Blackburn

[Bootsox]

I keep a track on this estate which comprises "executive style" houses and flats.

Tracking is a bit pedestrian as, although there have been many up for sale, very few actually sell.

However, over the last few years asking prices have gradually drifted downwards and, with the example below, have now breached their 2003 original, new build, selling price.

Originally sold 30/10/03 for £175k:

new build

Now on the market for £170k:

Wilton Close

[Venger]

It's only a breach when it transacts lower. Seeing as it's listed up with Express Estate Agency, I suspect, but hope to be proven wrong, it will sell for more than the asking price.

[Bootsox]

It's only a breach when it transacts lower. Seeing as it's listed up with Express Estate Agency, I suspect, but hope to be proven wrong, it will sell for more than the asking price.

Yes, I tend to read "offers over" as "offers under".

This property is on the same estate, (initially came to my attention on 02/12/07 for £249,950 and reduced in fairly gradual stages to "under offer" at £180k):

wilton close 2

Originally sold 30/10/03 for £172,995

Edited August 6, 2012 by Bootsox

[Venger]

Very interesting. That really is quite suggestive of a HPI roll back, or breach, towards 2003 prices. Will be interesting to check what if does finally sell for.

I once lived 6 miles from that house, in Darwen for a year. (All my kid friends there at the time used to say 'Up yon' or 'Over yon' when discussing locations we were walking or cycling to.) I don't want to bore people with a long story, but that experience shaped my whole attitude towards risk as my parents could have lost everything (bridging loan to move to South Manchester with the Darwen house not selling) and the economy plunging into recession. I realised their stupidity at the time, and realising how close they came to being ruined (with four kids including one newborn baby), they urged me towards caution with debt ever since.

With the end of boom and bust, only boom, people taking on such risks have been massively rewarded for over a decade now. Yet more are beginning to find it's scary out there with the mortgage debt many people are carrying today, on just one property, let alone those who've stretched their position to 2 or more properties, even if rented out.

Edited August 6, 2012 by Venger

[Bootsox]

HOUSE prices in the Blackburn area have plummeted by more than a quarter in the last five years, the third worst drop in the country, new figures reveal.

http://www.lancashiretelegraph.co.uk/news/9960804.House_prices_crash_in_the_Blackburn_area/

[Bootsox]

sold 15/01/02:

81, Pleckgate Road, Blackburn, Blackburn With Darwen, BB1 8PN £59,950

...and again 21/08/06:

81, Pleckgate Road, Blackburn, Blackburn With Darwen, BB1 8PN £140,000

...and at auction 18/10/12:

81 Pleckgate Road, Blackburn

vacant two bedroom semi detached bungalow

Manchester 18/10/2012 £88,000

Edited October 21, 2012 by Bootsox

[Bootsox]

Posted on main forum but, according to latest LR report, Blackburn with Darwen shared joint honours with Darlington as having the worst annual fall in property prices, -6.3%.

land registry

[Bootsox]

every cloud....

Blackburn with Darwen housebuyers need lowest deposit in the country

3:26pm Wednesday 16th January 2013 in News

FIRST-time buyers in Blackburn with Darwen need the lowest deposit to get a mortgage in Britain, new figures reveal.

They need just £14,470 to start on the housing ladder — just over half the national average of £26,468 and one fifth of the £72,760 in London.

The low deposit is the flip-side of the rapid fall in house prices which saw the value of properties in the Blackburn area drop by a quarter over five years.

In October statistics showed that the average cost of a home in the borough had fallen by 26.2 per cent from £97,802 in September 2007 to £72,171 last month, the third worst drop in the country.

A new analysis by financial firm The Castle Trust published yesterday shows the average deposit needed (20 per cent of the purchase price) in Blackburn of £14,470 is £1,200 lower than Blackpool, the next most affordable at £15,707.

Blackburn MP Jack Straw said: “This is the other side of the low price coin. It means that young couples and first-time buyers can get themselves a good home here very cheaply. I hope many come and do just that.”

Coun Alan Cottam, Tory planning spokesman on the borough council, said: “This shows you can get a good value for money home in Blackburn. I just hope young couples and first-time buyers come here and take advantage of this.”

silver lining

Edited January 16, 2013 by Bootsox

[Bootsox]

This property was originally sold off by the developer on 28/05/04 for £193,995.

Now listed on RM @ £185k:

BB2 7FE

Although noting that at one time (Spring 2008) it was being marketed at £226,950.

Edited January 27, 2013 by Bootsox

[Bootsox]

This property was originally sold off by the developer on 28/05/04 for £193,995.

Now listed on RM @ £185k:

BB2 7FE

Although noting that at one time (Spring 2008) it was being marketed at £226,950.

Now reduced from £185k to £175k.

[Bootsox]

I keep a track on this estate which comprises "executive style" houses and flats.

Tracking is a bit pedestrian as, although there have been many up for sale, very few actually sell.

However, over the last few years asking prices have gradually drifted downwards and, with the example below, have now breached their 2003 original, new build, selling price.

Originally sold 30/10/03 for £175k:

new build

Now on the market for £170k:

Wilton Close

Sold:

2013-06-12 12, Wilton Close, Blackburn, Blackburn With Darwen, BB2 7FE

Semi-detached, Freehold add details...

£170,000

My link

[Bootsox]

Trouble is, there's nothing to underpin prices (no pun intended):

The figures for Blackburn with Darwen show that the average full-time wage has fallen by 11.6 per cent for those working a 40 hour week meaning their pay packets are a massive £47.98 less than they were five years ago.

My link