Friday, Jan 09, 2009
From £99,950 To £124,950
David Wilson Homes: A Huge selection of 1,2,3,4 and 5 bedroom properties
It Looks Like David Wilson Have at last bit the bullet!!
£124,950 is still too much for one of their 5 bed boxes though!
Posted by wdbeast @ 09:30 AM (1280 views) Add Comment
26 Comments
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1. vindicated said...
Sadly, it is the 2 bed apt which is going for £124,950, The most expensive style they offer is £450k (nah, yer alright... don't think I'll bother).
2. crash bandicoot said...
Wow, I was almost back in the market there. This is just down the road from me. £124k for a 5 bed is about the level that I am expecting things to reach. Should have know it was a bit early to have reached there yet.
3. japanese uncle said...
124,950 for 5-beds will be the reality sooner rather than later. Be in no doubt.
4. str 2007 said...
A very misleading headline and advert, surprised they get awy with that.
Still if they have nothing better to do than answer the phone all day to enquiries for a 5 bed house for 125k then that's their problem.
5. tudorian said...
@vindicated
I thought so, good to be true then.!
Oh well, the sooner everyone swallows a little dose of realism and starts valuing their houses with some regard to the amount that I, one of the poor renting proles, can afford
PS crash has not yet come to Bristol. I see 10 - 15% reductions at best. A s***load minus 15% is still a s***load
6. bellwether said...
I can only assume that you guys don' t have jobs or families and are in fact closet survivalists because that's what you need to be to survive in this country if things get so bad 5 bedroom houses are selling for £124,950.
I hear that houses are cheap in Nigeria too
7. peter_2008 said...
Rubbish. The prices are for 25% - 50% shared schemes, so the hiden actual value is 2 - 4 times of that.
The developers are still in denial and waiting the government to bail them out.
8. luckyjim said...
Does anyone reading this live somewhere where it actually FEELS like there has been a crash ?
9. sold out said...
Luckyjim@10.28am
I went to a factory in the Midlands on Wednesday to buy a machine before it went to auction.
The company supplied roof trusses, joists, gluelam beams and other building materials and went into administration in Nov.
Walking around that empty factory,seeing all the empty workstations and offices certainly made me FEEL that we are in big trouble.
The housing market may not yet be ready to accept the inevitable yet, but i am sure it will in 2009.
10. vindicated said...
Luckyjim, we live West of Derby in a village which has become a bit of an urban sprawl. We have lived here for approx 5 years and I am definitely seeing big big changes. There are at least 220 houses for sale at the moment (apts and houses). I have watched the market since we moved here and the average number for sale was always between 38 and 50 until late 2007. I have seen the average asking price for 4 bedroom detached houses fall from around £269k to around £220k with some sensible sellers marking much lower (and selling). Two almost identical houses two doors apart started on the market at £245k, one dropped to £239k so the other did. One dropped to £235k so the other did and so it went on until both houses were up for £220k. A few weeks ago, one of them reduced to £199k and sold within a week.
Additionally, we are seeing houses sitting for sale for well over a year. One has been on the market for almost 2 years and many more around 18 months.
What about your area? Is it very different or a similar picture? I did read somewhere recently that the Midlands have been hit particularly badly.
11. bellwether said...
All house builders are insolvent having assembled overvalued land banks in recent years. They cannot survice unless they can sell houses at very high prices
12. luckyjim said...
vindicated
Where I am in Cambridgeshire there is very little movement. The main feature is the lack of volume. I'm looking at 3/4 bed familly homes so maybe they aren't as affected as smaller properties. There are even some houses with higher asking prices than a couple of years ago.
I sold-to-rent at the start of last year but am getting frustrated now.
13. str 2007 said...
Living in marlow (bucks) and also looking in hampshire (south of winchester).
Stagnant with asking prices on average I'd say -10%. Prices generally way over the top still and denial stage still active.
Fact is the money that was available to borrow simply isn't now. The amount I can borrow compared to a year ago is approx 30% less and that's with a 40% deposit.
I have seen asking prices reduced by as much as 20% without a sale. One example 5 bed detatched was on at £565k now down to £450k and has been there at that level for 6 months without a sale.
Fact is that same house sold in 2003 for £340k - I firmly believe this HPC will take all houses in all areas (no matter how good) back to at least 2003 level.
Some areas are showing more signs than others across the uk, they all will in the end. Marlow and Winchester fell back 30% in the last recession - they will fall back at least that far this time, probably more.
Lucky Jim
You just need to be patient, I too have got frustrated, but it is now widely accepted prices will drop at least 15% this year - I doubt they'll suddenly stop falling next December.
How long would it take you to earn 15% of the houses you're looking at, never mind borrowing it and paying it off over 25 years.
Be patient.
14. Mario said...
To be honest, to build an house you need around 1000 pounds per square meter, plus the land, a five beds, two floors, three reception is about 150/160 m2, so 160.000 pounds plus the land... What it means? It means that for a nice 5 beds in an average town could end to 200/250K that's it! do not hope to see a 5 bed at 125K.... Just my thought
15. Poggo said...
+1 to str 2007 comment
I sold in Nov 2006 renting now but hey the fridge has packed up wheres the landlords number? My son has a smaller room than before but hey hardly a tragedy, my girl a bigger one! always winners and losers :)
Be patient Lucky Jim you have completed one half of the deal don't lose your nerve. I guess you have a family don't worry about the kids home is where the bread and heart is they don't know how it is financed.
Stay patient
16. Rimmer said...
Bellwether
I am sort of with you as i have a job i need and a family but i have also considered UK house prices to be way out of step with reality for many years, for me ( Guildford area ) house prices for those that want to sell are down 15% max and those that havent dropped have been on the market 1 year +
I have expected a 30% correction to bring UK prices back to norm as a natural factor of the market as they over cooked ( the bubble against wages etc ) but that was without a real hard recession which is what we will be getting, that will most certainly add the other 20% and its un-avoidable - The Builders can only hope for a handout.
I want to point out that i dont want to see the UK go down the pan, sadly i feel its going due to short sighted policies of NU Labour over the past 10 year, as an example Obama ( the US is in a similar position to the UK - the policies are basically the same ) today has stated " We must spend our way out of recession" - - - Well i am no economist but when you have been the last 10 years spending money you basically dont have times catch up, the only way the US and UK can now do that is massive borrowing ( very bad long term as rates are not attractive and it puts taxes up ) or create money out of nothing ( devalues your country against the rest of the world ) - the US and UK will go route 2, along 5 years and IRs will be 10% to control inflation.
By that time its hoped that mortgage holders will have paid off big chunks any way and the world can move on, a million or so will have gone bankrupt, Gordon and Badger will be on world tours promoting their new books " How i saved the world " and "My role in Thunderbirds " Respectively
17. Rimmer said...
Lucky Jim
Sorry mate but initial perceptions will prove right, the market will bottom in 2012 - 2013 or maybe 2014, now is far far to early, i looks like it will take 2 years for reality to sink in alone.
18. crash bandicoot said...
In south Leics we have a two-speed market. If you want to keep a for sale sign in your garden for a few years, then stick with 2007 prices. If you want to sell then put it up for 15-20% less (like Halliwde figures would suggest).
19. luckyjim said...
str 2007
Thanks for that. I was sitting pretty until the interest rate cuts but will soon need to 'top up' the rent. I would feel better if I could see houses actually falling by 2% per month.
If I could get something at 30% below peak I would take it now.
20. justwatching said...
luckyjim@15
please don't do that. Have patience. A lot is guesswork, but I shall start looking in my over inflated town when haliwide gets to about 110K ish.
21. str 2007 said...
Lucky Jim
30% below peak would be more realistic, particularly combined with much lower mortgages, however, that's assuming the outlook was ok instead of booming. The outlook is as bad as it has ever been before, we just haven't arrived yet.
Lets not forget that in 2003 the outlook was booming and interest rates were lower than in 2007.
As my example above demonstrates the house in question was £340k then (40% off peak asking), given the outlook now is it worth that ?
22. Drdeal said...
When I saw the cheapest property listed was called the "Fagan" I assumed it was a prank website....but no, what a lovely Freudian slip up that was!
23. mark wadsworth said...
@ Luckyjim, we S2R end of 2007, and like the others above say "Patience! Patience!" we are still in the denial stage. Mate of ours in East London could probably have sold hers for £300k plus a year ago, she's now getting offers of £200k minus, but she's turning them down, despite she wants to move to a slightly cheaper area, so if and when she does move it'll be proper cash money in the bank.
Similarly, in my area asking prices for some properties have come down by 10% to 20% (but volume is down effectively to nothin - most houses that were up for sale over the past year are now either off the market or being let out), but as Tudorian says, "A shedload minus 15% is still a shedload". All I have to do is keep Her Indoors with her 'nesting instincts' at bay. Our rent is barely 2.5% of last year's asking price, so as long as it comes down by more than 2.5% a year, at least we are breaking even.
Don't forget that after the 1980s bubble burst, it took three to five years to bottom out; after the 1973 crash it was two or three years. So pencil in your 2010 diary to check prices again and in the meantime, relax and spend time with your family.
On the bright side, assuming 4% fall over the next few months (and then some!) Haliwide Indices go five-year-on-five-year negative!! Now that's what I call a headline. BTW, I'm calling a 40% plus overall drop nominal, i.e. back to 2002 nominal prices.
24. James said...
***8. luckyjim said...
Does anyone reading this live somewhere where it actually FEELS like there has been a crash ?***
Yup. I live in East London, in a more or less yuppified bit of Tower Hamlets. No shortage of force sellers here, next to Canary Wharf, but as someone else said - 85% of a sh¬tload is still a sh¬tload.
25. Happyrenting said...
My girlfriend and I are first time buyers and had a little look 18 months ago in an 'okay' part of Stockport. Nicely renovated terraced houses were on the market then for around £130-140k. Now they are being marketed between £110-120k and are probably selling (if at all!) for under £100k. It won't be long before we can pick one of those up for nearer the £70k mark. Fingers crossed, we may even find a bigger and better one in upmarket Chorlton or Didsbury within our reach... If we really return to 1999 levels then I guess we'll see a 50% drop from peak (minimum) in some areas!
26. luckyjim said...
MW
LOL - my other half's nesting intincts are one of my problems too. To be fair, I would also like my kids to have proper kids' bedrooms. It's not just about making (or saving) money. Thats why I would take a 30% discount now or (more likely) by the end of the year.
I was hoping there would be some activity in my local market now that Christmas is out of the way but nothing. Nobody want to be the first to lower their asking price.