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apom

Went To See A New Development

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Kings Heath..

Two bed flats in "Phase Two"

Phase 1 had the prices at £180,000

same flats in phase 2 were at £150,000

I asked if the price was negotiatable..

the lady dropped the price by £10,000 in a heart beat..

They will pay for your stamp duty and carpets as well.. and offered to pay ground rent for two years..

and a 5% deposit

the conversation had been going on for 5 minutes by then..

I asked if she could go beyound £10,000 she said no..

So I said... that I would have to think about it.. But as the price had been dropped so quickly I would be concerend that I may be in negative equity..

she said that there was no chance of house prices dropping..

I said that they appeared to have dropped by about 7% durring our conversation.. With a grin..

She grinned back..

But I think she actually hated me.. a little..

Oh well.. I have a lot of friends already.. I need no more.

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Good work, apom.

Prices have dropped in Exeter, no matter what the VI say. The sort of house I would want to buy is just beginning to come into range.

and there are two more phases in this development past the one this developer is working on..

and the barret development is doing no better.. and also there is some other developer..

There was perhaps a small chance of a lack of housing a few years ago..

But.. nice that they all jumped on the bandwagon..

How many did they think we needed.?

There are still properties unsold from two years ago in some developments..

The block by fitness first by the river..

There is one in there that has never been sold..

and two more privatly held that are for sale..

Only... you spot the for sale signs...

Exeter now has a very obvious oversupply of property..

:).....

.. hmmmmn... so you want my money mr developer...?

Well... make it worth my while..

cost of the two bed flats to the developer is less then £50,000..

anything above that is profit..

So .. when they are in the financial trouble they are talking about in the press...

£70,000 is £20,000 profit..

but they will resist devaluing all of their properties to that extent..

Until they have to.. or until you approach them with a non-disclosure agreement..

Look toward a cash back agreement and non disclosure..

The selling price looks good when people check the land registry.

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Until they have to.. or until you approach them with a non-disclosure agreement..

Look toward a cash back agreement and non disclosure..

The selling price looks good when people check the land registry.

this cash back "gift" agreement is becoming more and more popular with developers - it's one big con just to keep the land registry figures higher.

anecdotal

price 245k gift (cash back) 25k fixtures and fittings gift upgrade 10k - price on land registry 245k

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So I said... that I would have to think about it.. But as the price had been dropped so quickly I would be concerend that I may be in negative equity..

she said that there was no chance of house prices dropping..

I said that they appeared to have dropped by about 7% durring our conversation.. With a grin..

She grinned back..

well played. laughing so much my eyes are watering!

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Kings Heath..

Two bed flats in "Phase Two"

Phase 1 had the prices at £180,000

same flats in phase 2 were at £150,000

I asked if the price was negotiatable..

the lady dropped the price by £10,000 in a heart beat..

They will pay for your stamp duty and carpets as well.. and offered to pay ground rent for two years..

and a 5% deposit

the conversation had been going on for 5 minutes by then..

I asked if she could go beyound £10,000 she said no..

So I said... that I would have to think about it.. But as the price had been dropped so quickly I would be concerend that I may be in negative equity..

she said that there was no chance of house prices dropping..

I said that they appeared to have dropped by about 7% durring our conversation.. With a grin..

She grinned back..

But I think she actually hated me.. a little..

Oh well.. I have a lot of friends already.. I need no more.

is this the place

http://www.barratthomes.co.uk/kingsheath/index.cfm

as i a cant see any thing for 150k here.

please post link

nice work

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So I said... that I would have to think about it.. But as the price had been dropped so quickly I would be concerend that I may be in negative equity..

she said that there was no chance of house prices dropping..

I said that they appeared to have dropped by about 7% durring our conversation..

:lol::lol::lol::lol:

Classic

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NEW PROPERTY is a bad investment...

As soon as you sign and walk out of the showroom, you have lost money.

People missed this fact, because in a rsiing market, prices were set before the most recent rise.  And this fact only becomes apparent in a stagnant market.

If the Builders think they are having problems selling now, wait until the 1% per month "crash cruise speed" arrives

Couldn't agree more. When I bought a new build, it was fantastic, but once I saw how unsustainable prices were I sold to rent. I didn't want to, and it was and is huge hassle but felt I would be follish not to. I went past the former development this week. Already after 18 months they are small signs of decay, even though it was and is described as a luxury development with top quality gates and landscapes. Before you would have paid half your standard mortgage the place would be in the same state as a 1950's semi, but without the room to park (without scratching the car) nor a decent garden.

I am amaxed at such boom times we have built such badly constructed homes in minimal space. THe building companies must have been creaming it. I dread to think what is likely to happen when the housing market declines and they need to cut costs. I would not buy a new build in the future. The standards of workmanship have fallen in line with general behaviour and respect out on the streets. Its all about money now. Sorry but its true.

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There is a new motorbike.

Made in the UK by Triumph.

It is the Daytona 675

An all new bike and they have managed to build a triple engine into the 600 sport bike class..

The reviews say that it is one of the most important road bikes ever built and makes the (superb) competition seem like they are leagues behind

I can't afford it.. Its £7000.

Yesterday I managed to get a discount of over that agreed against a new build flat that had already been discounted in Exeter.

That took me less then five minutes..

So is this all a perspective thing…….?

For years people have considered themselves richer as they increased their debt.

Is it the perspective of the people on this site that they are richer the less debt they are in?

It is my perspective..

Also. It is my dream motorbike

It would take me over a year to save to buy it.

If house prices are not dropping.. How come I managed a saving more then the cost of my dream in one conversation..

Look at the drops..

Look at what that money actually means

All fees and deposit paid is actually in their brochure.. £10,000 of after a few minutes..

Imagine if I haggled.

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and there are two more phases in this development past the one this developer is working on..

and the barret development is doing no better.. and also there is some other developer..

There was perhaps a small chance of a lack of housing a few years ago..

But.. nice that they all jumped on the bandwagon..

How many did they think we needed.?

There are still properties unsold from two years ago in some developments..

The block by fitness first by the river..

There is one in there that has never been sold..

and two more privatly held that are for sale..

Only... you spot the for sale signs...

That huge dev opposite the prison?(hmmm nice!)

Rydon lane?

Okehampton rd?

Over supply indeed.

Don't buy a flat in Exeter!

....

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Apom,

It is all smoke and mirrors and marketing. Marketing that has extracted and extraordinary amount of money in the recent past - off plan, ever rising prices.

Dr Bubb knows the score, you haven't seen anything yet.

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There is a new motorbike.

Made in the UK by Triumph.

It is the Daytona 675

An all new bike and they have managed to build a triple engine into the 600 sport bike class..

The reviews say that it is one of the most important road bikes ever built and makes the (superb) competition seem like they are leagues behind

I can't afford it.. Its £7000.

Yesterday I managed to get a discount of over that agreed against a new build flat that had already been discounted in Exeter.

That took me less then five minutes..

So is this all a perspective thing…….?

For years people have considered themselves richer as they increased their debt.

Is it the perspective of the people on this site that they are richer the less debt they are in?

It is my perspective..

Also. It is my dream motorbike

It would take me over a year to save to buy it.

If house prices are not dropping.. How come I managed a saving more then the cost of my dream in one conversation..

Look at the drops..

Look at what that money actually means

All fees and deposit paid is actually in their brochure.. £10,000 of after a few minutes..

Imagine if I haggled.

Yup, sounds like a good bike.

So there's your answer, back to developer.

"Throw in a new Daytona 675, oh lid and leathers, 1 year insurance and I might consider it".

:)

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she said that there was no chance of house prices dropping..

I said that they appeared to have dropped by about 7% durring our conversation.. With a grin..

She grinned back..

But I think she actually hated me.. a little..

Oh well.. I have a lot of friends already.. I need no more.

:lol::lol:

they dont like it up em'

Edited by right_freds_dead

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:lol:  :lol:

they dont like it up em'

Okay.. I am a little cross..

I saw yesterday a property discounted from £180,000 to £150,000

then they will pay deposits stamp duty etc..

and then I was offered a further £10,000 of

Ignore the sweetners and you see a drop of £40,000

and papers say that we are not going to see price drops..

are they allowed to lie?

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Okay.. I am a little cross..

I saw yesterday a property discounted from £180,000 to £150,000

then they will pay deposits stamp duty etc..

and then I was offered a further £10,000 of

Ignore the sweetners and you see a drop of £40,000

and papers say that we are not going to see price drops..

are they allowed to lie?

Have you got any links to prices paid in phase 1 of this development?.

Sounds like a bit of desperate off load to me if some of these actually sold at 170+ (are phase 1 the same type and layout as phase 2?)

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There is a Barratts development in Bromley, Kent, where a friend of mine obtained a £49K discount (15%) on a £327K, 2-bed 2-bed 3rd floor 'luxury' flat.

They offered to pay his 3% stamp duty for him (£8K), and have already put down flooring throughout, light fittings, curtains and blinds (say £2K).

That's a saving of about £59K !!!

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There is a Barratts development in Bromley, Kent, where a friend of mine obtained a £49K discount (15%) on a £327K, 2-bed 2-bed 3rd floor 'luxury' flat.

They offered to pay his 3% stamp duty for him (£8K), and have already put down flooring throughout, light fittings, curtains and blinds (say £2K).

That's a saving of about £59K !!!

Still seems pricey for a flat!

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Still seems pricey for a flat!

It is pricey. But out of 123 units built only 2 remain unsold !!

Having reviewed all the data on Ourproperty.co.uk for this development the average flat selling price including 1-beds is about £275K. Total selling price of all flats put together is about £34m.

Then there's the "2 bed mews houses" and the "3 bed town houses" built on the sale site.

At any given point in time there are at least 8 - 10 of these up for rent, with 2 beds renting for as little as £1,000 pcm. The tenant churn for the development as a whole is huge.

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  • 337 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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