[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)

This post has been edited by Alistair darlings mole: 26 March 2008 - 04:44 PM

[lucy2308]

Alistair darlings mole, on Mar 25 2008, 08:30 PM, said:

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]

davidmc08, on Mar 26 2008, 03:03 AM, said:

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.

This post has been edited by Alistair darlings mole: 26 March 2008 - 04:55 PM

[davidmc08]

Alistair darlings mole, on Mar 26 2008, 04:50 PM, said:

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]

davidmc08, on Mar 26 2008, 06:13 PM, said:

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???))

This post has been edited by Alistair darlings mole: 26 March 2008 - 11:11 PM

[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]

waitingscot, on Apr 14 2008, 01:59 PM, said:

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]

waitingscot, on Apr 14 2008, 01:59 PM, said:

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.

This post has been edited by davidmc08: 14 April 2008 - 10:00 PM

[davidmc08]

waitingscot, on Apr 14 2008, 01:59 PM, said:

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.