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Designer1234

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  1. Since 2010, several luxury apartment blocks have been constructed along City Road, between the Old Street roundabout and the Angel. These include the Canaletto Tower, 250 City Road, The Lexicon (Chronicle Tower), The Eagle (Eagle Point), The Atlas Building, Bezier Apartments and others. These contain units that in many cases sold new in excess of £1M and often significantly more for those on their upper "penthouse" floors. The latest Land Registry Monthly Price Paid Data for May 2019 was released a few days ago on 28 June. I spotted what seems to be a huge loss on one of these developments. The Canaletto Penthouse (Flat 2901, 257 City Road, London EC1V 1AF) First sold £7.62M, 19/10/2018 (Source - Rightmove - House Prices in EC1V 1AF) Resold, £2.13M , 06/03/2019 (Source - Land Registry Price Paid Data - Single month May 2019) That would seem to suggest almost a £5.5M loss, in less than 5 months - wow ! Does anyone have any more background info on what happened here?
  2. Staiths Southbank, Gateshead - Incomplete block of flats I'm surprised this one hasn't apparently been discussed before. I notice this skeleton of a block every time I cross the River Tyne by the Redheugh Bridge. It's at the eastern end of the former Wimpey Staiths Southbank site, on the Gateshead Quayside, not far from the Metrocentre. The block is incomplete and has the appearance of being abandoned. There are no fittings, or machinery to be seen and even the site hoardings are now starting to fall into disrepair with paint fading. It seems to be have been in this condition since around 2008 or maybe earlier and could be said to be an example of the current situation in UK property. Does anyone have any more background info on this? It is an eyesore in its present form. Presumably Gateshead Council would have to consider demolishing it in the future if the structure starts to degrade in the elements. It's presence may be affecting the ability of neighbouring properties in the development to sell. Photo 1 Photo 2 Photo 3
  3. Some thoughts for Newcastle / Gateshead First-Tiime Buyers in Autumn 2010 Note: None of the following is professional advice, just personal opinion - use at your own risk. I spoke with a young friend over the weekend who announced she was viewing a 2-bed quayside flat, her intention being to "get on the property-ladder". I asked if she knew if it was a repo, what the previous sale price had been and what neighbouring properties were worth. She knew none of this but was confident in this first step being one to secure a better future. I told her there is no excuse these days to be unprepared and unbriefed on any of these attributes. I also said it was a very bad time to buy as the only way prices are going is down at the moment. I was shocked by her enthusiasm to buy and want to remind all viewers of this thread how much we are still overvalued. Here's an example from today: 79 King Edward Street, Felling, Gateshead, NE8 3PR This popped up on Rightmove today, going to auction on 18 Oct 2010 with a guide of £32K. Of course, estate agents have historically hid and continue to hide the property number and sometimes the street. We need to identify the property first in order to find out more about it (without calling the agent). Although I've given you the street and door number above, at this point from the Rightmove advert, you know neither - the agent is simply advertising it as a generic felling flat. The first thing to do is look at the map and external property image on the Rightmove page for distinguising features - in this case the front door colour and the alarm box hanging off. Also notice the stepped roofline, suggesting that this street is on a hill and to the left is lower. This will help us work out what side of the street it is on. We can also see that the property is shown as being on King Edward Street, albeit on the west side. Remember, a postcode will only identify a location to within half a street or so. Next visit Google maps website at www.google.co.uk. Enter King Edward Street and zoom in to a similar position on the street to the map location that Rightmove showed. Now click on the Streetview button. We can now see the King Edward St is indeed on a hill, running north-south, with the high end being at the south. Thus our house must be on the east side. A few seconds moving up and down the street finds our house here. Next we need to work out the door number. If we are lucky we can zoom in and read this. In this case it is a bit blurred. Thus, move up and down the street whilst in Streetview mode until you find a door number you can read. In this case, one door to the left is clear and this is number 77. Thus, by deduction, our property is number 79 King Edward Street. Now the last stage is to put this into www.houseprices.co.uk . Doing this gives us all this information. We can see this flat is a good example of the last decade's property bubble. Topping out at £65K three years ago in 2007, the flat climbed up from just £10K in 2000. Remember, this is not the 1970's or 80s, it is the year 2000, only ten years ago ie modern times and very recent. If the flat had gone up by a respectable 5% each year it would still be worth less than £20K. Does this give you an indication of what price level is normal for this area? The auction guide price gives a huge 50% discount on the last sale price, but it is still 320% of the year 2000 value. One final example of affordability and sustainability. I was in the Metrocentre over the weekend and looked briefly at the vacancies board. All shop work for quality chains, but in the main paying £6.70 per hour and not always for a full week. If we assume a young potential first time buyer who wants to live fairly near to the metrocentre did 40 hours per week for £6.70, this would give them and annual salary of around £13.9K. Finally, in this property's case, the agent has given us the auction link www.agentspropertyauction.com - from this we could also get the property location and then research as above. This will also let you see the actual sale price achieved after 18 Oct. So, nNegotiate hard people and remember most tyneside flats in NE8 went for between £10K and £20K in 2000 - the evidence is freely available - use houseprices.co.uk and choose any street. Hope this helps - Good luck !
  4. Haha, isn't Google streetview great. Have a look here. Just use your arrow key to scroll around to the right and see what the outlook is from these luxury flats. The back isn't much better with what looks like a classic run down council estate. I note there is one flat on sale here on Rightmove (NE24 1LD) for £27K.
  5. Blyth new-builds crash - Northumberland Court, NE24 1LD Here's another example of the scale of losses being encountered locally, lot 71 from the results of the 27 July 2010 Barnard Marcus Auction in London. 11 Northumberland Court, was sold new in May 2008 for £165K. Just 26 months later it was sold at auction in July 2010 for £27K. That's a shocking 84% crash, equivalent to losing £5,300 every month, before mortgage repayments ! Just how did anyone ever believe a FLAT to be worth £165K in Blyth where the average salary is probably around £14K.
  6. Mate, keep up ! Scroll up just a little. Over two weeks ago, from post #3124 we discussed this one ! That said, I think you might be right in your last sentence.
  7. Meow is absolutely correct. Whilst I bought my new build lego brick in 2001, I had been looking at Gateshead Tyneside flats in 2000. I still have many of the Estate Agents sheets with house numbers, photos and prices from the time. I was considering scanning and posting them here and elsewhere just to prove to people how mad things got and how far we still have to fall. Of course since those days (albeit quite recent) we have excellent resources like http://www.houseprices.co.uk. Just pick a street in Gateshead and go to the LAST page of results which will have sale prices for 1999/2000. £10K for a house was common.
  8. Cameronian Square, Worsdell Drive, Ochre Yards, Gateshead NE8 - Heavy price falls continue in 2010 2 bed Flat number 11, was £170K new in July 2006. 48 months later in August 2010 it might be going for £90K. Also detailed here . That's an £80K fall, or £1,600 per month loss, before considering mortgage costs. Spirits must be low among the owner occupiers of the former Greensfield Railway siding site with news like that. Anyone else have any info on how hard or otherwise it is to sell down there?
  9. Thanks for that Physics34 More on The Turnbull... Brochure Original website from 2001 - the website at the domain theturnbull.co.uk is now unused
  10. Turnbull Building, Quayside - Apartment "loses" £0.5 million in 7 years This was the flat that I believe Sting was rumoured to have been interested in and was billed as Newcastle's first 1 million pound flat at the height of the boom in Autumn 2003 - here featured in BBC's Inside Out series. Now in July 2010 it's up for sale at a guide price of £495K - offers could possibly be substantially less than that. Looking at the photos it looks like it has never been occupied, or indeed sold - so the loss is only on paper. Does anyone know any more about this one?
  11. Northern Rock makes 650 job cuts by end of 2010 Reported on BBC Look North, more this evening. Here we go, may this be the start of Newcastle's HPC double dip? Edit: On BBC News web site
  12. Tyne Bridge Tower to be demolished I note that (by following the link at the bottom of all my posts) Gateshead Council are applying to demolish the above tower block which blights the south end of the Tyne Bridge and spoils the vista of the Sage, Church and River. Whilst originally set to be demolished when the quayside plans were being formed, a mad plan to convert it to flats with parking spaces for bikes only was submitted a couple of years ago at the height of the boom. Fortunately the developer got cold feet at the 11th hour and withdrew. Demolition is by far the best option, but might also reflect the degree of normality returning to the plannning dept. Planning application for demolition Should also be a lttle bit of good news for the owners of nearby flats who will not see the over supply further increased.
  13. The thing is , they're not really delusional at the present. All the big falls, and there have been plenty on the quayside as I have reported in the Newcastle thread will in large have been due to repos - not many can survive a £1000 per month mortgage for a few months when there's no one to rent it at that price. Thus the HPC is stalled here until the next group of people,those who NEED to move(probably to take a job elsewhere in the country) are eventually forced to yield and accept a lower price to get a sale. I do believe we are seeing examples of this in St James Village, Felling (Sanderson Villas is a prime example). People seem to have given up trying to get over £100 K for a two-bed new build. Sanderson Villas and surrounding 1/4 mile
  14. 2010 Prices crashes at the appartments, Mill House, Hannover Street, Newcastle, NE1 3AG A further sale showing a loss has filtered through to houseprices.co.uk from this 2008 new build development Appartment 6 sold in March 2010 for £125K, just 18 months after it was bought new in Sept 2008 for £170K. Thats a 26% or £45K crash. Appartment 3 in the same block sold late last year with a similar fall. On the whole, prices in the quayside area seem to be stabilising at the £100-£125K level for 2-beds. Although I expect further falls may happen, it may be some time, till base rates rises start kicking in, that we see the quayside 2-bed microflats selling at a more realistic (based on local earnings) £45K-£70K range.
  15. Ha ! Can you believe it. Not content with selling for astronomical prices, it seems in order to save a few £hundred, these Romulus Court townhouses have been sold without doors on the garage !!!!! Where will it all end ?
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