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eric pebble

Northampton: Britain's Capital Of Negative Equity;

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Interesting that Northampton's hit badly as it was one of the areas that held up, reasonably well, in the last recession

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Guest LongBlackKilt
Northampton: Britain's capital of negative equity:

The spectre of spiralling debt has returned to haunt millions of people trapped by the collapse in house prices. Jonathan Brown reports from the blackest spot on the property landscape.

http://www.independent.co.uk/life-style/ho...ty-1722944.html

So much for those "green shoots"... :lol:

Yeah, I suppose it really has the best claim to be "The Land of Leatherings". Or maybe a lot of people had faith in some old Cobblers.

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I live in Northamptonshire and I can well believe it is the Capital of negative equity.

Houses were selling for ridiculous prices and what work there is, doesnt pay well so I never could

understand people. I new it would end in tears.

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I was surprised somewhat when this report came out - Northern Ireland would be the obvious epicentre for me.

I posted this last month in the Northampton thread - where else could you buy a 4 bed det at peak prices about 60 miles/one hour from London for under £150k?

For all the talk of Negative Equity in Northampton, the cheapest 4 bed det ive seen on with an EA recently was £135k, cheapest at auction £120k.

I think some local factors like a supply glut might be causing Northamptons problems, huge new estates going up etc.

Trawling through my old internet files today, its nice to remind ourselves how far we've come from peak...

then...

80864590.jpg

now...

http://www.rightmove.co.uk/property-for-sa...detachedshouses

http://www.rightmove.co.uk/property-for-sa...detachedshouses

(same house type)

and similar house types...

then...

21676108.jpg

now...

http://www.rightmove.co.uk/property-for-sa...detachedshouses

I was hoping by now this would be the going rate for these types of homes in the better areas of Northampton.

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I live in Northamptonshire and I can well believe it is the Capital of negative equity.

Houses were selling for ridiculous prices and what work there is, doesnt pay well so I never could

understand people. I new [sic] it would end in tears.

knew

I knew over 5 years ago that - whatever happened - it would at some point, lead to tears. It seemed so logical to me that house prices CANNOT endlessly go up without a heavy price to pay... [pardon the pun.. :P ].

Edited by eric pebble

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Alternatively, the headline could read "thousands of people in Northampton got stitched up when they bought houses".

I know a few people who have had their houses up for sale for must be years now.

Even with lower prices and during a spring bounce they not even getting people viewing.

If prices fall further from here, which I believe they will its going to start to look like disaster.

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should be a nice bit of supply coming onto the market as well. :blink:

http://www.northamptonchron.co.uk/news/Cau...omes.5409031.jp

mind you don't these schemes work by the local authority suggesting the building of 'X' number of homes, the NIMBYs wailing and agree to 'Y' homes. Naturally the council wanted 'Y' homes all along!

Did the Northampton Chronicle and Echo and sister paper Kettering and Corby Evening Telegraph

cover this story of Northampton being the negative equity capital?

That was rather remiss of them.

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Ive been keeping an eye on Northampton for 2 years now....still the agents market houses at 2007 prices. They defo had a spring bounce this year, god knows what % of asking price they were getting. The agents I spoke too were becomong bullish and wouldnt accept that facts written down in black and white were a good enough reason to offer 25% under an asking prices.

Now there's f**K all decent up for sale and some places I watch have been up for sale for 2 years.

Ive given up on the place and have decided to move to MK.

Edited by TheCountOfNowhere

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Not been to Corby then?

Oddly .. Chatting to a girl from RS. I made a joke about Corby, and she said she was crapping herself about moving there from Lowestoft .. and actually quite liked the place ..

I'm not packing my family into the car to relocate there .. but she seemed like she had a pulse and she said it was "Better than Bracknell" ..

The Horror the HORROR ..

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I know a few people who have had their houses up for sale for must be years now.

Even with lower prices and during a spring bounce they not even getting people viewing.

If prices fall further from here, which I believe they will its going to start to look like disaster.

Yup --- it's been building up for years..... And I too know plenty of people who have been trying to sell their properties for YEARS ---- yes - YEARS ---- To no avail.

This is much more prevalent than you're led to believe by the media..... :rolleyes:

Edited by eric pebble

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Ive given up on the place and have decided to move to MK.

Hi Count, I've done the opposite and moved a few months ago from renting in MK to renting in Northampton.

The rental market in Northampton is flooded with houses and flats, and generally very good value for money. Rentals in MK have fallen only a little in the past 2 years (with the exception of the doomed BTL-shoebox Hub and Vizion developments which represent masive oversupply of that 1/2 bed flat market). Sorry, I have no figures to back this up, only anecdotal.

MK and Northampton are both still in denial on the house purchase front still. But I suspect Northampton will plunge more than MK on the next leg down - MK has more employment and is more attractive to London commuters, while Northampton is looking like a town in recession these days and ready to leave the denial stage (all the restaurants, bars etc are empty except for fri/sat night, boarded up shops everywhere, few job adverts).

As a word of warning about living in MK - it is seriously lacking in community and culture. It really is one massive suburb with an out-of-town shopping mall for a town centre (with the exception of life in nearby Stony Stratford) - all entertainment and culture is reliant on chain store outlets, drive-throughs, retail parks etc with no diversity. There is also no real public transport to speakof also, so you (and any family) will become very dependant on the car for getting around.

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As a word of warning about living in MK - it is seriously lacking in community and culture. It really is one massive suburb with an out-of-town shopping mall for a town centre (with the exception of life in nearby Stony Stratford) - all entertainment and culture is reliant on chain store outlets, drive-throughs, retail parks etc with no diversity. There is also no real public transport to speakof also, so you (and any family) will become very dependant on the car for getting around.

Spot on. Nailed it in one paragraph. I lived in MK in 1992 while working for Mercury Communications, and it sounds like it hasn't changed. You left out the "cosmopolitan" village of Bletchley though.

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Spot on. Nailed it in one paragraph. I lived in MK in 1992 while working for Mercury Communications, and it sounds like it hasn't changed. You left out the "cosmopolitan" village of Bletchley though.

What :blink::unsure: ... where all them spies like hangout in the park, like...?? :blink:

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What :blink::unsure: ... where all them spies like hangout in the park, like...?? :blink:

In the Enigma movie, wartime Bletchley is even described by the main character as "a dump". Remember that's before they built the Lakes estate (highest <16 yo pregnancy rate in Europe) and closed the Oxford-Cambridge varsity rail link (it crossed the West Coast mainline at Bletchley, the raison d'etre for the industries that grew in the area).

Edited by Diet Cola Addict

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In the Enigma movie, wartime Bletchley is even described by the main character as "a dump". Remember that's before they built the Lakes estate (highest <16 yo pregnancy rate in Europe) and closed the Oxford-Cambridge varsity rail link (it crossed the West Coast mainline at Bletchley, the raison d'etre for the industries that grew in the area).

I thought you were joking:

"The Lakes Estate council estate has one of the highest teenage pregnancy rates in Europe: 59 in every 1,000 girls aged 15-17 have children."

I think they need something other than breeding to do there! :o

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I thought you were joking:

"The Lakes Estate council estate has one of the highest teenage pregnancy rates in Europe: 59 in every 1,000 girls aged 15-17 have children."

I think they need something other than breeding to do there! :o

You've got a complete set all up and ready to make a horror movie. Would be very cheap to make - just point and shoot!! :P No set, no actors needed, no make-up..... no script --- IT'S ALL THERE!

Edited by eric pebble

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You've got a complete set all up and ready to make a horror movie. Would be very cheap to make - just point and shoot!! :P No set, no actors needed, no make-up..... no script --- IT'S ALL THERE!

I'm sure it would be a hit at the Cannes festival.

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