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The Masked Tulip

Uk Recession Tour: Cardiff Claws Its Way Back From Property Free Fall

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Kelvin Franics - KING of optimistic valuations ...

Green shoots in the Cardiff market ! give me a break; Cardiff is just getting started - South Wales probably has one of the worst localised bubbles in the whole country. Most developments are now at a standstill, lots of unfinished projects from flats to luxury houses ... and lots of developers and sellers who can`t let go of the paper wealth.

You only need to look at how much some houses have sold for relative to the 2007 peak to get an idea where things are going... 30% falls and they keep going .. Wales just needs the public sector cull to kick off and it`ll be armageddon on house values ...

A quick Rightmove search will show that there are repossessions which are on the market at nearly 30% below 2007 PEAK AND STILL CAN`T find buyers ...

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Kelvin Franics - KING of optimistic valuations ...

Green shoots in the Cardiff market ! give me a break; Cardiff is just getting started - South Wales probably has one of the worst localised bubbles in the whole country. Most developments are now at a standstill, lots of unfinished projects from flats to luxury houses ... and lots of developers and sellers who can`t let go of the paper wealth.

You only need to look at how much some houses have sold for relative to the 2007 peak to get an idea where things are going... 30% falls and they keep going .. Wales just needs the public sector cull to kick off and it`ll be armageddon on house values ...

A quick Rightmove search will show that there are repossessions which are on the market at nearly 30% below 2007 PEAK AND STILL CAN`T find buyers ...

+1

The PS culls starting in 2010 will bring disaster.

I hear on the grapevine that Corus in Port Talbot sent a letter out yesterday to all suppliers/contractors telling them how tought the current economic conditions and that Corus was seeking a 'commitment' from its suppliers for a 20% cut in cost - suppliers/contractors have until June 29th to confirm in writing that they will cut costs by 20% or Corus will seek alternatives.

Corus employs thousands of contractors so a 20% cut will have a huge affect on the local economy in South Wales.

Who here could afford to be forced to take a 20% cut in earnings?

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http://www.telegraph.co.uk/finance/finance...-free-fall.html

You have to read this open letter from a Cardiff EA to the PM - I personally found it very funny. The comments in response are interesting.

If Cardiff property has been in free fall, it hasn't got past the gravity-defying Wile E. Coyote mid-air scamper stage yet. Take the statistics-skewing high-rise executive two bedroom soon to be slums out of the equation and you'll find very little at over 10% off peak, and relative to the new economic reality houses in South Wales are more unaffordable now than they ever were. If there's any part of the country more woefully overpriced, I'd like to hear about it.

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No point crying after the donkey is dead...

Indeed.

Those who eat steak are downgrading from fillet to sirloin.

Is there no end to the suffering in Cardiff?

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Is there no end to the suffering in Cardiff?

:lol:

I agree with evictee, Cardiff has been defying gravity but with the support given by the bull trap it will take at least 6-8 months to get back on course and I'm getting awful tired of waiting. :(

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Who here could afford to be forced to take a 20% cut in earnings?

Most people when presented with the alternative of a 100% cut

tim

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Cardiff and all the EA/BTLs up each of the valley spokes from the three cities in the SE!!!!! It is killing me.

Keep hearing about big falls. Asking prices have hardly budged; the repo's are in areas where, believe me, you don't want to live; EAs and BTLers are still very bullish; the meeeja/bounce/recovereh has altered the slowly changing sentiment; and many many people who would've been defaulting/motivated vendors are now able to stay where they are and have more money in their pocket following govt intervention.

Still one of the most overvalued HP areas particularly considering wages/earnings.

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For months now I've watched and waited for reality to hit the property market in Cardiff. As I travel a lot with work I get a good picture of how things are moving across the South of the UK. Price reductions are more evident in the South East than out here in the West.

I can only guess that the ripples are still working their way out here.

Cardiff is overpriced and ripe for a fall.

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