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lostinrent

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I cannot believe it - flats and house prices around Norwich have risen from under 90K to over 110K since the interest rate fell last month.

Am I looking in the wrong EA shops ?

No HPC in East Anglia.

Thats me lost in rent again , when does it all end ? :angry:

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I cannot believe it - flats and house prices around Norwich have risen from under 90K to over 110K since the interest rate fell last month.

Am I looking in the wrong EA shops ?

No HPC in East Anglia.

Thats me lost in rent again , when does it all end ?  :angry:

Dont worry, Norwich is one of those edge of the earth, last to rise, first to crash places. It will be a blood bath.

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I live in East Anglia, in a popular and sought after area.

In the 10 years we have lived here, average prices in our street have risen 300%, yes 300%, I kid you not.

Not only have the prices risen but houses up until August 2004 usually sold within a week of the for sale sign going up.

It now appears the tide is turning, in the last 3 months 3 houses have gone up for sale, unusual in itself, normally we see 2 or 3 per year.

All of the 3 houses offered for sale have reduced their initial asking prices by at least £10k since being offered for sale, however only 1 has sold STC.

The house that has sold was offered at £25k less than the identical house next door, also up for sale.

I think this shows that people are beginning to realise that prices are unrealistic and the crash has well and truly began.

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Guest Charlie The Tramp

East Anglia started the boom in 1997.

At the time I was thinking of retiring and moving there.

Many people in the South East sold up their properties and moved to Norfolk and Suffolk buying at low prices.

An anedoctal example of a period house I followed through.

On the market in 1997 for at least nine months at 90k not sold. Price increased to 120k 1998 sold after three months. Back on the market 2000 at 249k sold in a month.

The boom was started by outsiders and now that has dried up the downward trend starts.

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Dont worry, Norwich is one of those edge of the earth, last to rise, first to crash places. It will be a blood bath.

I disagree. You make it sound like Northern England or Wales. In East Anglia the ripple effect from London takes place. It was the first to rise, so in theory it should be the first to crash. Its not, I don't understand it.

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I live in Ipswich and it will probably not crash because every single person here is either on full benefits for their family, an asylum seker or a landlord with their right to buy house.

total scum.

Hopefully when BT moves out of ipswich and the insurance centres offshore this place is dragged to hell.....

couple of nice houses on woodbridge road sitting there for 6 months now still with their 300k price.. Now how on earth would anyone in Ipswich be able to afford that! Average salary which is good for region at BT must be about 35/40k

Edited by delboypass

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Guest Charlie The Tramp
I disagree. You make it sound like Northern England or Wales. In East Anglia the ripple effect from London takes place. It was the first to rise, so in theory it should be the first to crash. Its not, I don't understand it.

The reason is the flight from London and the South East by the retired will gather momentum in the near future. Norfolk is still old rural England. In the towns it will fall but the outward areas will show medium gains.

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I live in Ipswich and it will probably not crash because every single person here is either on full benefits for their family, an asylum seker or a landlord with their right to buy house.

total scum.

I live on the outskirts of Ipswich, not too far from BT, it's obviously nowhere near your area.

Everyone around me appears to have work and be fairly prosperous, the BT/Police/Hospital influence perhaps?

I think your sweeping statement above is inaccurate, agreed there are quite a few of the type you mention but I think that depends on the area you live in.

I've read a few of your other posts about Ipswich and it's surrounding areas, you obviously appear to despise it, why do you stay?

I am not trying to start an argument, I am genuinely interested in your views on the district and what you do/don't like about it.

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Just a point – I have driven through Ipswich and you can see more wealth in people’s cars (i.e. newer more expensive models) than when you drive through Norwich. People still like nice cars cut they seem to wait till they have devalued and are more of a bargain.

As a note we looked at Ipswich to buy and decided that it was full of scum! (Aright not that bad but if you have STR you might as well chose the best of East Anglia)

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a Quick friday joke

My parents are from Ipswich which means they're incredibly hard, but I was never smacked as a child ... well maybe one or two grams to get me to sleep at night.

and

To solve the litter problem in Ipswich they have given the blind people pointed sticks!

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I disagree. You make it sound like Northern England or Wales. In East Anglia the ripple effect from London takes place. It was the first to rise, so in theory it should be the first to crash. Its not, I don't understand it.

Stop trying to pass the buck. Norwich is the pit of the world.

Ah- Ha

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Thats Fine Boughtin95.

You live in kesgrave or martlesham amongst all the BT workers and people who have fled the other 6/7th of ipswich.

Of course there is always going to be some nice places in a county if they build them far enough away.

So the west, north and south are all council dominated but if you live right on the east your fine. Great, that makes ipswich a great city.

Do you even go into ipswich at night though or do you stay in the east pretending kesgrave or martlesham is Ipswich??

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I live in East Anglia, in a popular and sought after area.

In the 10 years we have lived here, average prices in our street have risen 300%, yes 300%, I kid you not.

Not only have the prices risen but houses up until August 2004 usually sold within a week of the for sale sign going up.

It now appears the tide is turning, in the last 3 months 3 houses have gone up for sale, unusual in itself, normally we see 2 or 3 per year.

All of the 3 houses offered for sale have reduced their initial asking prices by at least £10k since being offered for sale, however only 1 has sold STC.

The house that has sold was offered at £25k less than the identical house next door, also up for sale.

I think this shows that people are beginning to realise that prices are unrealistic and the crash has well and truly began.

I have 2 friends in Cambridge-Newmarket area: They tell me prices are going DOWN - and they have friends who have been unable to sell their properties in the Cambridge area - they are just SITTING there trying to sell..... Also - see -

http://www.cambridgenetwork.co.uk/pooled/a..._NEWSART_172784

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Thats Fine Boughtin95.

You live in kesgrave or martlesham amongst all the BT workers and people who have fled the other 6/7th of ipswich.

Of course there is always going to be some nice places in a county if they build them far enough away.

So the west, north and south are all council dominated but if you live right on the east your fine. Great, that makes ipswich a great city.

Do you even go into ipswich at night though or do you stay in the east pretending kesgrave or martlesham is Ipswich??

Just for the record, at no point did I say Ipswich was a great city, nor do I pretend that I live IN Ipswich, I doubt I'd choose to do so. ;)

I do go into Ipswich at night, but I'm selective where I choose to go as I'm well aware of the chav and asylum seeker elements.

I repeat, I'm not trying to provoke an argument, I am genuinely interested in your views on the district, what you do/don't like about it and why you live there.

Try Glasgow, that IS a great city! :D

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Prices in North Yorkshire were rising quickly over the last few months, its just this last month that they've stagnated and now dropping. Give it another 2 months and I'm sure you'll see a difference.

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Thats Fine Boughtin95.

You live in kesgrave or martlesham amongst all the BT workers and people who have fled the other 6/7th of ipswich.

Of course there is always going to be some nice places in a county if they build them far enough away.

So the west, north and south are all council dominated but if you live right on the east your fine. Great, that makes ipswich a great city.

Do you even go into ipswich at night though or do you stay in the east pretending kesgrave or martlesham is Ipswich??

But why do you stay in Ipswich? I'm mystified too.

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I live north of Norwich and I think that there IS some evidence of price falls etc. The village I live in has around 15 houses for sale, the only ones that have sold recently have had around £5 - £10K taken off their asking prices. I will be v interested to see their sold prices once they are online.

The above being said, a house has just gone up in the village for £137K - this sold in June 2004 for £107K - all they appear to have done is put a v cheap kitchen in, painted it and put carpets in - will be interesting to see if someone buys it!!

Have tried to put link in but not very good at techology! It's on Rightmove in Buxton, NR10 and has gone on in last 7 days if anyone wants to look...

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I cannot believe it - flats and house prices around Norwich have risen from under 90K to over 110K since the interest rate fell last month.

Am I looking in the wrong EA shops ?

No HPC in East Anglia.

Thats me lost in rent again , when does it all end ?  :angry:

Please get real. How long have you really been looking?

Just go back through the EDP. NOTHING is going up - are you trying to do the VI spin today?

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Please get real.  How long have you really been looking?

Just go back through the EDP.  NOTHING is going up - are you trying to do the VI spin today?

Some prices are going up, the link to cambridgenetwork shows that house prices around Huntingdon have gone up - and it's very noticeable.

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I have 2 friends in Cambridge-Newmarket area: They tell me prices are going DOWN - and they have friends who have been unable to sell their properties in the Cambridge area - they are just SITTING there trying to sell..... Also - see -

http://www.cambridgenetwork.co.uk/pooled/a..._NEWSART_172784

Here's some wacky advice for you friends, if they want to sell their house why not knock 15% of the asking price, if it still doesn't sell going around the loop again and so on.

Hope this helps.

I'm from the area too and i have to say prices haven't moved much since the end of 2002, a friend paid £280K for a house back then, his neighbour has just sold his much better and bigger house next door for £250K, that equates to a 11% fall in three years, in real terms thats a fall of 23% :unsure::unsure::unsure: .

Edited by Dicky

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Having cast a casual eye over the "funny pages" in Friday's EDP for a while now, I've not noticed any real changes in the asking prices since the rate cut. In the ads of the bigger EAs you have your usual 3 or 4 sub-£100K "less than des res" flats in an easy-to-ignore corner of the page and the rest of the page taken up with proper homes, which have started at around £110K for a good while now.

I wonder if lostinrent's EA has simply gone through the window and weeded out all the rubbish, replacing them with the more attractive new instructions they've received. If a scummy £90K ex-LA flat has been in the window for so long that all the colour has been bleached out of the picture then it's time to replace it with something they have a chance of shifting! Any trick to keep the business ticking over. Another trick employed by an EA I pass on the way to work seems to be changing the positions of SOLD-STC properties all over the window to make it look like they're doing something, presumably for idiots like me who walk past it each morning. I'm waiting for the day they accidentally spell S.O.S. across the three windows...

As for the lament of there being no signs of a HPC in Norwich I'm inclined to agree, though there are a scary number of indicators of one on the horizon (the global property bubble, UK’s impressive debt mountain, the price of oil eating into everyone’s pockets, unemployment on the rise, the maxim of ever-rising property values no longer ringing true and the resultant change in sentiment – and don’t forget we’ve had the London bombings and a change of Pope as well ;) ). Focusing on Norwich, though, the property market is currently being diluted quite nicely with loads of development going on. Recent developments include the old Norwich & Norfolk Hospital site (Fellowes Plain), Trowse Millgate, Riverside and King Street (quite a lot of Riverside property is finding its way back onto estate agents books – a sign of a grotty area or a bad investment? Both I say) – ongoing developments can be found along Drayton Road, Oak Street, King Street, Duke Street, the Threescore estate, and of course the huge development on the old Nestle factory site - and these are only the ones off the top of my head. For Norwich, this big influx of residential properties reduces the validity of all those “supply and demand” arguments you see bandied about the press and forums. The only reason left for stratospheric house prices in Norwich seems to be that they are high nationwide. Average Norwich wages cannot support the current prices (£23K x 6.5ish = £150,000) and the grey pound made its presence here quite some time ago, as Charlie has already pointed out. The noticeable slowdown in activity on the ongoing developments near me seems to suggest that BTL demand has dropped off a cliff too.

So it would appear we’re all just waiting to see what happens next. To me there is currently a two horse race being run between national house price inflation going sufficiently negative to put off SIPP investors (say between -5% and -10%), and April next year. If the former happens first then BANG! we have a crash, and I think Norwich will probably lead the way. Unfortunately if this were to happen I reckon we will also have a rather ugly free-for-all a few years later between FTBs, STRs and SIPP investors scrambling for available properties (gazumping-a-go-go, where the SIPP investor will nearly always win over the FTB). If the latter was to happen then the much-vaunted wall of SIPP money will probably send prices up again, but only for a short time. There will be a flurry of activity before we all finish up back to square one again, only this time we will have run out of props to keep this flabby market up.

So when do we the start of a HPC? Rather frustratingly I have to conclude “sooner...” (i.e. pre-April 2006) “... or later” (late 2007/early 2008). Note, however, that it is coming.

Apologies for the lengthy post... it appears it's not only the property market that's a bit flabby at the minute! :D

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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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