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Jezza

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  1. I saw the auction listing in advance, and similarly reckoned that these units were not goiing to sell at prices like this. Nor am I surprised that the auction houses may be getting the "chandelier" to bid for them at a time like this. But..... I'm potentially interested in buying a bolt hole in either the quayside area (south or north), or in the city centre in the near future. I've recently noticed (although looks tiny) the Blackfriars Court studio apartment that's mentioned by Lady Fotheringay (above) - on with S Mains auctions at £50K guide) , and also a 50% share in a two bedder in the Chare (S Mains - EA) at £50,000 - for the half. Obviously there will be many more like these all over town and some will be fire sales - does anyone have any thoughts about where/how much would be sane at this time? My reason for looking (I know this place; some may not believe me but it's true anyway) is that I have the means to pay cash up to about £70K, and I'm currently living in a relatively unmodernised but large and comfortable maisonnette in Bensham - which I'm modernising. Not sure which kind of living my partner and I will want in the long run, and thinking the time might be nearing the time when we could buy an apartment at a sensible price, and decide later where we want to live.
  2. 55 Degrees North still selling - 20% over reserve.... http://www.auction.co.uk/residential/LotDe...amp;S=C&O=A from latest Allsop (December) auction results http://www.auction.co.uk/residential/pastr...amp;O=A&P=5
  3. Interesting - I was born and raised in Surrey, but moved after Uni (Newcastle) to the north east. I still like London for the buzz it's got, and am lucky enough to go there regularly at my company's expense, but got to agree - it's a stressful place to live, and everytime you step out the house it costs you a tenner. The property here on Tyneside is the cheapest in the country but - here's the rub - much of it is exacly the same bricks and mortar as anywhere else, and my quality of life is a damn sight higher here than it would be in the south. I can walk into Newcastle city centre in twenty minutes. There are parks and pubs nearby - it's fine. Of course the region has its fair share of urban hellholes (and new-build city centre/riverside ghettoes-to-be) - but they're not my problem. More to the point, I used to work in Redhill - anyone who's been there will know what I mean. The original chavscum town, in the heart of the commuter belt.....
  4. Exactly. Time and space is what these institutions would be buying here – and a margin in it for them somewhere along the line as well.
  5. Other way round for me - I'm a Surrey boy who's lived on Tyneside, on and off, for more than fifteen years, and like you I love this town. The piece of land/estate in question is indeed prime in location terms and I'd be delighted if it were brought back to a standard that reflected its important placing in the town. I still can't understand why a building as modern as the old Bank of England office was allowed to deteriorate so quickly (it's just a toilet for winos and returning Bigg Market lowlife now), or why the strtet itself was left to rot. But if they get it back, the whole town will be a better place, and the main drag and the Quayside will have been properly connected with each other for the first time - that's got to be a good thing. Oh - and can we deal with Commercial Union House at the same time? - it's a disgrace.
  6. That programme was the usual modern Panorama crap shadow of a formerly great TV product. Skipped blithely around, bits and pieces of everything, didn't know whether it was talking about sub-prime, poor regulation, fraud, collateralisation, interest rates, poor people re-possessed, dodgy IFAs, you name it. Bleurggh. Hope Vine's being paid properly for topping and tailing such a cheap and cynical programme. Newsnight it ain't.
  7. Little nits like that have always been with us and always will be. Evolution will only take us so far before the cycle re-asserts, with another set of gullible prospects lining up to put a few quid his way which will sustain him for a while, only for the supply to dry, leaving him to flameout.
  8. Absolutely tragic, isn't it? Even more so when you reflect that the prices quotes will still buy a large flat or house in most parts of Gateshead - but they obviously think that they are buying a slice of Quayside living and are drawn the newness of the accommodation on offer (how big are the £100K one bedroom jobs, I wonder. And - "When residents want to sell their homes, BoKlok will sell them for them at open market value to another person within the intended client group." So they're only marketable if the builders can find a new buyer who's "acceptable," fits their "profile," to take the property on, at a "market price" to be determined by....... Dear God.
  9. From the latest (issued today) Halifax House Price Index: "The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices. Gross domestic product (GDP) increased at an annual rate of 3.1% in 2007 Q2, comfortably above the long-term average rate of 2.5%. The number of people in employment has risen by 132,000 over the past year and is at an historic high." I think the landing has prospects of being pretty feathery, and the current position could even be a pause before another upswing starts.......
  10. But from the same report.... "The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices. Gross domestic product (GDP) increased at an annual rate of 3.1% in 2007 Q2, comfortably above the long-term average rate of 2.5%. The number of people in employment has risen by 132,000 over the past year and is at an historic high." I doubt if very much is going to happen that's dramatic for quite a while, even up here.
  11. I have a clear interest because I live near Gateshead's town centre in the Bensham/Avenues area - but even the current Tesco is the only reason for going near the horrific town centre for many residents in the area. I'm pretty sure the new store, and the other (Tesco-led) developments hopefully coming before too long to the centre of town will be both profitable for Tesco and a benefit to the local community. Not saying Tesco are in it for reasons of altruism - why should they be? - but any improvement, however funded, to the scary dump the centre is now is going to be a good thing. And the "Get Carter" car park? - might as well chuck in Hitler's bunker from "Downfall" and Hannibal Lecter's cell in "Silence." http://www.yourtrinitysquare.co.uk
  12. I reckon markyh is in with a chance of making a few quid - and he’s pitched it perfectly, in my opinion. He’s knows it’s a punt, and the downside is “all gone and nothing left,” but if you know that when you go in, fair enough. The potential upside in my view is that the Board is still the same, no bidders (so far) seem in sight and it’s possible that the firm will just be allowed to trade its way back to something like financial health. I posted a new topic here the other day (which didn’t attract any responses ) which suggested, in essence, that NR may yet remain independent against most predictions, and emerge in due course as a reduced but still respectable bank and mortgage lender with a revised business model. The RAB investment and the large number of small purchasers of NR shares in recent days may or may not mean light at the end, etc., but there’s a chance. If they make it through the next few weeks, they’ll either trade their way back, or prospective bidders will need to pay more than they would today.
  13. I'm with Mr Smarter here. The market in the north east is still reasonably cheap by some standards (I’m talking relatively here, obviously). Yes, wages are lower but the multiples are lower too and people/couples in employment can still get on the ladder - maybe not a palace somewhere that’s green, but somewhere OK enough to make it worthwhile. The Scotswood stuff is sensationalism, pure and simple. Has no relation to most of the rest of the area.
  14. I may have missed something like this already said elsewhere on here, in which case, apologies. But…. I have a feeling in my water this morning that Northern Rock may just get away with it – by which I mean, remain largely independent after all. Here’s why: The share price has stabilised, even bounced back a little. Might be a dead cat, but the haemhorrage of deposits out of the business has, apparently, been staunched (we’ll see how much non “at branch” cash, non on demand money goes in the near future, admittedly). The reputation of the bank three days ago was toast, to use a word in common use here – but is it still toast today? The talk now is of depositors returning their money and avoiding penalties; the queues at branches have dwindled. Polls suggest the BOE’s guarantee to depositors has done the job Brown-Darling wanted in restoring a measure of confidence in the NR and the banking system in general. Applegarth and Co are in the business, first and foremost, of protecting and impoving the lot of their shareholders (cue hollow laugh). We know, he knows, everybody knows the old business model is history, but NR is, apparently, still solvent and holding a bundle of, apparently, quality mortgage business which is still putting money in the bank every month. Is it possible that the NR board will be allowed to try and trade their way out of this crisis and amend their model by increments? The shares, to be mercenary for a moment, might yet look cheap, undervalued and a buy at current levels, the more so as the company will remain a potential bid target for the forseeable. And if the UK follows Uncle Sam and cuts rates soon, is it impossible that the BTLs could knuckle down, ride the rising rentals wave and kick-start the whole show again, at least for anther couple of years? I could look ridiculous at any moment now (OK, maybe already) and if it’s sold for a quid at lunchtime I’ll shrug, get me coat and move on. Maybe a deal is already all but done; maybe the authorities won’t let NR go without securing human sacrifices – although surely if NR continued, chastenedly, on its way the authorities could claim credit for a rescue that saved the day for everyone. I think it’s just possible.
  15. Interesting point. But an IFA I spoke to before buying (not for investment) in Bensham, Gateshead, told me he had a number of very ordinary properties of his own, in Stanley, County Durham. Bought for peanuts (perhaps 20-30K a couple of years ago), given a lick and a spit every couple of years and let to DSS/Council-funded tenants, the rent for which covered everything and a bit more besides. Only one man's testimony, addmittedly, but it sounded plausible enough. Councils/DSS don't default on the rent and the entry prices are so low that the downside is almost zero. Point is – not all the profit’s made (when it’s made at all) in the middle and higher reaches of the market. For investors, especially smaller ones, the less obviously desirable areas can be a good source of start-up property and with lower risk attached.
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