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undersupply

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  1. Last time I was at Jury's it appeared that most of the office accomodation at The Bar/St James Gate had been taken (by a legal firm, and the NHS).

    Actually, no. While the street-level retail and lesiure units are unoccupied, no one living at City Quadrant has any further "construction work to endure". In fact, the whole Waterloo Square development (City Quadrant, Central Lofts, Holiday Inn, Dance City, Grainger Town car park) has been complete for months.

    Seamaster, r u smarter than the average bear? :D

  2. And your point is?

    I said some are witnessing reductions, which they are.

    I also said some remain unsold, which they are.

    Check out Sanderson Young and Lime Sq Discounts

    I think it is pertinent to comment on these, as they are substantial slice of Newcastle's housing stock. Sure, they aren't my cup of tea, but if the impact effects the market, I am damn sure I'll be paying attention to them.

    Look further than the end of your nose. These impact market sentiment in Newcastle and also introduce negative equity, something rarely seen in the last 10 years.

    Thanks for posting the link to the discounts, but the prices don't seem like discounts to me weighing in at well over £200 per square foot, before you spend £12000 for your parking space.

    I remember when they were giving away the ahem FREE :lol: mini, the cheapest 2 bed was £200k, sorry £199950 :lol: and I think that included a parking space.

    Now the cheapest 2 bed is £180k if you take a parking space but you don't get your mini :(

    It is common for developers to offer pretend discounts on overvalued new build prices they have already dreamed up for the novice :P investors wellbeing.

  3. It seems as if there is some sort of movement downwards at the moment, particularly in new-ish build flats. In the hectic final swoop for developers to make as much money as possible a number of developments have been thrown up hastily. They tend to be in slightly worse areas and have that air of slightly lower quality.

    All of these new builds, all shiny and fresh, being bought at a premium because of their image and newness. Think in a year or so time, when the sheen has worn off and these places begin to look a little grubby. A saturation of 'executive city lifestyle' apartments.

    If the housing market dips, the older established properties in good areas will be the last to suffer.

    I believe that the following developments will be the first to show signs of downwards movement in prices. Some are already witnessing reductions, as I'm sure most are already aware of.

    The Bar

    Knightsbridge Court

    Baltic Quays

    Ochre Yards

    Curzon Place

    Lime Sq.

    Some of these developments have apartments that still remain unsold. Sanderson Young list quite a few of these. I pity the poor souls that have bought into the marketing of these places. Lest we forget the beauty queen's "free" Mini Cooper with the 2 year search for her perfect Lime Sq. apartment last year.

    Yes the facts back you up :lol:

    http://www.houseprices.co.uk/e.php?q=+Lime...1+2BN+&n=10

  4. Looks like North Sheilds is NE29 and NE30

    average sold flat prices have been falling/level since late 04, however they

    are well up on late 03 prices.

    http://www.home.co.uk/guides/house_prices_...=ne29&all=1

    http://www.home.co.uk/guides/house_prices_...=ne30&all=1

    She either bought at a low price or the valuation is too high

    Not according to the LR, prices are rocketing :lol: , marry the bitch :P and take half :D

    http://news.bbc.co.uk/1/shared/spl/hi/in_d...s/html/ck.stm?f

  5. Which bit?

    Falling prices are not becoming apparent in sales yet in NE1, which includes the quayside, in fact prices seem to be rising over the last 2 years, although the volume of sales has fallen.

    Maybe the falling prices are wishful thinking on the EA's part, as he may have a load of these on his books with inflexible vendors.

    We've heard a lot about oversupply of 2 bed apartments, but it hasn't translated into falling prices in NE1 according to the Home data, who recorded falls in the Uk as a whole last year.

    So what is going on?

    Any theories? :huh:

  6. Newcastle on Tyne - Tyne &

    Wear

    Edward Watson Esq BSc FRICS,

    Edward Watson Associates

    “A slower month possibly

    reflecting the imminent summer

    holidays.”

    Newcastle upon Tyne - Tyne and

    Wear

    Nick Lansberry Esq FRICS, Foster

    Maddison Property Consultant

    “Activity in the suburban market

    has risen notably, with short

    supply creating upward pressure

    on town house prices. However,

    Quayside Apartments are

    suffering from over-supply and

    falling prices.”

    I have highlighted the part about the Quayside in red, as it confirms what we have been discussing on this thread recently.

    SpoonUnit

    Not really backed up by this is it:

    http://www.home.co.uk/guides/house_prices_...mp;endyear=2006

  7. It looks clearly like a repossession to me. Look at the last page of the pdf sales brochure- it is being sold by Halifax (Connected Interests section). I would guess that the buyer thought they were going to replace the probably very ordinary fitted kitchen and bathroom with some luxury gear and then sell the thing on to some millionaire. I guess they just run out of money. How much must the mortgage payments have been !!

    I am surprised that Halifax are trying to sell it as is though. I thought you were not allowed to sell a house without kitchen and bathroom as it is considered uninhabitable?

    Anyone know if there have been many more repossessions in the quayside area such as 55 degrees north, Baltic Quays, High Quays, Curzon Place etc. This will surely be the sign of a big crash in the newcastlegateshead area.

    I know one mate who rents in curzon place who is being evicted due to his landlord being reposseded, same with a mate in a very nice area of jesmond, The dude who is buying the reposseded property in jesmond is buyng all 7 reposseded properties from the same landlord. Obviously cash rich and very time poor :lol:

    Wouldn't have a clue what it will fetch, but if they are putting it on the market in that state the seller must be desperate.

    Why not fit it out?

    Whose going to view it and get the story??

    Sorry got to knock 20k off it for no kitchen, not that a kitchen is worth that but any punter

    who didn't see a kitchen would be like a car buyer who didn't see wheels on the car :o

  8. How weird is that, I wonder what the story is there? My bet would be that the apartment has remained vacant since SOLD in 2004 and that thieves posing as workmen have stolen the fixtures and fittings.

    I'd make them an offer of £275k and I'd consider that to be generous! :lol:

    I have been in them, posing as a prospective tenant, and they are worth more than that, they have 3 bedrooms and are duplex.

    Then again they are in Gateshead

    £360K I reckon.

  9. Possibly supports the claims made by "SEAMASTER" that most of the development is occupied by OOs rather than BTLs?

    Interesting weathervane for similar developments in the city though?

    Welcome back seamaster :P , don't let the oldie know youre posting under a different name or he'll troll you :o

  10. classic 21st century television... if you made it up no-one would believe you.

    I missed the beginning - who was the old bird who bought the two Bentleys? She was desperate to get a film made of her life story. With Renee Zellwegger playing the leading role opposite Johnny Depp. :huh::lol:

    She didn't explain why her life was worthy of a film :huh:

  11. New home buyers hit hard as repayments soak up 33pc of pay

    FIRST-time house buyers are in danger of being priced out of the market, spending almost one-third of their income paying off the mortgage.

    They are now spending €1,335 on average on mortgage repayments, but this could rise to €1,505 because of rising rates, and house price inflation, according to research by EBS Building Society and DK Economic Consultants.

    The new research shows that average net monthly repayments for first-time buyer couples in Dublin are a much higher €1,700.

    Interest rates are due to rise tomorrow with an expected hike of between 0.25pc and 0.50pc.

    A 0.5pc increase would add €56 to the monthly repayments on an average €200,000 mortgage.

    Jitters about interest rates helped send share values crashing by €3.7bn on the Dublin stock market yesterday as investors scrambled to lighten their exposure to company shares.

    Mounting concerns about US inflation figures and growing uncertainty on interest rates were among the main factors in the slump.

    The stubbornly high oil price has also undermined investor confidence and jolted company shares.

    In the past month alone, the Dublin market has fallen by close on 9pc, wiping out all the gain been built up this year to date.

    Further rates rises are expected in the autumn.

    That could push the standard variable mortgage rate up to 4.55pc by the end of the year.

    Ahead of the expected interest rate rise, more than half of first-time buyers are already being forced to cut back on spending on lifestyle items like socialising and luxury goods.

    Half of those buying a home for the first time also find themselves spending more on fitting out the house than they intended, the research confirms.

    Economist Annette Hughes of DK Consultants said house prices and interest rates were combining to push first-time buyers out of the market.

    House prices could rise as much as 10pc this year.

    "We are approaching the peak of affordability. I would be worried about affordability.

    "The current level of house price rises is not sustainable."

    The average first-time buyer is now seeing 27.23pc or €1,335 a month of their income go on mortgage repayments, up from 23pc in 2000, according to the new EBS/DKM Affordability Index. In Dublin, 32pc of net income, or €1,678 a month, is being used to service home loans for new buyers.

    However, the compilers of the index have predicted that by the end of this year, first-time buyers nationally will end up using 30pc of their income, or €1,407 a month, to pay down for their home loan.

    Dublin-based first-time buyers could end up paying 35pc of their income or €1,866 on their home loan.

    Trends over the past 10 years show a major deterioration in housing affordability for first-time buyers.

    Since 1996, house prices have increased threefold nationally and almost fourfold in the Dublin region.

    With mortgage interest rates now on an upward path and further increases likely, the new index also demonstrates the adverse impact of net mortgage repayments.

    Ms Hughes added: "While the amount of any individual rate increase may not impact significantly on borrowers, combined increases in mortgage rates over the next 18 months could have a significant impact on housing affordability."

    It is expected that 47,000 first-time buyers will take out a mortgage this year with the average price nationally at €292,000 and €388,000 in Dublin. New buyers are expected to collectively shell out €8.5bn this year.

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