Anyone else from Ipswich who's still looking around. For some weird reason Ipswich did not seem to be dropping (although properties were rising) but now we're starting to see quite a few reductions.
Is this just me?
Full Version: Ipswich
Not from Ipswich, but posted on this thread a while back which has now dissapeared on the 'House prices in your area' section - don't know why the moderators did'nt move this one. Some really spectacular falls in new-build flat prices:
http://www.housepricecrash.co.uk/forum/ind...showtopic=54649
http://www.housepricecrash.co.uk/forum/ind...showtopic=54649
QUOTE (IP Newcomer @ Jan 24 2008, 11:53 PM) 
Anyone else from Ipswich who's still looking around. For some weird reason Ipswich did not seem to be dropping (although properties were rising) but now we're starting to see quite a few reductions.
Is this just me?
Is this just me?
Went to view a lovely place on Park Road today (near Christchurch Park, gorgeous Victoria building converted into 5 flats). It's been on the market since the end of last summer, has had two price reductions. The estate agent was really upfront and just said that Ipswich is 'awash' with flats on the docks and the flat market has been terrible for 6 months...
I'm down the road in Colchester. New build flat prices have been really hammered over the year, and developers are now pricing them more realistically. A lot of clueless BTL landlords got theirs repossessed (it happened to the last flat I was renting) and there has been widespread mortgage fraud on some developments.
I'd guess new build flats have gone from 220K > 150K. The problem is that there just aren't enough young professional couples to fill them as it costs too much to commute to London and the bigggest demand for property is from single people and/or those on low incomes.
My landlord paid > 200K for a new 2 bed flat next to the railway line in 2006. It's a lovely flat but it's so noisy I have to sleep in the corridor! I'm paying 200pcm less rent than the last tenants, and when I move out in 6 months the next tenants will probably pay less than me (if he can find someone to live there!). I can't see how he is making any money on something like a 3.5% yield.
Despite this though, prices of other properties have remained pretty much static or fallen back a little.
I'd guess new build flats have gone from 220K > 150K. The problem is that there just aren't enough young professional couples to fill them as it costs too much to commute to London and the bigggest demand for property is from single people and/or those on low incomes.
My landlord paid > 200K for a new 2 bed flat next to the railway line in 2006. It's a lovely flat but it's so noisy I have to sleep in the corridor! I'm paying 200pcm less rent than the last tenants, and when I move out in 6 months the next tenants will probably pay less than me (if he can find someone to live there!). I can't see how he is making any money on something like a 3.5% yield.
Despite this though, prices of other properties have remained pretty much static or fallen back a little.
QUOTE (saffron @ Feb 9 2008, 11:32 PM)
Went to view a lovely place on Park Road today (near Christchurch Park, gorgeous Victoria building converted into 5 flats). It's been on the market since the end of last summer, has had two price reductions. The estate agent was really upfront and just said that Ipswich is 'awash' with flats on the docks and the flat market has been terrible for 6 months...
I've been noticing "up front" Estate Agents out in force again. It's a ploy for you to make a low offer so that they can say to a more eager buyer that there has been an offer. If prices continue going down they'll be telling the truth, low offers will be accepted by the vendor.
Durch just posted this on the main forum: Property tycoons burned by BTL
It starts off with
Local properties being used as examples in the national press - Ipswich BTL flats are moving downwards in price, it can't be long before the rest of the property types follow suit.
It starts off with
QUOTE
Apartment 502 in a "luxury" new-build block in Ipswich's Anchor Street is something of a legend in the UK property auction world.
When it was first sold in June 2006, it went for £268,000. Three months ago, it was back on the market as a mortgage repossession. The hammer price was £133,000.
Anchor Street was what one expert calls "a worst case scenario". But countless other new-build apartments stand empty across Britain's crane-filled urban skylines.
When it was first sold in June 2006, it went for £268,000. Three months ago, it was back on the market as a mortgage repossession. The hammer price was £133,000.
Anchor Street was what one expert calls "a worst case scenario". But countless other new-build apartments stand empty across Britain's crane-filled urban skylines.
Local properties being used as examples in the national press - Ipswich BTL flats are moving downwards in price, it can't be long before the rest of the property types follow suit.
Also from the Daily Mail article:
You just have to wonder how the Norwich flats are not seeing the same fate as Ipswich - I've yet to come across a single new-build flats that has gone to auction and yet there are hundreds of these damn things. In fact, 70% of the new-build construction in Norwich has been flats when nationally it's been around 50%.
QUOTE
Industry research also suggests similar saturation in Manchester, Ipswich, Norwich, Leicester, Nottingham and Birmingham.
You just have to wonder how the Norwich flats are not seeing the same fate as Ipswich - I've yet to come across a single new-build flats that has gone to auction and yet there are hundreds of these damn things. In fact, 70% of the new-build construction in Norwich has been flats when nationally it's been around 50%.
QUOTE (CATFLAP @ Mar 20 2008, 11:05 PM)
Also from the Daily Mail article:
You just have to wonder how the Norwich flats are not seeing the same fate as Ipswich - I've yet to come across a single new-build flats that has gone to auction and yet there are hundreds of these damn things. In fact, 70% of the new-build construction in Norwich has been flats when nationally it's been around 50%.
You just have to wonder how the Norwich flats are not seeing the same fate as Ipswich - I've yet to come across a single new-build flats that has gone to auction and yet there are hundreds of these damn things. In fact, 70% of the new-build construction in Norwich has been flats when nationally it's been around 50%.
When I was looking to rent in Norwich, the estate agents said a lot of demand in the local market was from people being seconded to Norwich Union on 6-12 month contracts. However, that said, the local market is very over supplied with riverside flats that dont appear to be selling. Where individuals have bought them and cant sell, they seem to end up renting. I think you'll start seeing riverside flats appearing at auction reasonably soon (although that said, a lot of estate agents have clients who will happily buy the right BTL flat privately at the moment, which perhaps explains why your not seeing more flats at auction).
Interesting times ahead, then?! 
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