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Salisbury Anyone?


babnye
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End of an era

The results:

http://www.ft.com/cms/s/0/4cbe315e-864f-11...144feabdc0.html

"Friends also said on Tuesday that it had made a pre-tax IFRS loss of £102m in the first half of 2009, an improvement on the £221m interim deficit it posted last year. It added that it was finding new business hard to come by during the recession."

It'll be interesting to see how this goes. It's still not clear is RSL are looking to consolidate a number of Life compnaies and run off their books. If that is the case - and I think it is - then the business can be run with less than a 1/3 of the people that a company writing new business, like FP is (trying to) at the moment.

This is a scammy deal, stiched up by RSL and 30% of the shared holders. Its possbile because FP have been totally useless as a company. I still stand by my statement when my GF told me FP were floating that FP should close to new business and run off the books. Instead they carried on, losing shared holders money (float @ ~250p in 2000?, exit @ 79p 2009!!!).

God help anyone who had any form of WP saving product - cash under the matress has beaten most of FPs products over the last 15 years.

Going forward, RSL will need cash. Expect very large job losses.

Going even further forward, I can see the Salisbury site shutting. Despite a denial in the Journal few months ago, FP have been unable to recruit people to do the work, mainly due to FP paying so poorly due to having to many expensive and hopeless 'legacy' staff from the UK provident days. Salisbury is just not a suitable town to try and consolidate offices - the employee pool is too old and low unskilled. Look at the Solsticve Park business park fiasco - giving up on the business and wanting to turn it into a big warehouse.

I should point out that I've never worked for FP. A large number of people I know have. I have no financial interest. I've just been following the FP story with my mouth open.

By the way, during my time in Salisbury, I would guess a majority of housing transaction have had someone from FP in the chain. Go figure ...

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Saw this one on the news, certainly FP have been laying staff off for a long time and I don't think this will improve their employees chances at avoiding redundancy! If the big employers do go it will leave an awful lot of people chasing the same small number of jobs (Journal job section has been tiny for months). Can't see any other large companies choosing Salisbury as their head office location and taking on these staff, so ultimately I guess more will be commuting to Basingstoke / Andover / Southampton etc.

Trouble is despite this the local market is still looking perky, things in FTB territory are going very very fast (if they are halfway decent) and asking prices are up. Though a large number of ex-BTLs are up for sale there doesn't seem to be much difficulty finding a new buyer for them. Perhaps this end of the market is busier simply because it is the low end and is catching the FTBs, downsizers and any remaining BTLet landlords. Anyone brave enough to make predictions for the next 12 months?

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> I guess more will be commuting to Basingstoke / Andover / Southampton etc.

If this had happened 10 years ago then yes. Now - no chance. Andover lost most of its jobs 5 years ago. All the offices in Bstoke are BTLs. Soton - a combination of BTLs and lost jobs.

> Trouble is despite this the local market is still looking perky,

Anecdotally there are a few houses completing but way, way, way down on normal figures.

Nationally, the house transaction and mortgage approval figures are dreadful. Both indicating continuing falls.

Salisbury has one of the highest P/E ration in the UK. The odds of JoeSalisbury getting a mortgage are almost nil. A competetive repayment mortgage currently charges ~6% a year. You'll need a 40% downpayment AND a single wage ratio of less than 3.5 to get it.

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Predictions for the next 12 months?

The government using the media and all other vested interests will continue to talk up the property market until the general election while all around us falls apart. Deflation, low salaries and job losses to continue.

House prices to fall a further 20% on average. rents to fall as well by a smaller amount. repossessions to increase dramatically

The vast majority of crap housing stock in salisbury to remain crap

Nice well constructed houses in good locations to sell easily

Clever people to continue to rent and consolidate what debts they may have

thats it!

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  • 2 weeks later...

I continue to DESPAIR of Salisbury.

A house - a mid-terraced - in Burford rd has just come on for 275. These house generally go for around 220-230. Woolley and Wallis. Madness!

I can't see any sign of a drop in asking prices and I really think that Salisbury is a law unto itself. The local economy doesn't seem to matter as those with the money are working elsewhere.

It must be the grammar school effect? :blink:

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I continue to DESPAIR of Salisbury.

A house - a mid-terraced - in Burford rd has just come on for 275. These house generally go for around 220-230. Woolley and Wallis. Madness!

I can't see any sign of a drop in asking prices and I really think that Salisbury is a law unto itself. The local economy doesn't seem to matter as those with the money are working elsewhere.

It must be the grammar school effect? :blink:

I give up - Woolley and Wallis say they have an offer just below asking price. We need to move. The prices are going nowhere in this town - 6 years of watching, a bit of steadying but no visible drop.

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I couldn't agree more to be honest, it is totally crackers. Obviously not all places are going anywhere, but I have again had details through on a property which I thought may just be worth a look around, only to hear it is already under one offer, with a higher one coming through shortly. Now I know the EAs like to talk the market up, but this is unbelievable and there is no way I would ever consider getting involved in bidding wars for anything. I get the impression everyone reading this thread is getting more baffled by the day about firstly where the money is coming from, secondly who's buying these houses when they have barely dropped from peak and finally whether some of us will ever own a property again. Ugh

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I agree. Where is the money coming from? I think it's almost like those Cornish seaside towns where there are no jobs but high house prices! Although, having said that my friend lives in Cornwall and has a 5 bed house which she bought for 270k and which is worth about 240 now. I've been here 6 and a half years now and I have to say, apart from the odd bit of stagnation, anything decent goes quickly for an inexplicable price.

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Well I hope it cheers you up to here that the majority of the properties that went SSTC or "under offer" in the particular area I watch in the madness of the last three months have come back onto the market - including one I watched in absolute disbelief that went SSTC within a couple of days of going on the market.

http://www.rightmove.co.uk/property-for-sa...on%26index%3D70

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Well I hope it cheers you up to here that the majority of the properties that went SSTC or "under offer" in the particular area I watch in the madness of the last three months have come back onto the market - including one I watched in absolute disbelief that went SSTC within a couple of days of going on the market.

Dont worry- We all need to stand firm. The next phase of the crash will follow very soon and the wisdom of renting will become apparent all too soon. The property highlighted by hellsbells is 100k over the realistic asking price. I agree salisbury is crazy and as a result i dont want to buy until after the general election at least.. i'd rather wait and see what will happen when the next government open the UK accounts and see the damage.

i am just about to move into a larger rented property next month. its reassurring to know i don't have a huge mortgage to pay on an over-valued property

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Just to mention that I was in the centre of Salisbury yesterday and have to say I've never seen a Summer when the shopping area was so busy - lots of tourists spending their Euros whilst the £ is so weak I guess. The demographics of Salisbury tend to be three types - first the early retired Major/ex-MOD land forces people with house paid off and cash to spend who want to live within spitting distance of HQ Land Forces Wilton/Warminster/Boscombe Down etc and who tend to go for the village properties in the area and posh town-houses in the centre. Second, the Yummy Mummies with their 4x4s parked at Waitrose/John Lewis - also living in those same village areas. Thirdly, the reckless spend-it-now chavs of Gordon's Constituency on the perpetual never-never. Certainly, the economy of the whole place seems to be performing like an Indian rope trick. :blink:

Edited by Norma Lamont
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Well, I'm fast coming to the conclusion that things aren't going to change here in this little insulated bubble. I've never met anyone in 6 years who was remotely worried about over inflated house prices. They just seem to be pleased with themselves for having bought in this place. They see high house prices as a validation of their choice as Salisbury is sooooo special.

There is definitely money coming into the town which keeps things afloat and even bogstandard new builds go at a premium.

The place is so small that it only needs two or three people buying for their to be a buoyant market.

I can't see anything changing.

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  • 1 month later...

Greetings to all, I have been looking in Salisbury ( amongst other areas) for a family house. In my price range most of the houses seem to be in roughly the same area of Salisbury sandwiched between the Wilton and Devizes roads ( Woodside Road, Westwood Road, Pembroke Road etc).

I have been to Salisbury many times and liked it but I have not been into any of the residential areas. Before I plan a viewing trip does anyone on the forum have any opinions/knowledge about that particular area? I have looked on upmystreet but this is not always accurate. If anyone has looked at houses there or tramped the streets I would be very interested in anything you have discovered.

Thanks in advance :)

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Greetings to all, I have been looking in Salisbury ( amongst other areas) for a family house. In my price range most of the houses seem to be in roughly the same area of Salisbury sandwiched between the Wilton and Devizes roads ( Woodside Road, Westwood Road, Pembroke Road etc).

I have been to Salisbury many times and liked it but I have not been into any of the residential areas. Before I plan a viewing trip does anyone on the forum have any opinions/knowledge about that particular area? I have looked on upmystreet but this is not always accurate. If anyone has looked at houses there or tramped the streets I would be very interested in anything you have discovered.

Thanks in advance :)

How to put this delicately? No, no and no. The area you mention is not the most "sought-after" part of town and is usually referred to as "The Heath". Much social housing and many problem families. That is not to say that there are no nice people and housing there, but if I was to take on a mortgage I certainly wouldn't sink it into a property there. Looking at the area between Wilton and Devizes Roads, you probably want to try and keep on the east side of Roman Road.

I stand ready to be flamed!

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How to put this delicately? No, no and no. <snip>

I stand ready to be flamed!

Thanks for the straightforward advice. It saves me time and effort in travelling down and looking at places. Like they say, it is easy to improve a house but a darned sight more difficult to improve a whole neighbourhood. I just had a look on the map for Roman Road and it would seem that all the houses I have been watching are on the wrong side.

Thanks again, if any one else has anything to add I would be grateful.

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  • 4 weeks later...

Hello, I thought I would give Salisbury watchers a bit of a giggle. I have not learned how to post a working link yet but if you try rightmove with:

minimum four bedrooms

Salisbury and 1 mile around

240-250k

then a house on Woodvill Road appears.

Prepare to marvel at the high quality extension :P

Regards to all

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  • 2 months later...

Blimey!

16 new properties listed in my postcode area (SP3) today on Rightmove - 16 - wow - normally get 2 to 4 fresh listings a month. Most of them are with Humberts so some could be relaunches but I have already identified some of the houses from the scant details up so far and these are genuine new listings. What the heck is going on?

I would like to think that it is the beginning of mass capitulation and financial reality/hardship setting in in this area, but judging from the heaving crowds I have witnessed at Waitrose during the last few visits compared to the echoing emptiness of Lidl, I don't think so.

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  • 3 weeks later...

Future's not looking good:

http://news.bbc.co.uk/1/hi/england/8497258.stm

So much for the Porton Science park.

FPs (as was) has got a set of figures next week (11th?). They're not going to be good.

The strategic defense review is not going to be kind with a lot of employer's on the Plain.

And the post election public sector cuts, which will hammer the local area, which has an above average rate of public sector employment.

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  • 1 month later...

I've been living in hope and waiting for possible cuts to the defence sector, Friends Prov etc to bite and have an effect on the Salisbury market.The market seems stronger than ever. Don't ask me why. I can only blame people moving here with money from other areas because of the grammar schools. Seems silly but having a child at school makes you realise how people are preoccupied with this sort of thing.

Property prices are up again here. 4 beds in B Farm are on for in excess of 300k - and are selling for that. No sign of any crash here and I've been looking at hoping for 7 years!

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  • 3 weeks later...

And now Qiniteteq (spelling #!#!#!) are preparing the ground for massive - and I mean massive layoffs.

The HPA is definetely going - they have a top of the range bio-secure building to move in, and a lot of biologist /chemists, which have proven impossbiel to recruit to Porton - all courtesy of GSK shutting down the Merck site in Harlow.

FP as was are falling to bits. Looks like they were bought by someone who had less of an idea of what to do than FP did - which is saying something.

The FP buyer, Resolution, might be bought by someone.

FP is shedding 10s of people every week.

And the big public sector cuts are yet to come.

One things for sure - the number of completions/transaction in Salisbury are very, very low.

Give it a few more weeks and the people from EA's row will be going roudn the back and joining the busker with the Boxer dog on the river path!

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  • 2 weeks later...

Spyguy....I wish it were so but we have returned from hols to loads of 'sold signs'. I know this doesn't mean the houses will complete but there is obviously lots of market activity. Also, we have been here several times before over the last 7 years, hoping things will slow, that businesses will close and people will move out and that property prices will drop. I just don't see any evidence of it here. A 3 bed in B Farm was put on for 295 the other day. I know it won't go for that but it is about 50k over usual value and people are just chancing their arm still.

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  • 2 months later...

Thought I'd give this thread a little bump.

I've been keeping an eye on rightmove but not been to see anything since summer last year. It seems there was a rush of new listings in May/June but this has slowed somewhat. Most are sitting there, the odd one 'Sale Agreed' but inevitably is back 'Available' within a few weeks. Prices seem to be relatively static which I guess is around 2006 level - I comfort myself with the thought that 4 years of inflation at around 3% means we have seen real-term falls, but this is scant compensation. I derive more pleasure from a growing confidence that the country seems to be heading for some falls in the coming months (I hope I'm not counting my chickens) and the hope that this may knock on to our local market.

So anyone else looking in Salisbury? are my assumptions on prices about right? what's the sentiment amongst friends/family/colleagues at the moment? what are the EA's saying at the mo?

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