Alistair darlings mole

[Alistair darlings mole]

INVERCLYDE

On Rightmove last November (around 530 properties for sale)

On Rightmove Last week (675 properties for sale)

On Rightmove 25.03.08 (711 properties for sale)

On Rightmove 26.03.08 (723 properties for sale)

On Rightmove Today 12.04.08 (750 properties for sale)

[davidmc08]

Good Work ADs Mole!

Mite do a bit of EA baiting this week.

Something along the lines of "You aint selling nothing, so hows about you get vendor to drop asking price by 15% and I'll take it"

[waitingscot]

That's good to hear the market is getting flooded in Greenock. But when will prices start coming down? There is no sign of it yet it has to be said.

The only slightly positive sign is that more properties seem to be being offered at a fixed prices these days rather than the ridiculous "offers over" that has until now been ubiquitous. I hope if prices start to fall estate agents do away with the "offers over" system altogether. Either that or buyers should revolt and simply declare a new "offers under" system regardless of what the agents say.

I have been looking at this flat in Gourock (not that I can afford it at present). It is a nice place, but what a price! Are they for real?

http://www2.vebra.com/NEILLCLERK/SALES/DET...001A0009330.pdf

It started offers over £189,000 and is now at a fixed price of £209,000.

http://www.vebra.com/home/quick/PFresults....vtourlist=false

I guess they reckon that is a reduction of sorts, on the principle that houses should get up to 20% over the asking price in Scotland. I reckon £90,000 would be a fairer price.

Can we realistically expect a crash in Inverclyde? What are others' thoughts on this. We have seen a rapid climb in prices the past few years, but then we were starting from a low base. A lot of new flats have been built, especially in the east end on the shore front. Will this extra supply bring prices down? Is IBM winding down and what will the effect of that be? Has Greenock become desirable as a commuter town for Glasgow and what effect has this had and will it have on the future of the housing market?

[Granite]

IBM has wound down. I think all thy do out of Spango Valley is some of the admin duties. Nearly all those buildings (which were manufacturing plants) are empty.

On the other hand, there have been one or two new sources of employment start up like the RBS Mortgage Centre.... aww crap.

Seriously, it appears that Inverclyde has manged to time it almost exactly wrong. They've finished switching over to being commuter towns for Glasgow at the point when house prices in Glasgow have started to drop and commuter towns aren't so popular any more.

[Alistair darlings mole]

That's good to hear the market is getting flooded in Greenock. But when will prices start coming down? There is no sign of it yet it has to be said.

The only slightly positive sign is that more properties seem to be being offered at a fixed prices these days rather than the ridiculous "offers over" that has until now been ubiquitous. I hope if prices start to fall estate agents do away with the "offers over" system altogether. Either that or buyers should revolt and simply declare a new "offers under" system regardless of what the agents say.

I have been looking at this flat in Gourock (not that I can afford it at present). It is a nice place, but what a price! Are they for real?

http://www2.vebra.com/NEILLCLERK/SALES/DET...001A0009330.pdf

It started offers over £189,000 and is now at a fixed price of £209,000.

http://www.vebra.com/home/quick/PFresults....vtourlist=false

I guess they reckon that is a reduction of sorts, on the principle that houses should get up to 20% over the asking price in Scotland. I reckon £90,000 would be a fairer price.

Can we realistically expect a crash in Inverclyde? What are others' thoughts on this. We have seen a rapid climb in prices the past few years, but then we were starting from a low base. A lot of new flats have been built, especially in the east end on the shore front. Will this extra supply bring prices down? Is IBM winding down and what will the effect of that be? Has Greenock become desirable as a commuter town for Glasgow and what effect has this had and will it have on the future of the housing market?

I work nr Cappielow industrial estate, and those new builds are not shifting . Did you see the tele last week, Ref new flats being built at old suger factory. The more new projects for flats the better .

The port will be hit first - Gourock last.

Waitingscot

Give it another year and you will be well placed tbh, Even if you lose the flat.

[waitingscot]

I never thought those new flats look very appealing. And the ropeworks in the Port - what a disaster!

Yes I saw the leaflet in the Tele last week. Seems they are desperate to prop up the market, still talking about investment opportunities. Who do they think they are kidding?

What has been driving the house price inflation in Greenock the past few years? Has it been mainly buy to let investors? If so will they sell now and flood the market? Or people moving into the area? Or just madness?

Local workers have been laid off from construction at IBM in Greenock. Most of those will stay in the area and look for other work. But there are still about 1000 foreigners working at IBM who also live in the area. What would be the effect if a lot of them lost their jobs and went home?

[davidmc08]

Lets be honest, most folk in this town (Greenock) are junkies / benefit thieves.

Those with 'Proper Jobs' were able to buy themselves a nice flat with a lovely 125% mortgage - been doing this for last 5 years.

Now that the average LTV is now 90%, I think prices will now come down by at least 35% over the next 3 years.

Gourock will NOT be immune, lived there for last 10 years and can tell you that a lot of my friends are struggling to meet mortgage payments and are desperate to sell.

It seems that the EAs tho are telling them to hold out and wait for the market to bounce back - it aint gona happen.

PS The EAs must be very close to the wall now? It seems that nothing has moved off of Rightmove for months! Such a shame!

[davidmc08]

That's good to hear the market is getting flooded in Greenock. But when will prices start coming down? There is no sign of it yet it has to be said.

The only slightly positive sign is that more properties seem to be being offered at a fixed prices these days rather than the ridiculous "offers over" that has until now been ubiquitous. I hope if prices start to fall estate agents do away with the "offers over" system altogether. Either that or buyers should revolt and simply declare a new "offers under" system regardless of what the agents say.

I have been looking at this flat in Gourock (not that I can afford it at present). It is a nice place, but what a price! Are they for real?

http://www2.vebra.com/NEILLCLERK/SALES/DET...001A0009330.pdf

It started offers over £189,000 and is now at a fixed price of £209,000.

http://www.vebra.com/home/quick/PFresults....vtourlist=false

I guess they reckon that is a reduction of sorts, on the principle that houses should get up to 20% over the asking price in Scotland. I reckon £90,000 would be a fairer price.

Can we realistically expect a crash in Inverclyde? What are others' thoughts on this. We have seen a rapid climb in prices the past few years, but then we were starting from a low base. A lot of new flats have been built, especially in the east end on the shore front. Will this extra supply bring prices down? Is IBM winding down and what will the effect of that be? Has Greenock become desirable as a commuter town for Glasgow and what effect has this had and will it have on the future of the housing market?

I hear whay you are saying, but prices will NEVER come down that far in this area. But if you take my prediction of 35% off, it brings it down to £140k. This does seem fair, and to be honest I dont think it will go for much more than that, maybe £170k if they are very lucky.

I really think in 6 months time, it could be a VERY good time to buy - people WILL BE DESPERATE to sell by then.

If you can 20% off of an asking price then go ahead and buy - provided you can get approved for a mortgage

You have to ask yourself is it really worth waiting 3 years to wait and see if prices fall another 10 or 20% ?

Cos even if they do, everything else will be 10% cheaper, so it wont really matter.

Edited April 14, 2008 by davidmc08

[davidmc08]

That's good to hear the market is getting flooded in Greenock. But when will prices start coming down? There is no sign of it yet it has to be said.

The only slightly positive sign is that more properties seem to be being offered at a fixed prices these days rather than the ridiculous "offers over" that has until now been ubiquitous. I hope if prices start to fall estate agents do away with the "offers over" system altogether. Either that or buyers should revolt and simply declare a new "offers under" system regardless of what the agents say.

I have been looking at this flat in Gourock (not that I can afford it at present). It is a nice place, but what a price! Are they for real?

http://www2.vebra.com/NEILLCLERK/SALES/DET...001A0009330.pdf

It started offers over £189,000 and is now at a fixed price of £209,000.

http://www.vebra.com/home/quick/PFresults....vtourlist=false

I guess they reckon that is a reduction of sorts, on the principle that houses should get up to 20% over the asking price in Scotland. I reckon £90,000 would be a fairer price.

Can we realistically expect a crash in Inverclyde? What are others' thoughts on this. We have seen a rapid climb in prices the past few years, but then we were starting from a low base. A lot of new flats have been built, especially in the east end on the shore front. Will this extra supply bring prices down? Is IBM winding down and what will the effect of that be? Has Greenock become desirable as a commuter town for Glasgow and what effect has this had and will it have on the future of the housing market?

I hear whay you are saying, but prices will NEVER come down that far in this area. But if you take my prediction of 35% off, it brings it down to £140k. This does seem fair, and to be honest I dont think it will go for much more than that, maybe £170k if they are very lucky.

I really think in 6 months time, it could be a VERY good time to buy - people WILL BE DESPERATE to sell by then.

If you can get 20% off of an asking price then go ahead and buy - provided you can get approved for a mortgage

You have to ask yourself is it really worth waiting 3 years to wait and see if prices fall another 10 or 20% ?

Cos even if they do, everything else will be 10% cheaper, so it wont really matter.

[waitingscot]

Put away your party hats!

The BBC are saying Scotland is bucking the trend. Prices are still going up, and we shouldn't expect a crash even if it happens in England: 'in England house prices inflated like a souffle and are now collapsing. In Scotland we have not had the souffle effect and so there will be no crash.'

:-(

Oh well it was a fun thought while it lasted...

[davidmc08]

Nonsense!

It has been as bad in Scotland - IF NOT WORSE!

I actually bought a flat 18months ago - paid £75,000.

2 years earlier one in the same building had sold for £12,000!!!

Now, I know I paid over the odds, but I was a little bit younger and less clued up regarding economics etc.

Trust me, nobody will be buying if they need a 10% deposit - and I fully expect my flat and all other flats to fall by 30%, houses to fall a little bit less than that.

Edited April 15, 2008 by davidmc08

[Dosser]

Put away your party hats!

The BBC are saying Scotland is bucking the trend. Prices are still going up, and we shouldn't expect a crash even if it happens in England: 'in England house prices inflated like a souffle and are now collapsing. In Scotland we have not had the souffle effect and so there will be no crash.'

:-(

Oh well it was a fun thought while it lasted...

It's an asset market and just like any other it will swing. It has been a sellers market for at least the last 5 years; however, it will become a buyers market again, before it repeats itself over and over. HPC is still on. Traditionally falls and rises have emanated from London. This time it seems more evenly spead down south. But it will wind its way up here.

[Alistair darlings mole]

INVERCLYDE

On Rightmove last November (around 530 properties for sale)

On Rightmove Last week (675 properties for sale)

On Rightmove 25.03.08 (711 properties for sale)

On Rightmove 26.03.08 (723 properties for sale)

On Rightmove 12.04.08 (750 properties for sale)

On Rightmove Today 16.04.08 (764 properties for sale)

[davidmc08]

For anybody that is interested.. I foned up regarding a property for sale in gourock for roughly OO £150k.

I told them that if the vendor would consider an offer in region of £130k, then I would be interested.

EA was quite cheeky and said that the vendor was looking for at least £160k !

I asked had there been any offers, she said 'no'. Property has been on market for about 3 - 4 months already.

Some people are still living in the clouds it seems, although in fairness, it is a lovely property.

[Alistair darlings mole]

INVERCLYDE

On Rightmove last November (around 530 properties for sale)

On Rightmove 18.03.08 (675 properties for sale)

On Rightmove 25.03.08 (711 properties for sale)

On Rightmove 26.03.08 (723 properties for sale)

On Rightmove 12.04.08 (750 properties for sale)

On Rightmove 16.04.08 (764 properties for sale)

On Rightmove Today 27.04.08 (787 properties for sale)

Edited April 27, 2008 by Alistair darlings mole

[lucy2308]

That quite a trend developing, are you seeing any reductions yet?

Or are the Sheepie's still not accepting the fact that prices are now going down.

It absolutely amazes me why they dont accept 10k reductions now, because every day confidence is being lost in the housing market and soon they will have to accept 25k reductions or more if they really want to sell their house.

[Bardon]

For anybody that is interested.. I foned up regarding a property for sale in gourock for roughly OO £150k.

I told them that if the vendor would consider an offer in region of £130k, then I would be interested.

EA was quite cheeky and said that the vendor was looking for at least £160k !

I asked had there been any offers, she said 'no'. Property has been on market for about 3 - 4 months already.

Some people are still living in the clouds it seems, although in fairness, it is a lovely property.

David, can you tell me the address of this property ?

[Alistair darlings mole]

That quite a trend developing, are you seeing any reductions yet?

The odd one.

Edited April 27, 2008 by Alistair darlings mole

[davidmc08]

David, can you tell me the address of this property ?

I dont realy think that its fair to do that over the net...

Lets just say that EAs are going to have to start managing sellers expectations a little better.

The boot is on the other foot. One thing that really annoys me with EAs is this - if nobody offered 10 - 15% over the asking price at OO. Then DONT put it on for a Fixed Price with a 15% increase!!