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House Price Crash Forum


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  1. I got the Cornishman newspaper today and sure enough there was a stark increase in asking price reductions on some properties. One property in Mousehole, which has been on the market for at least 18 months, started marketing at £230k and is in the paper today with a price tag of £199k! This particular property may have a flying freehold on it as the next door property's window extends over this ones hall. Another one in Penzance which has previously been on at £250k approx is now reduced to £215k. There are at least 5 or 6 more this week with many actively promoted as reduced in price. This may not be indicative of a crash but certainly suggests that vendors and agents are realising that they won't achieve the hiked up prices we have been seeing over the past 2 years. St Ives is the only place that actually seems to be holding the high prices. There is a newly listed 4 bedroom cottage in Sancreed with satbles and 6 acres of land with a guide price of £365k. This probably would have been on at over £400k had it been listed last year. Of course if property in Cornwall does come down it may help first time buyers but it could equally attract more relocators so the effects may not be as positive for those in depsperate need as we would hope. Mind you, the prices are still too high for most first time buyers even with this type of reduction. When you think that only 6 years ago you could get a decent sized family home in West Cornwall for between £50k and £85k the prices here are still massively inflated.
  2. I must admit I don't think there will be a huge crash. I think what may indeed happen will be that it starts to take longer to sell a house and that sellers who do have large equity will possibly drop their prices according to how quickly they want to sell. It does seem to still possible to obtain asking price if one is prepared to wait. And it does tend to be the houses which are very developed that ask the unrealistic prices. Those houses that are in a good location or are special in some way often achieve more than asking price and tend to be snapped up. These properties certainly won't be likely to drop in value. Realistically priced property will also usually sell quickly. Those that will be looking at dropping abit off the price will probably be those who have either overdeveloped their houses leaving no room for future additions and, equally, property needing lots of work. With the rise in repossessions there will be auction bargains, but sometimes lenders sell repossessed stock on to companies who rent out affordably for a few years then sell on when prices have risen again. This was often the case with repossessions in London and the South West in the 90's because I rented one of them off a company who guaranteed me 4 years tenure. I agree with Beachbabe that parents who have good equity can and should help our kids onto the property ladder in the future. That is what I am hoping to do. Prices probably won't see the same sharp increases as we have seen over the past 5 years but they will probably hold and creep up slowly until the over-inflated affect we are seeing comes into line and then we may even see sharp rises again in 10 years, who knows.
  3. There are definitely people who do come to Cornwall without getting their kids into a school first! I have met several. There are also people who buy mobile homes as a foot in Cornwall and then find they are homeless part of the year due to the holiday park lease restrictions. Unfortunately the County Council won't keep village schools open on the basis that families would move in, increasing the numbers again. They are set on amalgamations and many village schools will probably close. I agree RCH is a reasonable hospital and I personally have no problem with where it is situated but if they close St Michael's and/or WCH or significantly reduce services, this will impact on everyone here, whethere newly relocated or not. I think it is essential that we who live here make the case for consideration to our growing population to be a factor when central government funds are allocated and a public march in Hayle soon is a demonstration of how worried people down here really are. Property in St Ives is fairly quick to shift but then again I know of several which have lingered on the market for 2 years plus. I personally welcome the idea of places like Downalong becoming proper homes again, instead of holiday homes as most are now. But then you used to be able to buy a place in Downalong for under £100k and now they are fetching £200k, £300k and the like as it is so trendy. IT and green technology are our future here, as well as tourism. But we need the infrastructure in place to accomodate the extra people these initiatives will bring. This is what the next round of EU funding is for. I just want people to be given all the facts. Relocation agents, as estate agents, will always paint a rosey picture because it sells houses to do so. If people seriously want to relocate they need the facts so they can plan effectively. I totally agree Cornwall is a super place to live!
  4. I am a newbie but have watched the housing market with interest for a bout 6 years now. I am extremely worried about Cornwall. It is evident that, whilst estate agents are overvaluing, houses are not shifting fast. The only properties I know are shifting are realistically priced ones. I have seen some properties on the market for 2 years plus. My main concern is the 'con' which is potentially going to affect those of us who already live here even more and also those planning on relocating or retiring here. I call it a 'con' because Cornwall is actively being marketed as a dream retirement and relocation destination by those who offer relocation services and certain agents. One website, www.propertiescornwall.co.uk have a bit of worrying blurb. They say, 'Relocation is becoming very popular...' and list all the great things, like the environment, (pre-incinerator!) and lifestyle opportunities. They go on to say, 'Although a small county', (sorry it's a Duchy!), 'all the amenities required for modern life can easily be found, broadband, leading brand supermarkets, good schools and healthcare...' Our schools are in the process of being amalgamated due to the notion of falling rolls. Village schools, like Lanreath I believe, are being threatened with closure. The county council already gets loads of transport appeals from people who have relocated down here and then find they can't get their kids into a local school. Education transport I further believe is possibly the biggest or one of the biggest county council expenditures already. Where and indeed how are all the children whose families are planning to relocate to the good life going to go to school? Good healthcare? Ridiculous! Not to disrespect all those who do a wonderful job with shoestring budgets within health, but RCHT is millions of pounds in debt! We are being threatened with closures and reduction of services to some of our smaller hospitals like St Michael's in Hayle and West Cornwall Hospital in Penzance. How is this going to affect those of us already here not to mention the 109,000 older people forecast to retire here over a 10 year period? (This was in the final speech of former leader John Lobb at the last meeting of last term's county council). Why is Cornwall being actively marketed as a retirement and family relocation haven when our services are about to collapse into meltdown? This is totally unfair to those who live here and to those who think everything will be wonderful if they relocate. The emphasis on relocation is a major driver of over inflated house prices in Cornwall which is in turn the biggest cause of first time buyers and local families being priced out of the market. I dare say it is probably true of other coastal and rural areas, but Cornwall is really being pushed as the retirement and relocation destination of choice. These are fundamental things. If families move down and cannot get children to school this can be the kind of thing that causes major stress. Many people I know who have relocated down with a partner have broken up due the problems they meet that they were not anticipating. Business and work wise it's difficult to ensure all year 'round income, kids have to be driven miles to school, possibly no family support while they are finding their feet in a new place etc. With regards to older people, underfunded and overstretched resources can result in lowered life expectancy or even death at the very worse end. It is completely unfair to lead people to believe that they are moving to a wonderful life full of sand, sun, sea and services when the reality is we can't cope with the changes to our demography without major funding boosts from Westminster. The trouble is if you talk about trying to make people think twice about moving down you are accused of being anti-incomer, yet people should be given all the facts. They should have to stop and think, what if I can't find a school? or Can I cope with only one A+E dept an hours drive away? otherwise you are enouraging people to take chances that could seriously adversly affect their lives. I am certainly not a nationalist, although I freely admit I believe Cornwall is constitutionally and culturally distinct. Many moons ago I, too, relocated. It can be hard, I speak from experience and I think the major problem with our house prices being so high here is that Cornwall is far too actively being promoted as a dream relocation destination. I just hope the dream doesn't turn into a nightmare. Sorry to have waffled on!
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