Jump to content
House Price Crash Forum

Recommended Posts

Hi Everyone,

As this my first post I will give a brief introduction about me. I am in my twenties and I am looking to buy my first home in the Nottingham area. I am not originally from Nottingham so I am not clued up about the different areas. However, I would like to buy a property that is not too far from the city centre and the University of Nottingham. My problem is I am completely clueless about purchasing a home.

I have seen a repossessed property that I am interested in purchasing. The property has been priced in the region 145000. I initially put in an offer for 110,000 but the agent said it was very unlikely my offer would be accepted because they had already received four offers including one close to the asking price. I was a tad bit suspicious because when I was viewing the property one of the EA stated that they had not received any offers.

I did not hear from EA for three days and they never asked for paper work. I contacted the estate agent today and I put in a higher offer but still less than the asking price. The agent said I needed to provide evidence of deposits, solicitors and agreement in principle. I suspect that my offer will not be accepted but in the unlikely event it does, I am concerned that I put an offer that is too high. The property needs lots of work because they were growing cannabis in the property and was not well maintained.

Has anybody got any experience or advice in buying repossessed properties and the cost involved?

Link to post
Share on other sites

I don't have time to respond fully; I am sure someone else will.

However, always remember "Rule Number 1": estate agents are professional liars. They know how to manipulate you. They are acting on behalf of the seller, but their agenda is not the same as the seller's. It is certainly not the same as the buyers.

Edited by Tiger Woods?
Link to post
Share on other sites

We have all learnt from example after example from HPC members the shocking lengths agents will go to to secure a sale.

Some of the things you can do to protect yourself:

i) assume that the agent is lying about other interested parties

ii) make all your offers in writing, preferably email, and ask for confirmation that the agent has passed it onto the vendor

iii) get the agent to confirm in writing what the vendor's response was

iv) walk away from any house where there is another 'buyer'. If there is one, it turns into a bidding war and the only winner is the vendor. If it is a made up one, you are just being played as a fool by the agent

Looking back, I am pretty sure I got stiffed by an agent inventing a mysterious 'buyer' to compete with me. I reckon that cost me about 30k I will never see again. I was young though, and long before I understood just how bent agents can be.

If this happens next time I buy, I will ask the agent to commit in writing enough details about the other buyer so I can check out if they are real or not.....or ask to arrange a 3 way meeting between the two buyers and the vendor....

Link to post
Share on other sites

First thing I would do would be to try and cut out the middleman (estate agent) if you go here http://www.landregistryservices.com/?gclid=CIf4q9DX5rECFfMdtAod3wwAlg

For a few quid you can find out which bank owns the place then try going direct

Just say your very interested in the place but you feel the agent is messing you about (try and find out what the best offer they have had on it) then ask if you could make a offer direct that way you now your offer has been passed on and you will soon find out if the other buyer exists

Link to post
Share on other sites
  • 3 months later...

Thanks for your replies. My offer was rejected - it is being sold for 151,000. :(

Stick with the University/ City centre quarter...eg. Park District, fanning out to Lenton, fanning out to Wollaton, Beeston, Bramcote. Don't be tempted with the apparent value on offer from (going clockwise North of Lenton) Radford, The Forest, St. Anns, Sneiton/ Lace Market and The Meadows.

Lenton used to be as rough as the other aforementioned inner city areas until it became a student dormitory for one of the UK's top universities.

Would be tempted by a Park District flat if I was starting out. Something around 130K occasionally comes up. Just a half mile stroll then to Slab Square, and a unique traffic free Victorian ''gas light'' charm to boot.

Edited by crashmonitor
Link to post
Share on other sites
  • 1 month later...

Stick with the University/ City centre quarter...eg. Park District, fanning out to Lenton, fanning out to Wollaton, Beeston, Bramcote. Don't be tempted with the apparent value on offer from (going clockwise North of Lenton) Radford, The Forest, St. Anns, Sneiton/ Lace Market and The Meadows.

Quite amazing how low Sneiniton prices are going.

One of the last traditional corner pubs in Nottingham, the Vine, a very large Victorian pub with historical importance is on the market freehold for 115k; near the Sneinton Market area that has had some redevelopment work. 4 bed detached can be bought in the area for a similar figure. But sadly prices are low for a reason as arson is one major problem judging by the attacks on the market buildings.

The area has always been deprived. Indeed a rather good example of a Victorian Ragged School still stands in the Market Square.

Link to post
Share on other sites
  • 1 year later...
  • 1 year later...

Just spent the weekend back with family in Nottingham and spent a bit of time researching and discussing property with them. I've been away from Nottingham for five years and currently in Wokingham in SE where HPI is in full swing.

To summarise prices in Nottingham on the most part have not seen anything like the crazy HPI London and SE but have seen about 15% increase since 2013. Asking prices for a decent size semi-detached 3 bed in a decent area seem to range about £190-250k.

What does surprise me is rents also seem to have gone up quite a bit in the same period about 15-20% in the decent areas. This is on 2-3 bed properties I have not looked at the student let market which is huge in Nottingham due to two universities.

Now firmly in the belief the London and SE is a mega bubble but east Midlands not so much; people can afford to buy fairly comfortably on two incomes here, as opposed to SE where it is virtually impossible.

Link to post
Share on other sites
  • 6 months later...

Hi folks

I'm wondering if anyone else is following Nottingham prices lately? We (me and girlfriend) are looking to commit to buy in about 12 months and have been keeping an eye on listings and prices whilst getting deposit money and other matters sorted out.

It seems like a mixed story, there are lots of reductions around and and I notice quite a lot of places that get SSTC or pulled and then appear as a new listing a few weeks or months later. These reductions seem to be happening even for "popular" houses in good locations eg granny's 3 bed semi in a nice part of West Bridgford, which would have been almost unheard of a year ago.

In our area of interest (Wollaton) and our particular streets of interest houses seem to be selling very fast (< 1 week) if reasonably priced but there are also quite a few kite flying prices that stick on the market for months. At the moment it still feels like there is reasonable value for money especially for somewhere that needs a bit of work doing.

We are renting in Sherwood at the moment and I'm always amazed at how expensive it is to buy in the area considering what is on offer, IMHO having been here a year it seems like a very borderline area with plenty of rough patches. A high street with a grocer and a handful of "artsy" shops and micropubs but no proper supermarkets except Lidl at the Carrington end and a few small Co-Ops.

Will keep an eye on things, hopefully Nottingham is not on the verge of any kind of mega bubble at the moment!

 

 

 

 

Link to post
Share on other sites
  • 7 months later...

Well 8 months went by and so I thought I would update this. We will start looking to buy around July. We are buyers currently in rented, not looking to sell again in 5 years so would like something that is right long term hopefully until we are 6 feet under. Over the last 12 months unfortunately prices in Wollaton where we are ideally looking have gone up a LOT nevertheless there is still value for money out there.  We are a couple both working in reasonably well paid jobs so I feel that there are currently certainly options for us here. We are also looking at the nicer parts of Beeston or Bramcote as backup search areas. In general I get the feeling this is a strange time to be starting off house hunting here, up until around a couple of weeks ago there was a drought of anything decent, then suddenly there seemed to be a  huge increase in new listings. I am not sure if this is just a short term phenomenon or whether it is part of longer term trend, at the minute anything half decent in a half decent area and not at an inflated price sells pretty quickly.

In general in Nottingham there is some right **** listed at scary prices in particulay I have notice listed a couple of places in the area around Robin Hood Terrace and Campbell Grove, classic examples of nicely done up houses in a very very ropey area. (I haved very close to here in the past) One sells in excess of asking price then the next one is listed at 5k more than sale price. 145k. This may not seem a lot but bear in mind in 2013 these were going at less than 100k. On on Shortwood Close a small close of ex LA houses, in admittedly a very central location near lace market, sold in a week in 2014 at 120k now listed at 150-160k with nothing additional done! Is 120k too low? is 160k too high?  I have not bothered checking whether it has sold. This a house where you can hear the neighbours conversation because the walls are so thin (we viewed same style of house one street away).

Over 300k things look very sticky, there is definitely still value for money at that level. I am seeing lot of very nice 30s detached with large garden in nice areas not selling at 250 - 300 and either reduced or taken off the market. 150 - 200 seems to be where there is most competition for anything decent. Below 130 again there seems very little interest (possibly tradtionally more likely being buy to let now not shifting?)

Anyway enough of my rambling, I will update as our search progresses.

 

Link to post
Share on other sites
  • 10 months later...
  • 9 months later...

Well nearly 2 years after I last posted. We bought over a year ago in Nottingham but the main reason I wanted to post is an update on the Nottm property scene as things have felt differently here now for several months.

Nottingham had the dubious honour of having one of the highest annual HPI in the country back in 2017 with family houses priced at < 200k and remotely decent located in a remotely good area generally selling for offers over.  It was within this context that we bought... something remotely decent in a remotely decent area. The price was ok and we are paying less than we were in rental together with overpayments that are getting the mortgage down quite fast.

Anyway, as I mentioned Nottm has felt different in the last few months. If anyone is interested I can post some links together with some commentary based on my frequent observations of Rightmove and knowledge of the area.

First, Charlbury Road.

https://www.rightmove.co.uk/property-for-sale/property-68072041.html

We actually lived on this road while looking to buy. It is right on the edge of Wollaton, a generally fairly upmarket area about 3 miles from the city centre, however this street itself borders a much rougher council area (Bilborough) and as such prices have historically been much more subdued than on other similar streets, even with the park nearby. Cue 2017 where a couple of nicely presented semis broke the 200 mark. Fast forward to oct 2018 and a load of semis went on at a very similar time the majority listed at offers over 200k. The above is an example of about 8 semis on this street all similarly priced and in various degrees of maintenance. Some are clearly ex rentals. A couple of listings have ben removed in the last wfew weeks, none as far as I can see have sold. The most overpriced (230K+) have had a couple of minor reductions by 5k or so but still sticking. The reason I am writing all this is that all of these houses 12 / 18 months ago would have sold at almost any price so the current stickiness is quite interesting to note as is the "offers over" on almost all of them...

Second, just for a bit of fun:

https://www.rightmove.co.uk/property-for-sale/property-78276383.html

This is number 445 and was last sold at 210 in July 2017, appears to be a flip.  The area is a fairly rough area (Radford / Hyson Green) not particularly somewhere that you would want to hang around in the middle of the day let alone at night so although done up very nicely it is the old adage of the best house in the worst street. To give you some context you could buy a  mid terrace in the Park area (poshest part of town) for a similar price although it would admittedly not be as characterful.

 

 

 

 

Link to post
Share on other sites

Back on Charlbury road again, this came up today at 300k. Fliptastic!

https://www.rightmove.co.uk/property-for-sale/property-59427249.html

Last sold Dec 2017 for 205k

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59427249&sale=55619849&country=england

Love the crumbling garden wall on the refurb, But hey, it is in a "sort" after location so all's well!

 

Link to post
Share on other sites

Keep us informed of how this goes. Wollaton is probably the best part of the city after the Park. Couldn't they be bothered to sort out the garden.  

I work for the Council and a woman who is pretty clueless about most has inherited her mothers house on the Clifton Estate with her sister. Her sister wanted her share so shes took out a mortgage and has spent a bit doing it up and is going to rent to some young loved up couple she knows.Shes been messed around by solicitors over the deeds and getting the mortgage sorted . Lets see how long it is before the loved up couple miss the rent.

Link to post
Share on other sites
  • 6 months later...

This one:

https://www.rightmove.co.uk/property-for-sale/property-70257379.html

Has come back after being SSTC, must have fallen through. Guide price 155-160k. Last sold 57.5k in 2014.. quite the markup. This is in a seriously bad part of town which for some strange reason has become uber hip with young trendy types. It might be close to the lace market but it is a world away. Trust me, I used to live 2 streets away and saw it all.

The 300k house in Wollaton is now 270k and still on. I think they have fixed the garden wall though so that's nice.

Not much seems to have changed other than certain places are sticking a little, good affordable houses in decent areas are still going quickly. A 3 bed semi a couple of streets away from us in Wollaton direction sold in a few days, it was on at 200k.

When I was looking to buy in 2014 I went to view this one:

https://www.rightmove.co.uk/property-for-sale/property-62971428.html

It was priced at 120-130k and I offered 115k which was rejected, it stayed on for a year unsold and unreduced. Now it has sold within a couple of weeks, don't know the sale price. The house has no back garden and no back windows since it is build up against the original rock of the town. It is in a quiet part of town but very central so I am not surprised it has sold, more surprised it didn't sell last time.

 

 

Link to post
Share on other sites
  • 2 months later...

Noticed this one coming up today:

https://www.rightmove.co.uk/property-for-sale/property-85247828.html

Last sold Jan 2019 :

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=74049236&sale=8994874&country=england

This is in admittedly a posh part of Beeston and appears to be a good level of refurb but nevertheless a near doubling of price in just 9 months represents quite the mark up...

 

Link to post
Share on other sites
  • 8 months later...

Saw this one today which made me laugh:

https://www.rightmove.co.uk/property-for-sale/property-81010624.html

In the apparently "up and coming area" of the old meadows. For those of you local, the old meadows has recently been made a conversation area, however it is still in close proximity to the new meadows which has a serious reputation as drug and crime hotspot and general ****hole. This price represents a large leap on ceiling price for the street and probably the whole of the old meadows and it will be interesting to see if sticking a photo of a smeg fridge will make it appeal to the "right sort of buyer".

As a general update, the post covid world of rightmove listings for sale in Nottingham +0 miles is pretty much the same as the pre covid world. Volumes are similar, prices are similar. I have noticed a few falling through and coming back on. A few student HMOs coming on the market.  Good places in good areas seem to shift quickly and the dross sticks around, same as it ever was. Not sure whether this will be the case in 6 months if / when job losses come through but we will see. 

 

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.