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Bristol Bs8 - The Tide Is Turning!

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Three times in the last week now, the one estate agents who have gotten hold of my details (Ocean) have contacted me about different properties in bs8 about to be reduced in price.

Looks like the tide is turning....

:D

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A real gem in this week's bristol evening post property weekly:

"JUST 3 REMAINING!!" screams the headline above an advert for The Tower Apartments, Redland Green.

Not quite so impressive once you read further and see that the development only consisted of 5 flats!

On the Allen & Harris page, theres this odd bit:

PUBLIC NOTICE

Property Address: 10 The Leading Edge 80 Hotwells Road, Bristol

We are acting for the mortgagees and have received an offer of £219950 on the above property.

Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place.

Hmm. Whats going on there then?

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On the Allen & Harris page, theres this odd bit:

PUBLIC NOTICE

Property Address: 10 The Leading Edge 80 Hotwells Road, Bristol

We are acting for the mortgagees and have received an offer of £219950 on the above property.

Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place.

Hmm. Whats going on there then?

That's standard procedure for mortgagees in possession. They need to show that, should someone subsequently challenge their actions, they did their utmost to get the best price for the property. Having published this public notice and having having had no higher offer, they can claim that the offer was the best available at the time.

p

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A real gem in this week's bristol evening post property weekly:

"JUST 3 REMAINING!!" screams the headline above an advert for The Tower Apartments, Redland Green.

Not quite so impressive once you read further and see that the development only consisted of 5 flats!

On the Allen & Harris page, theres this odd bit:

PUBLIC NOTICE

Property Address: 10 The Leading Edge 80 Hotwells Road, Bristol

We are acting for the mortgagees and have received an offer of £219950 on the above property.

Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place.

Hmm. Whats going on there then?

Is this the place?

Sale Date Price Type Tenure Address

1 30/08/2002 £235,000 Flat L/H The Leading Edge, 10, Hotwell Road, Bristol, City Of Bristol, BS8 4UF

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Flat near me in BS8 (2 bed with parking & shared garden) is up for sale at £249,950. Would have looked a reasonable price this time last year. It's now been a few months, and no news as yet. They say they're not going to take less than this. I wait with interest! Flat around the corner (Similar style) was 3 bed with same facilities and sold for this price, i think they might be waiting a long time. Poor s*ds bought it a couple of years ago, have spent a bit of money, and now I think they're contemplating the fact that they might not make any money on it. Fortunately I live in rented accomodation and am waiting for the bubble to pop.

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Do you think prices in Bristol will go down much? i'm concerned as Bristol is a Universirty town and a rich Uni at that and parents seem quite happy to pay these extortionate prices for flats.

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They are probably only happy to pay whilst house prices are generally viewed as going up / BTL is considered a good idea.

Once the fall is in full swing and/or they can't MEW to get a deposit on a place for the little darlings, it'll fall as fast as everywhere else.

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the funny thing about bristol is that normaly cheap area's like bedminister, hotwells etc are now the same price as sneyd park, clifton etc for 2 bed flats, if there is a crash i can see the new build in bedminister dropping a lot and places like clifton not being hit that bad.

ril

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the funny thing about bristol is that normaly cheap area's like bedminister, hotwells etc are now the same price as sneyd park, clifton etc for 2 bed flats, if there is a crash i can see the new build in bedminister dropping a lot and places like clifton not being hit that bad.

ril

yeah, there was someone who did up some flats in St Pauls and is asking £100-125k for the flats..St Pauls! The funniest one is there are a few flats on Albany Road which is boarders of St Pauls/Montpelier. One vendor is asking £113,500 for a 1 bed garden flat (after being on the markek at £118,000 for ages) and another vendor is asking £125,000 for a 1 bed garden flat on the same road-exactly same style building so its not any bigger and the £113,000 flat is nice inside!

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Well after my last post on this thread, I can now report that my neighbours appear to have found a buyer. 'Sold subject to contract'. I agree that Clifton probably won't be affected as much as other areas of the city if/when there is a crash. I don't anticipate that I will buy there when I get around to purchasing somehthing myself, but for a professional person earning a reasonable, but not huge wage I don't feel that the balance of prices is correct, when all I could afford at present is a 1-bed flat in the worst areas of Bristol.

Anyway, I wish the neighbours the best of luck. Feel a bit sorry for the person who has bought it and not done their homework on what they should be paying. A 2 bed flat can be had for £200,000 with all the amenities that they have bought. Oh well...... we sit and wait. Heard a builder saying today that the market is extremly weird at the momment, thinks people are scared of what's going to happen. Think I'm one of them.

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Clifton will not be hit as bad, but it will be hit. I bought a two-bed period property in Clifton in 93 for 47,500. The previous owner had paid 80,000. Anyway, it last sold for 160,000, and at present would be marketed for 200,000+. Those clifton flats will certainly fall a lot, but nothing like the rest of Bristol, where 50%+ drops will not be uncommon.

People forget that it wasn't long ago when you could buy 3 bed houses in poorer parts of Bristol for less than 50,000, which is about right considering what lots of people earn or don't earn. Areas that will really crash are bedminster, st werburgs, st pauls, southville.

There would normally be a big differential between clifton, cotham, redland, sneyd park and the rest, eg it would cost nearly twice as much for the same amount of space in an undesirable part, but that differential has been eroded, as the cheaper areas have become super-expensive. It will all end in tears.

Good luck with it.

Lucky

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Is this the place?

Sale Date Price Type Tenure Address

1 30/08/2002 £235,000 Flat L/H The Leading Edge, 10, Hotwell Road, Bristol, City Of Bristol, BS8 4UF

The leading edge is bombing big style:

Bought - Flat 14, 80 Leading Edge, Hotwell Road £224,000 21 Mar 2003

Sold - Flat 14, 80 Leading Edge, Hotwell Road £223,000 17 Jul 2005

Bought - Flat 8, 80 Leading Edge, Hotwell Road £249,950 29 Aug 2002

Sold - Flat 8, 80 Leading Edge, Hotwell Road £235,000 30 Mar 2005

There are so many new flats that these are finding it harder and harder to compete.

ril

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Looks like the tide is turning....

:D

Not if you look at the evidence. There's nothing in this graph to suggest any tide's turning. A reduction of

6K in one years average prices' proves nothing. A short respite before the market rallies again as it has done since 1999? Just another mini trough? Sorry.

http://www.proviser.com/regional/towns/bri...es/price_trend/

Edited by Baz63

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I'd disagree.

Bristol prices are definitely on the slide.

There just isn't enough 'stupid money' to keep selling these new developments.

BTLers are scarce and sane people will run a mile.

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I'd disagree.

Bristol prices are definitely on the slide.

There just isn't enough 'stupid money' to keep selling these new developments.

BTLers are scarce and sane people will run a mile.

New Delevopments are a bad buys but the trouble is that the established houses and flats aren't reducing in price. Houses are being turned into flats and the flats are way overpriced. I've not seen any reduction to make a home worth the asking price. I'm a FTBer but won't get drawn into being excited that the bank will loan me enough to pay for an expensive shoebox.

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Rightmove

I've been following the progress of the marketing of this 2 bed basement flat in Dowry Square, a fashionable part of the Hotwells area in central Bristol (BS8), very close to Clifton and the waterfront.

The property first appeared on the market during August. Asking price @ £181,500.

In September the asking price was reduced to £174,950.

The asking price has now been reduced again to £164,950.

A reduction in the asking price of over nine per cent in three months.

It will be interesting to see how much it fetches, if it sells at all.

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Rightmove

I've been following the progress of the marketing of this 2 bed basement flat in Dowry Square, a fashionable part of the Hotwells area in central Bristol (BS8), very close to Clifton and the waterfront.

The property first appeared on the market during August. Asking price @ £181,500.

In September the asking price was reduced to £174,950.

The asking price has now been reduced again to £164,950.

A reduction in the asking price of over nine per cent in three months.

It will be interesting to see how much it fetches, if it sells at all.

I would guess £164k minus 15% from here is about £140k, but only if they do it quickly, after that they will be chasing the market down even faster. :ph34r:

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I am seeing the same in bristol centre, all the bookmark's I have on rightmove have dropped there prices in the last month, i think there is still a way to go.

ril.

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Apparently Phil Spencer has been filming in Bristol (Clifton) today, so if any of you locals happen to bump into him...be sure and heckle his commentary wont you! :D

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Prices are falling but the real mechanic is volume and that where I've done a bit of analysis on BS1 Bristol Central....revealing

Categoric of falling activity,

I would love to see a metric of Estate agent Revenue ....!!!

No. of house sales by Month

year month Total

2002 1 18

2 25

3 45

4 25

5 42

6 36

7 26

8 86

9 41

10 28

11 33

12 17

2002 Total 422

2003 1 26

2 37

3 29

4 35

5 22

6 21

7 17

8 34

9 35

10 27

11 24

12 20

2003 Total 327

2004 1 20

2 37

3 16

4 20

5 15

6 21

7 34

8 30

9 18

10 25

11 23

12 25

2004 Total 284

2005 1 22

2 16

3 7

4 5

5 23

6 9

7 17

8 1

2005 Total 100..no aug/sep data

Edited by Captain Wildman

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Rightmove

I've been following the progress of the marketing of this 2 bed basement flat in Dowry Square, a fashionable part of the Hotwells area in central Bristol (BS8), very close to Clifton and the waterfront.

The property first appeared on the market during August. Asking price @ £181,500.

In September the asking price was reduced to £174,950.

The asking price has now been reduced again to £164,950.

A reduction in the asking price of over nine per cent in three months.

It will be interesting to see how much it fetches, if it sells at all.

UPDATE: 21 November 2005 and the asking price has now been reduced to £159,950, a reduction of almost 12 per cent in less than four months!

2 Dowry Square - Connells Estate Agents

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  • 343 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% +
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      • Even
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      • up 5%



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