Southport

[The Knimbies who say No]

I like this one http://www.rightmove.co.uk/property-for-sale/property-6870285.html but it is not worth more than £499k so i will wait until it reaches this level before making an offer. Its been on the market over 2 years and started at £665k. Its currently on at £599k so in two years it should be at £499 and I can buy. My general feeling is that very few houses in Southport are really worth over £600K.

On Gainsborough road there are two very similar houses next door to each other, one at at £530k http://www.rightmove.co.uk/property-for-sale/property-22252621.html and one at £815k http://www.rightmove.co.uk/property-for-sale/property-23881456.html , I accept that one is slightly bigger but the plot sizes are very similar. I can't accept that an outdoor pool adds £300k to a place.

At the high end these two are next door to each other and virtually the same house built in the same year http://www.rightmove.co.uk/property-for-sale/property-17581942.html & http://www.rightmove.co.uk/property-for-sale/property-12829539.html same size plots and both very similar inside £205k between the two agents valuations.

Good luck with your search.

http://www.rightmove.co.uk/property-for-sale/property-6870285.html

The 6 bedder in Waterloo Road (first link)has been withdrawn without sale it appears. The rest have not changed at all. Pure fantasy!

[The Knimbies who say No]

http://www.rightmove.co.uk/property-for-sale/property-15078501.html?minPrice=450000&maxPrice=475000&radius=3.0&pageNumber=2&backToListURL=%2Fproperty-for-sale%2FSouthport.html%3FminPrice%3D450000%26maxPrice%3D475000%26radius%3D3.0%26index%3D10

seems like a repo. Might be worth tracking its progress to see what fate awaits similar properties when they must be sold.

Seems like I was wrong about this one being a repo as it's still listed, although now at £425k, a £45k drop from the original asking price.

The upper end of the market (£400k + asking roughly ) is virtually at a standstill.

[Lazybones]

Seems like I was wrong about this one being a repo as it's still listed, although now at £425k, a £45k drop from the original asking price.

The upper end of the market (£400k + asking roughly ) is virtually at a standstill.

This house http://www.rightmove.co.uk/property-for-sale/property-26976499.html has been relisted today, it was at £650K originally, then dropped to £600K now its at £500K, OK house, needs some money spending on it, the issues I can see are small garden for size of house, located on a busy through road very close to a pub that has similar large houses across the road that have been converted into flats multi occupancy dwellings etc, they have just demolised the house next door (to the left) and there is planning permisison to build some town houses. On the positive side it is close to park across the road so OK for kids if they manage to make it across, view of the beach is ok if you have good eyesight. Oh there is also a caravan park on those green fields just past the boat lake and model railway. This will be a difficult sale at this price in this market, my guess it will go down a lot more before selling.

Another crazy price from Halsall Estates who are fast gaining a reputation for overvaluing everything to gain the instruction http://www.rightmove.co.uk/property-for-sale/property-26969701.html £875K for a nice house but the garden has been converted into a deck and pool area, does not make much sense.

£40K drop here http://www.rightmove.co.uk/property-for-sale/property-24879964.html but again £636K for a 5 bed semi, however big its still a semi, I expect much larger falls in the coming months, not worth anything above £400K in my view.

mistake of the day by the EA http://www.rightmove.co.uk/property-for-sale/property-28500068.html?premiumA=true dropped from £479K to £425K before being put up to £469K, or is $425K the real target?

It looks like the crash is gaining some momentum at last.

[Lazybones]

This house http://www.rightmove.co.uk/property-for-sale/property-26976499.html has been relisted today, it was at £650K originally, then dropped to £600K now its at £500K, OK house, needs some money spending on it, the issues I can see are small garden for size of house, located on a busy through road very close to a pub that has similar large houses across the road that have been converted into flats multi occupancy dwellings etc, they have just demolised the house next door (to the left) and there is planning permisison to build some town houses. On the positive side it is close to park across the road so OK for kids if they manage to make it across, view of the beach is ok if you have good eyesight. Oh there is also a caravan park on those green fields just past the boat lake and model railway. This will be a difficult sale at this price in this market, my guess it will go down a lot more before selling.

Another crazy price from Halsall Estates who are fast gaining a reputation for overvaluing everything to gain the instruction http://www.rightmove.co.uk/property-for-sale/property-26969701.html £875K for a nice house but the garden has been converted into a deck and pool area, does not make much sense.

£40K drop here http://www.rightmove.co.uk/property-for-sale/property-24879964.html but again £636K for a 5 bed semi, however big its still a semi, I expect much larger falls in the coming months, not worth anything above £400K in my view.

mistake of the day by the EA http://www.rightmove.co.uk/property-for-sale/property-28500068.html?premiumA=true dropped from £479K to £425K before being put up to £469K, or is $425K the real target?

Looks like http://www.rightmove.co.uk/property-for-sale/property-28500068.html?premiumA=true above at £469K has now dropped to £4225K a day later.

This one http://www.rightmove.co.uk/property-for-sale/property-30629927.html has relisted today dropped £25K, nice house, good road, very small garden.

It looks like the crash is gaining some momentum at last.

[The Knimbies who say No]

yes Lazybones, I noticed that today. Just a mistake I suppose.

[The Knimbies who say No]

245 sales so far in 2010 now. This data should be complete for sales which occured in the first quarter, of which there were 158 entries.

Land Registry data now updated. 341 sales registered so far, but data only definitely complete up until end of April which accounted for 233 sales.

Therefore, 75 sales in April comparing the last update to this one, Average for Jan/Feb/Mar was 158/3, or 53 sales/month. I guess that's the 'Spring bounce'...

Still a pretty sick market, easily heading for sub-1000 sales this year it seems, and very few detached houses over £250k seem to have shifted. I may have a look at those few that have sold in more depth later...

[The Knimbies who say No]

I wonder if the sensible price is anything to do with:

The house sold by a relative of the seller seems to have gone for the asking price of £260k, which looked like market-leading pricing at the time of listing. It can be done if the price is right..

http://www.rightmove.co.uk/property-for-sale/property-29164868.html

46 28/05/2010 £260,000 Semi F No Map 70, Marshside Road, Southport, Merseyside, PR9 9ST

[The Knimbies who say No]

This four-bed detached is being flipped. Asking price of £190k:

http://www.rightmove.co.uk/property-for-sale/property-29486159.html

It's number 12, last sold under a year ago:

14/08/2009 £160,000 Det. F No Map 12, Fell View, Southport, Merseyside, PR9 8JX

[The Knimbies who say No]

Here's a pair of near-identical houses up for sale in Brinklow Close, Ainsdale PR8 2SL:

From Google Streetview, we have number 2, recently listed at £325k:

http://www.rightmove.co.uk/property-for-sale/property-16173855.html

and it's immediate neighbour, number 4, on at £330k(has been listed for over a year):

http://www.rightmove.co.uk/property-for-sale/property-25913846.html

Looking at the historic sales data, number 4 has been sold in recent history:

14/07/2006 £245,000 Det. F No Map 4, Brinklow Close, Southport, Merseyside, PR8 2SL

There are three sales more recent than July 2006, being Number 6 (since extended, extension can be sen under construction in RM listing photo of number 4) which went for an astonishing £290k near peak of boom in October 2007. The other two sales were for £295k and £273k in the year prior to peak. These houses were changing hands for sub £150k a decade ago.

Will keep an eye on the pair above to see if any interest/price competition becomes apparent or whether they will simply join the host of wallflowers at this price point. The current asking prices, as I always seem to be saying these days, seem delusional.

Edited August 1, 2010 by cheeznbreed

[The Knimbies who say No]

Here's another AInsdale house, seems like a flipper who got caught when the music stopped. It's of interest because it forms part of the glut of sizeable detached houses in the area which simply are not selling. A look through the Land Reg data for this year shows very few sales of large family homes, and unless asking prices drop it is difficult to see that situation changing. Indeed, it should get worse. £300k is the price at which some pretty good sized detached houses start to appear in the listings, but it is 12 times average salary and it is blatantly apparent that people earning the sorts of sums which would make a purchase like this an affordable proposition simply no longer exist for all intents and purposes.

It's 63 Chatsworth Road, on at £330k asking(has been listed since February 2009):

http://www.rightmove.co.uk/property-for-sale/property-20261569.html

Last sold in early 2007:

24/01/2007 £265,000 Det. F No Map 63, Chatsworth Road, Southport, Merseyside, PR8 2QE

It seems like it's empty. Just how long can the seller wait with no interest?

[The Knimbies who say No]

Is this a distressed seller in Freshfield? Listed at £499k in March, the price was reduced by £30k in May and has been reduced by a further £40k today. I cannot find a last sold price for the house (17 Green Lane L37 7DJ)

http://www.rightmove.co.uk/property-for-sale/property-28461992.html

This property has now been delisted seemingly without a sale, I wonder if it will return as a repo in due course?

http://www.rightmove.co.uk/property-for-sale/property-28461992.html

[Lazybones]

http://www.rightmove.co.uk/property-for-sale/property-27054166.html has just come on with a new agent, it has been on for a while with either peter brown or ball and percival, i am sure it was originally listed at £300K, I know a few local builders have looked at this house and walked away, its opposite a pub and surrounded by flats.

[The Knimbies who say No]

http://www.rightmove.co.uk/property-for-sale/property-27054166.html has just come on with a new agent, it has been on for a while with either peter brown or ball and percival, i am sure it was originally listed at £300K, I know a few local builders have looked at this house and walked away, its opposite a pub and surrounded by flats.

Shame, it looks pretty nice on the face of it.

Here's an auction result(well sold after actually):

http://www.auctionhouse.uk.net/lancashire/property-details.aspx?propertyid=1828

227 Meols Cop Road, Southport, Lancashire PR8 6JU

15 July 2010

SOLD POST £165,000 (the price only appears in the list summary here:

http://www.auctionhouse.uk.net/lancashire/search-results.aspx?style=list

We're moving back in time:

10/07/2002 £137,000 Det. F No Map 227, Meols Cop Road, Southport, Merseyside, PR8 6JU

Accounting for inflation, roughly speaking, the auction price is 10% below last sold price in real terms.

The place is in a state alright, so some account must be made for that. However, its immediate neighbour is up for sale on Rightmove (you can see 227 in the RHS of the photo, asking price of £249k:

http://www.rightmove.co.uk/property-for-sale/property-29486168.html

On the face of it, I'm inclined to suggest the auction 'winner' might have done better driving a hard bargain next door!

Edited August 2, 2010 by cheeznbreed

[The Knimbies who say No]

ok, I mentioned about larger detached houses in the Southport area being a totally unaffordable proposition for most people. There are any number up for sale at the moment, and I regard these as a crucial point in the market for all the obvious reasons. This is the price area in which you start to find houses with garage+decent-sized kitchen +gardens+four bedrroms+detached, which are often things on many people's wish lists (mine included). More often than not, sub-£300k you'll have to compromise on at least one of those things.

It seems that all is not well with this segment of the market, however. So far(data only definitely complete up to end April), there have been 22 sales of detached houses at £300k or over (14 to end April):

On Rightmove, there are currently 285 detached houses listed for sale in Southport at £300k or more, with a further 17 listed as 'Sold STC', which seems broadly in line with the shocking sales data to date.

Looking at Welbeck Road (PR8 4AE), number 6 sold in January for £307k and anothe is listed at £355k, number 1:

http://www.rightmove.co.uk/property-for-sale/property-26520155.html

Looks like it has had a snazzy revamp but the space on offer seems poor. Will the hefty premium be realised by the seller, or will this simply have to drift downwards? It has just had its first anniversary on the market so the latter seems more likely(no change in price since listed).

The average time (months) on the market (not including 'Sold STC'):

For properties asking price of £1,000,000+ (11 properties, no listed as 'Sold STC'!): 14.8 month average (2 of these listings are 3 months old or less)

For those in asking price range £500,000- £1,000,000 (75 properties, only 1 'Sold STC' not included): 10.2 month average (although 20 of these listings are 3 months old or less).

For the range £400,000 - £500,000, (66 properties, 6 more 'Sold STC' not included): 8.9 month average (28 Listed in last three months).

A glut is appearing in these regions, and only one property in Southport listed with an asking price of £500,000 or more is listed as 'Sold STC'. It is far from sustainable in the £400,000-£500,000 region.

This fits with the sales data above; only three such properties have sold this year, and they were all sub-£600k. The market for these houses is dead, pure and simple.

Edited August 2, 2010 by cheeznbreed

[Lazybones]

ok, I mentioned about larger detached houses in the Southport area being a totally unaffordable proposition for most people. There are any number up for sale at the moment, and I regard these as a crucial point in the market for all the obvious reasons. This is the price area in which you start to find houses with garage+decent-sized kitchen +gardens+four bedrroms+detached, which are often things on many people's wish lists (mine included). More often than not, sub-£300k you'll have to compromise on at least one of those things.

It seems that all is not well with this segment of the market, however. So far(data only definitely complete up to end April), there have been 22 sales of detached houses at £300k or over (14 to end April):

On Rightmove, there are currently 285 detached houses listed for sale in Southport at £300k or more, with a further 17 listed as 'Sold STC', which seems broadly in line with the shocking sales data to date.

Looking at Welbeck Road (PR8 4AE), number 6 sold in January for £307k and anothe is listed at £355k, number 1:

http://www.rightmove.co.uk/property-for-sale/property-26520155.html

Looks like it has had a snazzy revamp but the space on offer seems poor. Will the hefty premium be realised by the seller, or will this simply have to drift downwards? It has just had its first anniversary on the market so the latter seems more likely(no change in price since listed).

The average time (months) on the market (not including 'Sold STC'):

For properties asking price of £1,000,000+ (11 properties, no listed as 'Sold STC'!): 14.8 month average (2 of these listings are 3 months old or less)

For those in asking price range £500,000- £1,000,000 (75 properties, only 1 'Sold STC' not included): 10.2 month average (although 20 of these listings are 3 months old or less).

A glut is appearing in these regions, and only one property in Southport listed with an asking price of £500,000 or more is listed as 'Sold STC'.

This fits with the sales data above; only three such properties have sold this year, and they were all sub-£600k. The market for these houses is dead, pure and simple.

Will do likewise for the sub £500k stuff in time.

Great Post! My comments on the ones that have sold:

Dover Road, good houses but font onto railway track, even allowing for large front gardens and the road between the house and the track you get a two trains every 15 mins going past. No6 started off at well over £500K

No 85 Waterloo great house/road was originally marketed at £675K

6 Welbeck was on the market over 3 years and reduced from £375K, tiny back garden and backs onto a builders yard, no's 1 & 5 Welbeck are up for sale at £350K and £285K, good road, good houses, small gardens, not sure 1 is worth 65K more just because its detatched.

Regents close good value not sure if this was a repo or not, modern houses built off Regent Road surrounded by traditional houses.

I don't expect so seen many properties going for anywhere near £1m in the next decade and all the £500K+ falling back to between £300K and £500K over time.

[The Knimbies who say No]

Thanks for the thoughts Lazybones, will post more later.

20 Chester Avenue by the looks of it, new listed at £300k asking. It appears to be decent value, relative to the market at the moment:

http://www.rightmove.co.uk/property-for-sale/property-16693203.html

Last sold summer '06:

25/08/2006 £295,000 Det. F No Map 20, Chester Avenue, Southport, Merseyside, PR9 7ET

Is the seller resigned to a nominal loss on this sale?

Edited August 3, 2010 by cheeznbreed

[Kazuya]

Quite cheap (300k) for a nice looking 4-bed detached.

Round my way the same house would cost around £450,000.

[Lazybones]

Quite cheap (300k) for a nice looking 4-bed detached.

Round my way the same house would cost around £450,000.

Kazuya, hi, its the same in Southport some roads/areas are much more expensive than others, this house in Churchtown or Birkdale would be up for between £400K and £500K, having said that the whole area is very overpriced given the lack of local jobs.

[Lazybones]

Kazuya, hi, its the same in Southport some roads/areas are much more expensive than others, this house in Churchtown or Birkdale would be up for between £400K and £500K, having said that the whole area is very overpriced given the lack of local jobs.

http://www.rightmove.co.uk/property-for-sale/property-27117850.html this has to be the joke of the year, a gated community in Ainsdale and they want £300K per plot, will be watching this one for future discounts given the current market.

[Lazybones]

http://www.rightmove.co.uk/property-for-sale/property-27165061.html

http://www.rightmove.co.uk/property-for-sale/property-25447174.html

Same house two agents, £45K price difference

[Lazybones]

http://www.rightmove.co.uk/property-for-sale/property-27165061.html

http://www.rightmove.co.uk/property-for-sale/property-25447174.html

Same house two agents, £45K price difference

Looks like they have changed agents and dropped £45K, I would expect this to go for around £400K in a stable market £530K is silly. There is also a large telephone mast and microwave dish in the cricket club right next to this house which can only put people off given the possible health risks.

[The Knimbies who say No]

Looks like they have changed agents and dropped £45K, I would expect this to go for around £400K in a stable market £530K is silly. There is also a large telephone mast and microwave dish in the cricket club right next to this house which can only put people off given the possible health risks.

Thanks for that Lazybones, surprising the photos don't show either of those.......

Been off on hols last week, hence lack of activity. Will catch up in due course. It seems there's been a flurry of activity in the super-£300k price range lookint at Rightmove quickly. I'll see if anything of interest has occurred and report.

[The Knimbies who say No]

One of the Burlington Road quartet has gone 'under offer' today, will they complete the sale? The rest are unchanged.

http://www.rightmove.co.uk/property-for-sale/property-12694731.html

The Burlington Road listing has been removed, presumable indicating a sale(although its status was never changed to 'Sold STC' on Rightmove). Will watch the Land Registry data in the next three months to see if it appears.

Edited August 15, 2010 by cheeznbreed

[The Knimbies who say No]

This house is empty due to emigration according to the listing, £325k asking:

http://www.rightmove.co.uk/property-for-sale/property-17848157.html

It was actually the last house to sell in that postcode, for £190k in 2005:

http://www.houseprices.co.uk/e.php?q=PR9+7RH&n=100

25/11/2005 £190,000 Det. F 3, Fine Janes Way, Southport, Merseyside, PR9 7RH

Seems like it has been modernised since, but still a hefty premium.

[The Knimbies who say No]

This house is empty due to emigration according to the listing, £325k asking:

http://www.rightmove.co.uk/property-for-sale/property-17848157.html

It was actually the last house to sell in that postcode, for £190k in 2005:

http://www.houseprices.co.uk/e.php?q=PR9+7RH&n=100

25/11/2005 £190,000 Det. F 3, Fine Janes Way, Southport, Merseyside, PR9 7RH

Seems like it has been modernised since, but still a hefty premium.

2 bed flat on Lord Street, £20k off today, down to £70k:

http://www.rightmove.co.uk/property-for-sale/property-25931329.html

Seems we're back to 2003 in nominal terms here:

http://www.houseprices.co.uk/e.php?q=PR9+0QQ&n=100

Also, it was already the most competitively priced of the four in this building, and it just makes the others look silly now. top asking is £120k for a flat on the floor below the one above, an 80% premium. Good to see sanity slowly returning, and it must filter through to more expensive properties in due course. How much are these really worth though? £50k? That would be a 10% deposit and 3* £15k salary for a single worker, seems about right.

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^693715&insId=2&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=77&y=10&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false