Just driven through Pembrokeshire - Milford, Haverfordwest, Fishguard - stopping off along the way - talking to ex EA colleagues, etc.

-V large numbers of houses have suddenly flooded on to the market, within the last 14 days.

-Most sales that are completing are only going through because of large reductions - e.g.1: 225k from 275k - in Fishguard. e.g.2: 150k from 180k nr Haverfordwest.

-Even 'trendy' coastal towns, like Solfach, St. Davids and Newport are being hit hard.

The crash has well and truly bedded in down here.

Over and out

G

Whoops, almost forgot - Nadolig Llawen a blwyddyn newydd dda!

Good. Maybe at some point it will be viable to move back there. There's a long way to go before the prices are in any way aligned to the local income levels though.

Got your hand stuck in the door again?

Too right - so many minimum wage jobs - and seasonal at that!

what with Wales being the sick man of the UK,you'd have to say medain average income would be well below the rest of the UK

And with the forthcoming crack down on prostitution there will be a lot of sheep out of work too...sorry, someone had to say it :-)

  And with the forthcoming crack down on prostitution there will be a lot of sheep out of work too...sorry, someone had to say it :-)


Well boyo, no need to be jealous


If that's what interests you, we have plenty to spare!

The Welsh people are utterly grounded, and will be the first to have seen that this whole party has been unsustainable. Nadolig Llawen gruffyd - I will move back when the nice houses overlooking Llanstephan harbour are within a sensible range.....

hmmm, have to disagree abit here. there is no crash, yet... I have been closely following the market around Haverfordwest area in the last 9 months. the suply of houses with the 3 main agents has gone up from 350 houses last april and now stands around 420 houses - BUT only some small price cuts, generally 5k here and there. Seems to be that vendors are prepared to have their properties sit on the market for 6/9 moths in the hope that someone comes in. Buyers are few and far between....something needs to give and the next 2/3 months could be interesting.

I've been looking for some price-drop canary properties in the South Pembs area. There has been a fair amount of new build going up in the past few years and it seems very out of step with the local economy. For instance, there's this development in Pembroke, which makes absolutely no sense to me and I'd expect to sit unsold and to see some drops fairly sharpish. 150-230K for flats in an area with a mean salary of 18K?

Any other example worth watching?

LMAO at those flat prices. For goodness sake, I thought Swansea's prices were ridiculous but paying that for a small flat inPembroke!!!

These prices don't surprise me one bit.The prices have been ridiculous in Pembs since everything took off in the late 90's.The selling has continued in earnest despite the average local wage...The people who have been buying are:

* People from outside the area with money to burn after making a killing in more lucrative parts of the UK.They may be buying for themselves (holiday homes) or for lets (same).Also LOADS of development still going on conversion-wise (i.e. barns, outbuildings) - usually out-of-area money.Will this slow in the next year or two with the talk of recession?
* Locals who have also made a killing on homes they purchased 10 - 15 years ago or more, who have seen their investment triple, quadraple or more
* Those who have inherited wealth (local or otherwise)

The unlucky ones are everyone else.I know lots of local people who haven't got a cat in hells chance of buying at current prices, and I hope for their sake this madness stops.

Perhaps I'm kidding myself, but I would have though that the realistic market, for something like a 150K pile of stones and a shed, with no planning permission would have a limited market. To be honest, I love Pembrokeshire, but I can't really see the attraction of most of these places for anyone with serious money. That spot, for instance is just down the road from the local dead-end estate - no s*****y (jeez, enough with the censoring... how about "posh"?) neighbours, golf course, fish restaurants or anything of note.

A big hello to anyone interested in Pembrokeshire. Prices down here show no sign of falling - quite the opposite, IMO. There doen't seem to be any sign of the economic realities in the UK at present. This is despite the fact that the county is awash with EA boards.

Is there anyone out there with any good HPC news in Pembrokeshire? Its enough to drive me to drink, hopefully.

greetings,

just an update on my december 2007 post:
the 3 estate agents i am tracking for haverfordwest properties have about the same number n their books (small increase from 420 to 430 now). in the 180-250K band there were just over 30 price drops so far in 2008. last year price drops were few and tended to be a token 5K, this year drops generally 10K, but also some bigger ones. interesting development is that some price drops have the added text "offers in excess of" in other words "we ain't dropping anymore". in my words that equates to "then you won't sell then!!!!"......

there is still a large number of properties going on the market at silly (vendor requested?) prices and there are huge variations in prices against property specs. i.e. a 1970's 2 bed bungalow on for £250K, a new 4 bed 2 bath house in a more desirable location also on for 250K. also loads of properties on market for more than 12 months.

market really needs a good sort out.

Have been looking at smalholding type properties(3-15 acres) in SW Wales for some time.Prices being trimmed but still high.Hoping horse fraternity's interest will melt away as their cash does(twice as many horses in UK as the 70s apparently).Any thoughts on this market?

MAnchester Escape Committee South

IMPO it - the market - is still ridiculously over-priced. They couldn't give away such properties 8 years ago and in the meantime owning a small-holding in Pembs has become a fantasy become reality for so many Londoners.

I know of several people - nearly all single career women interestingly - who have given up high-paying jobs in London to move down West and others who have bought them as second homes. I know that the dream often does not become the reality and that most eventually return to London.

If I were you I would hold on for another 12 months at least, more likely 18 months, as I think when the recession truly bits there are going to be a lot of forced and/or desperate sellers from Swansea West right down to St. Davids and up to Aber.

That's just my personal view on it.

hi all,

time for my quarterly update (sorry its late, I have moved house...no i haven't bought one!) on what is happening around the Haverfordwest area. with regards to price drops in the 200-300K bracket I noted at least 25 properties falling in price; May saw 13 falling, June 18. The size of reduction seems to be increasing with 20K drops now not uncommon.

We went into April with the 3 main agents having approx 450 properties on their books, by the end of June this had fallen to 430.

A number of properties seem to have been withdrawn from the market (not sold). A trickle of properties are going under offer with 2 of the main agents, but very little (if nothing) shifting with everyone else.

There is still loads of stuff well overpriced (sorry, but you will not get 230/240K for a 3 bed semi or 2 bed bungalow!), and people seem to be content just to leave their houses on the market for 12/18 months with no chance of selling. From discussions with a couple of agents there is an opinion that "things are abit tight for the next 6 months, but come the new year things will take off again" er.......anyone is entitled to dream.

see you all in 3 months !