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strbear

I've Been Worried We Were Wrong But . . . . . .

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Like many I've been on this site for years and, in that time, I have come to wonder if I have it wrong and actually property will continue to be sold for much more than I think it can possibly be worth. But . . . . . .

I am coming across more properties that, whilst still overvalued in my opinion, are starting to become more realistic - to me its probably a 40-50% drop thats needs to make it so. But whilst looking today, I saw this which is in a nice development in a part of "gentrified" West Yorkshire

Link to rightmove

Link to 2007 sale price

- and its up with a

60%

fall over the 2007 last sale price. Thats a cash buy !

There is light and it will come to pass, glad I held on and hope to reassure a few others on here, keep the faith fellow bears!

SB

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in a part of "gentrified" West Yorkshire

Must be pretty posh in that area given the original price.

Originally £189,950. For a 1 bedder. In West Yorkshire.

"and we have received an offer of £72,000".

Well, that's a bit closer to being reasonable.

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Like many I've been on this site for years and, in that time, I have come to wonder if I have it wrong and actually property will continue to be sold for much more than I think it can possibly be worth. But . . . . . .

I am coming across more properties that, whilst still overvalued in my opinion, are starting to become more realistic - to me its probably a 40-50% drop thats needs to make it so. But whilst looking today, I saw this which is in a nice development in a part of "gentrified" West Yorkshire

Link to rightmove

Link to 2007 sale price

- and its up with a

60%

fall over the 2007 last sale price. Thats a cash buy !

There is light and it will come to pass, glad I held on and hope to reassure a few others on here, keep the faith fellow bears!

SB

Who in there right mind pays £189k for a one bedder north of the Midlands?

We are acting in the sale of the above property and we have received an offer of £72,000. Any interested parties must submit any higher offers to the selling agent before echange of contracts.

Worth around £40k

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Property Bee indicates it's a repossession:

Brief Description changed: We are acting in
offering this one bed fifth floor apartment. Available with vacant possession & includes; DG & electric storage heaters. Modern fixture & fittings.
the sale of the above property and we have
the pleasure
received an offer of
£72,000
. Any interested parties must submit any higher offers to
Shipley Town Centre & all its amenities.
the selling agent before echange [sic] of contracts.

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Mmm - with a 10% deposit it only £420 a month on a mortgage at 4.99% - not saying values won't fall further - but in a world of madness it is a chink of light!

10% is say £7k, 2.5% of £7k is £175 a year in lost interest, so say £15 a month, so your outgoings are £420 + £15 + maintenance + if you own a maintence charge maybe + infexibility/noisy neighbours, plus a falling asset value of say a further 20% equates to say £15k over three years so £5k a year, i would rent, as with the value drop it is free rent...............Buy at the bottom in four years for £40k

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The first council flat in the centre of Coventry that I lived in as a young kid, in the 70's was ten times nicer than that....... and the kitchen was separate.

They pulled them down a few years ago. :(

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but in a world of madness it is a chink of light!

Quite true. Maybe it's even worth a punt at £72, I don't know the area (we do have some nice areas north of Watford you guys).

Here in Sheffield, the average price for a bog standard 2 bedder was around £125k at the height of the boom.

Now, for £60k you can get this 2 bedder (link).

84734_200371750_IMG_00_0000_max_620x414.jpg

Or if you don't fancy "centro" living, how about this 2 bedder for £80k (link).

19800_0311_HAY031166791_IMG_00_0002.jpg

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£80k for a one bed flat...madness.

Agreed but what doe sthat make £189,950 for the same property-and whoever bought it would have been convinced it was going to increase in value to......?????

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Who in there right mind pays £189k for a one bedder north of the Midlands?

Must be pretty posh in that area given the original price.

Originally £189,950. For a 1 bedder. In West Yorkshire.

"and we have received an offer of £72,000".

Well, that's a bit closer to being reasonable.

within spitting distance of the now empty Bradford and Bingley head office

I wonder - could it be a repo off a former B&B employee who was also into BTL...???

muhaha!!

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First started looking at 3 bed flats around beginning of 07. Price £250K. Price of similar is down to offers over £200K and they are not moving.

My guesstimate is that the first market mimimum was around the beginning of 09. The max of the dead cat bounce was mid 2010 with prices/volumes in my area coming down slowly but steadily since then.

I predict a long and bitter winter for EA's as volumes collapse even further in my area.

Edited by Gigantic Purple Slug

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Absolutely, but maybe you get the river as well, as in pic 5. :)

I dunno, something tells me that the original owner suffered from a lack of liquidity.

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£45,000 for the River View....... ;)

Hope it's not prone to flooding. :lol:

That must surely be a nice view on a summer evening. From looking at the pictures though, most flats don't have a veranda, and those that do, the veranda looks very narrow.

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Not being funny, but a nice block near me that fetched reasonable prices a few years ago, has gone right down market recently......BTL investors got in there and have gradually bought most of them, they have not seen to it that the gardens are looked after and have failed to keep on top of maintenance upkeep....the block has therefore gone down hill...the prices have fallen big time. ;)

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Quite true. Maybe it's even worth a punt at £72, I don't know the area (we do have some nice areas north of Watford you guys).

Here in Sheffield, the average price for a bog standard 2 bedder was around £125k at the height of the boom.

Now, for £60k you can get this 2 bedder (link).

50% Shared Ownership?

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Not being funny, but a nice block near me that fetched reasonable prices a few years ago, has gone right down market recently......BTL investors got in there and have gradually bought most of them, they have not seen to it that the gardens are looked after and have failed to keep on top of maintenance upkeep....the block has therefore gone down hill...the prices have fallen big time. ;)

Any LA/Housing Association tenants?

(I'm an LA tenant myself in case anybody comments on the above, I know what they can be like.)

For reasons such as this, I'm not after a flat.

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  • 277 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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