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Ace

South Wales

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Went to a friends BBQ yesterday and got speaking to a couple who have 3 bed terrace in Cathays. Its been on the market for £167,000 since November with very little interest. About 1 month ago they dropped the price to £152,000 they have still had very little interest. Bearing in mind this is total student town, thought it was very interesting..........I was secretly smiling.

Living in Swansea where the attitude still seems to be "houses never crash" it was very interesting that in Cardiff a lot of the talk seemed to be about the drops in prices, my boyfriend and I were chuffed being FTB's.

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Well three places round the corner from me 4/5bed 1900's townhouses on the market for around £285k - one has been on the market for a year now (moved agents, orig asking price £310k), the other two for around 3/4 year (one reduced asking price as well). Two of the houses are on the books of one EA.

What's worse the fool of an EA is putting similar houses on their books and trying to sell for the same amount - c.£285k!? Isn't it obvious they're too expensive now? Or are just vendors being greedy (and deluded)?

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If anyone has some interesting Information for the area please post here. :)

Cardiff is utterly ridiculous at the moment given the ratio of wages to house prices. So, I have mates who bought a house in splott about 4 years ago for 66K that is now APPARENTLY worth 200K- its a bog standard terrace on a bog standard street that looks like every other street in cardiff. The city is going to be hit by the worst of the decline if it happens simply because no - one in cardiff or south wales for that matter earns very much. Its really crazy and really scary! My mates for the recors have mortgaged themselves up to 190k on interest only and bought another house while renting the other one out on the premise that 'prices never go down'- is that right?!

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Cardiff is utterly ridiculous at the moment given the ratio of wages to house prices. So, I have mates who bought a house in splott about 4 years ago for 66K that is now APPARENTLY worth 200K- its a bog standard terrace on a bog standard street that looks like every other street in cardiff. The city is going to be hit by the worst of the decline if it happens simply because no - one in cardiff or south wales for that matter earns very much. Its really crazy and really scary! My mates for the recors have mortgaged themselves up to 190k on interest only and bought another house while renting the other one out on the premise that 'prices never go down'- is that right?!

I also belive cardiff and surrounding areas will be hit quite hard when the realiazation has set in (Terrace Houses which should only be 30-40 K max

are around 80K) the Rhonnda/Cynon valleys this may seem very cheap to most members on this site but local wages are not that high. :rolleyes:

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South wales has been daft over the past 5 years or so.Friends who paid 47k for a house in Splott a good few years ago are now looking to make 190k for it.As ever in a boom, places that people wouldn't have looked twice at 10 years ago (Splott, Grangetown) have seen ridiculous rises.The people who have splashed their cash in the past 2/3 years will regret it.

As indicated in this thread, the worm is turning, and prices have now stablised. Swansea has recently witnessed a turnaround with a small drop in prices recently.

Prices in the valleys are bonkers.As Ace said, houses were going for under 40k only a matter of 4 years ago but are now over double that.

Wages haven't seen any changes for years in much of wales, and are the lowest in the UK, so anyone splashing 190k + on 2 homes in this climate must need their head examining.People have got obssessed by money and property in the last 5 years, they're almost become the reason for living, but as someone said on another thread, this is all about affordable poverty.It's an illusion, and this will suddenly become very real in the event of a more serious slide...

Edited by Homebird

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I'm living in Cardiff and it has gone mad. We were going to buy 2 months ago as we were finally in a position to and all the reduced signs in the EA windows gave us cold feet.

I'm just glad we pulled out now.

There are loads of properties up for sale around here with more coming up all the time but not much seems to be moving.

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I think the pressure is building up, there's not much movement but when forced sellers start to reduce prices to sell it might start a domino effect. If people see that a property similar to theirs has sold but for say £10k less then they might start to accept that their price has to come down.

As I said the properties near me have been on the market for ages, it's almost like waiting to see who blinks first and reduces their price. Once that happens I can imagine the others reducing their prices.

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South wales has been daft over the past 5 years or so.Friends who paid 47k for a house in Splott a good few years ago are now looking to make 190k for it.As ever in a boom, places that people wouldn't have looked twice at 10 years ago (Splott, Grangetown) have seen ridiculous rises.The people who have splashed their cash in the past 2/3 years will regret it.

As indicated in this thread, the worm is turning, and prices have now stablised. Swansea has recently witnessed a turnaround with a small drop in prices recently.

Prices in the valleys are bonkers.As Ace said, houses were going for under 40k only a matter of 4 years ago but are now over double that.

Wages haven't seen any changes for years in much of wales, and are the lowest in the UK, so anyone splashing 190k + on 2 homes in this climate must need their head examining.People have got obssessed by money and property in the last 5 years, they're almost become the reason for living, but as someone said on another thread, this is all about affordable poverty.It's an illusion, and this will suddenly become very real in the event of a more serious slide...

I agree! I heard splott being described as an " up & coming area"- biggest load of cr@p I have heard in a long time! It is a grim area where prices are traditionally very low and its only because of the madness of recent years that anyone is even buying there. Cardiff is going to go badly badly T*Ts up - in an area of average salaries that are 15k- prices are going to CRASH big time as its even more unaffordable than other places in the uk. This is sadly mixed with a tradition of materialism and "keeping up with the jones", flashing wealth that people dont have- its going to be very bad in south wales!

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Too true Hopeful FTB!Respect to people who were actually brought up in these areas, but they're massively overpriced now.How about the rises in Riverside, Cardiff?!!!Not historically a chic (!) area, 5 years ago there were prostitutes galore and murders have averaged 1 or 2 a year.You won't pick up a terrace there now for under 140/150k, and you couldn't give them away 5 years ago!

As for the Vale of Glamorgan...It's a really nice place but you'd need to win the lottery to live there now.As Hopeful FTB says, these rises are amazing as the income multiple must be vast for so many people.

I was interested in what Mescaline monkey said about the landlord who's hoping to flog 300 properties.I don't fancy his chances of very swift sales.With prices stabilised + the first signs of reductions in recent months, I think many people - certainly FTB's, but also investors - will be waiting to see what happens.Hopefully people will remain patient until prices drop at least 30 - 40%.As I think Dr Bubb said on another part of this site, the crash probably won't happen in the stylised way many think it will, 1% month on month will be enough for prices to drop nearly 40% over 3 years.However, if the market grinds to a halt as a result of large scale 'wait and see' this may well accelerate decreases if we get to a seller panic situation and the market is suddenly flooded with overpriced property.If Cardiff goes pop, this will extend out in a ripple effect just as rises did; other areas have only risen as much as they have on the strength of Cardiff.

H

Edited by Homebird

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The whole of South Wales from the bridges to St. David's are, IMPO, going to see MASSIVE price falls in the coming years. I would not be surprised to see 70 and 80 percent falls in many areas. I think the typical fall will be in the 45 to 60 percent area.

I think we are going to discover that a large number of properties in Cardiff and Swansea have been bought up as BTL and are simply unrentable as the market does not exist for them.

Here in Swansea West there are a ridiculous number of properties, usually family homes, now lying empty with 'To Let' signs outside of them. Many have been like this for 12 months or more.

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I wonder how many flats in the new developments that have sprung up over the past year or two are actually occupied? Wonder how many flat in the Newport Rd development will actually be bought by owner occupiers - my guess is very few. I'm sure I saw an ad for a penthouse flat in the Alutosso (or what ever it's called) for £350k - for that much you can still buy a really nice house.

Compare this 2BR flat

http://www.fish4.co.uk/iad/homes/advert/;p...c=search&tot=37

with this 5 bed exec home that costs less

http://www.fish4.co.uk/iad/homes/advert/;p...h&tot=63&page=1

Sheer madness :rolleyes:

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I was always of the opinion that Wales will get massively burnt in a HPC / recession but then it suddenly dawned on me 60% of people in Wales are employed in the public sector, even more so in the areas around the DVLA.

Given the areas massive reliance on the public sector and the improbability of large scale redundancies of those jobs, I'm actually starting to wonder if Wales won't fare better than areas that are more reliant on private sector employment. Certainly if we have a serious recession I expect the last thing Gordo's going to do is lay off all his cronies.

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Its simple people dont earn big money here. Those who comfortably bought 6 years ago and brag about their so called new wealth can sing all they want to.

Those who are on 13-16k will just have to wait until the fall comes. Other than that the reality is stark. If and I mean If there is no house price crash then these people have two choices:

1) Massive debt

2) I am not going to buy a house ever.

I just cant see it happening.

We wait in hope :ph34r:

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Evening Post propaganda

I wonder if the post will be very full of for sale signs tonight?

As I have said previously, its going to go very T*Ts up in south wales- its one of the poorest area in the UK with the lowest wages and large pockets of serious deprivation- combine that with flashing fake wealth and you have a combination for disaster!

And its sad because south wales has suffered very badly over the years, especially with losing all its traditional industries- people are trying to make their lives better but are going to end up in the sh*t again!

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I heard a story today about a young FTB Swansea couple who have taken out a 100 year mortgage. When told by friends that they would never pay off the mortgage the female apparently said "What do you mean?"

Property Post had loads of reduced and new price labels on the houses last night.

Edited by The Masked Tulip

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Read the latest (Aug) Hometrack report. Swansea lost 1% in a month. I've said it before that Swansea will see an almighty fall in the coming years. Come on the average terrace is £100K in a city where 15K is good money!!

Don't understand why 3-4 bed detatched go for £200-225K. I would love to know who buys these?

Give it 2 years and tears will be shed in Swansea. I have no doubt about that.

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Blackjack - me too, me too!Gawd knows who is buying houses all over Wales!!!The jobs scene is next to dead in west, mid and north wales.15k is a far off dream for many people!It's going to be terrible if it happens, I will feel sorry for peeps who end up destitute, just beacuse they wanted a house.It's a terrible state of affairs.

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Ha ha ha!Western Mail today (05.09.05) :

''The Rhondda town of Ferndale has been crowned the most desirable investment spot for new home buyers in the Royal Bank of Scotland's first time buyer property index.

[Estate agent Maria Jones of valleys-based Touchdown properties said] the fact that Ferndale has good leisure and recreation facilities also made it attractive to families.

With its archetypal Valleys terraces huddled on pretty hillsides like a classic Gren cartoon, it is hard to deny its charms on a sunny September sunday as families sit outside on the pavement in their plastic garden chairs, soaking up the late summer sun.''

WHAT?!!!Who is paying the WM for this?!!Good leisure and recreation facilities?!!Hard to deny it's charms?Have they employed a fantacist to write this article?!!

Edited by Homebird

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its hilarious isnt it. The world has truely gone mad.

I am awaiting for the spaceship in the sky to come down and zap us with a sense of normality.

Pahhhhh

Edited by magictorch

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One perhaps very large reason now and in the not so distant future for some difficulties in selling property in central Cardiff is that one big driver namely the University has got on the gravy train and is building cheap accomodation for students which will be "affordable". Look at sites behind North Road and just off the railway line near central station - these will be preferred by students.

I would cut and run now if I were a landlord in Cathays as the market will not pick up ever if further plans go through with cheap student housing down the bay.

Some of the properties that are on the market mainly in same areas are by second or third home owners who have not re-invested in the property and are just about habitable and in some cases disgraceful and shameful. It is no surprise both students and prospective purchasers/residents will not pay premium prices for rent or purchase.

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One perhaps very large reason now and in the not so distant future for some difficulties in selling property in central Cardiff is that one big driver namely the University has got on the gravy train and is building cheap accomodation for students which will be "affordable". Look at sites behind North Road and just off the railway line near central station - these will be preferred by students.

I would cut and run now if I were a landlord in Cathays as the market will not pick up ever if further plans go through with cheap student housing down the bay.

Some of the properties that are on the market mainly in same areas are by second or third home owners who have not re-invested in the property and are just about habitable and in some cases disgraceful and shameful. It is no surprise both students and prospective purchasers/residents will not pay premium prices for rent or purchase.

The Uni is investing money in new student falts and also the private sector is also building 4/5 room flats aimed at students (like on the A48 near the hospital - ideal if you're studying to be a doctor). My guess is they'll have broadband, en-suite facilities, sky/cable TV - that'll lure the students in I'm sure. This is something the BTL sheeple never thought of - that the private sector would get in on their game :lol:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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