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The Masked Tulip

Lots Of Gower Houses Coming On The Market...

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It is interesting viewing the online EA sites - there was already a large number of properties on the market across Gower but this is being added to almost daily now.

What some EAs have been telling me about Londoners selling up ASAP and getting out appears to be true.

If you want to buy on the Gower it seems that you time is almost here.. albeit it many of the asking prices IMPO are just ludicrous.

Edit:

Interesting article from Moneyweek here:

'Prime' house prices may crash harder than the rest

However, I have just also been sent some even more interesting numbers from estate agent John D Wood. These track not completion but exchange prices of London houses, and so are much more up-to-date than most. They also prove that prime prices are not remotely resilient.

In the last quarter the price of a house in Kensington or Holland Park has fallen by around 18%, while that of a flat is down just under 8%. Houses haven't fared so badly in Notting Hill, but they are still down by 9% or so. Also of interest is the price of so-called large houses (3,500 square feet plus) across the capital: for these "the second quarter has witnessed values falling back by 8.5%."

This is all something poor Kylie Minogue has recently discovered to her cost. According to the Daily Mail she has just cut the price of her Kensington pad by a massive £500,000 in an attempt to get it away. And that's despite the fact that she is a mega celeb and the fact that the place was "refurbished to Miss Minogue's exact specifications by renowned interior designers and developers Candy & Candy five years ago."

http://www.moneyweek.com/blog/prime-house-prices-may-crash-harder-than-the-rest-00239.aspx

Edited by The Masked Tulip

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It is interesting viewing the online EA sites - there was already a large number of properties on the market across Gower but this is being added to almost daily now.

What some EAs have been telling me about Londoners selling up ASAP and getting out appears to be true.

If you want to buy on the Gower it seems that you time is almost here.. albeit it many of the asking prices IMPO are just ludicrous.

Edit:

Interesting article from Moneyweek here:

'Prime' house prices may crash harder than the rest

http://www.moneyweek.com/blog/prime-house-prices-may-crash-harder-than-the-rest-00239.aspx

Yes, and on the Simpson's site there are many that have had their prices clipped, though the site doesn't show them. It's the GCP site that makes me laugh. Properties that have been on for 2 years , but have they reduced their prices? No way!

The likes of GCP are hoist by their own petard. They set themselves up as purveyors of exclusive homes to the wealthy, refined and discerning , where it's anathema to use words like discount and reduction. That bull is fine in a rising market but today they are stuffed. They've sold their services based on massively bloated prices. How do they tell their clients to drop by 25% and still retain credibility? In the meantime, the punters just hop around from agent to agent; they'll blame the inertia on the colour of the agent's car or the office location, anything will do so long as they can avoid the reality.

I see that place in Llangennith has just dropped again to 425K. It started at 599K !! Empty and a repo I'm sure . But there are places in that village with sea views for 400K so 425 is still too high. And as you've said before , this is a long way from anywhere , ......."I wouldn't start from here ".

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Yes, and on the Simpson's site there are many that have had their prices clipped, though the site doesn't show them. It's the GCP site that makes me laugh. Properties that have been on for 2 years , but have they reduced their prices? No way!

The likes of GCP are hoist by their own petard. They set themselves up as purveyors of exclusive homes to the wealthy, refined and discerning , where it's anathema to use words like discount and reduction. That bull is fine in a rising market but today they are stuffed. They've sold their services based on massively bloated prices. How do they tell their clients to drop by 25% and still retain credibility? In the meantime, the punters just hop around from agent to agent; they'll blame the inertia on the colour of the agent's car or the office location, anything will do so long as they can avoid the reality.

I see that place in Llangennith has just dropped again to 425K. It started at 599K !! Empty and a repo I'm sure . But there are places in that village with sea views for 400K so 425 is still too high. And as you've said before , this is a long way from anywhere , ......."I wouldn't start from here ".

I was doing a search on Globrix and Rightmove in the past few days for Swansea West and, whilst I did not count them, it appeared that the vast majority of houses for sale in the area were with Simpsons or GCP.

Fair enough.

I have a sizeable sum in the bank but I am not prepared to pay the asking prices of either EA. I have heard of so many Londoners selling up now that it is truly staggering.

I have noticed that this week and last week Simpsons had numerous properties reducing their asking prices - Property Bee records this via Rightmove. But most were, IMPO, trifling reductions - just a pathetic few K here, 10K there. At the current asking prices I am not even bothered viewing let alone putting in offers. The asking prices, whether this is the fault of the sellers or the EAs, have just priced themselves out of the market.

The economy is about to get seriously bad in Wales and in Swansea in particular.

20% off current asking prices and I would buy probably today. 30% below current asking prices is where I think it will get in a few years as thousands of public sector workers are made unemployed down here. Time is on my side.

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Was just out for a walk this morning and got talking to a couple from England who have their house on the market since the Spring - initial asking price of 500K. Now they want asking price of 400K.

They told me they have not had a single viewing - no interest.

When I checked the price of the house it still is over 150K more than paid for at the height of the bubble. They also bought a investment property - LMAO - in the marina at the height of the bubble and openly admitted that they had made bad investment choices. They now intend to live in their 'investment property'.

Typical story - came to Gower on holiday, fell in love with the place, rented a place on the Gower for a year but ended up hating living there as there was nothing to do despite the beautiful countryside. Sold up in London and bought down here at the height so I think it is safe to say they are probably amongst those who ramped the house prices locally and helped price local out.

I would not give 250K for their 400K asking price property.

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Here's an astonishing example of the immensely bloated prices in the Gower. A rather ordinary 4 bed home 'reduced' to £799,995. Mad, just mad.

Indeed. I refer to this place in another thread (Wales) where it started off at close to 900K if I remember rightly!! It looks much like the final product of antagonistic , part-qualified architects who never bothered to consult. In short, an utter mess. And I agree with Tulip , they would be lucky to squeeze 500K out of me. A waste of a site in a nice village.

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Was just out for a walk this morning and got talking to a couple from England who have their house on the market since the Spring - initial asking price of 500K. Now they want asking price of 400K.

They told me they have not had a single viewing - no interest.

When I checked the price of the house it still is over 150K more than paid for at the height of the bubble. They also bought a investment property - LMAO - in the marina at the height of the bubble and openly admitted that they had made bad investment choices. They now intend to live in their 'investment property'.

Typical story - came to Gower on holiday, fell in love with the place, rented a place on the Gower for a year but ended up hating living there as there was nothing to do despite the beautiful countryside. Sold up in London and bought down here at the height so I think it is safe to say they are probably amongst those who ramped the house prices locally and helped price local out.

I would not give 250K for their 400K asking price property.

This scenario repeats itself so often it ought, by now, to be recogised by some accepted medical/psychiatric terminology..."Chronic Goweritis Deficiency Syndrome" .

But the really mentally deficient ones are those that unquestioningly want to step in and fill the breach.

Don't suppose you can knock the vendors for trying to minimise their losses. And maybe easy to see how they could be intoxicated by a sunny week in Gower after 40 years in Grime Central, but it still irritates that they openly expect greater fools to pay for their mistakes and their short-sightedness.

Just like that couple in Aber in May who were prepared to drop from 420k to 410k so generously . You see they needed the money to fund purchase of a home for their daughter who couldn't get on the ladder. They would be funny, but only if they weren't so F%$#*g annoying. The irony is totally lost on these dippers.

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There are several properties that have dropped their asking price by 100K plus in recent days I notice. One Reynoldston house dropped by 160K.

Whilst those drops are large chunks of money most of the Gower asking prices IMPO are just way over-priced. They could still drop by 40% from current levels to get to sensible.

Some in Crofty/Penclawdd are dropping a fair bit but I can't help but think that global warming and the Loughor estuary will be causing problems in that part of the World in the coming years.

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The likes of GCP are hoist by their own petard. They set themselves up as purveyors of exclusive homes to the wealthy, refined and discerning , where it's anathema to use words like discount and reduction. That bull is fine in a rising market but today they are stuffed. They've sold their services based on massively bloated prices. How do they tell their clients to drop by 25% and still retain credibility?

I like how Dawsons have launched their own 'Exclusive Homes Company' called Fine & Country and Astleys have one called 'Fine & Coastal'.

:rolleyes:

Maybe we should launch our own called 'Fine & Dandy' :lol:

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I like how Dawsons have launched their own 'Exclusive Homes Company' called Fine & Country and Astleys have one called 'Fine & Coastal'.

:rolleyes:

Maybe we should launch our own called 'Fine & Dandy' :lol:

Jealous?

I would not worry about it. It just appeals to the snob mentality of many in S'sea.

I suspect that there are a few hundred houses in Swansea at the moment which are technically unsellable unless a seriously rich cash buyer turns up or we have a massive bubble, um, like the past 10 years... and that ain't going to happen.

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No, I'm not jealous :D

I would like to get in on the action due to higher commissions, but it's always a pointless exercise when carrying out valuations when other EA's turn up and almost double your valuation <_<

We are selling a few properties now, but only because we have taken instruction of several terraced properties valued around £40-65,000

Everybody keeps telling me that the top end properties are still selling well, but I don't see much evidence. I hear and see lots of offers go in on them, but they are well short of the advertised price which is to be expected.

I valued a property late last year at £85,000. A 3 bed with detached garage in a popular area. 2 other EA's valued at £100k and £110k.

Vendor wanted to deal with us, so instructed us providing we put it on the market at the top valuation. Surfice to say, no viewings or interest. Vendor will not lower because they have their heart set on an apartment near the sea for £100k even though I have explained that they might get it much cheaper if they put offers in. I suggested £75k to test the water :)

They won't because they do not feel it is the right thing to do and they would not welcome such a low offer on their property. They don't see the logic that if they can buy much cheaper, then they can sell cheaper.

Main problem is the other EA guaranteed a quick sale at £110k. The property needs to be gutted and refurbished properties similar on the market for less than £110k.

I sometimes feel like giving up :lol:

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I have been watching the same high end properties on the market for 3 to 5 years now. They just sit there mostly.

I noticed this week that one branch of one EA chain that had refrained from getting involved with the ludicrous valuations has started to give, IMPO, ludicrous valuations on several new properties listed. A 2 up 2 down terrace on a busy main road in Sketty for 300K anyone? I kid you not.

I had noticed their stock declining in the past few months so I only assume that they needed to play the game to get stuff on their books.

If anything, with the odd exception, asking prices are going up in the 250K to 600K mark and by ludicrous percentages - 15% to 20% - whilst sometimes drops are as low as 1%.

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"The economy is about to get seriously bad in Wales and in Swansea in particular."

disagree.

Swansea will do far better than most places in wales because it has more jobs, businesses, facilities, infastructure, etc

go and visit some towns around wales and across the uk and they don't compare to the investment, activity, job creation and facilities that swansea has.

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I keep looking at prices on the Gower but they are still a million miles from any kind of reality. How do the vendors not 'get' that the value of a property is what a buyer will pay for it, not the asking price?

This one made me smile; they can't shift it from October to Feb, so change the status from 'Available' to 'Viewing Advised'! :lol: Yeah - that'll do it (WTF are these EAs on?).

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"The economy is about to get seriously bad in Wales and in Swansea in particular."

disagree.

Swansea will do far better than most places in wales because it has more jobs, businesses, facilities, infastructure, etc

go and visit some towns around wales and across the uk and they don't compare to the investment, activity, job creation and facilities that swansea has.

Yes, you are right. That was a throwaway remark by myself. What I should have said is that Swansea is about to be badly hit so goodness knows how most other places outside Swansea will suffer.

Seems to me Wales has mirrored London in that Cardiff is booming and parts of Newport - that corridor from the bridge to Cardiff. But you are right, so many of the smaller towns in West Wales and up the Valleys are going back to the 1980s.

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I keep looking at prices on the Gower but they are still a million miles from any kind of reality. How do the vendors not 'get' that the value of a property is what a buyer will pay for it, not the asking price?

This one made me smile; they can't shift it from October to Feb, so change the status from 'Available' to 'Viewing Advised'! :lol: Yeah - that'll do it (WTF are these EAs on?).

I thought that was a truly ludicrous price when it first came on - but aren't they all.

I think that most of these Gower houses are now unsellable. The Gower probably needs a good couple of hundred bankers to all decide today to come visit Gower and buy. Locals cannot afford them apart from the likes of Docs.

I also think with rising fuel costs that people are going to want to live less and less down there. I noticed that Three Crosses is seeing sizeable drops in asking prices and am told that people now consider that too far out.

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  • 201 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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