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The Lloyds TSB Million Pound Property Report shows that only a single property sold for one million pounds or more in Wales in the first half of this year.

That's two fewer than H1 2011.

MillionPoundPropSales.gif

So how many million pound+ homes are advertised for sale in Wales at the moment on Rightmove?

216

Yep, that's right, two hundred and sixteen.

And in case you're thinking that maybe many sales go through at just below one million to avoid some stamp duty...well, in the same six months only 30 properties sold between 700K and one million in Wales, and as you'd expect, most of those were at the lower end of that range.

Still, I'm sure many vendors will be happy to wait until they can sell their house for what it's truly 'worth'. No point in reducing the price below 'market value' is there?

This time next year, Rhydwyn...

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Lloyds TSB Million Pound Property Report[/url] shows that only a single property sold for one million pounds or more in Wales in the first half of this year.

Snipped

Excellent.

TMT in Mr. Burns mode.

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Should this not be in a North East forum due to them having the largest % change? :ph34r:

Out of these 216 properties, how many of them are similar to the million £ + properties in other areas?

Without looking at them, I would expect they come with large plots of land and are very different from the bog standard London property.

However, prices in Swansea are OTT.

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Should this not be in a North East forum due to them having the largest % change? :ph34r:

Out of these 216 properties, how many of them are similar to the million £ + properties in other areas?

Without looking at them, I would expect they come with large plots of land and are very different from the bog standard London property.

However, prices in Swansea are OTT.

On the face of it the million pound+ properties in Wales represent excellent value compared to most parts of the country. In the main we're not talking about properties that you would look at and think: "jeeze, the vendors are absolutely nuts if they think it's worth that."

An example by comparison:

London, W10:

million_example_1.jpg

million_example_2.jpg

http://www.rightmove.co.uk/property-for-sale/property-34818838.html

Wales, SA8

million_example_3.jpg

million_example_5.jpg

million_example_4.jpg

million_example_6.jpg

http://www.rightmove.co.uk/property-for-sale/property-35895883.html

However at the end of the day it's all about supply and demand. Just because you have 16 bedrooms and 20 acres of land (say) on your Welsh estate property, this doesn't mean you have a God-given right to expect hundreds of thousands of pounds more when you sell it than much smaller properties with very little land.

My parents own a large, sprawling country property and I'm well aware of the astronomical cost of running a place like that, together with the time and effort it takes to keep it looking at its best. I certainly wouldn't want to own such a house.

So where is your buyer going to come from when there are scores of other properties in the region which are of a similar nature? In many parts of England these homes would be redeveloped as exclusive apartments, but presumably developers don't see such an opportunity in Wales?

Since you know the local market much better than I do, maybe you could give your thoughts on whether you see this overhang of million pound properties as a temporary phenomenon. What change in circumstances other than the remorseless grind of inflation or cuts in asking prices will see these properties with 'SOLD' signs on them?

[incidentally, the single property that sold for over a million in Wales in H1 went for £1.5 million in March 2012. It previously sold for £1.35 million in January 2001. This represents an inflation-adjusted loss of 21% on sale.]

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The Lloyds TSB Million Pound Property Report shows that only a single property sold for one million pounds or more in Wales in the first half of this year.

That's two fewer than H1 2011.

MillionPoundPropSales.gif

So how many million pound+ homes are advertised for sale in Wales at the moment on Rightmove?

216

Yep, that's right, two hundred and sixteen.

And in case you're thinking that maybe many sales go through at just below one million to avoid some stamp duty...well, in the same six months only 30 properties sold between 700K and one million in Wales, and as you'd expect, most of those were at the lower end of that range.

Still, I'm sure many vendors will be happy to wait until they can sell their house for what it's truly 'worth'. No point in reducing the price below 'market value' is there?

This time next year, Rhydwyn...

The thing is the 'clever' people don't sell their million £+ properties, they only sell the company that owns it and that is not reported in thos figures. Although I imagine the average Mr+Mrs Jones don't do this....

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That house for 1.5 million in Pontardawe is an exceptional house but who on earth wishes to live in the middle of the back of beyond between Pontardawe and Bryncoch?

You could have posted some pretty bog standard houses - even ugly houses - on for 1 million asking price or more around Wales.

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That house for 1.5 million in Pontardawe is an exceptional house but who on earth wishes to live in the middle of the back of beyond between Pontardawe and Bryncoch?

You could have posted some pretty bog standard houses - even ugly houses - on for 1 million asking price or more around Wales.

To be fair TMT, once you get above £1m in Wales I don't think many properties fit the 'bog standard' label (ugly I might agree with in some cases, but that's more subjective).

These are very much the norm, not the exception:

wales_ex1.jpg

wales_ex2.jpg

wales_ex3.jpg

wales_ex4.jpg

wales_ex5.jpg

wales_ex7.jpg

wales_ex8.jpg

wales_ex9.jpg

wales_ex10.jpg

wales_ex11.jpg

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Yes, those are all lovely houses but they just highlight how places - and I am thinking of Swansea and Cardiff - have complete rubbish on for a million or close to a million IMPO.

I don't know anything about Swansea, but there are only 25 properties over £900,000 for sale in Cardiff. Which ones are complete rubbish?

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Most of the admittedly large and impressive houses in Wales shown on this thread have got very spring/summery photos on rightmove.

What is a typical reason for selling - is the property dream going sour for some overextended people who watched too much `Escape to the Country' and then popped down to Northern Rock?

Have the number of highly paid jobs in or related to the public sector decreased?

Are these investments by people or companies from outside the area who are bailing out?

Just asking because I am genuinely interested. The rightmove listings round here (Herefordshire) seem to have a glut of expensive country piles as well.

Y

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I think this is rubbish for £1.19m

http://www.rightmove.co.uk/property-for-sale/property-38220794.html

Unless swimming pools are worth a lot more than £1/2m these days

One ambitiously priced house 14 miles from Swansea is not much justification for this statement:

Yes, those are all lovely houses but they just highlight how places - and I am thinking of Swansea and Cardiff - have complete rubbish on for a million or close to a million IMPO.

Only the very largest houses in the nicest areas come anywhere close to that sort of price here in Cardiff. You can easily buy a large family house in any of the more desirable areas for half that amount.

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One ambitiously priced house 14 miles from Swansea is not much justification for this statement:

I was trying to help you.

You asked:

Looking at Rightmove there are 10 houses, one business and a farm in a 10 mile radius of Swansea where the asking price is over £900,000. Which of those is complete rubbish?

So I told you which one it was that showed up in my 10 mile Rightmove search.

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  • 294 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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