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Welsh Dreamers


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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?

I wish I knew the local market better to answer your question. We mainly deal with lettings, management and sourcing investment property.

I think many of the asking prices are OTT in Swansea and a lot of the blame for this is 1 or 2 EA's that have ramped up prices for years and unfortunately are still doing it today even though they are on the brink of going under due to a lack of sales.

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You obviously have a different definition of complete rubbish to me.

Not quite rubbish ,(obviously had the touch of a interior designer)but very much over priced ,and a lot can be said for fish eye lenses the incredible shrinking pool in pic 19 ?

I know what was there before that place was built and how much it was on the market for

And I seen the new place being built ,rendered concrete block and stressed concrete beam floors one of the cheaper way`s to build and no where near 1.75 million pounds worth especially when you have a waste water treatment plant within a 1 mile of the place and a very busy road at the front gates and don`t forget its on a flood plain

I would guess they are looking for a minimum of 650-750k of profit at the price it`s on for

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Land Registry Data – October 2012

No house sales for £1m+ in Wales were registered with the Land Registry during October 2012.

The two highest-priced sales were:

1) Marl Cottage, Rhuallt Road, Cwm Dyserth, Denbighshire, LL18 5SN

Sale price: £925,000

This property was purchased in June 2007 for £250,000. It was then replaced with a new self-build home (4,300 sq ft + 2 double garages).

It featured in the Daily Mail in February 2011:

MarlCottage.jpg

The article says that the owner, Marcus Copeland (a mortgage broker) "spent almost £1 million on the land and build costs" and he says that "if I was to do it again, I'd control my spending".

It also says that the home has been put on the market with Strutt & Parker (marketing brochure) with an asking price of £1.5 million.

Discount to asking: 38.3%

2) 1 Coitymawr Cottages, Talybont on Usk, Powys, LD3 7YN

Sale price: £925,000

This 9-bedroomed property was being marketed by Knight Frank at an asking price of £1.2 million.

Discount to asking: 22.9%

Coitymawr.jpg

Honourable mentions – properties that sold for £700K+

£755,000 5 Tydraw Road, Penylan, Cardiff, CF23 5HA

£751,000 Vennaway, Parkmill, Swansea, SA3 2EE

£750,000 21 Bridge Street, Llandeilo, Carmarthenshire, SA19 6BN

£706,200 Plascerdin, Llangynin, Carmarthenshire, SA33 4LE

£705,000 6 Westra Cross, Dinas Powys, CF64 4BH

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  • 2 weeks later...

3 bedroom garage

laugh, my eyes watered when I saw this, they even took the picture from streetview.

Amazing; back of a fag pack calculation suggests it would take over 30 years working till 7.30 in the evening, 7 days a week to pay the £125 million investment with the profit generated from the garage, that's not including interest :lol:

"this isn't an investment, I'm out"

Edited by Mr. Miyagi
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  • 2 years later...

Oh dear.

It appears that mortgage broker Marcus Copeland, who didn't get the £1.5 million he wanted for his self-build home that had featured in the Daily Mail (see post #32 up-thread), isn't just a dreamer but he's also a crook.

Award-winning mortgage broker who boasted of building his dream £1million home faces jail after admitting fraud

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How does one search the whole of Wales on Rightmove? Thanks.

Property prices in Aberystwith look ridiculous, like in the Scottish Highlands, I assume they are relying on downsizing incomers. 150 k for a decrepit 2 bed house. Unbelievable. Apologies to Aberystwithians, but I assume their aren't many good local jobs. You can get cheaper in the London commute zone.

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How does one search the whole of Wales on Rightmove? Thanks.

Property prices in Aberystwith look ridiculous, like in the Scottish Highlands, I assume they are relying on downsizing incomers. 150 k for a decrepit 2 bed house. Unbelievable. Apologies to Aberystwithians, but I assume their aren't many good local jobs. You can get cheaper in the London commute zone.

You can use the 'draw a search' facility on Rightmove to draw, save and set up alerts for the whole of Wales.... You're probably wasting your time though, there are plenty of other areas of Wales where people are just as stubborn and deluded as Aberystwith.

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How does one search the whole of Wales on Rightmove? Thanks.

Property prices in Aberystwith look ridiculous, like in the Scottish Highlands, I assume they are relying on downsizing incomers. 150 k for a decrepit 2 bed house. Unbelievable. Apologies to Aberystwithians, but I assume their aren't many good local jobs. You can get cheaper in the London commute zone.

Apart from public sector (University mainly) you would be right on the jobs front and you will not find many if any well paying jobs within commuting distance

And yes there looks to be a lot of kite flying dreamers in that part of Wales

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You can use the 'draw a search' facility on Rightmove..

Thanks.

Apart from public sector (University mainly) you would be right on the jobs front and you will not find many if any well paying jobs within commuting distance

And yes there looks to be a lot of kite flying dreamers in that part of Wales

I suppose for English people, moving to wales is much the same as moving to provence, except they speak roughly the same language. The local job market isn't really important if you plan to live from bottling organic honey and knitting your own furniture.

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Oh dear.

It appears that mortgage broker Marcus Copeland, who didn't get the £1.5 million he wanted for his self-build home that had featured in the Daily Mail (see post #32 up-thread), isn't just a dreamer but he's also a crook.

Award-winning mortgage broker who boasted of building his dream £1million home faces jail after admitting fraud

So did this house ever sell?

Edit:

Ah.

The couple sold the house in September 2012 for £925,000 but, following Copeland’s guilty plea, are now facing having to pay back any profit they have made via the Proceeds of Crime Act.

So paid 250K for the land.
Claimed to have spent 750K on the build.
Mortgage of 847K.
Sold for 925K.
I always take what people claim to have spent on self-builds with a huge pinch of salt. But if you believe the above to be true then their sale price is immediately 75K less than their spend. It would be interesting to see what the other costs are.
But if it was not for the mortgage fraud there would have been no 1.5 million asking priced house built or featured in an article in a national newspaper.
You have to wonder just how many people have got away with mortgaging themselves to the hilt, ramping the asking price of a new build and walking away with a sum huge enough to buy a really nice mortgage free property elsewhere? I suspect, many thousands of people have got away with doing such a thing over the past decade in our crazy UK house price bubble.
Edited by The Masked Tulip
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Thanks.

I suppose for English people, moving to wales is much the same as moving to provence, except they speak roughly the same language. The local job market isn't really important if you plan to live from bottling organic honey and knitting your own furniture.

I think the West Wales economy is now geting ever more reliant on financially rapeing tourists for four/five months of the year

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  • 3 months later...

http://www.dailypost.co.uk/business/business-news/anglesey-sees-house-prices-slump-9746313

4.6% Drop in Anglesey,

Still one of the most overpriced and unaffordable parts of the UK when you consider how bad the local economy is (Anglesey has the lowest GVA in the whole of the UK!)

Taffia are scared of S4C job cuts?

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I can't imagine there are that many people on Anglesey working for S4C.

I've only ever seen old people - usually ex-public sector - living on Anglesey so I presume it's where they go to retire/die.

You're spot on with that observation... if it wasn't for early-retiree, ex-public sector boomers then Anglesey house prices would be more on a par with the likes of Rochdale, County Durham or the Welsh Valleys.

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  • 5 weeks later...

Please let me pay you £98,000 for your home http://www.rightmove.co.uk/property-for-sale/property-51481459.html

...Even though two doors down in much nicer condtion sold for £81,500 only 12 months ago http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=44456690&sale=52039019&country=england

And this in area where prices have actually fell over 4% this year.

Just what is going through these peoples minds?

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