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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. I posted it on the East Anglia thread, but thought it was worthy of a wider audience on the main board.

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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I hope this spreads next door to Essex soon! I've seen a repos go at 2003 prices but never 2002. If I could get a place for 2002 price I would be very happy!

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Bring it on!

House price trends (up and down) must spread between districts/towns/counties. If I viewed a property in BN13 at 2004 prices, but the same property in BN12 was at 2002 prices... I would expect the BN13 seller to drop their price accordingly.

And if a small number of EAs start dropping prices (like the example given), that could really work in our favour.

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The parts of Norwich I like are still going fast(ish) NR4 3 bed family houses 290-350,000 no problem.

There was never any money for these prices in Norwich even during the boom and with all these empty new builds the outlook cannot be great.

Always been told that Norwich is one of the last to rise (london ripple) and one of the last to go down....but when it does, it goes down a lot if fundamentals ever come into play.

I just get that feeling its all fake and if i crater in and buy anything it will collapse the day after :-(

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

Thx for sharing Luigi.

2002 the bottom. I don't believe so. Maybe yes in nominal though I'm still looking at 1999/2001.

In real terms 1995.

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Thx for sharing Luigi.

2002 the bottom. I don't believe so. Maybe yes in nominal though I'm still looking at 1999/2001.

In real terms 1995.

I said there may be a development soon....

Well, I've just exchanged contracts on a new pad, a 3 bed det bungalow with garage and a 50ft garden at £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 before the dead cat bounce)

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 as you say 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 nearly 2 years 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!!

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

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Nice one, sounds like you got a very good deal. You didn't mess about though, it only took you a few hours to find somewhere get an offer accepted and exchange contracts! you must have a brilliant solicitor!

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I said there may be a development soon....

Well, I've just exchanged contracts on a new pad, a 3 bed det bungalow with garage and a 50ft garden at £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 before the dead cat bounce)

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 as you say 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 nearly 2 years 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!!

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

Its depends on the purpose you have bought the house for, if its for a home for your family and you plan on staying for the foreseeable future and can afford some rate rises you've done the right thing.

Edited by thebigpicture

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<br />I said there may be a development soon....<br /><br />Well, I've just exchanged contracts on a new pad, a 3 bed det bungalow with garage and a 50ft garden at £130k. <br /><br />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:<br /><br />In 2003 an identical one sold for £150k<br />In 2007 a slightly smaller design on a smaller plot sold for £210k (I would consider this somewhere around peak price)<br />In May 2009 two of a slightly smaller design completed for £148k & £150k (this was the recent low point before the dead cat bounce)<br />In Dec 2009 an identical design with a garden room addition and similar large plot sold in the recovered market for £205k<br /><br /><br />I think I've achieved enough discount to call it a 2002 price, which as you say 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 nearly 2 years now.<br /><br />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!!<br /><br />.....now ducks for cover, I'm expecting some incoming fire for caving in too soon..........!!!   <img src='http://www.housepricecrash.co.uk/forum/public/style_emoticons/default/blink.gif' class='bbc_emoticon' alt=':blink:' /><br />

East Anglia particularly large detached country houses with a few acres is completely skewed by Londoners retiring out of Town and moving into Norfolk etc.

When that source dies down - the piss-taking agents won't be able to demand the over-priced prices!

The other thing is on a decreasing (with real inflation) pensioners wage can they afford to pay for travel costs to buy everything they need as they need at least one car kept on the road and heat a hoooge house?

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East Anglia particularly large detached country houses with a few acres is completely skewed by Londoners retiring out of Town and moving into Norfolk etc.

When that source dies down - the piss-taking agents won't be able to demand the over-priced prices!

The other thing is on a decreasing (with real inflation) pensioners wage can they afford to pay for travel costs to buy everything they need as they need at least one car kept on the road and heat a hoooge house?

...good point, but the fashion, aspiration of buying huge homes with many acres of land is over....less is more, more in the pocket and less land that takes effort, time, energy, and good health to look after.....huge or hoooge homes cost megga to maintain, heat and service.....no gain = more pain. ;)

Edit: land is only good if it can be exploited by planning permission or if you are a farmer or plan to rent it out to a farmer.......any building built requires a person with a job/ government to pay for it.

Edited by winkie

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Prices a little more reasonable up your way than Brighton. What's it like up there? What's the commute to London like? Would only need to do it a handful of mornings every month so not the full 9-5 every day grind.

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. I posted it on the East Anglia thread, but thought it was worthy of a wider audience on the main board.

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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Well done Luig, you have done nothing to be ashamed of ! (Bizarre to think that buying a house might be a matter of scorn these days!). It makes sense to jump now because your STR fund must be getting dire interest and might even be dwarfed by rental costs - simple economics. If your house drops further and overshoots the bottom of the curve it won't worry you as you will be in it for a few years. This is why we snapped up a bargain house when an old granny was whisked into care during the pre dead cat bounce slump, feb 09, and I am glad we did as hanging on for better savings interest rates would have been a waste of rent cash, in hindsight, and the kids have a stable home.

Based on the Fred Harrison theory of 18 years peak to peak, we only have to wait until 2025 to sell up and bail out before STR and this website get going again for the next crash!

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Nice one, sounds like you got a very good deal. You didn't mess about though, it only took you a few hours to find somewhere get an offer accepted and exchange contracts! you must have a brilliant solicitor!

No mate, I knew the exchange of contracts was on the cards, but didn't want to jump the gun because the vendor's solicitors have been delaying since last week and I was starting to get suspicious.

The offer went in back in February, the place had been for sale since Sept, they rejected it at first, but when they realised we weren't going to up it, they came back to us about a week later.

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Prices a little more reasonable up your way than Brighton. What's it like up there? What's the commute to London like? Would only need to do it a handful of mornings every month so not the full 9-5 every day grind.

There's plenty who commute every day from Diss, it's on the main Norwich to London-Liverpool St line, journey time is about 80 mins on fast trains twice every hour.

Town is pleasant, nice villages and pretty countryside along the Waveney Valley. Norwich, Ipswich and Bury St Edmunds are about 30mins away. Coast at Southwold is about 30 miles and within about an hour you can get to anywhere on the East Anglian coast from Hunstanton right round to Felixstowe.

It would be pretty quiet compared to Brighton though.

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Saw a 3 bed bungalow up for sale at £77k near Brandon a month ago.

Needless to say its gone but did need some work doing so ideal for those home owners who dont want to rip out someone elses twigs in vases and replace with their own taste.

Brandon is really good value, it's different over there with lots of pine plantation forest and brick and flint houses, I have been tempted as I've got friends over there, it must be one of the cheapest places that close to London, which is pretty accessible via the A11/M11, you could probably be at the Olympic site in about an hour. It's on the Norwich-Cambrige train line, so you would have to change at Cambridge for a London train.

It's a bit close to Thetford which drags it down as it is a bit rough, and to the noisy American air bases at Lakenheath/Mildenhall.

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The parts of Norwich I like are still going fast(ish) NR4 3 bed family houses 290-350,000 no problem.

Eaton & Cringleford? Nice areas. :)

LUIGI - congratulations on exchanging contracts. :)

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Luigi - Well done on what seems like a pretty good buy.

If you are happy with the house and happy with the price, then you won't be shot down - we're all here to get a nice place at a good price, it will happen for some sooner than others.

I just hope more estate agents start taking the 'Express Estate Agnecy' stance and lowering prices.

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Thx for sharing Luigi.

2002 the bottom. I don't believe so. Maybe yes in nominal though I'm still looking at 1999/2001.

In real terms 1995.

Over what timeframe?

I bought a place in 1995 - would love to do the same again.

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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. I posted it on the East Anglia thread, but thought it was worthy of a wider audience on the main board.

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

I am in the same area but towards the coast.I bought a listed farmhouse in 2003 for £240k.I sold last summer for £260k and since then things have been noticably on the slide.I think that if I were on the market now I would be lucky to get out with a nominal loss.

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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I am in North Suffolk but towards the coast. I bought a listed farmhouse in 2003 for £240k.I sold last July for £260k and I think that if I was on the market at the moment I would be lucky to get out at a small loss.Prices seem down a good 10% since this time last year.

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I am in North Suffolk but towards the coast. I bought a listed farmhouse in 2003 for £240k.I sold last July for £260k and I think that if I was on the market at the moment I would be lucky to get out at a small loss.Prices seem down a good 10% since this time last year.

Allowing for inflation, you did make a loss. 260k last year was worth tens of thousands less in real terms than 240k in 2003. Please do not cause offence to my unmathematical brain by asking how much! Someone else will know.

But well done for minimising your losses by getting shot of it last year!

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Allowing for inflation, you did make a loss. 260k last year was worth tens of thousands less in real terms than 240k in 2003. Please do not cause offence to my unmathematical brain by asking how much! Someone else will know.

But well done for minimising your losses by getting shot of it last year!

Well actually I nicked a building plot off the back and sold it for £80k tax free so I didn't lose.But the agent reckoned that because a quarter acre remained it had no effect on his valuation last year.

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Over what timeframe?

I bought a place in 1995 - would love to do the same again.

by the end of the decade, maybe 2018.

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