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House Price Crash Forum

MJT

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  1. I think the problem is that Cambridge is the main draw in terms of shopping, work, etc for people who live in the surrounding area. As they build more and more homes, the (already appalling) congestion will get worse (especially during term time), the shops and streets will get busier (try walking past John Lewis as you approach the Downing Street junction on a Saturday without being forced on to the road to get by), the class sizes will get bigger (and/or more kids will be taught in mobile classrooms), and the city will generally become less 'green and pleasant'. With an already high crime rate for burglaries, etc in the city centre, maybe these factors – combined with fewer public-sector jobs – will start to have an effect on the eye-watering property prices in the city centre... but I'm not going to hold my breath!
  2. Judging by how busy the city centre's been the last few times I've been back, I'm not sure if Cambridge could cope with another 72,000 homes being built in and around the city over the next few decades... http://news.bbc.co.uk/1/hi/england/cambridgeshire/8324736.stm Looks like some of these will going up in 'Trumpington Meadows' for starters (a bit of stretch to call a piece of land with 1,200 houses on it a meadow)... http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3151146&c=1
  3. TuckerGardner seem to think that this ludicrous extension has added £190k to the value of a Beaumont Road semi: £469,950 for this: http://tgresidential.com/Buy/Details.aspx?id=S14449 £279,000 for this: http://www.savills.co.uk/residentialsearch/propertydetail.aspx?pID=258477 Having said that, it looks like the second one classically went to sealed bids over £300k following the inevitable Cambridge bun fight, so they'll probably end up getting £500k for the first carbuncle...
  4. A damning indictment of Arbury (aka Orchard) Park and Northstowe by Ms Greer... http://www.guardian.co.uk/global/2009/oct/11/orchard-park-germaine-greer
  5. £700k for this pretty small house on the rat-run that is Holbrook Road, which the too-close-for-comfort neighbour has clearly built in place of their garage... http://www.rightmove.co.uk/property-for-sale/property-13612464.html?pageNumber=4&fromSummary=true&backToListURL=%2Fproperty-for-sale%2FCambridge.html%3Findex%3D30 Where do I sign? Or if that doesn't take your fancy, how about a mere £750k for this over-extended nightmare on the, ahem, tranquil setting of Elizabeth Way... http://www.rightmove.co.uk/property-for-sale/property-27257339.html?pageNumber=3&fromSummary=true&backToListURL=%2Fproperty-for-sale%2FCambridge.html%3Findex%3D20 I'm going to give up on moving back to Cambridge (where I grew up) until something resembling reality returns to the property market. It seems to be pretty overcrowded these days anyway... http://www.cambridge-news.co.uk/cn_news_home/displayarticle.asp?id=454588
  6. Here's the link again... http://www.bidwells.co.uk/view_property.ph...ype=residential
  7. House prices certainly seem to be rocketing in Cambridge again (not that they ever really crashed). This was on for £560k a month or so ago – it was sold but that must have fallen through, as it's back on the market. I imagine the owner must have been delighted to hear that it gained £15k in value in the four or five weeks it was off the market... http://www.bidwells.co.uk/view_property.ph...ype=residential The same thing has happened with at least a couple of other houses on with Cheffins. There was one in Humberstone Road that came on at £495k and then reappeared a few weeks later at offers in excess of £500k (forcing the buying into a higher stamp duty bracket), and another in one of the villages that was on at £325k and then came back on within the month at offers over £335k. I imagine that the perplexing scramble to buy houses in Cambridge at the moment is resulting in bun fights that push the agreed price well over the guide price, giving Bidwells the confidence to go back to the market at a higher price. Cambridge must be one of the worst – if not the worst – place to be looking to move to at the moment...
  8. House prices certainly seem to be rocketing in Cambridge again (not that they ever really crashed). This was on for £560k a month or so ago – it was sold but that must have fallen through, as it's back on the market. I imagine the owner must have been delighted to hear that it gained £15k in value in the four or five weeks it was off the market... http://www.bidwells.co.uk/view_property.ph...ype=residential The same thing has happened with at least a couple of other houses on with Cheffins. There was one in Humberstone Road that came on at £495k and then reappeared a few weeks later at offers in excess of £500k (forcing the buying into a higher stamp duty bracket), and another in one of the villages that was on at £325k and then came back on within the month at offers over £335k. I imagine that the perplexing scramble to buy houses in Cambridge at the moment is resulting in bun fights that push the agreed price well over the guide price, giving Bidwells the confidence to go back to the market at a higher price. Cambridge must be one of the worst – if not the worst – place to be looking to move to at the moment...
  9. It's a house price crash... http://tgresidential.com/Buy/Details.aspx?id=S14315 £650k? Bargain.
  10. Yeah, I added a post about this a few days ago – can't believe that TuckerGardner really think this is worth £700k, when you can get a semi like this for £345k on the same street... http://www.rightmove.co.uk/property-for-sa...auction%3Dfalse
  11. It seems that 30 Magrath Ave was bought for £350k in Jan 2008, so that's a 100% mark-up in just a year and a half – ouch! Looking at the sold prices on that road makes Tucker Gardner's valuation look even more optimistic (but having said that, the way houses are flying off the shelves in the city at the moment, someone will probably by it)... http://www.rightmove.co.uk/house-prices/de...;summaryIndex=0
  12. £700k for this, purlease.... http://tgresidential.com/Buy/Details.aspx?id=S14315 For 'landscaped garden to the rear' read 'starter-home back yard'. Judging by the inverse relationship between property prices in Cambridge and the state of the UK economy, I predict that prices will rocket as soon as unemployment hits the three million mark...
  13. I meant to say lack of supply of course!
  14. Property prices in Cambridge are ridiculously high – for example, you could buy a decent-sized three-bed flat in a nice part of London like Maida Vale for the £595k asking price of this 1,173 sq ft flat on Grange Road... http://www.rightmove.co.uk/property-for-sa...74%26index%3D30 And while this house on Worts Causeway has been done up nicely, it doesn't strike me as being worth £815k... http://www.rightmove.co.uk/property-for-sa...74%26index%3D10 With eye-watering prices and loads of properties going for well over the asking price due to a lack of demand, you'd have to be pretty desperate to buy something in or around Cambridge at the moment.
  15. Yep, I'd agree. Cambridge must be one of the worst – if not the worst – places to be looking to buy a property at the moment. It's awash with 'cash cows' who are ready to pounce on anything that comes up. I've been outbid on a couple of houses in the past few months – I gave up on one in town when it went £25k over the already high asking price (it came on at £400k when a not dissimilar house opposite sold for about £330k a year ago) and another in a village when that ended up at £35k over. There hasn't been much of a 'house price crash' as far as I can tell. When I left Cambridge in 2002 (I grew up in the city but had to move when my job relocated), I looked at a large detached house off Hills Road that ended up being sold for £375k, but would probably now be worth around £700k or even £800k. There's been a bit of a 'house price stagnation', with a period when no-one was buying anything and sellers had to drop their price by around 10% to get a sale, but it's back to business as usual as far as I can tell. There simply aren't enough decent houses coming onto the market, and with a queue of cash buyers waiting in the wings for the larger houses and rich parents snapping up Mill Road terraces, etc for their uni-bound offspring, I can't see it getting any better in a hurray...
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