Jump to content
House Price Crash Forum


New Members
  • Content Count

  • Joined

  • Last visited

About freshapproach

  • Rank
    HPC Newbie
  1. Why is that area is so cheap? That house would be easy £100k more where I am. (Yorkshire Aire Valley)
  2. Bought for £345,000 19 December 2006. http://www.houseprices.co.uk/e.php?q=48+bd17+7ej&n=10 Sold for £160,000 at recent Andrews Robertson auction on 5 June 2008. http://www.a-r.co.uk/ResultsLast.aspx - click on lot 169. I make that a loss of £185000 over just less than 18 months, over £10,000 per month, its the worst (or best!) I've found so far.
  3. Even the one taken off sale only says reserved Imagine you bought the only one sold, you wouldn't be feeling too good right now. On the positive side there would be no noisy neighbours to worry about and plenty of car parking!
  4. "EnVISION living in stylish, sophisticated apartments...right for modern living. Right for you. Designed and built to excite, The Vision will be a vibrant environment that will be the focal point of residential life in Bingley as the town centre undergoes an epic journey of reinvigoration and urban renaissance." Their words not mine. Be quick only 99 out of 100 remain for sale, I think the site is well on it's way to being finished. http://portford.co.uk/developments/availability/6
  5. Just had an offer of £105 below asking accepted, almost 30% off.
  6. There's no run on B&B, main branch in Bingley just after 9am today, absolutley no queue whatsoever.
  7. Try pushing for a larger discount, keep asking for more until they say no, unless you're embarassed by your offer then it's too much. Have just acheived £105k off a new build representing almost 30% off an asking price not out of line with recent sales and other comparables.
  8. Time to make the builders an offer? http://investing.thisismoney.co.uk/cgi-bin...tory_id=2100372 RNS Number : 3689U Barratt Developments PLC 14 May 2008  14 May 2008 Barratt Developments PLC Interim Management Statement Barratt Developments PLC (the "Group") is today publishing its Interim Management Statement covering the 19 week period from 1 January 2008. As announced with the interim results on 27 February 2008, the Group made a relatively encouraging start to the new calendar year. However, since the end of March, market conditions have deteriorated significantly as a result of an unprecedented reduction in mortgage availability and tightening lending criteria, combined with a decline in consumer confidence. Total housebuilding revenues for the 19 week period to 11 May 2008 were £825m compared to a prior year pro forma of £893m, a decrease of 7.6%. Completions were down 5.5%, with an increase in the proportion of social housing to 18%. Net private reservations per week averaged 276 over the period - an uplift of 13.1% compared to 244 for the first half of the financial year, but down 33.6% against the prior year proforma. Whilst the first 19 weeks of 2008 produced a relatively robust completion and revenue performance, reservation rates were disappointing when compared to a very strong prior year selling period. In particular, there has been a significant fall in net private reservations per week since the end of March, with an average of 206 over the last 6 weeks. Cancellation rates since the beginning of the calendar year have run at c. 25%, broadly in line with the medium term average, although we have seen an increase in cancellations over the last six weeks. The forward order book currently stands at approximately £1.56bn as compared to a pro forma of £2.1bn in the prior year reflecting the lower sales rates currently being delivered. Current market conditions are impacting to varying degrees on regional performance, with the Midlands and West worst affected, whilst the London and South East markets are proving to be relatively more resilient. The Group continues to benefit from a broad geographic and product mix and a targeted exposure to the London market. We are seeing greater pricing pressure across all regions and increased sales incentives are being required. This will have a small negative impact on operating margins in the current financial year. New sites are only being started on a highly selective basis where we have clear visibility of demand and where work-in-progress can be particularly tightly controlled. Overall, we expect the number of sites to decline in the next financial year. We continue to make good progress in delivering the announced synergy targets of at least £30m in this financial year increasing to at least £60m in 2008/09, and are focused on ensuring that we run the business as cost effectively as possible in the current climate. The commercial development market remains challenging. We continue to focus Wilson Bowden Developments on realising cash from its portfolio and are exploring all opportunities to maximise value. We are making progress in selling existing stock units, and have also received a number of expressions of interest in the remainder of the business, although these are at a very early stage. The Group continues to operate within its £2.6bn of committed facilities and its banking covenants. Given the level of reserved and contracted sales, we expect net debt at the end of June to be approximately £1.7bn. The Group has now paid down, through re-financing, £200m of its £800m acquisition finance facility and on 26 April 2008 exercised its option to roll the remaining £600m of its acquisition financing facility for a further 12 months to 25 April 2009. The Group has agreements in principle from its key bankers to convert approximately £400m of the facility into a new two year facility with a one year extension option, which combined with the expected fall in land spend over the next financial year, effectively deals with the Group's short term re-financing requirements. This new facility is likely to be in place by the end of this financial year. Mark Clare, Group Chief Executive commented: "Despite the deterioration in current trading conditions, we expect to deliver a satisfactory outcome for the current financial year. "Against the difficult market backdrop, we continue to prioritise margin management and cash generation by focusing on efficient and effective selling, reducing costs, and tightly controlling land spend and work-in-progress. "We do not expect to see a meaningful upturn in the housing market until there are improvements in the availability of mortgage finance. We do, however, continue to believe the medium-term outlook remains strong given the restricted supply of housing in the UK." - ends - For further information please contact: Barratt Developments PLC Mark Clare, Group Chief Executive Mark Pain, Group Finance Director For analyst/investor enquiries, please contact: Barratt Developments PLC 020 7299 4880 Susie Bell, Acting Head of IR For media enquiries, please contact: Weber Shandwick Financial 020 7067 0700 Terry Garrett / Nick Dibden / James White This information is provided by RNS The company news service from the London Stock Exchange
  9. http://www.londonstockexchange.com/LSECWS/...&source=RNS Regulatory Announcement Go to market news section View chart Company REDROW PLC ORD 10P TIDM RDW Headline Interim Management Statement Released 07:00 13-May-08 Number 2391U07 RNS Number : 2391U Redrow PLC 13 May 2008  Redrow plc 13 May 2008 INTERIM MANAGEMENT STATEMENT Redrow is releasing the following statement regarding current trading and its financial position, which constitutes an Interim Management Statement for the period from 1 January 2008 to 12 May 2008 as required by the UKLA's Disclosure and Transparency rules. As we had highlighted in our Interim Results announcement on 28 February, and in previous trading updates, our expectation that 2008 will represent a more difficult trading environment than experienced for many years has materialised. Both sales activity and net selling prices have come under increased pressure due to the prevailing market conditions and in particular the severe restriction in the availability of mortgage finance. As a result, the trading environment has deteriorated to an even greater extent than we had anticipated at the time of our Interim Results announcement. As at the end of April, our order book in the Homes operations was 26.5% down on last year. In the second half of our financial year, net reservations to date have been running at just under 50% below the levels secured in the same period last year. This partly reflects our cautious approach to the use of part exchange and shared equity or deferred consideration incentives. Lending criteria continue to tighten as the range of mortgage products becomes further restricted with more onerous loan to value requirements and increased borrowing rates and fees. Mortgage approvals are showing sharp declines as compared with the prior year data which, coupled with heightened concern about the ongoing credit squeeze in recent weeks, has further eroded home buyer confidence. Until recently, cancellation rates have been running at just over 20% but we have experienced a marked increase since Easter. It is becoming increasingly difficult to predict accurately reservation and cancellation rates. Taking the above factors into account, legal completions in the financial year in the Homes operations are currently expected to be approximately 10% below our previously expressed view. We also indicated in February that net selling prices after incentives were under pressure and this has intensified as we have gone through the Spring market. This will be reflected in weaker gross margins on homes sales in the second half of our financial year which will be partly offset by improved overhead recovery. We still expect that our full year land sale profits will be at a similar level to last year. To manage these developing pressures, our short term business strategy is focused on stringent control of our cost base and effective management of cash flow. Site and office overhead costs in the business remain tightly controlled to reflect lower levels of activity and we have made additional headcount reductions in the last few months. Our strength in central procurement coupled with our long term partnering approach with our suppliers and sub-contractors is delivering build cost reductions. We are continuing to take a very selective approach to land transactions until the outlook for the housing market becomes clearer. Our main area of activity in terms of land relates to identifying longer term land opportunities and promoting our forward land bank through the planning system. Once the market returns to more normal levels of activity, we anticipate there will be pent up demand and a shortage of outlets to meet the Government's aspirations for delivery of new homes. This should be a positive for the industry in the future. As a result of our size, Redrow secures benefits from its strong executive team working closely with their valued and experienced colleagues at the operational level. We employ short lines of communication to ensure commitments to infrastructure expenditure and release of units for construction are tightly managed. However, the recent further deterioration in the sales market will influence work-in-progress levels at the year end such that we now expect our gearing as at June to be slightly higher than we had previously expected. We are currently operating with net debt levels well within our committed bank facilities of £480m which are available until at least October 2009. The market conditions we are experiencing are largely being driven by mortgage availability. It is difficult to assess how long the sharp reduction in sales activity will persist or the extent to which house prices will be affected. We continue to pursue all opportunities to generate value for shareholders in the medium term. We are maintaining the focus on our design led approach to product that we believe will drive value and will differentiate the Redrow business when confidence returns and markets improve. Enquiries: Neil Fitzsimmons, Chief Executive Redrow David Arnold, Group Finance Director 01244 520044 Patrick Handley/Jayne Rosefield Brunswick 020 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange END Close London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. ©2008 London Stock Exchange plc. All rights reserved
  10. Bull Market from Wikipedia A bull market tends to be associated with increasing investor confidence, motivating investors to buy in anticipation of further capital gains. The longest and most famous bull market was in the 1990s when the U.S. and many other global financial markets grew at their fastest pace ever.[4] In describing financial market behavior, the largest group of market participants is often referred to, metaphorically, as a herd. This is especially relevant to participants in bull markets since bulls are herding animals. A bull market is also described as a bull run.
  11. Appreciate all the comments, this is a tough one. 25% is pretty significant and I'm not in the doomsday club, I just cannot see quality family homes in quality areas dropping by 40/50/60%. Other property types in questionable areas maybe. It's the first quality family property I've seen with such a large reduction and that's after trawling the property sites daily for years now. If it's the first of many then there's no rush to buy - only time will tell. Viewing later on....
  12. I'm a recent STR on my home, have just signed up for a rented property. Had intended to sit this out for a year or more before buying back in. Until Friday. A large family semi we had our eye on had been on right move for a while at £300,000, was 'reasonable value' compared to other properties currently on the market given it's location, size and condition etc. This property had been taken off the market and now has reappeared at £225,000, on enquiring with the agent it's a repossession, we're going to see it Monday. In my eyes a 25% reduction is pretty impressive, already it's not far off the worst crash predictions on the home page and well in excess of most of them, I'm really tempted to buy back in now. Maybe there will be even bigger reductions in a few months, maybe not.... What would you do?
  13. A few months back I found a link to an estate egents diary/blog which was updated weekly and was funny, truthful and anonymous. Have tried searching the site again and can't find it, anyone got a link?
  14. Yes, have a look at this link: https://www.share.com/webp/practice_account.htm
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.