It would be interesting for us to keep a track on the number of flats in NE1 for sale and to let over the next year to see how much of a flight from property there is.

On 12 January 2008, there are 235 flats for sale in NE1 (least expensive - studio flat in Blackfriars £85,000::: most expensive - £475,000 3 bed penthouse in Centralofts on Waterloo Street).

For rent (including PCM prices and student room for rent but not per night or per week prices), the most expensive is £3,000 per month for a 3 bed penthouse in Centralofts on Waterloo Street (perhaps the same one as above?). The cheapest student let is £65pw for the Groat Market and standard rental is £430pm in Low Friar Street but no bedroom specs given. There are 128 flats to rent in NE1.

This is actually a good idea.

I can't wait for all those 1000s of city flats to be finished and stay empty until the fire sale.

29th January updates

Flats for sale - 227 (down 8 from 15th January)
Most expensive - £475,000 - 3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
Least expensive - £86,500 - studio flat in Blackfriars (same property as 15/01/08 but price raised by £1,500 from 15/01/08)

Flats to rent - 142 (up 14 from 15th January) Same selection criteria
Most expensive - £3,000pm - 3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
Least expensive per month - £400pm - 1 bed flat in Grainger Town (different property from 15/01/08 and £30pm cheaper)
Least expensive per week - £65pm - Groat Market room rent (same property/price as 15/01/08)

Hi! I'm Barry Sprott!

http://www.houseprices.co.uk/e.php?q=21+Ce...E1+4AL&n=10

BANG!! And the cash is gone!

Big moves in the last fortnight on Newcastle City Centre Flat Watch.

14th January updates

Flats for sale - 236 (up 1 from 15th January)

• Most expensive - £475,000
Whereas there was previously just one at this price, it has been joined by others
3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
3 bed flat on Grey Street (same top price as 15/01/08 but newly listed at this price)
3 bed flat at Centralofts (same top price as 15/01/08 but newly listed at this price)

• Least expensive - £79,950 - 2 bed flat near Shieldfield (new property, lower by £5,050 from 15/01/08 cheapest property)

Flats to rent - 168 (up 40 from 15th January) Same selection criteria
• Most expensive - £3,000pm - 3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
• Least expensive per month - £330pm - 1 bed flat on Fenkle Street (new property, £100pm cheaper than 15/01/08 property)
• Least expensive per week - £65pm - Groat Market room rent (same property/price as 15/01/08)

1 March updates

Flats for sale - 248 (up 13 from 15th January)

• Most expensive - £475,000
3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
3 bed flat on Grey Street (same top price as 15/01/08 - first recorded 14/02/08)
3 bed flat at Centralofts (same top price as 15/01/08 - first recorded 14/02/08)

• Least expensive - £79,950 - 2 bed flat near Shieldfield (new property, lower by £5,050 from 15/01/08 cheapest property)

Observations - there seem to have been around 10-15 pricing downs since 20th February, when I installed Property Bee - average reduction seems to be between £5,000-10,000. There also seems to have been around 4 or 5 new properties put up for sale on Pudding Chare.

Flats to rent - 168 (up 40 from 15th January) Same selection criteria
• Most expensive - £3,000pm - 3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
• Least expensive per month - £370pm - 1 bed flat on Westgate Road (new property, £60pm cheaper than 15/01/08 property)
• Least expensive per week - £65pm - Groat Market room rent (same property/price as 15/01/08)
[/quote]

Observations - it seems that Rightmove may have altered their listings as the vast majority of them appear as "New" with Property Bee

15 March updates

Flats for sale - 249 (up 14 from 15th January)

• Most expensive - £475,000 still the same 3 flats from the 1 March update at the same price
3 bed penthouse in Centralofts on Waterloo Street (same property/price as 15/01/08)
3 bed flat on Grey Street (same top price as 15/01/08 - first recorded 14/02/08)
3 bed flat at Centralofts (same top price as 15/01/08 - first recorded 14/02/08)

• Least expensive - £86,500 - studio apartment at Blackfriars (the previous lowest flat at Shieldfield was at £79,950 - no longer listed so sold???)

Carnage at the Bar this updated with 7 reduceds in a fortnight!
Price drops this update - The Bar (1) £216,000 down to £199,000, Waterloo House £199,950 to £189,950, Friars Gate £184,590 to £179,950, Clayton Street £179,950 to £170,000, 55 Degrees Slum £179,950 to £169,950, Grey Street £184,950 to £164,950 (£20,000/11% drop!!!), City Quadrant £174,950 to £159,995, The Bar (2) £165,000 to £159,950, The Bar (3) £164,950 to £159,950, The Bar (4) £159,995 to £152,000, Marconi House £164,950 to £149,950, The Bar (5) £164,950 to £159,950, The Bar (6) £152,000 to £145,000, Pandongate Bar £159,950 to £144,950, Melbourne House flat plummets from £169,950 to £140,400, Rialto flat also plummets from £169,950 to £140,400, The Bar (7) £149,950 to £139,950, 55 Degrees Slum £142,500 to IEO £135,000, and Pudding Chare £134,950 to £129,950

Not spotted before but there are now 2 sub-£100k flats available with 50% shared ownership
1) £97,500 - 75% shared ownership on a flat near Westgate Road and
2) £85,000 - 50% shared ownership within the same building


Flats to rent - 177 (up 49 from 15th January) Same selection criteria
• Most expensive - £2,200pcm - 3 bed penthouse in Centralofts on Waterloo Street (same flat but now reduced by £800pcm month! PriceCrash!)
• Least expensive per month - £375pm - 1 bed flat on Grainger Street (new property, £50pm cheaper than 15/01/08 property)
• Least expensive per week - £55pm - Groat Market room rent (same property as 15/01/08 but down from previous £65pw)

Movements between updates
Price drops this update - Centralofts £3,000pcm down to £2,200 (huge price drop by anyone's standards), St. Ann's Quay (1) £950pcm to £895pcm, Waterloo House £850pcm to £800pcm, Centralofts £795pcm to £750pcm, Lime Square £725pcm to £695pcm, St. Ann's Quay (2) £600pcm to £650pcm (yes, some fool put it UP!), Merchants' Quay £650pcm to £625pcm, Quayside Lofts £595pcm to £560pcm, and The Bar £495pcm to £550pcm (yes, another fool put it UP!)

Won't be sold. Agents like to advertise the fact on the website. More likely withdrawn for some reason.



I'm finding the same sort of reductions in Co. Durham. HPC has gone mainstream now.

To make this thread a little more "real-time", I'm going to go through the flats/houses for sale in NE1 and now NE8 and post individual price drops. I'll try to do this every week so we can keep count on the carnage.

This first post will cover all the drops from Feb 20, when I first installed Property Bee.

NE1 - Price Drops Recorded on from February 20 to March 21

Turnbull Building, Queens Lane, Newcastle Upon Tyne, Tyne and Wear, NE1 1NA
Down from £285,000 to £265,950
Two-bedroom loft style apartment
6.5% fall - Fall recorded 21st March 2008

Forth Banks, NEWCASTLE UPON TYNE
Down from £245,000 to £232,750
Two-bedroom apartment
5% fall - Fall recorded in Rightmove text

Mariners Wharf, Quayside, Newcastle Upon Tyne
Down from £225,000 to £215,000
First-floor, two-bedroom riverside apartment
4.5% fall - Fall recorded on 8th March 2008

The Bar Development (1)
Down from OIRO £216,000 to OIEO £199,950
8th storey, two-bedroom apartment
7.5% fall - Fall recorded on 8th March 2008

Waterloo House, Thornton Street, Newcastle Upon Tyne
Down from £199,950 to £189,950
Duplex penthouse apartment
5% fall - Fall recorded on 8th March 2008

High Quay, City Road, Newcastle Upon Tyne
Down from £189,950 to £182,000
Two bedroom modern "executive" apartment
4.2% fall - Fall recorded on 21st March 2008

Friars Gate, Low Friars Street, Newcastle Upon Tyne, NE1
Down from OIRO £184,950 to OIRO £179,950
Two bedroom apartment
2.7% fall! - Fall recorded on 8th March 2008

Quayside Lofts, Newcastle upon Tyne
Down from £184,950 to £175,000
Third floor two bedroom apartment
5.4% fall - Fall recorded on 1 March 2008

Clayton Street, NEWCASTLE UPON TYNE, Tyne and Wear
Down from £179,950 to £170,000
Two bedroom apartment
5.3% fall - Fall recorded on 1 March 2008

55 Degrees North
Down from £179,950 to £169,950
Two bedroom apartment
5.6% fall - Fall recorded on 15th March 2008

Grey Street, Newcastle upon Tyne, Tyne and Wear
Down from £184,950 to £164,950
Two bedroom, two bathroom apartment
10.9% fall - Fall recorded on 8th March 2008

City Quadrant, Waterloo Square, Newcastle Upon Tyne, Tyne and Wear
Down from £174,950 to £159,995
Third floor, two bedroom apartment
8.6% fall - Fall recorded on 8th March 2008

THE BAR, ST. JAMES GATE (2)
Down from £165,000 to £159,950
Third floor, two bedroom apartment
3% fall - Fall recorded on 15th March 2008

THE BAR, ST. JAMES GATE (3)
Down from £165,000 to £159,950
Sixth floor, two bedroom apartment
3% fall - Fall recorded on 15th March 2008

MARCONI HOUSE, NEWCASTLE UPON TYNE
Down from £169,950 to £159,500
Two bedroom duplex apartment
6.1% fall - Fall recorded on 21th March 2008

The Bar, St James Gate (4)
Down from £159,995 to £152,500
Two bedroom apartment
4.7% fall - Fall recorded on 1st March 2008

The Bar, St James Gate (5)
Down from OIRO £158,000 to OIEO £150,000
One bedroom apartment
5% fall - Fall recorded on 8th March 2008

Marconi House (2)
Down from £164,950 to £149,950
One bedroom apartment
9.1% fall - Fall recorded on 8th March 2008

Pandongate House
Down from £159,950 to £144,950
One bedroom apartment
9.3% fall - Fall recorded on 25th February 2008

Melbourne Street
Down from £169,950 to £140,400
Two bedroom apartment
18.3% fall - Fall recorded on 15th March 2008

Rialto, Quayside
Down from £169,950 to £140,400
Two bedroom apartment
18.3% fall - Fall recorded on 15th March 2008

The Bar, St James Gate (6)
Down from £149,950 to £139,950
Two bedroom apartment
6.7% fall - Fall recorded on 1st March 2008

55 Degrees North
Down from £142,500 to OIEO £135,000
One bedroom apartment
5.3% fall - Fall recorded on 25th February 2008

Parish View, Pudding Chare
Down from £134,950 to £129,950
Two bedroom apartment
3.7% fall - Fall recorded on 15th March 2008

FLAT 7, 58 ST. ANDREWS STREET
Down from £109,950 to £104,950
One bedroom apartment
4.5% fall - Fall recorded on 21st March 2008

244 properties for sale in NE1
25 properties have had their asking prices reduced since Feb 20 (10.2%)
Average asking price reduction since Feb 20 is 6.8%

I'll property-bee prices in NE8 from today and start reporting on them in a month or so.

I haven't followed flats as much as houses, but they will fall fastest and farthest.
I've added a flats only search to the area I've been following so will report here from time to time.

Last year I posted on the Newcastle thread re. some flats I'd looked at in 2006.
2 were on the market at 170/175k when 2 more were added at 180/185k.
One of the cheaper ones now reduced to 155k, dearest is still 185k.
Be interesting to see if the cheapest one sells. Rightmove search is DH33DX.

Cheapest one still for sale, and a fifth added at 170k.
Why would you list at 170 when there is one sitting there at 155 ?

A new initiative here

Plenty of that going on, plus offerings to pay deposits, hmmm, could that be because 100% ltv doesn't exist