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House Price Crash Forum

thewrexhamite

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About thewrexhamite

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  1. A deal is a deal (which I'm already sure you negotiated hard on?). Are you a man of your word? If you've genuinely gone cold on the deal and don't want to proceed - because you think you can get better elsewhere, or there's a fundamental problem that the survey/searches has thrown up - then that's fair enough, pull out. Shit happens, as they say. If you're just doing it to screw the vendor then shame on you. Take a look in the mirror and question your sense of honour. Just because you can do something doesn't mean that it's the right thing to do...
  2. This one on Ermine Road has just been reduced by £10k. Too much competition on the road: http://www.rightmove.co.uk/property-for-sale/property-41865410.html
  3. Wow... Can of worms there my friend... "and I hope this new group will help to give them a voice in Westminster" Was that the Duke of Westmister they're referring to? As one of the largest landowner's in the Cheshire area he probably has a lot to say about the development (or otherwise) of greenbelt land in and around the Chester area.... "Chester is a lovely small historic city and these proposals will change the character of the city for ever. It would be a real shame if urban sprawl were to be allowed to merge Chester into the neighbouring villages and eventually result in a continuous urban area stretching from Birkenhead through Ellesmere Port to Chester." Talk about over dramatic! Between the very outskirts of 'chester' i.e. Around the Countess Hospital through to the very outskirts of 'Ellesmere Port' by which I mean the Hospital in Whitby, is around 5 miles. That's a lot of green by any standards! And that's tip to tip. There is still a lot of green in between... These guys need to spend a week down in London... Either way, any serious growth in the housing stock of the Chester area will come from the North of the City. The Duke and his mates will NOT let their lands be built on (they don't need the money for a start) and the sad truth is that pretty much all the land south of Chester is owned by either the Duke of Westminster directly, or by one if mates... Couple that with the improvements made to the M56/A494 link road (welsh road) and its quite clear that the north of the city is where the majority of development will occur... We may see some further development out to the East but the north is where it's most likely to happen. So we go full circle... The North is where the growth will happen over the next 50 years and if the chestergreenbelt.com political group live that long then they may well be proven to have a case in the end Is it really something to be giving a shit about in the grand scheme of things though? I suppose it takes all-sorts as they say! Cheers, Wrex
  4. Agreed, it sums up the reality of the situation. These gimmicks are designed to get your personal information from you on the cheap (rather than pay a data company such as data8 - sorry, it's just one such company I am aware of and I'm sure there are many others - for the privilege). Yes, it's cheaper to collect say, 2000, contacts via this method but if you promise to raffle off an iPad then a) do it and, make sure it's fair. It's simple stuff really. Anything that deviates from that is crooked and should be highlighted as such... The world is full of arseholes and you tend to find they end up running promotions like this. Regards, Wrex
  5. Greetings, I noticed the same thing. The auction results for the two in Chester you mention all but confirm that the crash hasn't really come to Chester yet! The one on Manor road is in a nice area and the average sale price over the last 6 years for a 4bed detached has been over £200k. Having said that it needed a full refurb so you wouldn't get much change out of a £50k refit budget. Therefore £196,000 is a lofty sale price imho. I've noticed a lot of properties flooding onto the market in my area around hoole, both for rental and sale. They are the typical 2/3 bed terraces. All trying to reach prices in the £150k-£200k mark. The average rental yield is £650/£750 PCM for a 2/3 bed respectively so you're looking at gross yields in the 5% region assuming full occupancy... Tenants are also being more picky these days and landlords are having to decorate these places rather nicely to achieve a good yield and full occupancy. I can't see the current glut of houses to rent acting as an incentive for flush landlords to load up on more properties so - at least locally - I'd expect prices to fall and rental yields to remain stagnant at best. Wrex
  6. This one has just come on the market again: http://www.rightmove.co.uk/property-for-sale/property-39375691.html Went into auction and sold in May 2012 for £111,000 (guide was £80,000). Owner then refurbed and tried to let it out. Then they put it on the market for £175,000 in December 2012, no takers so out to rent for another six months! Six months is up so trying their luck again at £174,500... Let's see if there are any takers. Nearest comparable property is 107 ermine road which went for £163,750 in 2010, but that looked like a owner/occupier purchase. The agents think that the property 'is capable of achieving' around £1200PCM. Based on that figure - assuming no voids/full occupancy for ever - then that's a gross yield of 8%. The reality is that it's likely to average a monthly yield of £800-£1000 gross which is around 5-6%. Then take out all the other expenses and it becomes marginal at that price. I think if you were a serious investor you wouldn't pay more than £145,000 as anything less than a 'potential' 10% yield makes it not worth the bother really, and given that it's been refurbed for the buy-to-letter then you're not going to get FTB's or second-steppers paying £175,000 for a house that they'll have to rip the cheap carpets/fittings out of to make it homely again. Wrex
  7. One close to me has just been reduced: http://www.rightmove.co.uk/property-for-sale/property-41372225.html It's one of those 3 bed terraces in Hoole again. Last sold price £158k. Just reduced to £155k so now under water nominally (underwater in real terms by around £35k if you factor in general inflation since 2007). Ouch...
  8. You give Halfords too much credit there... W.H Smith is a far better business than Halfords. If people were willing to buy bikes, accessories, spare parts and car repairs when popping to their nearest train station or airport, then they might stand a chance... Wrex
  9. This one has just been reduced on Ermine Road: http://www.rightmove.co.uk/property-for-sale/property-40491362.html They've dropped it from £167k to £160k. Still a lot of money for a 3bed mid-terraced without parking on a rat-run road. So that's bringing it more into line with other previously sold properties on that road.
  10. Look at the data on London, volumes by sale price are spiking in the £800k+ bracket, so anything Prime through to Super Prime is going gangbusters. Not difficult to see the read-across into London being a safe haven for the smart money leaving the Eurozone...
  11. Yes, will be interesting to see what the auction property went for in the end. It must have been a fairly good offer for them not to risk it in the auction. After all, if it goes into the auction and hits guide/reserve price then "great", if it doesn't you fall back on the lower offer... Cheers
  12. That's a bit mad who buys a property and then sells it 7months later? They're clearly not flipping or developing so it must be a divorce jobby or something. Either way, that doesn't bode well for the vendor as they'll take a massive hit on this if they want to shift it in today's market... Not to mention the transactional costs incurred in buying the thing, They'll be around £8k down from that alone. They'll be lucky to get £225k for it, especially if potential buyers spot that they're in a weak position. Let's see how long it's on the market for
  13. If the EA refuses to give you the information then advise them that you'll go to the land registry website and do a title search and obtain the information that way. It costs £3. At that point they'll either give you the information or not. If they don't then 15 mins of investigative work on the internet will likely get you a current address for the vendor. It's then up to you whether you wish to post a letter through their letterbox explaining the situation...
  14. Didn't notice any problem today (didn't log into internet banking) but I did have a problem around 10am yesterday. Seemed ok again when I checked in the afternoon though. Probably just IT gremlins...
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