Potential FTB Posted October 18, 2005 Share Posted October 18, 2005 I have been monitoring the prices of houses in North Somerset for the past 12 months. In particular, the houses aimed at First time buyers in Nailsea, Portishead and Yatton. I have noticed drops in prices for houses that are marketed above £300k, but anything below this seems to be pretty static. I'm thinking the reason for this could be the following: Shortage of suitable FTB properties Quality Schools Easy access to Bristol and the M4/M5 motorways Just wondered if there is anyone out there with knowledge of North Somerset, and what their thoughts are on the future of house prices in the area. Personally, i think a property aimed at a FTB will drop, but not by a significant amount. Quote Link to comment Share on other sites More sharing options...
FTBagain Posted October 18, 2005 Share Posted October 18, 2005 If you do a search on Bath there is quite a lot stuff on the BANES area in the threat "20% drop in Bath", or something like that. Your observations sound very similar to mine on Bath. The ODPM punlished a report (last week I think) in which the south west HPI was close to going negative. In otherwords, year on year, flat. I have noticed a gradual decline just lately but it is very gradual. On the plus side some individual properties have been reduced dramatically, but they will not show up in the data until they sell. Things are turning, but it will take time. Quote Link to comment Share on other sites More sharing options...
Pensive Posted October 18, 2005 Share Posted October 18, 2005 I have been monitoring the prices of houses in North Somerset for the past 12 months. In particular, the houses aimed at First time buyers in Nailsea, Portishead and Yatton. I have noticed drops in prices for houses that are marketed above £300k, but anything below this seems to be pretty static. I'm thinking the reason for this could be the following: Shortage of suitable FTB properties Quality Schools Easy access to Bristol and the M4/M5 motorways Just wondered if there is anyone out there with knowledge of North Somerset, and what their thoughts are on the future of house prices in the area. Personally, i think a property aimed at a FTB will drop, but not by a significant amount. I'm renting in Nailsea at present, didn't realise another HPCer resided so near. Doesn't seem too much for a FTB around here but lots coming on in the higher range Quote Link to comment Share on other sites More sharing options...
isv Posted October 18, 2005 Share Posted October 18, 2005 Well I was born and brought up in Nailsea and still visit family there... have some friends there too and they tell me local prices are 'silly'. My mate's brother has been trying to sell his place off Queen's Road for the last year - no viewings at all since April. Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted October 26, 2005 Share Posted October 26, 2005 I'm renting in WSM, and there are a couple of other HPCers in the town. Prices do seem to be coming down gradually in WSM at least. Another 20-25% and I could be tempted, if IRs stay where they are now. If IRs raise, then I want prices to fall even further before giving up my nice rented gaff Quote Link to comment Share on other sites More sharing options...
Guest horace Posted November 12, 2005 Share Posted November 12, 2005 (edited) I`m in Worle. Can`t say prices are falling rather am I surprized that they are holding up so well. Even ex council stuff on the Bournville is selling. It`s a crazy, crazy market. horace. Edited November 12, 2005 by horace Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted November 15, 2005 Share Posted November 15, 2005 horace.... have a look at new home sales. Went into a barratts showhome in WSM. They offer a package of 5% deposit paid, legal fees/stamp duty paid etc.... They will also negotiate on price. Westbury homes offerred discount of £15K on a £200K house within 2 minutes of walking into their office. Could probably do much better. While I'm not in the market for a new home myself (prefer older properties) it is a very good indicator of where the market is going to be going. Housebuilders are direct competition for people selling their homes. If housebuilders start taking offers and offering incentives (more discounts) then sooner or later people who are selling will have to drop too. I admit I'm also seeing some silly asking prices, but if you make a very low offer the worst they can do is refuse you. I've been viewing a few properties but will not buy yet. Only looking to get a handle on the market. Every property I've viewed so far I have given them feedback of each of the drawbacks of the property and also made it very clear that I think the property is overpriced. Just enjoy looking around until you think you see something you want. Work out what you think it is really worth and make them an offer. Some sellers are desperate, some are greedy. You might get lucky and find a desperate seller. The more people who view and then reject the property on price the sooner these vendors will get the idea that they won't sell for what they're asking. The Estate Agents eyes light up when I tell them what I earn and that I have a sizeable deposit, only to look very dissapointed when I tell them the nice property we just viewed is at least 25% overpriced. Quote Link to comment Share on other sites More sharing options...
Rachel Posted November 16, 2005 Share Posted November 16, 2005 i live in Bristol and had a look at Rightmove.com today and mostly prices are stagnant but some are dropping. Such as a studio flat has gone from £119,000 to £109,000. Thats still a ridiculous price though! Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted November 17, 2005 Share Posted November 17, 2005 (edited) The market in Bristol seems to have fallen slightly in some areas, but liek you say its still not good value by any stretch of the imagination. But after such a prolonged period of high inflation in house prices it was never going to reverse in a quick or tidy way. It will either go bang or will fall steadily for years. Patience is going to be useful for a few years. The development in which I rented in Bristol city centre was completed in 2002. All sold by 2003. Since that time there have been at least half of the flats that were bought remarketed... none have sold. Not one. My own landlord tried to sell the place after we moved out. Not a chance for the prices they paid. The market price has moved down, the asking prices haven't moved much... but they will eventually. It takes sales to drive a market down - otherwise the market dosen't know where it is. Its all a game of who blinks first: Sellers or Buyers. Unfortunately for the sellers, the buyers can't blink as there is just too much debt and the prices are just too high for most. Edited November 17, 2005 by non-FTBer Quote Link to comment Share on other sites More sharing options...
Captain Wildman Posted November 17, 2005 Share Posted November 17, 2005 The development in which I rented in Bristol city centre was completed in 2002. All sold by 2003. Since that time there have been at least half of the flats that were bought remarketed... none have sold. Not one. I would be very interested to know wha development that was, because i've been monitoring prices for some time in Bristol....very interesting...and pretty static it seems.... Quote Link to comment Share on other sites More sharing options...
Pete95 Posted November 20, 2005 Share Posted November 20, 2005 (edited) Ive lived in the North Somerset area for about 20years, and as a potential FTB have been watching the market closely for over 2 years. Theres no doubt prices have fallen in the last year, but not significantly. About a year ago a modern 2 bed terrace would be from about 128,950 - but now identical properties are on at 121,950 - so in the region of a 5% drop. The buy-cheap and do-up properties seem to be really struggling now - one 3 bed det bungallow in Yatton was on at 275,000 last year, but in the last 6 months or so kept falling in price - now 220,000! Another 2 bed detached in Cleeve which has also had the lick-of-paint and B&Q kitchen job was put on recently at 275,000 but is already down 255,000. From looking nethouseprices however houses in many areas around here pretty much doubled in price between 2000/1-2003 - makes you think twice about entering the market until prices fall a fair bit further. Worth noting that asking prices for the more expensive end of the market dont seem to have really changed much at all, ie 500-600,000 sort of range. Edited November 20, 2005 by Pete95 Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted November 22, 2005 Share Posted November 22, 2005 Ive lived in the North Somerset area for about 20years, and as a potential FTB have been watching the market closely for over 2 years. Theres no doubt prices have fallen in the last year, but not significantly. About a year ago a modern 2 bed terrace would be from about 128,950 - but now identical properties are on at 121,950 - so in the region of a 5% drop. The buy-cheap and do-up properties seem to be really struggling now - one 3 bed det bungallow in Yatton was on at 275,000 last year, but in the last 6 months or so kept falling in price - now 220,000! Another 2 bed detached in Cleeve which has also had the lick-of-paint and B&Q kitchen job was put on recently at 275,000 but is already down 255,000. From looking nethouseprices however houses in many areas around here pretty much doubled in price between 2000/1-2003 - makes you think twice about entering the market until prices fall a fair bit further. Worth noting that asking prices for the more expensive end of the market dont seem to have really changed much at all, ie 500-600,000 sort of range. Absolutely stupid prices IMHO. They seem to be asking prices that would not be out of place in London/The South East. Those new flats in the Rozel and Knightstone Island were priced ridiculously, and somehow they manage to sell them?? 2 beds in the Rozel were advertised for as much as £500K. See link: Rozel flat on Rightmove And this is in Weston-super-Mare!!! I could buy a 3 bed apartment in Bristol at peak 2004 price for the same or probably less. See link: 3 bed on Harbourside in Bristol City Centre Seems crazy that someone would pay more for a 2 bed flat in WSM than they would pay for a 3 bed flat in the middle of Bristol. In fact here is a much larger flat in Kensington area of West London for the same price that Barratts were asking for a 2 bed penthouse in the rozel: Property in Kensington, West London Like you say, the market around here is going to have to fall a hell of a long way to get back in sync with local earnings. I wonder what the average wage is in North Somerset? I would guess it is a long way off being able ot buy a £500K 2 bed flat for 3.5x salary multiple. People who have bought these places are going to really get burned. Quote Link to comment Share on other sites More sharing options...
pac-man Posted November 22, 2005 Share Posted November 22, 2005 I work in the North Somerset area, and as such have been keeping an eye on the market. There is a property up the road (clevedon) that went on the market after some property developers had had a go at it four bed terrace house £209,000. It didn't sell for months. This was reduced to £199,000, it did sell. Now the house next door has been done up (i presume by the same people as it bears similar resemblance). Went on the market again at £209,000. Do they think that people are stupid in a small town that they won't notice? Anyway, this doesn't seem to be generating much interest, so I've a feeling the price could be changing in a few weeks! Quote Link to comment Share on other sites More sharing options...
Guest horace Posted November 22, 2005 Share Posted November 22, 2005 ..... and don`t mention the prices being sought for the tat to be constructed on Knightstone island. LOL horace Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted November 24, 2005 Share Posted November 24, 2005 ..... and don`t mention the prices being sought for the tat to be constructed on Knightstone island. LOL horace Knightstone island is a joke, but allegedly they've already sold half off plan Quote Link to comment Share on other sites More sharing options...
Potential FTB Posted January 18, 2006 Author Share Posted January 18, 2006 My latest findings from Nailsea, Backwell, Yatton and Clevedon are that the lower end properties (between 120k and 190k) are selling before they've even been advertised, or at least sold stc. These properties are mainly 2-3 bed semis or terrace houses. (These are the houses i'm interested in) Upper end properties 280k + are not selling as easy. I have also noticed a few chains breaking. I'm not sure what conclusions to draw from this. What i am wondering is will the availability of stock at the high end force prices to come down, and therefore force the prices of the lower end properties down too, or will the fact that the lower end properties are selling fairly quickly, keep their prices inflated??? I think Worle and WSM are in a slightly different position as there seems to be more property available than the other towns i've mentioned above. Any thoughts? Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted January 19, 2006 Share Posted January 19, 2006 I think thats fairly spot on. Yatton, Nailsea, Backwell and Clevedon are all much smaller. I don't think it will be the upper end properties putting downwards pressure on these areas, but the places like Worle/WSM. As Worle/WSM falls (and it looks like it has started in earnest with the newer stock) it will eventually affect the outer lying areas. The way I see it is that some people are prepared to pay a premium over WSM prices for some of these smaller towns/villages.... as WSM falls the premium gets wider, and the value of living in these places (taking into account the extra cost) gets worse. That show I see areas between Bristol/WSM panning out. I've had a look at a few new builds recently, in WSM and on the Marina in Portishead. All builders seem very willing to negotiate at the moment, some easily letting on that you could lop £50K off of a £240K asking price without too much hassle. Still not tempted as this is just symptomatic of the beginning of the crash, not the end game by a long shot. Quote Link to comment Share on other sites More sharing options...
pac-man Posted January 19, 2006 Share Posted January 19, 2006 Wasn' there an article in a national news paper about prices acheived in Clevedon being down in 2005 by 10%? Anyone know where it was reported? Quote Link to comment Share on other sites More sharing options...
Potential FTB Posted January 19, 2006 Author Share Posted January 19, 2006 (edited) Wasn' there an article in a national news paper about prices acheived in Clevedon being down in 2005 by 10%? Anyone know where it was reported? Possibly the Telegraph? http://www.telegraph.co.uk/property/main.j...1/ixptop12.html Only 5% though. Edited January 19, 2006 by Potential FTB Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted January 24, 2006 Share Posted January 24, 2006 5% a year, 10% a year?? Who cares, its all good news I think the crash is still very much a trickle at present, but the pressure seems to be building and it can't hold forever. My question is: How long can the housebuilders hang on to their new builds (with crappy incentive schemes) before having to really start lowering prices?? When they do the game is up. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 24, 2006 Share Posted January 24, 2006 http://portal.telegraph.co.uk/property/mai...7/ixptop12.html Bristol not looking too healthy: Flat on its face (Filed: 17/12/2005) Bristol There are 1,900 homes being built, 4,200 more in the pipeline (with planning permission), and 2,000 on the drawing board. Hundreds of flats are for sale off-plan or being built now. Through Knight Frank alone there are 60 flats at City View, of which 22 have sold; in Eminence Street, there are 14 rooftop apartments, of which two have sold, and Unity Street has a further 49, of which seven have sold. Prices range from £110,000 to £350,000. The Bristol development where the Blairs bought two flats Bristol stands second from the bottom of the Hometrack pulling power league table (after Nottingham), with new flats commanding a premium of just 5 per cent. Builders are beginning to offer incentives. Westbury was recently offering £10,000-worth of sweeteners (stamp duty, carpets, curtains, deposit or holiday) on properties at its Trubshaw Gardens site. Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted February 13, 2006 Share Posted February 13, 2006 Viewing in WSM this weekend. 3 bed semi in nice quiet cul-de-sac. Mentionned to the agent that it was nice (it was genuinely quite nice, but small) but also said it was optimistically priced. He said - and I quote - "I agree". I've drawn up a short list of props I would be interested in, and half of them are priced £20K above the ceiling price for the street they are on. The other half aren't so bad, but only because some muppet has bought at a silly price driving up the ceiling price recorded by the land registry. I don't think things will be good value until we are looking at paying at least 25% below ceiling price. Quote Link to comment Share on other sites More sharing options...
pac-man Posted April 20, 2006 Share Posted April 20, 2006 Recently discussed with a young chap that I know who has his home on the market in North Somerset that they have been warned by his estate agents 'Haart' that he should expect a wait of up to one year or more before they can expect to sell as the market is slow, and it's the wrong time of year! Is it just me, or isn't spring THE time to sell a house historically? Seems that times they are a changing if estate agents are warning thier customers that the outlook is slow! Looks like the moveto Bristol could take llonger than expected then! Quote Link to comment Share on other sites More sharing options...
Spirit Posted April 21, 2006 Share Posted April 21, 2006 My local agents updated their website yesterday.....not a single property sold in last 2 weeks (supposedly the busiest of the year??) 5 properties added to the site Doesnt look like the spring bounce has reached the Chew valley! Quote Link to comment Share on other sites More sharing options...
pac-man Posted September 12, 2006 Share Posted September 12, 2006 House in Clevedon has been on the market for over 6 months. Initially advertised at an un realistic £300,000 for a four bed semi with a dinky courtyard garden (Victorian terrace). It's now SSTC, however the advertised price has changed to £270,000! Not sure what the agreed sale price is.........what a shock to the system that must have been for the sellers who where trying their luck at getting all they could for so long!!!!!! Hah! Quote Link to comment Share on other sites More sharing options...
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