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Auctions Still Leading Prices Down

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Lot 22 sold £74000 today sold for £125500 in 2005

http://www.countrywidepropertyauctions.co....ester.Jan09.pdf

our property

2005-06-2426 Broadoak Drive, Manchester, Greater Manchester, M22 8FW Semi-detached, Leasehold add details... £125,500

Down 41% from 2005, Whats the fall from the peak?

Edited by Itsalongwaydown

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Forget that, what about Lot 11:

Flat 5, 7 Victoria Street, Liverpool. Sold for £66,000

Last sold in 2004 for £218,800.

Ouch!!! :ph34r:

Yes only picked one to compare, i expect there were a lot of large discounts in the Auction.

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Flat 10, Marina House, 13 Cambridge Road, Liverpool, Merseyside £49,000

http://www.mouseprice.com/PropertyDetails....nViewID=6145212

At the height of the madness these studio flats touched £100k :blink:

http://www.houseprices.co.uk/e.php?q=l22+c...+road&n=100

this one failed to sell in the auction at £49k

As recently as 2003 they were changing hands at around £20k

Is this they type where we'll see the supposed 80% drops? :lol:

And make no mistake, this is in a very nice area - Crosby/Waterloo, one of the poshest places in the North West....

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These figures are amazing - it's so much less than the equivalent house in Belfast would sell for even in auction.

What I would like to know is why the hell a house in Belfast is worth more than one in any of those places.

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These figures are amazing - it's so much less than the equivalent house in Belfast would sell for even in auction.

What I would like to know is why the hell a house in Belfast is worth more than one in any of those places.

Everywhere is a bubble, some area's got inflated more than others, we will see a lot of area's deflated more than others.

A lot of people are STILL in denial and have yet to realise that the tide has changed so some area's will be more sticky than others with price's.

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What about this place in next weeks Barnard Marcus auction ?

http://www.eigroup.co.uk/auctioneers/templ...=1&l=526225

http://www.barnardmarcusauctions.co.uk/

Flat 8 Hill House , Defence Close, Thamesmead SE 28.

It looks liked the flat was flipped by a property company. On 11 Sept 06 Atrex Property Co Ltd entered into a new lease with Persimmon and paid a premium of £137,750.

According to the Land registry title documents on the same day , 11 Sept 06, the Flat was bought by Abdul Rahman Sesay for £199,995 - a tidy £62k profit in 1 day.

The Bank of Scotland have now repossessed it and it is for auction next week with a guide price of £60k +

No wonder the Banks are toast !

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What about this place in next weeks Barnard Marcus auction ?

http://www.eigroup.co.uk/auctioneers/templ...=1&l=526225

http://www.barnardmarcusauctions.co.uk/

Flat 8 Hill House , Defence Close, Thamesmead SE 28.

It looks liked the flat was flipped by a property company. On 11 Sept 06 Atrex Property Co Ltd entered into a new lease with Persimmon and paid a premium of £137,750.

According to the Land registry title documents on the same day , 11 Sept 06, the Flat was bought by Abdul Rahman Sesay for £199,995 - a tidy £62k profit in 1 day.

The Bank of Scotland have now repossessed it and it is for auction next week with a guide price of £60k +

No wonder the Banks are toast !

Not as toast as old Abdul. Is there anyway to find out how many of these forced sales are BTL "owned" properties?

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What about this place in next weeks Barnard Marcus auction ?

http://www.eigroup.co.uk/auctioneers/templ...=1&l=526225

http://www.barnardmarcusauctions.co.uk/

Flat 8 Hill House , Defence Close, Thamesmead SE 28.

It looks liked the flat was flipped by a property company. On 11 Sept 06 Atrex Property Co Ltd entered into a new lease with Persimmon and paid a premium of £137,750.

According to the Land registry title documents on the same day , 11 Sept 06, the Flat was bought by Abdul Rahman Sesay for £199,995 - a tidy £62k profit in 1 day.

The Bank of Scotland have now repossessed it and it is for auction next week with a guide price of £60k +

No wonder the Banks are toast !

Yes the banks are burnt toast.And we are going to have to pay for it.

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Down 41% from 2005, Whats the fall from the peak?

You know what. I was in the pub the other day and a debate started about house prices and whether or not they would fall (I didnt start it - honest... ;) )

One of the people there was convinced that prices could not fall as sellers would just take them off the market rather than take a "hit" on the percieved "value". I tried to explain to them that prices were set at the margins - at repo auctions or other forced sales. He remained adament that these kind of sales would not affect the prices elsewhere. Despite all my arguments he would not accept that it was possible for prices to fall.

It took me a while to get to the bottom of the "prices cannot fall" guy's thinking but then he admitted that he dad was trying to sell a house that had been bought last spring and he himself had bought a newish build flat in the middle of a large development in the city here ie they are both screwed.

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By the look of things Atrex Property Company limited have played a blinder too.

This is the Company House record for the Company :

23/09/2005 INCORPORATION DOCUMENTS

12/06/2006 NEW SECRETARY APPOINTED

12/06/2006 NEW DIRECTOR APPOINTED

16/01/2007 STRUCK OFF AND DISSOLVED

Within 16 months of Incorporation the Company was struck off and dissolved.No accounts were filed and probably no tax paid either.

Nice work if you can get it ! :(:(

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I tried to explain to them that prices were set at the margins - at repo auctions or other forced sales.

The same has happened with second hand car prices, Auction prices have fallen so trade in prices have fallen. ;)

The prices on the high street are linked to auction prices.

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The same has happened with second hand car prices, Auction prices have fallen so trade in prices have fallen. ;)

The prices on the high street are linked to auction prices.

I would have agreed a very short while ago.I went to an auction this week and anything saleable,(i.e. economical family cars) has gone stratospheric. 15-20% up on just before Xmas.An example : 2005 "05" Astra CDTi.I was buying these for £4k a month ago,just paid £4750.The word is that falling new sales are strangling the supply now and prices will rocket as dealers fight for scarce stock.

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What about this place in next weeks Barnard Marcus auction ?

http://www.eigroup.co.uk/auctioneers/templ...=1&l=526225

http://www.barnardmarcusauctions.co.uk/

Flat 8 Hill House , Defence Close, Thamesmead SE 28.

It looks liked the flat was flipped by a property company. On 11 Sept 06 Atrex Property Co Ltd entered into a new lease with Persimmon and paid a premium of £137,750.

According to the Land registry title documents on the same day , 11 Sept 06, the Flat was bought by Abdul Rahman Sesay for £199,995 - a tidy £62k profit in 1 day.

The Bank of Scotland have now repossessed it and it is for auction next week with a guide price of £60k +

No wonder the Banks are toast !

Looks like Altrex was a front for a fraud operation -

"Persimmon sold apartments in one of its Thamesmead developments to a property developer, Atrex, at a deep discount. Atrex is then believed to have created false identities to borrow from lenders at inflated prices, and then pocketed the difference.

In other cases, it is believed to have used “mortgage mules” – genuine people, but who had no connection with the properties in question. A&L has since ordered its surveyors to make more stringent checks amid fears that genuine buyers in new-build developments could be left stranded in negative equity with loans worth more than their properties because they have been forced to pay inflated prices for flats.

"

http://business.timesonline.co.uk/tol/busi...icle2283035.ece

Edited by beans on toast

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I would have agreed a very short while ago.I went to an auction this week and anything saleable,(i.e. economical family cars) has gone stratospheric. 15-20% up on just before Xmas.An example : 2005 "05" Astra CDTi.I was buying these for £4k a month ago,just paid £4750.The word is that falling new sales are strangling the supply now and prices will rocket as dealers fight for scarce stock.

If the same argument applies to houses then perhaps Margaret Beckett was right after all :unsure:

HPC is cancelled ;)

"Lights touch paper, puts on coat and runs for the door ! :P:P

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Not as toast as old Abdul. Is there anyway to find out how many of these forced sales are BTL "owned" properties?

So, did Abdul borrow £199k on something worth £137k?

Abdul I hope you can pay the mortgage ok.

Abdul, ABDUL, ABDUL - sure he was here a minute ago.

Edited by sleepless

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copied from The Times

"...fears that genuine buyers in new-build developments could be left stranded in negative equity with loans worth more than their properties because they have been forced to pay inflated prices for flats."

I'm having great difficulty working out how it is possible to force someone into paying more for a house than they were free and willing to do.

Coerced perhaps, fooled perhaps, conned even, but forced - NO!

tim

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So, did Abdul borrow £199k on something worth £137k?

Abdul I hope you can pay the mortgage ok.

Abdul, ABDUL, ABDUL - sure he was here a minute ago.

Could be Paula Abdul:

"Straight up now tell me will house prices go up forever

(wo wo wo)

Or was I caught in a hit and run?"

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I would have agreed a very short while ago.I went to an auction this week and anything saleable,(i.e. economical family cars) has gone stratospheric. 15-20% up on just before Xmas.An example : 2005 "05" Astra CDTi.I was buying these for £4k a month ago,just paid £4750.The word is that falling new sales are strangling the supply now and prices will rocket as dealers fight for scarce stock.

Green shoots of recovery. The carmakers will start up the factories pretty soon now.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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