Im watching Birmingham closely, although just in the price bracket that im interested 150k and below.
I reckon around 30/35% have seen a reduction since I started monitoring using Property Bee.
Most between 1-5k, with a large number of 5k reductions.
Im also seeing more and more 10-15k reductions, with 10k reductions not uncommon. Additionally, some 20k reductions on generally flats.
I seem to be getting a bigger proportion of discounts of a greater amount in the "nicer" areas, such as Sutton Coldfield and Solihull. The crappier areas seem to have not cut their price as much and as frequently!
Its now possible to buy a comparable property in Solihull and Aston for around the same price!! Madness.
I still can't get my head around some of the flat prices. Some are still holding out for 150k for a 2 x bed flat (that looks horrible from the outside)....while others are slashing their price down hugely.
Selly Oak has been interesting: huge numbers of new properties for sale in the last month. As it is a huge student area, Im assuming that many BTL's are trying to do a runner.
Additionally, the number of properties being sold with no onward chain is astonishing. The photos show they are vacant. Again, indicative of BTLs legging it.
One new build block I have been watching out towards Bham airport, has gone from being offered for 150k for 1 bed flat (or 200k for 2), to being offered for 62.5k for 50% share on part buy / rent. The block has been for sale for months (24 flats, and they have sold only 4 in a year I believe). Housing associations are going to have a field day picking up bargains, and I guess this is just the beggining.
If anyone wants any more detail on Birmingham (FTB prices sub 150k), feel free to PM me. Ive got most of Birmingham covered, and have done since 31st Jan.
Xmas this year: we'll start to see more and more distressed sellers. The spring bounce that hasnt happened will turn into a summer selling frenzy, dragging more and more into negative equity.
It will be interesting.
i am looking to buy 4 bed detached new build at bovis homes at great barr..
do u have any idea...the listed price is 340k ..they are ok for 315k
pls give u r views
thanks in advance