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Tenubracon

Eastbourne

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Thought I'd start a thread covering Eastbourne. I'm seeing a few reductions, lots of under offers and SSTCs falling through and some frankly insane pricing,

Here's a gem from today, marketed by Taylor Engley. More than half a million quid for a glorified bungalow with what look like pretty boxy rooms. The garden is on a hill, so no use and a pain to keep tidy.

My linkhttp://www.rightmove.co.uk/property-for-sale/property-28531972.html

Last house sold on the road was in Dec 2007 for £400K. This looks like a house of comparable size, but it's a squarer build, so there is no sloping roof upstairs. So, nearly £200K more for a house that's roughly the same size. Good luck with that ...

Also, I've been keeping my eye on this one:

http://www.rightmove.co.uk/property-for-sale/property-31516571.html

I posted it on the main forum, but here it is again in all its glory. Was on earlier this year for £250,000, has been done up (new kitchen, lick of paint) and now yours for £375,000, just increased from £365,000 because it obviously wasn't attracting the right kind of buyer. It's in Meads, which is the nicest area of Eastbourne, but it sticks out like a sore thumb from the nice victorian houses that surround it (and the tower you can see in the pics). It's been under offer once, but came back on today. I don't know quite why, but I see this house as a barometer of sentiment, so if it sells for anywhere near asking, I'll probably give up!

Please add anything of interest...

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Thought I'd start a thread covering Eastbourne. I'm seeing a few reductions, lots of under offers and SSTCs falling through and some frankly insane pricing,

Here's a gem from today, marketed by Taylor Engley. More than half a million quid for a glorified bungalow with what look like pretty boxy rooms. The garden is on a hill, so no use and a pain to keep tidy.

My linkhttp://www.rightmove.co.uk/property-for-sale/property-28531972.html

Last house sold on the road was in Dec 2007 for £400K. This looks like a house of comparable size, but it's a squarer build, so there is no sloping roof upstairs. So, nearly £200K more for a house that's roughly the same size. Good luck with that ...

Also, I've been keeping my eye on this one:

http://www.rightmove.co.uk/property-for-sale/property-31516571.html

I posted it on the main forum, but here it is again in all its glory. Was on earlier this year for £250,000, has been done up (new kitchen, lick of paint) and now yours for £375,000, just increased from £365,000 because it obviously wasn't attracting the right kind of buyer. It's in Meads, which is the nicest area of Eastbourne, but it sticks out like a sore thumb from the nice victorian houses that surround it (and the tower you can see in the pics). It's been under offer once, but came back on today. I don't know quite why, but I see this house as a barometer of sentiment, so if it sells for anywhere near asking, I'll probably give up!

Please add anything of interest...

Similar story on the other side of Sussex. Lots of higher priced homes just sitting there and for a very long time in many cases. Only those in the just the right location and for a reasonable price (on current comparative) are shifting. A house near me started at £425k nearly a year ago. It's been under offer twice and both fallen through. It's now on for £38750. Just an ordinary bungalow needing modernisation. Yet nearby a pleasant 3 bed detached home, in good state came on for £279,000 and sold within a couple of weeks.

PLEASE NOTE THE OECD HAS COMMENTED THAT UK HOUSE PRICES ARE BROADLY 40% OVERVALUED AT THE PRESENT TIME. Well, nice to know someone else has noticed! It is true on a proper comparison against incomes. The prices are currently way over the trend line.

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PLEASE NOTE THE OECD HAS COMMENTED THAT UK HOUSE PRICES ARE BROADLY 40% OVERVALUED AT THE PRESENT TIME. Well, nice to know someone else has noticed! It is true on a proper comparison against incomes. The prices are currently way over the trend line.

I'd say that's about right. It's a long way down ...

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Hi...I'm in Eastbourne too and a friend actually visted that gem in "The Moorings". A local developer ended up buying it...but less face it, there's only so much you can shine a turd. The price on this is shocking, so I'm going to continue to rent. I've noticed that the Estate Agents' windows have a lot of photos and very few "Sold" stickers lately...personally I think the market here is dying on its *rse...

Hah, I knew it must have been a developer. I wonder if the flat roof needed repairing, maybe that might account for some of the massive price hike?

Another new one today:

http://www.rightmove.co.uk/property-for-sale/property-31469054.html

It's a nice enough house, but it's on the main drag into Eastbourne, which gets very busy. I dunno, if I spend the best part of half a million on a house, it should at least be in a good location!

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As far as I can see, they redecorated (new kitchen/bathroom etc) and then put a couple of trellises on the front. Unless they've discovered the leylandii of the creeping plant world, there's just not going to be enough slap to cover a face that ugly...

Another good barometer for the Meads is this one:

Rightmove

It's been on for a good 2 years and started at £1.3m, then fell to £1.1m and has now just been cut again...I wonder what it will eventually fetch?

Come on. Its got twigs in vases so must be worth the money.

8193_DentonRoad14_IMG_02_0001_max_620x414.jpg

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hello all...

Great to have an Eastbourne thread as that is my area of interest/obsession and, especially recently, it seems that the reality of the current market here is far removed from the wider experiences and predictions of HPCers.

I have been following, and actively participating in, the Eastbourne market since August 2000. The general trends and movements have definitely been in line with the main indices (especially when regionalised to "Outer South East" or "East Sussex") but just recently there has been a disconnection with the Eastbourne market showing extremely limited supply and a lot of house selling for peak prices.

Is it clutching at straws to think that a significant turning point has been reached during the past 6 weeks or so...? I think it might be. For reference, the range I look at is from about £370K upwards. My current view is that anything half decent and priced at the current "value" (i.e. hideously expensive in historic terms - around peak to 10% below) is still selling and there is no sense of an imminent sharp downturn in prices.

The Estate Agents are far from desperate and, apart from the ludicrously overpriced exceptions, things are selling in reasonable time and at close to asking prices.

Good to discuss specific houses on this thread. The one in Willingdon Road on with Andrews must have come back on as it was SSTC.

My current bellweather is a house just come on with RR in Uplands Road at £419K. This is expensive for a 3 bedroom house with a modest and sloping garden but my guess is it will sell easily enough.

This house http://www.rightmove.co.uk/property-for-sale/property-28044394.html recently sold for the asking price the first day it was available (I know because we had a viewing arranged that got cancelled!)

This reposession http://www.rightmove.co.uk/property-for-sale/property-28403401.html was originally marketed at £419K and hat so much interest over that price that it has now come back on at £519K.

And this house has just gone SSTC today http://www.rightmove.co.uk/property-for-sale/property-28279657.html . We looked at it and it has a lovely garden but needs plenty of work and is in a very noisy location opposite the university astroturf.

As I say (and I would love to be persuaded otherwise) the HPC is definitely not on in Eastbourne at the moment. It feels like things might be heading glacially in the right direction but we are still a way off from getting back to the previous bottom that amounted to 20% off peak in the winter of 2008/9.

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Is it clutching at straws to think that a significant turning point has been reached during the past 6 weeks or so...?

Definitely not...there's been a real change in the last couple of months that seems to go beyond the usual seasonal downturn. In a few more years we're all going to be spoilt for choice...

Eastbourne did have a very good "Bull Trap"...but it is all over now. Once interest rates start creeping up and/or panic sets in, it will be carnage....

good stuff... I'll sit tight for a few more years then and wait for the carnage to unfold... :)

Edited by GordonGreer

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This was one of the areas we looked at a couple of years back (as it has a half decent marina). I have to admit my incomprehension at the massive new build estates that end of town near the Tescos and retail park. Can any of you locals tell me what it is that people do? I'm not aware of any industry in the area and its a fair trek to London on the train (had a colleague that did it though - hour and a half each way - nutter). How on earth do people buy quarter mill houses?

Going to be fun in a few years time when the sea comes into the Sovereign Harbour development.

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I guess you're a Brighton fan with a user name like that ;)

I have been looking at Seaford so am interested in local patterns.

haha... yes, his name happened to be the first one I came across when I looked about my desk for inspiration...

I have also looked at Seaford. You get more for your money in Seaford than in Eastbourne and there are more flat gardens. There is a poster on here optimistically reporting big falls in the area "East of Brighton" - I'm guessing Rottingdean/Peacehaven/Newhaven area - but I haven't seen it at all in Seaford/Eastbourne and suspect it is wishful thinking...

I have identified a succession of barometer/bellweather houses over the past couple of years and they just keep selling... although this one we looked at as a rental and now it's up for sale again, has reduced from £499K to £459K, and is still sticking...

http://www.rightmove.co.uk/property-for-sale/property-31197155.html

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Can any of you locals tell me what it is that people do? I'm not aware of any industry in the area and its a fair trek to London on the train (had a colleague that did it though - hour and a half each way - nutter). How on earth do people buy quarter mill houses?

I often wonder that myself. Eastbourne has a lot of old folks' homes of course, and the usual retail parks, and it also recently featured as one of the top 20 towns most likely to be affected by the cuts so I guess there's a fair amount of public sector stuff here too. There are currently 452 3-bed houses for £260,000 and under (including SSTC) and 338 not including SSTC, so 114 SSTC. Don't know if that's a high figure or not, but I'll try to keep my eye on it for future reference. Many of these houses have been on the market a while, including this one from July 2008!

http://www.rightmove.co.uk/property-for-sale/property-22505993.html.

As others have indicated, I think there is currently a multi-tiered market in Eastbourne. There are loads of places under the £250,000 mark, both flats and houses, but decent family homes are in shorter supply and priced accordingly. However, they're not all flying off the shelves, so there is a degree of sanity, even here. For example, I think this is a lovely house:

http://www.rightmove.co.uk/property-for-sale/property-16408155.html

... but it's £50k more than the maximum for the road, and there are a lot of bigger houses on that road that are also very pretty.

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=UPPER+KINGS+DRIVE&locality=EASTBOURNE&town=EASTBOURNE&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=BN20&incode=9AN

Edited by Tenubracon

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As others have indicated, I think there is currently a multi-tiered market in Eastbourne. There are loads of places under the £250,000 mark, both flats and houses, but decent family homes are in shorter supply and priced accordingly. However, they're not all flying off the shelves, so there is a degree of sanity, even here. For example, I think this is a lovely house:

http://www.rightmove.co.uk/property-for-sale/property-16408155.html

... but it's £50k more than the maximum for the road, and there are a lot of bigger houses on that road that are also very pretty.

agree about the "degree of sanity" description... my latest bellweather (£419K in Upland Road) has not flown off the shelf and as you say neither has this nice looking house (lovely big garden) in Upper King's Drive...but these are small mercies...

I would be interested in either of these houses if the vendors would agree to a sale price at 90% of their current asking... (£419K down to £377K or £540K down to £486K...) but I have no confidence that such deals are being agreed at the moment...

I'm unsure whether to get out there and try but am worried about Mrs GG "falling in love with" somewhere and us paying over the odds, given that prices are drifitng slowly downwards. On the other hand, are we more likely to negotiate a decent price now or in the Spring...???

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agree about the "degree of sanity" description... my latest bellweather (£419K in Upland Road) has not flown off the shelf and as you say neither has this nice looking house (lovely big garden) in Upper King's Drive...but these are small mercies...

I would be interested in either of these houses if the vendors would agree to a sale price at 90% of their current asking... (£419K down to £377K or £540K down to £486K...) but I have no confidence that such deals are being agreed at the moment...

I'm unsure whether to get out there and try but am worried about Mrs GG "falling in love with" somewhere and us paying over the odds, given that prices are drifitng slowly downwards. On the other hand, are we more likely to negotiate a decent price now or in the Spring...???

For me, it's that prices are not just a few percent out, they're a whole order of magnitude out (well, not literally, but you get what I mean!). I'm simply not prepared to buy into this market at these prices or even these prices minus 10%. I think over the course of the last few years, many people have completely lost perspective about money. They talk of spending a quarter of a million here or there like it is nothing, and we see very average houses in frankly pretty poor areas being touted at stupid prices. Over the lifetime of a £250,000 mortgage, you could easily end up paying half a million quid for this, for example (OK, I know you wouldn't get a 100% mortgage for it):

http://www.rightmove.co.uk/property-for-sale/property-27274342.html

It's a typical house at this price, ok for what it is and in an ok area, but HALF A MILLION QUID! I'll get back to you on that one ...

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For me, it's that prices are not just a few percent out, they're a whole order of magnitude out (well, not literally, but you get what I mean!). I'm simply not prepared to buy into this market at these prices or even these prices minus 10%. I think over the course of the last few years, many people have completely lost perspective about money. They talk of spending a quarter of a million here or there like it is nothing, and we see very average houses in frankly pretty poor areas being touted at stupid prices. Over the lifetime of a £250,000 mortgage, you could easily end up paying half a million quid for this, for example (OK, I know you wouldn't get a 100% mortgage for it):

http://www.rightmove.co.uk/property-for-sale/property-27274342.html

It's a typical house at this price, ok for what it is and in an ok area, but HALF A MILLION QUID! I'll get back to you on that one ...

I agree with all of the above but unfortunately I can't see it changing anytime soon by large amounts in nominal terms (which is all that matters to me when considering the timing of a purchase...). I agree that prices and attitudes to borrowing in general are both mental and I suspect that in 20 years time prices in real terms could well be back down to a more sensible level and 50% lower than they are now.

Unfortunately, in nominal terms , prices of detached houses in Eastbourne are very likely to be the same or higher in each of 5, 10, 15 and 20 years time - so a long-run waiting game policy can't really work for me...? I'm left with trying to pick the bottom which I feel is likely to again be somewhere around 20% off 2007 prices in nominal terms (35% real terms?) at some point in the next 2 or 3 years. So, if I ever get the chance to buy somewhere nice at 15-20% off peak then I will.

I would love it not to be true, and for houses that currently fetch £500K to be available for £350K in 3 years time, but I don't think it is going to happen.

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I agree with all of the above but unfortunately I can't see it changing anytime soon by large amounts in nominal terms (which is all that matters to me when considering the timing of a purchase...). I agree that prices and attitudes to borrowing in general are both mental and I suspect that in 20 years time prices in real terms could well be back down to a more sensible level and 50% lower than they are now.

Unfortunately, in nominal terms , prices of detached houses in Eastbourne are very likely to be the same or higher in each of 5, 10, 15 and 20 years time - so a long-run waiting game policy can't really work for me...? I'm left with trying to pick the bottom which I feel is likely to again be somewhere around 20% off 2007 prices in nominal terms (35% real terms?) at some point in the next 2 or 3 years. So, if I ever get the chance to buy somewhere nice at 15-20% off peak then I will.

I would love it not to be true, and for houses that currently fetch £500K to be available for £350K in 3 years time, but I don't think it is going to happen.

You're right, of course, one has to deal with what actually is, rather than what should be. So, with a nod to Sid James: How to spot the bottom ... ?

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You're right, of course, one has to deal with what actually is, rather than what should be. So, with a nod to Sid James: How to spot the bottom ... ?

My nominal bottom is 20% below 2007 peak... so likely to be approx. 5-10% off current selling prices and/or 10-15% off current asking prices...

I remain optimistic that this might be achievable sooner rather than later but it needs some hefty falls in the indices and luck with finding a motivated seller.

This house was overpriced by Rager & Roberts (not untypically) and has come down by £30K (6%) today...

http://www.rightmove.co.uk/property-for-sale/property-31419377.html?utm_content=ealertspropertylink&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdates_sep09&utm_term=buying&sc_id=5400133

Obviously a probate sale and they might be starting to get a bit twitchy about wanting to get it sold. I wonder what it will go for and when... my view of what it should sell for to represent a fair deal is about £380K (so another 15% off from now...) - don't suppose it will go anything like that low but we're getting towards the stage where such prices become possible in due course rather than complete fantasy... (nb I wouldn't want to buy it for £380K as garden is rubbish but if that price was set then a much nicer house in the same area with a decent garden would be what you'd get for £455K instead of this rip-off...)

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My nominal bottom is 20% below 2007 peak... so likely to be approx. 5-10% off current selling prices and/or 10-15% off current asking prices...

I remain optimistic that this might be achievable sooner rather than later but it needs some hefty falls in the indices and luck with finding a motivated seller.

This house was overpriced by Rager & Roberts (not untypically) and has come down by £30K (6%) today...

http://www.rightmove.co.uk/property-for-sale/property-31419377.html?utm_content=ealertspropertylink&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdates_sep09&utm_term=buying&sc_id=5400133

Obviously a probate sale and they might be starting to get a bit twitchy about wanting to get it sold. I wonder what it will go for and when... my view of what it should sell for to represent a fair deal is about £380K (so another 15% off from now...) - don't suppose it will go anything like that low but we're getting towards the stage where such prices become possible in due course rather than complete fantasy... (nb I wouldn't want to buy it for £380K as garden is rubbish but if that price was set then a much nicer house in the same area with a decent garden would be what you'd get for £455K instead of this rip-off...)

I'm torn on how far it will fall because I just can't see the local industries that can pay the wages to support these prices, even at 10-20% off. By the way, here's another quarter-million cracker, on the same road as the tip, erm recycling facility I mean:

http://www.rightmove.co.uk/property-for-sale/property-17478057.html

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agree about the "degree of sanity" description... my latest bellweather (£419K in Upland Road) has not flown off the shelf and as you say neither has this nice looking house (lovely big garden) in Upper King's Drive...but these are small mercies...

I would be interested in either of these houses if the vendors would agree to a sale price at 90% of their current asking... (£419K down to £377K or £540K down to £486K...) but I have no confidence that such deals are being agreed at the moment...

Well, no surprise to me that the Upland Road "my latest bellweather" house has gone under offer today. They did seem like reasonably well motivated sellers and may have taken a few % off the asking price but I actually suspect not - it has gone quickly enough and the agents were obviously confident enough not to even contact us after our viewing...

The reality is that little or no impact has come to Eastbourne yet from wider economic factors hitting home. The biggest influence is obviously low interest rates - most people don't have to sell and buyers can afford to take on mortgages. There are still enough people with equity stores from the last 10 years to pay current prices.

Mention of Ireland is irrelevant. There are no estates of empty houses in Eastbourne and never will be.

My only saving grace is that we rent a nice house and Mrs GG has such high expectations of our to be purchased house that we won't be going anywhere in a hurry. If I was forced into buying now I'd be completely defeated having (partly based on following the advice of this website) sold two houses at around 15% off peak in 2009 and at the same time letting pass by the opportunity to buy at 25-30% off peak (there were complicating factors but based on the talk here I had no idea that it was such a great oppportunity...) :(

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The reality is that little or no impact has come to Eastbourne yet from wider economic factors hitting home. The biggest influence is obviously low interest rates - most people don't have to sell and buyers can afford to take on mortgages. There are still enough people with equity stores from the last 10 years to pay current prices.

Mention of Ireland is irrelevant. There are no estates of empty houses in Eastbourne and never will be.

I wouldn't lose heart too much. It does have a higher population of old folk than most places, which distorts the market, but there is nothing special about Eastbourne that will stop prices falling. If you look at the lower end of the market (sub £200k), nothing is selling and there are loads of reductions and this will ultimately feed through, it's just a matter of when and how long you can wait.

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I wouldn't lose heart too much. It does have a higher population of old folk than most places, which distorts the market, but there is nothing special about Eastbourne that will stop prices falling. If you look at the lower end of the market (sub £200k), nothing is selling and there are loads of reductions and this will ultimately feed through, it's just a matter of when and how long you can wait.

Cheers. Definitely agree that "there is nothing special about Eastbourne" in terms of housing market movements. The old folks thing I see having a check & balance effect with the variables being that people do retire to Eastbourne with equity but equally there are more likely to be probate and nursing home fees forced sales of larger houses...

Interesting to look at the Land Registry data for East Sussex broken down by household type. Prices for all types of property seem to move almost precisely in line with each other over the whole of the past 10 years - i.e. figures show no evidence to support anecdotal reports of difference between market sectors.

Yes, overall Land Registry for East Sussex was +0.0% for October. This figure should be negative next month and 6 months of avearge 1% drops would do me from here as a start. Hopefully increased supply in New Year/Spring will at least match any increased demand at that time.

Edited by GordonGreer

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.... The old folks thing I see having a check & balance effect with the variables being that people do retire to Eastbourne with equity ...

The missus and I were chatting about this today and the problem for retirement markets like Peacehaven or Eastbourne is that the old farts will have to sell their existing house in somewhere near actual jobs first. Since nowhere has actual jobs they will have to reduce their price on the house in Dartford to sell it in order to retire to Eastbourne. Thus their spending power is reduced by the falls elsewhere in the UK. Currently the London market is holding up but this will crash massively if the London based finance operations start to fail. Like the last time the fall to sensible may well take four or five years. At least its started - if its what you want :D

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Another new one today:

http://www.rightmove.co.uk/property-for-sale/property-31469054.html

It's a nice enough house, but it's on the main drag into Eastbourne, which gets very busy. I dunno, if I spend the best part of half a million on a house, it should at least be in a good location!

So... just 10 days after coming back on the market this house has sold. Unfortunately, this is entirely consistent with the current market - low supply and anything half decent being merrily snapped up at "bubble" prices...

Highly depressing if you are looking to buy at the moment - absolutely no sign of the market conditions that lead to falling prices or lower offers being accepted.

"This time next year, this time next year, Rodders..."

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So... just 10 days after coming back on the market this house has sold. Unfortunately, this is entirely consistent with the current market - low supply and anything half decent being merrily snapped up at "bubble" prices...

Highly depressing if you are looking to buy at the moment - absolutely no sign of the market conditions that lead to falling prices or lower offers being accepted.

"This time next year, this time next year, Rodders..."

It hadn't sold, only gone under offer and it's already fallen through! Which is consistent with the fact that people can't get mortgages at the moment. Chin up!

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It hadn't sold, only gone under offer and it's already fallen through! Which is consistent with the fact that people can't get mortgages at the moment. Chin up!

Cheers - yes, I saw that today and thought my post on here might get flagged up :D

It's a fair cop and has to be "good news" but I'm afraid these sort of events are only small mercies as far as I'm concerned...

I want that house to sit there unsold for a while and then for me to be able to buy it at no more than 90% of the current asking price. In the context of a HPC that doesn't seem much to ask, but unfortunately it truly isn't very likely at the moment in Eastbourne.

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  • 145 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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