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luigi

Market Struggling In Norfolk/suffolk Borders

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Just a little update on what I've been observing locally over the last 6 months, maybe it'll give some hope to all you HPC bears.

The market on the Norfolk/Suffolk borders has really struggled over the Winter, the Spring has brought a few more sales but also a lot more instructions, we're almost at record levels of listings again in my local area.

Various sales have gone through over the winter at 2002 prices (around 30% off peak price locally). Agents will dismiss these as people needing a quick sale, because others have achieved sales at what I would term 'lucky' prices (around 10% off peak), perhaps to people from areas closer to London who aren't so clued up with local prices and think they've got a bargain because it seems cheap compared to where they've come from. Loads remain unsold awaiting one of these 'lucky' sales that is looking increasingly unlikely to happen.

Here's an example of a house that sold this winter at a 2002 price:

http://www.houseprices.co.uk/e.php?q=kepplegate+shelfanger&n=10

A new phenomenon in the area which looks like it could further upset the applecart is the Express Estate Agency of Bury, Lancs., this outfit has been discussed on HPC on another thread, whether their service is worthwhile or not I don't know, but they are forcing some price revelation on the cartel of denial. They have been taking 25% off previous asking prices. Unsurprisingly, they have achieved quick sales. This looks to be setting a new lower price level for anyone seriously wishing to sell and must be giving sleepless nights to the local agents with windows full of overpriced houses.

Here's an example of one now Sold STC, a newish 3 bed semi for a pricepoint usually reserved for a 2 bed terrace, would have been bought new in 2007/8 for around £160k, ouch!!!:

http://www.rightmove.co.uk/property-for-sale/property-29183086.html

Here's one recently reduced, 3 bed detached at what is usually a semi price:

http://www.rightmove.co.uk/property-for-sale/property-32892566.html

It looks like it's going to be an interesting year, the cuts and hikes in interest rates can only push the market further downwards.

A house at 2002 prices would do me though!! I'll keep you posted as there may be a development soon!!

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Here's an example of one now Sold STC, a newish 3 bed semi for a pricepoint usually reserved for a 2 bed terrace, would have been bought new in 2007/8 for around £160k, ouch!!!:

http://www.rightmove.co.uk/property-for-sale/property-29183086.html

[rant]

What disturbs me is that houses like this were built in the first place. The lounge isn't big enough for chairs, the master bedroom is cramped with a normal size double and a chest of drawers, and in the third bedroom you couldn't put a single bed and open the (built in?) door.

A complete waste of resources and not conducive to harmonious family living - hence just setting people up for marital conflict with all the usual expenses and social destruction.

What is the point of building shit like this for the want of the plot size being 20sqm bigger? A complete failure of planning and complete success of corporate greed.

[/rant]

Edited by Tiger Woods?

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[rant]

What disturbs me is that houses like this were built in the first place. The lounge isn't big enough for chairs, the master bedroom is cramped with a normal size double and a chest of drawers, and in the third bedroom you couldn't put a single bed and open the (built in?) door.

A complete waste of resources and not conducive to harmonious family living - hence just setting people up for marital conflict with all the usual expenses and social destruction.

What is the point of building shit like this for the want of the plot size being 20sqm bigger? A complete failure of planning and complete success of corporate greed.

[/rant]

Hmmm, you can thank Persimmon homes for that rabbit hutch, I bet it looked OK as a show home with 3/4 size furniture!?! That estate is truly crammed in with not enough pavements, road width or parking.

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Just a little update on what I've been observing locally over the last 6 months, maybe it'll give some hope to all you HPC bears.

The market on the Norfolk/Suffolk borders has really struggled over the Winter, the Spring has brought a few more sales but also a lot more instructions, we're almost at record levels of listings again in my local area.

Various sales have gone through over the winter at 2002 prices (around 30% off peak price locally). Agents will dismiss these as people needing a quick sale, because others have achieved sales at what I would term 'lucky' prices (around 10% off peak), perhaps to people from areas closer to London who aren't so clued up with local prices and think they've got a bargain because it seems cheap compared to where they've come from. Loads remain unsold awaiting one of these 'lucky' sales that is looking increasingly unlikely to happen.

Here's an example of a house that sold this winter at a 2002 price:

http://www.houseprices.co.uk/e.php?q=kepplegate+shelfanger&n=10

A new phenomenon in the area which looks like it could further upset the applecart is the Express Estate Agency of Bury, Lancs., this outfit has been discussed on HPC on another thread, whether their service is worthwhile or not I don't know, but they are forcing some price revelation on the cartel of denial. They have been taking 25% off previous asking prices. Unsurprisingly, they have achieved quick sales. This looks to be setting a new lower price level for anyone seriously wishing to sell and must be giving sleepless nights to the local agents with windows full of overpriced houses.

Here's an example of one now Sold STC, a newish 3 bed semi for a pricepoint usually reserved for a 2 bed terrace, would have been bought new in 2007/8 for around £160k, ouch!!!:

http://www.rightmove.co.uk/property-for-sale/property-29183086.html

Here's one recently reduced, 3 bed detached at what is usually a semi price:

http://www.rightmove.co.uk/property-for-sale/property-32892566.html

It looks like it's going to be an interesting year, the cuts and hikes in interest rates can only push the market further downwards.

A house at 2002 prices would do me though!! I'll keep you posted as there may be a development soon!!

It all makes me think just how overvalued the south east really is. The disparity I see between the SE and rest of country is as marked as the period just before crash in 1988-9. Then, the SE sank by massive amounts up to 30%, when places like Yorkshire remained fairly static, having only risen gently in the preceding years. My friend bought a lovely yorkshire cottage for 40K in 1988 and it just sat there and then resumed a gentle rise in 1994. In Sussex a similar home was 80k and fell back to about 55k by 1994.

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Property seem to be taking ages to sell in the Norwich area too. <_<

Here's hoping for more realistic prices here too. :)

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Sawtry PE28 - look at the price history on the 4 bed houses for sale in the village, down by £10-15k and several on the market for more than 268 days. 3 beds sell quicker but still around 120 days.

an example in Sawtry

What is going on, well all those houses that look out onto the fields at the back of the village are about to lose their view. A developer has got permission to build an estate behind the village on Gidding road. This has cast a 'planning blight' on the village. The initial developer has sold it on and the new developer has just cut all the trees down.

Outline permission was granted against big local opposition and in spite of local outrage the ex Little Chef is being turned into a sex shop.

Needless to say the infrastructure of the village won't cope. The library is under threat and all the rest of it. The bus service is about to be cut.

Reality has to break in sooner or later. Wage earners in the 250-300 new houses can't all work in the sex shop!

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Here's an example of one now Sold STC, a newish 3 bed semi for a pricepoint usually reserved for a 2 bed terrace, would have been bought new in 2007/8 for around £160k, ouch!!!:

http://www.rightmove.co.uk/property-for-sale/property-29183086.html

Here's one recently reduced, 3 bed detached at what is usually a semi price:

http://www.rightmove.co.uk/property-for-sale/property-32892566.html

It looks like it's going to be an interesting year, the cuts and hikes in interest rates can only push the market further downwards.

A house at 2002 prices would do me though!! I'll keep you posted as there may be a development soon!!

We walked past this house earlier today, and I made comment about the Estate Agent being express, as I knew it had been on the market off and on for quite some time... I thought it was on for just under £200k, maybe £180k last time I saw it, so to see it on for £139,950 is a real change!

Interesting examples -thank you. As for Norwich, a friend is actively looking, and went to view a house last week - it was a property that an old lady was moving out of, didn't want a developer to buy it, and she stipulated it must go to a family. 3 bed semi, 100ft garden, Guide of £160-170k, friends could only manage an offer of £160k, as money needed to be spent on doing it up. The property had 17 viewings that weekend, it sold in 2 days, but only for £165k - which considering the interest, is pretty fair, and my friends saw it as a very promising sign. We too, are seeing prices of property new on to the market as being a bit more reasonable, but properties that have sat languishing for the last year, continue to do so....

I'm looking forward to seeing what the next couple of weeks bring - Easter is traditionally a busy time for property to come onto the market.

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There is a postscript to this story....houses are selling for 2002 prices...I've proved it!!!

I've just completed on a new pad, a 3 bed det bungalow with garage and a 50ft garden for £130k.

This one hasn't been sold since it was built in 1985 for £39,950, but I've been looking at comparables on the same estate:

In 2003 an identical one sold for £150k

In 2007 a slightly smaller design on a smaller plot sold for £210k (I would consider this somewhere around peak price)

In May 2009 two of a slightly smaller design completed for £148k & £150k (this was the recent low point when the market collapsed post-Lehmans)

In Dec 2009 an identical design with a garden room addition and similar large plot sold in the recovered market for £205k

I think I've achieved enough discount to call it a 2002 price, which may turn out to be close to the nominal low. It's certainly around 30-35% off the peak price, which is good enough for me as I need to get the family settled after being STR for 18 months now.

This winter's ailing market really did throw up quite a few opportunities in this area to pull in a hefty discount ( I got 20% off an asking price that had been reduced once already) that will hopefully soften the blow of a falling market for the next few years!!

Just need to do something about that cool 1980's decor!!! B)

.....now ducks for cover, I'm expecting some incoming fire for caving in too soon..........!!! :blink:

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No incoming fire from me!!

Congratulations! You're buying a house to live in, so if it's the right house and at the right price, then now is the time for you to move. I hope your new home is a happy one :)

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I've already congratulated you in your thread in the main forum, Luigi. It seems to be a shrewd buy indeed to me, so very well bought indeed. :)

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Thanks for being so gentle! You're right, it is a home to live in.

Still, I hope I've done my bit for the HPC, as I think I've set a new low price for the type of property I bought.

Around here 3 bed det bungalows generally have fetched a similar price to the larger 4 bed det houses, so I hope to trade it for one in a few years time as the kids get bigger and we need a bit more space. They're not building hardly any bungalows anymore, so the supply is tighter and I'm hoping demand will rise as the baby boomer generation get less mobile and want to downsize to a single storey dwelling.

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