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Bournmouth And Pool Reductions

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Poole reductions

I have been looking at bournemouth and poole for a while

Anyone else noticed that there seem to be more and more properties coming on the market?

My rightmove search has shown an increase of properties of about 300 more a month – bournemouth 2847 last checked 20/07/05

Anyway this one got my attention - on the market 4 months ago £349.995- then sold for a bit then back on the market £315.000 and with another agent £310.000

But that’s not cheap enough – within a week discounted to

Offers In Excess Of £285,000 Freehold

Anyone else got any info on anything

edit forgot to add link

http://web.aspasia.net/pls/mitchell/e_agen...?p_cont_id=5669

Edited by look to the past

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Yes you are very right

I should have double-checked my post – but I am guessing that my spell check removed them pesky E’s (well it’s not time for a new keyboard)

I will go and edit my post – thanks

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Hello LTTP. Not sure about Poole and Bournemouth in general, but on and near Sandbanks (a lovely little peninsula famously described as the fourth (!?) most expensive area for property in the world, esp by estate agents and property developers trying to persuade people to leave their brains outside when viewing properties) nothing is shifting, and hasn't been for months and months.

I live in London, but come from the Poole/Bournemouth area and spend a lot of time there. Sandbanks is particularly interesting at the moment because it's unbelievably overpriced, and nothing seems to be shifting. Supply is fixed, because it's a peninsula (though see below for one developer's brazen attempt to expand the supply by expanding what counts as Sandbanks). Six town houses which were reduced by £100,000 and stamp duty in a spring sale earlier this year (from £895,000 each) recently had the huge boards outside removed, but without any sold signs having gone up, even briefly. One or two of the six townhouses now appear to have people in them. I'll check nethouseprices when I have the address to hand and see if they've actually been sold.

There's also 'Mirage' (that's a name that could come back to haunt the developers, Gleeson), 28 2- and 3-bed flats (tagline on original hoardings and in adverts: 'live the dream') starting at £450,000 without a view and rising to £1.8m. They're nothing special, they're not actually on Sandbanks (despite what it says on the website), they're directly opposite some mud flats which smell really nasty (think stagnant water and rotting seaweed)at low tide, and they've been on sale since January. They were finished at least a month ago, probably longer, and there's no sign of anyone living there yet. One or two 'reserved' signs in the windows but no sold signs. Within the last month, the asking prices have been reduced to (wait for it) £445,000 to £1,595,000.

Then there are individual properties, or two properties built on what was originally a single plot, all around Sandbanks which simply aren't selling. The asking prices are ridiculous -- £1.2m, £1.4m is not unusual. Estate agents and developers seem to be putting their faith in mythical creatures called 'people from London with big bonuses' who they think will pay these stupid prices for new build flats and houses. If you ask me, anyone who has over £1m to spend on a second home knows the value of money, and it's no wonder these places aren't selling. Also, many Londoners are so stretched buying a first home that they don't have money to spare for a second home.

Finally, there's Seven Developments, which has built an amazing looking house called 'Thunderbird' in Branksome Park (lovely area near the sea, but no sea views), which it wants £3.5m for. Next weekend they're holding an open weekend -- seems unlikely that they'll sell it like that, but no doubt they know their businss better than I do.

Houses that my friends' parents (doing average jobs) owned when we were at school are now £350,000 or £450,000. Surely that means a sharp correction is inevitable?

Any lurkers in the Poole/Bournemouth area, please post on this thread. Your contributions would be really welcome.

BE

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We have just had an offer accepted £40K below the asking price in Highcliffe on a property asking £350K, just down the road from Bournemouth. We have waited a long time, but need to move now due to the children so have taken the plunge, but quite pleased at the reduction. There are so many houses for sale in the area between Lymington and Mudeford where we have been looking, that some people are now coming down quite considerably. Hope we have made the right choice to buy now, but needs must, and the price not bad to what it was. Anyone else buying around these parts?

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We have just had an offer accepted £40K below the asking price in Highcliffe on a property asking £350K, just down the road from Bournemouth.  We have waited a long time, but need to move now due to the children so have taken the plunge, but quite pleased at the reduction.  There are so many houses for sale in the area between Lymington and Mudeford where we have been looking, that some people are now coming down quite considerably.  Hope we have made the right choice to buy now, but needs must, and the price not bad to what it was.  Anyone else buying around these parts?

What was the reaction when you offered them 310k instead of £350k?

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Just spent the last couple of days looking for property to rent in the Christchurch area through to New Milton. Very little available, where are all the BTLers? We have a maximum of £700 to spend for a small house or flat. There is very little choice.

However have spotted loads of properties for sale. Many have two agents marketing the same property. A couple of flats we looked at renting are also on the market and have been for some time. One owner of a flat we saw today has had it's tenants move out to the flat across the hallway because the rent was put up! It has been empty for a little while and is overpriced even with the lack of properties about at the moment. Looking towards Bournemouth and Poole there is a lot more choice. Perhaps the BTLers should have spread out a bit more when they were all in a frenzy about buying!

The estate agents are very quiet, we have woken up a few when we have asked about if they handle lettings!

Does anyone know if there is typically a shortage of rental properties in this area??

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First time buyers can now be served from the specialist Winton branch in Bournemouth. They seem to be covering a wide area. I'm not sure how FTBers can buy the retirement properties they have listed!!???

Winton FTBers

Have a browse, some properties have multiple agents, one has four trying to sell it!!

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What was the reaction when you offered them 310k instead of £350k?

They weren't happy and it took them 7 months to come down to our offer because they had very few others and none above ours in that time. And it's a nice place. (They needed to sell too, otherwise it probably would have stayed on longer at the same price like many others round here.) Anyway, still early days in the procedings yet...

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We have just had an offer accepted £40K below the asking price in Highcliffe on a property asking £350K, just down the road from Bournemouth.  We have waited a long time, but need to move now due to the children so have taken the plunge, but quite pleased at the reduction.  There are so many houses for sale in the area between Lymington and Mudeford where we have been looking, that some people are now coming down quite considerably.  Hope we have made the right choice to buy now, but needs must, and the price not bad to what it was.  Anyone else buying around these parts?

Hi. I live in Mudeford and Work in Highcliffe. I am not currently house buying or selling but am keeping a keen interest on the market. Yes there are a lot of properties up for sale - two i noticed near me got "Sale Aggred" very quickly but has been " Sale Agreed" for about 2 months now !

Edited by penbat1

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Just spent the last couple of days looking for property to rent in the Christchurch area through to New Milton.  Very little available, where are all the BTLers?  We have a maximum of £700 to spend for a small house or flat.  There is very little choice.

However have spotted loads of properties for sale.  Many have two agents marketing the same property.  A couple of flats we looked at renting are also on the market and have been for some time.  One owner of a flat we saw today has had it's tenants move out to the flat across the hallway because the rent was put up!  It has been empty for a little while and is overpriced even with the lack of properties about at the moment.  Looking towards Bournemouth and Poole there is a lot more choice.  Perhaps the BTLers should have spread out a bit more when they were all in a frenzy about buying!

The estate agents are very quiet, we have woken up a few when we have asked about if they handle lettings!

Does anyone know if there is typically a shortage of rental properties in this area??

Yes i think there is quite a shortage. Most of the estate agents handle some rented properties. This is one specialist place in Highcliffe: http://www.homecareletting.co.uk/

I have noticed two prominent BTL developments on the Christchurch Rd near Pokesdown.

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Good find, backtoparents! That's the Seven Developments house I mentioned in my post, but I had no idea that it was based on a house on Tracey Island in Thunderbirds (I assumed they just thought it sounded good). Interesting that the BBC say that it is for sale for £4m, when in fact the asking price is £3.5m -- it's so expensive anyway that there's no need to exaggerate, surely?

BE

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Just come back from my holiday in Poole (two weeks away from work) and I just checked my property in bournemouth which was offers in excess of £285000 – now changed to Price Guide £285,000 Freehold. I think another 2 weeks and they will try for £275000 at the rate there reducing it.

But I think it will sell now, I had a look at it while I was there and it’s not to bad, a little run down and a very little kitchen but in a nice quite road

I stayed in a town house opposite Poole park / harbor (just near sainsburys) – the two houses to the left were both empty while I was there although we saw the people (in the house directly to the left) who had just finished there holiday leave as we arrived, and the house to the right was owned by a family from Manchester who were spending a month in Poole for there holiday. In the area I stayed I would say that only 1 in 4 houses actually had anyone staying in them and the rent I paid was £400 for 2 weeks for a 4 bed town house with a garage and a garden big enough to swing a very short cat.

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It's a quiet road, but off the Ashley Road, which isn't a great area (although south of the Ashley Road -- which this is -- is better than north of the Ashley Road).

nethouseprices shows it as being sold in January 2002 for £187,500.

I'll look out for the townhouses. Sounds like your holiday was a bargain -- hope you got some good weather!

BE

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hope you got some good weather!

Very nice weather for two weeks – it only rained on two of them

But then it’s always sunny in bouremouth

I found poole very busy – infact too busy.

My mum lived in benellen gardens in bournemouth (just off the chime – she sold at the peak for £445000)

It was a very nice house in a quite road although the houses are £400000 +, but you just don’t see the traffic and seems a much better area (it would be at twice the cost)

I would guess that 4 in 5 houses there actually had owners that lived there all the time

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Guest STR2004

There are literally hundreds of 2 bedroomed flats for sale within 3 miles of Christchurch and none seem to be selling although as yet I've not seen significant price reductions for this type of property (still in the £130K to £190K range). My landlord, who also happens to be one of the directors of one of the large local EAs, mentioned that some EAs are refusing to take on 2 bed flats as they can't sell them. Why prices are holding so stubbornly escapes me?

I have seen reductions at the higher end of the market though (although the asking prices are still taking the p***). I live in Southbourne and there's a 4bed detached down the road (sea views) that was on the market a year ago for £499K - it's now on at £400K (I make that a 25% cut). The house opposite where I lived in Christchurch (on the Fairmile) was on the market a year ago for £300K - and now it's £269K.

What amazes me is that developers are still building 2 bed flats (by the dozen) in Southbourne (I know of a least 6 developments). The 2 bed (with parking) luxury apartments (ha ha) in the street behind me start at £315K (good joke) - they're not worth 1/2 of that in my view. I'm keeping a fairly close eye on the situation as I'd like a 2bed flat (and no mortgage) but I can see the situation getting very unpleasant - god help anyone who bought a flat in the last year.

Regards

STR

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There are literally hundreds of 2 bedroomed flats for sale within 3 miles of Christchurch and none seem to be selling although as yet I've not seen significant price reductions for this type of property (still in the £130K to £190K range). My landlord, who also happens to be one of the directors of one of the large local EAs, mentioned that some EAs are refusing to take on 2 bed flats as they can't sell them. Why prices are holding so stubbornly escapes me?

I have seen reductions at the higher end of the market though (although the asking prices are still taking the p***). I live in Southbourne and there's a 4bed detached down the road (sea views) that was on the market a year ago for £499K - it's now on at £400K (I make that a 25% cut). The house opposite where I lived in Christchurch (on the Fairmile) was on the market a year ago for £300K - and now it's £269K.

What amazes me is that developers are still building 2 bed flats (by the dozen) in Southbourne (I know of a least 6 developments). The 2 bed (with parking) luxury apartments (ha ha) in the street behind me start at £315K (good joke) - they're not worth 1/2 of that in my view. I'm keeping a fairly close eye on the situation as I'd like a 2bed flat (and no mortgage) but I can see the situation getting very unpleasant - god help anyone who bought a flat in the last year.

Regards

STR

I know which house you mean on the cliff top, have been watching it as I drive past. Been sold and back on again a couple of times I think. There's another that started at 850 & is now down to 600. Only 300 to go until it reaches its proper price.

A lot of the "luxury" flats you talk about have gone to rent now, they couldn't sell them off plan, not a chance now. Nothing to do with being doubly overpriced.

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Guest STR2004
Two newly built houses on Sandbanks which have been on the market for well over a year at £1.4m each have recently been reduced to £1m each ...

BE

Great, I'll just go and make an offer now that they're well within my price range ... Not! :D

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The £1.4m price tags on the houses on Sandbanks were always insanely high because they were probably only ever worth half that amount (or even less).

But the fact that these massive reductions are being made at the top of the market is likely, I think, to have a knock on effect lower down in the price range.

On 8 August 2005 I posted the following:

"There's also 'Mirage' ... developers, Gleeson ... 28 2- and 3-bed flats ... starting at £450,000 without a view and rising to £1.8m. ... they've been on sale since January. They were finished at least a month ago, probably longer, and there's no sign of anyone living there yet. One or two 'reserved' signs in the windows but no sold signs. Within the last month, the asking prices have been reduced to (wait for it) £445,000 to £1,595,000."

The position now, only two months later (but, crucially, given the location of the flats, after the end of the summer) is that at least one (of the 28!) flats is now sold. And the asking prices for the most expensive flats have come down from the original £1.8 m through £1,595,000 to £1,275,000. So that's a reduction of almost 33% (or 50%, depending on whether you're a glass half full or glass half empty kind of property developer).

I think they've got a lot further to fall before they sell them -- if they ever do.

BE

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Some movement down in prices.

5 Bed Detached

This house was on for £299k a short time ago, now reduced down to £284950.

While this house looks a bit nicer and is in a slightly better area of Canford Heath it is still £85k more and with one less bedroom!

4 Bed Detached

However both reside on a big (but popular) housing estate.

I guess some sellers are testing the water, while others are being more realistic because they really need to sell!

Note: Around a year ago there was very little for sale in Canford Heath of any type of property. Now it seems that the floodgates are being opened!!

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Guest STR2004

The 'Shell House' in Southbourne, a development of 10 two bedroom flats with sea views, finally appeared all sold about two months ago (well no more for sale signs anyway). I was amazed they'd sold as I went and looked around them over a year ago and they definately aren't worth the £285K price tag (they were £315K at one point). Anyway, browsing through the local 'property rag' last night I noticed that one of them is up for rent (long term let) at £850 pcm. Now I'm no investment or maths guru but that seems like the worst BTL investment possible. Even with a 10% discount (price down to 256K) and 10% deposit the mortgage would be £230K or put another way about £950 per month interest only. Maybe someone out there can see or suggest how this makes financial sense?

STR

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