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Tunbridge Wells - Going Down


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This property came on the market around 6 months ago at £279,000 - it's now on at £219,000:

http://www.rightmove.co.uk/viewdetails-753...a_n=11&tr_t=buy

And this one came on around the same time at £350,000 and it's now £295,000:

http://www.rightmove.co.uk/viewdetails-905...pa_n=2&tr_t=buy

Admittedly, these properties were totally overpriced to start with, but that's still an average reduction of 10K per month... I think it's definitely underway...

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Vile, aren't they?

I really like the modified bungalow, 4 bedrooms indeed - do they think people can't see it's just a bloody loft conversion, the place where 10 years ago you kept your old photos and records.

And I can exclusively reveal that this delightful property also benefits from exceptionally good access to local rail links, having the main london to hastings train line running by the bottom of the garden :lol::lol::lol:

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Vile, aren't they?

I really like the modified bungalow, 4 bedrooms indeed - do they think people can't see it's just a bloody loft conversion, the place where 10 years ago you kept your old photos and records.

And I can exclusively reveal that this delightful property also benefits from exceptionally good access to local rail links, having the main london to hastings train line running by the bottom of the garden :lol:  :lol:  :lol:

They are using the school as the catch. Claremont is one of the best state schools in the town. With day fees running at 6+K per year for the local independent schools, a premium of 50K or more can be expected for houses in the better catchment area. The area ain't hot, admittedly and the plots are fairly small for such old houses.

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I guess it would really appeal to the rail enthusiast.

Wow, imagine having your own, REAL train set in the back garden?

Why haven't the estate agents pushed this as a selling point?

Just imagine, you could invite all your trainspotting friends around to wait for the 16:22 to London Waterloo.

Only problem is in a bust, you can't give places like this away.

As the current vendors are soon to find out.

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They are using the school as the catch.

Trouble is, I don't even think you'd get your kids into the school living there - there was a big article in the local paper a couple of months ago about a woman living in the next street along, whose kid didn't get into Claremont.

Trainspotters only need apply.

Oh yes, and those who like 'deceptively spacious' accommodation.

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My brother in law - put his flat in central TW on April 2004 for £185,000 - 3 months later got an offer of £165,000, which he turned down. Put the property back on April 2005 for £165,000 and has just accepted £135,000. Bet he's kicking himself for turning down last year's offer ;)

Brand new property (well, it was new when it first went on the market ;) ) - first priced at £950,000 - reduced to £849,000 a year later - offered to us for £799,000 - still on the market.

Every time I open the local Courier it's the same houses going round and round covered in "Price Adjustment" or "Stamp Duty Paid" or "Open Day" flashes.

Glad I jumped ship when I did!

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I thought Tunbridge Wells was immune to slowdowns. I have been down there on business a couple of times over the last year and, on both occasions, had an idle moment to wander around the high street and look in the EAs.

I know it's a nice place but you'd think it was heaven judging by the prices. If you buy a house in Tunbridge Wells does it mean you never have anything nasty happen in life again and that you no longer have to work for a living? I have seen ordinary looking 4 bed detacheds there that would fetch maybe 400k where I live (much nearer to London - as if that's important!) on the market for 750k etc.

Madhouse.

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I thought Tunbridge Wells was immune to slowdowns. I have been down there on business a couple of times over the last year and, on both occasions, had an idle moment to wander around the high street and look in the EAs.

I know it's a nice place but you'd think it was heaven judging by the prices. If you buy a house in Tunbridge Wells does it mean you never have anything nasty happen in life again and that you no longer have to work for a living? I have seen ordinary looking 4 bed detacheds there that would fetch maybe 400k where I live (much nearer to London - as if that's important!) on the market for 750k etc.

Madhouse.

The HPI has been much higher in this part of Kent than in most of the South East. I first moved from Sevenoaks (about 10 miles north of TW and a bit more expensive) to Kingston (Surrey/SW London) in 1999.

The price difference between flats and small houses at this time was massive, with Kingston being at least 30% more expensive than Sevenoaks.

The difference in prices of larger, detached houses was less, perhaps 15%.

Since about 2003 the larger houses are about the same in both areas, and flats are only about 5-10% more expensive in Kingston.

HPI in Kingston has been quite high compared to many places in outer London as well, so it shows just how much West Kent has increased.

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I almost feel sorry for your brother-in-law, Pink Flamingo. Except I can't really, because he was just being greedy. And greed is what has been at the root of this ridiculous HPI mess.

I've really been appauled by the way properties - which, after all, are just people's homes - have been used as a means of generating wealth for some and creating an almost impossible-to-break spiral of poverty for others, increasing the gap between the rich and the poor yet further.

And when the £3 trillion debt time bomb really hits home (excuse the pun) you know it's going to be the poorer, less-educated who will suffer the most.

And all this under a (supposedly) Labour government. I could weep.

:(

Sorry to get all heavy on you there, just a bad, sad moment...

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I thought Tunbridge Wells was immune to slowdowns. I have been down there on business a couple of times over the last year and, on both occasions, had an idle moment to wander around the high street and look in the EAs.

I know it's a nice place but you'd think it was heaven judging by the prices. If you buy a house in Tunbridge Wells does it mean you never have anything nasty happen in life again and that you no longer have to work for a living? I have seen ordinary looking 4 bed detacheds there that would fetch maybe 400k where I live (much nearer to London - as if that's important!) on the market for 750k etc.

Madhouse.

You get pseudo private secondary schools paid for by the state (grammer schools) and are permitted to look your down your nose at anybody from Tonbridge. For some people, this is worth the money.

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Tunbridge Wells is really nothing special at all (even the spa water which made the town famous has recently been diagnosed as laden with e-coli bacteria).

I'm not even sure it's about the grammar schools, since the ones in Tonbridge are actually much better than those in TW.

Of course, living here does give you license to be permanently 'disgusted' (related to the e-coli, perhaps?), but surely that can't be a major attraction, even for members of this forum, who tend to like a moan.

Sadly, for some of us it's the most logical place to live as it's where we come from and where our families are.

I want house prices to come down to show all those 'trading-down' retirement- age city types (the non-natives, so to speak) who are trying to flog two-bed apartments for £400,000 that it's just not moral.

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This property came on the market around 6 months ago at £279,000 - it's now on at £219,000:

http://www.rightmove.co.uk/viewdetails-753...a_n=11&tr_t=buy

And this one came on around the same time at £350,000 and it's now £295,000:

http://www.rightmove.co.uk/viewdetails-905...pa_n=2&tr_t=buy

Admittedly, these properties were totally overpriced to start with, but that's still an average reduction of 10K per month... I think it's definitely underway...

I what way is the first of the properties "dual aspect"? It must be a nice view of the side of that hideous garage or a concrete wall. What a selling point!

Any idea how prices in the surrounding countryside are fairing? I quite fancy buying a place around the North/West of TW (Groombridge sort of area) when prices return to sensible. I haven't been whatching the market for long enough to see if things are coming down around there yet. I've got my eye on a few places now to see if they sell (or not).

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'fraid my expertise doesn't extend to Groombridge (nice place, though). I should think it's fairly similar to TW, but I know it's a very trendy village at the moment.

I got the impression it was quite trendy at the moment too. Shame really. I don't have to commute into London so I was kinda hoping that somewhere out in the country would be cheaper. (Not that I would buy anything at the moment anyway).

It's funny, when the market is down (or just sensible) you might expect certain things to lower the prices of properties. Such as: lack of good local schools, train links etc (I'm not talking about Groombridge as I know it has a station). When the market is a crazy as it is now, everything is made into a selling-point.

"Yes, it's got no floors or running water so it'll be a perfect chance for you to re-build it to your exact specifications. That sort of opportunity doesn't come along very offten to expect to pay more..."

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More examples of falling prices in TW:

This went on at £325K - it's now £275K

http://www.rightmove.co.uk/viewdetails-829...pa_n=4&tr_t=buy

And this one (in a village called Frant, just outside TW) went on at £455K and is now £379K

http://www.rightmove.co.uk/viewdetails-387...pa_n=1&tr_t=buy

These seem to me like BIG drops in asking price. And they're still not selling.

Almost seems like there might be a HPC on the horizon...

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The new build falls are going to be even bigger than that, there is a total glut of 2 bed apartments just within 1/2 mile of the town centre.

Calvery Heights, the 6 "luxury" apartments on my road are two beds and dropped from £249k to £225k which has undercut the 8 two beds down by St James school which have dropped from £285k to £245k. (And aren't even billed as luxury!) There are more new unsold flats in the Culverden area, some being built near Trinity Arts centre, some being built right on the A26 and some near the old gas works. There are more than this but I don't know the locations of all of them and other new builds over £300k I don't bother keeping an eye on.

Its absolute madness, hubby and I are watching for when one of them goes bankrupt and see about maybe picking one up at a bargin price.

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Further and further, faster and faster:

These three new-builds have been on for over 6 months. They're now selling for £190K, but if you scroll down the link, you can see that they were originally on at £250K. Blimey! :lol:  :lol:  :lol:

http://cslinter.net/ibbett/customer/proper....php?id=6000912

"TENURE

Each property is sold on a 999 year lease from 24th June 2004 at a peppercorn ground rent."

Are these not even Freehold then?

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The new build falls are going to be even bigger than that, there is a total glut of 2 bed apartments just within 1/2 mile of the town centre.

Calvery Heights, the 6 "luxury" apartments on my road are two beds and dropped from £249k to £225k which has undercut the 8 two beds down by St James school which have dropped from £285k to £245k. (And aren't even billed as luxury!) There are more new unsold flats in the Culverden area, some being built near Trinity Arts centre, some being built right on the A26 and some near the old gas works.  There are more than this but I don't know the locations of all of them and other new builds over £300k I don't bother keeping an eye on.

Its absolute madness, hubby and I are watching for when one of them goes bankrupt and see about maybe picking one up at a bargin price.

The one that really makes me laugh is the 'Garden Road Apartments' - you know, the ones squeezed behind Argos which used to be offices for AXA/PPP healthcare.

Do these 'developers' really think anyone isn't aware of the fact they used to be offices and that they are, in fact, totally overpriced dungheaps?

Their time is running out...

Keep your eye open for my photo-reportage project of the Culverden George Wimpey homes development (just waiting for the rain to dry up so I can go and take some photos) and let's keep logging all those nice drops in asking prices around the West Kent area.

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My God! I nearly died when I saw this one on at £325K:

http://www.rightmove.co.uk/viewdetails-913...pa_n=1&tr_t=buy

The last house to sell on that street (on 30/11/2004, according to 'upmystreet') sold for £420K which, even if it did have a bigger garden, is a hell of a drop in less than a year.

:o  :o

Even so, £325k for a 3 bed semi in Tunbridge Wells is madness. IIRC, Beltring Road is in the Southborough meets Culverden area, so hardly the best part of town, and a nightmare if you need to commute by train every day.

The fact someone paid £420k for anything on that road is just staggering.

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