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Dead Money

Wacky Or Crumbling Prices!

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Evening peeps, been away for a while ......

Still hanging on in here renting in Swansea, and still can't believe the asking prices!

Check out this link - £300K for 4 poxy rooms, no room to swing an insect let alone a cat!

A massive standoff is certainly taking place, but there are signs that some sellers are begining to crack. This one was £375K for ages.

Hang in the peeps, another 12 - 18 months and I think we might just reach the promised land!

DM

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You're possibly, and hopefully, correct.

But can you remember what we all said 12 - 18 months ago? Exactly the same thing.

Christmas 2011 is our absolute limit, so let's see...

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You're possibly, and hopefully, correct.

But can you remember what we all said 12 - 18 months ago? Exactly the same thing.

Christmas 2011 is our absolute limit, so let's see...

Yes, good point!

I certainly didn't predict that dead cat bounce. I was always of the mind that once the oil tanker turned it would be "down she's goes!" I suppose 0.5% interest rates, flexible workforce (peeps prepared to do part time etc) and the national obsession with property have managed to keep the bubble inflated.

I've watched the Swansea market like a hawk for 3 years and I'm amazed how many houses have just sat there, occassionally swapping agent. Sooner or later they will cave in. Lets face it no one's getting any youger, and imagine if unemployment creeps up or, heaven forbid, interest rates are forced up. The sheeple will get fried! Anyone for lamb keebab?

DM

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I've watched the Swansea market like a hawk for 3 years and I'm amazed how many houses have just sat there, occassionally swapping agent. Sooner or later they will cave in. Lets face it no one's getting any youger, and imagine if unemployment creeps up or, heaven forbid, interest rates are forced up. The sheeple will get fried! Anyone for lamb keebab?

DM

+1

I am looking to move overseas in the New Year and put my STR fund into investments or property overseas. I am not prepared to buy into a dying City paying 2007 bubble prices.

That tiny cottage for nearly 300K asking price made me laugh out loud when I saw it a few months ago.

My latest favourite is a house in The Bryn, Derwen Fawr that has come on the market with an asking price of 435K.

http://www.homesonview.co.uk/Scripts/ShowPhotos.asp?CompanyID=JNFSSKET&ID=JOP05403&pic=1

Would you pay nearly 340K for this in Bishopston?

http://www.rightmove.co.uk/property-for-sale/property-17666409.html

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+1

I am looking to move overseas in the New Year and put my STR fund into investments or property overseas. I am not prepared to buy into a dying City paying 2007 bubble prices.

That tiny cottage for nearly 300K asking price made me laugh out loud when I saw it a few months ago.

My latest favourite is a house in The Bryn, Derwen Fawr that has come on the market with an asking price of 435K.

http://www.homesonview.co.uk/Scripts/ShowPhotos.asp?CompanyID=JNFSSKET&ID=JOP05403&pic=1

Would you pay nearly 340K for this in Bishopston?

http://www.rightmove.co.uk/property-for-sale/property-17666409.html

Hi Tulip, you still with us :¬)

Yep the prices in Derwen Fawr are still up there somewhere in the stratosphere. Had a look at this one a few weeks back on Derwen Fawr Road, looks like a nice property but it's a complere pile of shite. Major rennovation needed, kitchen, bathroom, rewiring, dodgy conservatory etc, etc!

Have you checked out the prices of the new development at the bottom end of Derwen Fawr. 4 bed properties are a snip, starting from £530K and £550!

DM

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Hi Tulip, you still with us :¬)

Yep the prices in Derwen Fawr are still up there somewhere in the stratosphere. Had a look at this one a few weeks back on Derwen Fawr Road, looks like a nice property but it's a complere pile of shite. Major rennovation needed, kitchen, bathroom, rewiring, dodgy conservatory etc, etc!

Have you checked out the prices of the new development at the bottom end of Derwen Fawr. 4 bed properties are a snip, starting from £530K and £550!

DM

There was another house in Derwern Fawr that went to auction recently - guide price was about 320K IIRC. Looked at it and it was knackered on the inside. Needed 50K if not 100K of work to modernise it.

I went to the old Emmanuel School and it was mostly build on a flood plain back then and had a big rat problem IIRC. That was a long time ago so I hope both problems have been solved now.

They are building a lot of those houses right on the road that connects Derwen Fawr with the Mumbles Road - nice to have one of the busiest rat-runs in Swansea right next to you.

I think there are loads of houses in Swansea West now that appear to be knackered on the inside but the asking prices are just scandalous. I have seen a lot of people dying and the greedy children wanting top dollar or people going into care homes and, again, greedy children wanting top dollar.

It is madness.

My skills are in demand right now and paying handsomely outside of Wales so I think it is time I made the move.

Swansea will still be delusional about HPs for years to come I think unless some shock, such as rapid IR rises, collapses the market.

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+1

I am looking to move overseas in the New Year and put my STR fund into investments or property overseas. I am not prepared to buy into a dying City paying 2007 bubble prices.

That tiny cottage for nearly 300K asking price made me laugh out loud when I saw it a few months ago.

My latest favourite is a house in The Bryn, Derwen Fawr that has come on the market with an asking price of 435K.

http://www.homesonview.co.uk/Scripts/ShowPhotos.asp?CompanyID=JNFSSKET&ID=JOP05403&pic=1

Would you pay nearly 340K for this in Bishopston?

http://www.rightmove.co.uk/property-for-sale/property-17666409.html

[/

Years ago , when life was so uncomplicated ,I rented a house in Pwlldu Lane . A lovely spot , but the houses in that road are mostly 50 yrs old, poorly maintained Ron Ed style or else have been desecrated by cheapskate owners using third rate builders (plentiful supply in S'x)incorporating badly designed extentions and using shoddy materials ie roofs reclad using zinc instead of clay tiles etc. As a result the houses on that lane are now tatty . Why do people buy houses they can't afford to maintain? You'd never buy a Rolls or MCLaren if you couldn't afford to run/service it. Why do it with a house?

Opposite your place are 6 local authority houses which have been "privatised". One of these semis is on with Dawsons the Dreamers also for 340K!! Words fail me.............................

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There is a house in the West near the beach that has been on the market for a few years now - so long that I have forgotten how long.

Anyhow, they are selling half the land it sits on now. I have no idea whether this was always the plan and hence one of the reasons why it has never sold... or perhaps they are selling the land as they can't sell the house? From the plans it looks to me, IMPO, that it is perhaps the latter as two houses on that plot will be, how can I say, coshy IMPO.

The denial just continues. They - some sellers and some EAs - can't seem to comprehend that the market is not going to bom again for years.

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Hi Tuplip

I had a mate who went to emmanuel school and I remember him talking of rats, for £500k+ I hope they're king rats!

Is the plot of land you refer to this one? It's a complete joke, no one wants the house (£500k). Who's going to want to cram another house into an area that has 4 schools (and all the associated traffic!) within spitting distance of each other? Loads of houses have been up nfor sale in that area and not many have sold. The council have ruined the roads with road bumps at every turn. Not only that the area doesn't guarantee the best secondary schools in Swansea if you happen to have kids. These sellers are clearly deluded. Call for the men in white coats :¬)

If you've got £525k burning a hole in your pocket how about this 3 bed pile of crap in Mayals - check out the kitchen!

DM

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Hi Tuplip

I had a mate who went to emmanuel school and I remember him talking of rats, for £500k+ I hope they're king rats!

Is the plot of land you refer to this one? It's a complete joke, no one wants the house (£500k). Who's going to want to cram another house into an area that has 4 schools (and all the associated traffic!) within spitting distance of each other? Loads of houses have been up nfor sale in that area and not many have sold. The council have ruined the roads with road bumps at every turn. Not only that the area doesn't guarantee the best secondary schools in Swansea if you happen to have kids. These sellers are clearly deluded. Call for the men in white coats :¬)

If you've got £525k burning a hole in your pocket how about this 3 bed pile of crap in Mayals - check out the kitchen!

DM

It may be or it may not be ;) Is that house still for sale?

What I have concluded from house hunting in Swansea, apart from the delusional asking prices, is that many of the big houses in the so-called better parts of Swansea have obviously been too expensive to keep - you can judge this by how run-down and old-fashioned they are on the inside.

That house that you mentioned in the Mayals - how much would it take to modernise that? 50K? 100K? More? You could be talking 600K easily and for what exactly?

It is utter and complete madness in Swansea IMPO but this is so typical of the market. I get the distinct impression that there are many in Swansea now for whom basic maths/economics means nothing to them as they appear to simply to believe in ludicrous house asking prices and have no understanding of how much it would cost compared to average wages, what would happen when IRs rise, etc.

Nope, I have given up. I am going to get on with my life in 2011, find a good IT contract in a warm part of the planet and leave all this behind. I have wasted too long waiting for the housing crash here and I am going to now get on with life, get away from this and wait to watch the place crash and burn.

Edit:

Forgot to say, a lot of these big houses are simply too big for people nowadays. They cost a fortune to upkeep and you need big families getting your kids to do housework to keep them clean. Decorating them, buying carpets, etc, is very pricey and most of them are not built in any kind of open-plan way.

The houses on places like Mayals Road, Derwen Fawr Road, etc - who on earth actually wants to live in that kind of house today?

Edited by The Masked Tulip

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There is a house in the West near the beach that has been on the market for a few years now - so long that I have forgotten how long.

Anyhow, they are selling half the land it sits on now. I have no idea whether this was always the plan and hence one of the reasons why it has never sold... or perhaps they are selling the land as they can't sell the house? From the plans it looks to me, IMPO, that it is perhaps the latter as two houses on that plot will be, how can I say, coshy IMPO.

The denial just continues. They - some sellers and some EAs - can't seem to comprehend that the market is not going to bom again for years.

This land sell-off thing pizzes me off big-time! There was a house sold recently at the top of Mill Lane and it was originally on for 750K. They couldn't move it and it eventually dropped to 575k; they sold it for 550K. This was a lovely old house with a lot of land at the rear but the house at the side was so close you could spit on it. Clearly they (750'ers)had sold off part of their land before deciding to dump their house and make two killings.

House down in Llanmorlais for 350K has been on for 3 yrs (maybe more)with no movement and not a penny drop in all that time. Repeat performance; loads of land at the rear but the house next door is spitting distance and clearly has been built recently on sell-off.

This bast#2ds are so greedy it's not enough to double/triple their money on the house alone over ten years; they have to strip it to the bone.

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It may be or it may not be ;) Is that house still for sale?

What I have concluded from house hunting in Swansea, apart from the delusional asking prices, is that many of the big houses in the so-called better parts of Swansea have obviously been too expensive to keep - you can judge this by how run-down and old-fashioned they are on the inside.

That house that you mentioned in the Mayals - how much would it take to modernise that? 50K? 100K? More? You could be talking 600K easily and for what exactly?

It is utter and complete madness in Swansea IMPO but this is so typical of the market. I get the distinct impression that there are many in Swansea now for whom basic maths/economics means nothing to them as they appear to simply to believe in ludicrous house asking prices and have no understanding of how much it would cost compared to average wages, what would happen when IRs rise, etc.

Nope, I have given up. I am going to get on with my life in 2011, find a good IT contract in a warm part of the planet and leave all this behind. I have wasted too long waiting for the housing crash here and I am going to now get on with life, get away from this and wait to watch the place crash and burn.

Edit:

Forgot to say, a lot of these big houses are simply too big for people nowadays. They cost a fortune to upkeep and you need big families getting your kids to do housework to keep them clean. Decorating them, buying carpets, etc, is very pricey and most of them are not built in any kind of open-plan way.

The houses on places like Mayals Road, Derwen Fawr Road, etc - who on earth actually wants to live in that kind of house today?

i would not even consider buying an overpriced house in sa3 at the moment- its the surest way to financial ruin. I once rented a house overlooking langland bay- fantastic in the summer but all the pros were outweighed by the extra travelling time to and from work. In the winter especially so as its dark when u go to work and dark when u get back! Anyway, 3 yrs ago decided i was not going to pay top dollar in mumbles and bought a nice 5 bed north of the M4 - never looked back! In the next 18months, i will have paid off my mortgage in full. Sure, its not by the beach but this doesnt matter in the winter and with a fraction of the money i save each year i am able to rent a house/flat in mumbles for the summer. Last year i rented a flat for 6 months which was 2mins from the beach! Cost me 4k in total - bargain!

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  • 284 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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