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BandWagon

It's Official- Prices In Docklands Down 15 To 20%

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Apologies, I know this has been on another thread, but I thought the full transcript was worthy of a thread of it's own.

For those of you who didn't see Trevor McDonald's

"Repossession Repossession Repossession" tonight at 8pm

...I think up till May 2004 prices were still quite bouyant, but I suspect in the last 12 months or so prices have dropped maybe 15 or 20%.

If you bought with a 95% mortgage you could be looking at negative equity now.

There's about 5000 new flats being built at the moment in Docklands, and the newer blocks, they're like ghost blocks really, a third of them have got people living in them, another third have got the people who bought them to rent them and they're mostly empty,  and we've got another third which the builder is desperately trying to sell.

So you've got people competing to sell in the same block, and that's depressing the prices.

http://www.estatesgazettegroup.com/profile_peter_bill.html

I know there were quite a few people out there who didn't believe that prices in London had fallen 10 to 20%.

Well it's been on TV.

You can start believing it now.

Edited by BandWagon

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(posted by Classix on S-Pig):

classixuk

DrBubb said...

(EXCERPT from a thread on HPC discussion Repossession3):

Replaying my recording, the person being interviewed about docklands flats was Peter Bill (Editor of Estates Gazette)

What he said was;

- 15-20% drop in prices over the year

- 5000 new flats being built in docklands

- new blocks are like ghost blocks, you've got: 1/3 have people living in them, another 1/3 have been bought to rent them... trying to rent them and they are mostly empty, and then you have another 1/3 which the builder is desparately trying to sell as well.

Hope you don't mind me correcting the post you found Dr B, but what was actually said was:

Over the PAST year prices have dropped 15-20% and that alot of the owners have laready found themselves in negative equity.

He then went on to say that 5000 new flats have been built and that the new blocks are like ghost blocks with only a third of the properties in each block occupied. BTL landlords own approx a third and are desperately trying to rent them out without much success and on top of this the builders who still own the remaining third are competing against them trying to sell or rent out the rest!

Perhaps Ladyluck could sort out the mess! She seems to know everything!

;o)

@: http://www.singingpig.co.uk/discussion/for...=41&m=60176&p=3

You'll have to excuse my quoting from "Repossession3" I'm not a secretary with touch typing skills (Mine you I think I did quite well.. yes it was the past year) but someone who designed spacecraft... I hope I got the jist right :D

Edit... thought I'd get some typing practice... so...

Here's the actual words of Peter Bill in full (excuse the speeling ;) and grammar);

I think upto last May 2004, prices were quite boyant. But I suspect in the last 12 months or so that prices have actually dropped maybe 15 or 20 percent. And if you bought into one of these flats at you know with a 95% mortgage you could actually be looking at negative equity now.

There are 5000 flats being built at the moment in docklands and the newer blocks are like ghost blocks really. You've got er a third have people living in them, another third are people who bought them to rent them.. trying to rent them and they are mostly empty. Er and then you have another third which the builder is deparately trying to sell as well. So you have people completing with each other in the same block to sell the flats and thats depressing the prices.

Edited by beerhunter

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I know someone who completed on his Docklands flat sale a few weeks ago. He told he he had to reduce his price "massively" to get a sale. He didn't tell me how much the reduction was but he's very wealthy so "massively" is likely to be quite a bit.

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I know someone who completed on his Docklands flat sale a few weeks ago. He told he he had to reduce his price "massively" to get a sale. He didn't tell me how much the reduction was but he's very wealthy so "massively" is likely to be quite a bit.

I remember when they were first selling in 1998 for 105K ... and I thought they were well overpriced then (although its a shame I didn't have the foresight to see the value of industrial waste!!!)

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I remember when they were first selling in 1998 for 105K ... and I thought they were well overpriced then (although its a shame I didn't have the foresight to see the value of industrial waste!!!)

if you did have the foresight to see the value of industrial waste back in 1998, you would have been faster placing massive bets on the fa cup final and the derby etc. each one a cert.

i could have been part of that process.

plus, you could have warned your uncle about that bus and that dave - your mate was going to lose his job in 2002.

Edited by right_freds_dead

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I remember when they were first selling in 1998 for 105K ... and I thought they were well overpriced then (although its a shame I didn't have the foresight to see the value of industrial waste!!!)

As a spotty student circa 1983 I had to help out on some research for my course in London Docklands.

A fascinating landscape with 'named berths' (for the Banana Boats etc) of Hundreds of Countries around the World.

If my memory serves me right, the LDDC were offering the land @ £2000 AN ACRE.

Nobody wanted it until some years later some bright spark started doing up old warehouses!

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I know someone who completed on his Docklands flat sale a few weeks ago. He told he he had to reduce his price "massively" to get a sale. He didn't tell me how much the reduction was but he's very wealthy so "massively" is likely to be quite a bit.

It's also interesting that someone 'very wealthy', which usually indicates a fair bit of financial nous, has accepted the "massively" reduced price to get a sale. <_<

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It's also interesting that someone 'very wealthy', which usually indicates a fair bit of financial nous, has accepted the "massively" reduced price to get a sale.  <_<

Indeed. He's a self made millionaire. When I told him I thought he was right to sell at a discount he didn't disagree. It's not his only property either (lives in them in various parts of the country). So I suspect he was getting rid of it knowing what's coming. It was a lovely place with views of the Thames too.

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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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