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Playing Price Drop In Cambridge

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A third of a million for a terrace???

That's nothing, terraced houses in my son's school catchment in Cambridge go for £500,000-600,000+ :(

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:blink:

Wouldn't it be cheaper to send them to Eton?

That's the only reason we were able to get him into the school, because so many of the kids within the catchment do go off to private schools so there were plenty of places spare. We live out of the catchment :)

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You could buy a similar property on the edge of Cambridge (three miles out) for about half the current asking price!

Half of this asking price, or half of the asking price for the property on the edge of Cambridge ? ;)

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Its described as a "Victorian Villa." Victorian Villa? Victorian Villa--looks more like an old terraced miners 2 up and 2 down to me. £399,999 seems set for a nice reduction when HPC comes! University Towns seem to have become hyper-inflated due to MEWing parents buying homes for their student children rather than renting digs.

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England has lost the plot. Not sure I've seen anything as stupid before? nearly £400k for a house that sits squashed between several other small dwellings? Do you discounts based on the fact you can hear the next door neighbour fart? :lol: You people actually know you pay over the odds for basically every other consumer good right? Now they charge you so much for a rabbit hutch? LOL!!111oneoneoen

Edited by George

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England has lost the plot. Not sure I've seen anything as stupid before? nearly £400k for a house that sits squashed between several other small dwellings? Do you discounts based on the fact you can hear the next door neighbour fart? :lol: You people actually know you pay over the odds for basically every other consumer good right? Now they charge you so much for a rabbit hutch? LOL!!111oneoneoen

£400k is a lot for a squashed Victorian terrace. But if Gordon Brown's miracle revives next year and house prices start to go up again at a modest 7% a year that Terraced house in Cambridge will be £428,000 in 12 months time. Just think, a couple more years and its half a million! Who would have thought it--a £24k terrace (in 1997) worth half a mil 10 years later!

Might be a good idea to buy it and a few more like it before someone else gets in! Halifax will lend you the money if you can show them that you are still breathing and earn at least joint £40k a year because the rise in equity will more than offset your inability to actually pay the mortgage. Its impossible to lose because house prices never drop--so why not take out that small loan right away and enjoy the ride?

Signed

Synical Sam

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£400k is a lot for a squashed Victorian terrace. But if Gordon Brown's miracle revives next year and house prices start to go up again at a modest 7% a year that Terraced house in Cambridge will be £428,000 in 12 months time. Just think, a couple more years and its half a million! Who would have thought it--a £24k terrace (in 1997) worth half a mil 10 years later!

Might be a good idea to buy it and a few more like it before someone else gets in! Halifax will lend you the money if you can show them that you are still breathing and earn at least joint £40k a year because the rise in equity will more than offset your inability to actually pay the mortgage. Its impossible to lose because house prices never drop--so why not take out that small loan right away and enjoy the ride?

Signed

Synical Sam

here's an update - this house was bought by an investor for £317k. They painted it, and it is now on the market for £450,000.

Hahahaha :angry:

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Just had a quick look at Rightmove, for Cambridge...number for sale down to 226 from ca 250/260 a couple of months ago. Noticeably fewer available at the lower end. Not so long ago there was a slew of studios/one bedders at £90k upwards, with one particularly grim studio in a council block for £75k. All gone. Now nothing except retirement stuff under £115k.

People getting desperate, or BTLers filling their boots?

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Well Cowper Road seems to be bucking the trend. A nice but not 'recently refurbished' house has just sold for £215,000, well under offer at any rate.

One a few doors down has just gone on the market for £275,000. It has a spanky new kitchen in supprise suppirse,maple shaker style with granite ( well laminated wood) worktops and some ever so fancy sunken spot lights. They have also obviously hired some clever interior designer to think of what to do with the floor. Guess what, they stripped it back to bare wood.

All I can say is WOW.

I wish I had the extra £60 grand to offer for such talented craftsmanship, still maybe one day B+Q will sell a warning notice with new kitchens telling potential DIYers that their £1500 kitchen wont add £50 grand.

Anyway, 60 grand a forenight seems a little excess in price rises with or without 'refurbishment'.

Still prices do only go and up so the estate agents keep telling me. Funny how when I tell them my Dad lost everything last time we had a crash they all tell me, 'it was different then'.

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http://www.cambridge-news.co.uk/news/city/...e6660cc1393.lpf

In news today. Particularly interesting to note this:

And Redeham Homes successfully applied for permission to alter its plans for land off St Andrew's Road.

It will now build 135 homes, including mostly one and twobedroom flats. It had previously got permission to build 46 fourbedroom houses on the site.

This is on the flood plain. Countrywide did have the plot then sold it to Redeham and development has been very slow - maybe this is why.

Quite a change of strategy to move from 46 houses to 135 flats! I'm sure they had this planned all along.

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I believe in the floods early 2000s the factory that used to be on the site was flooded.

I haven't been bored enough to go into the sales office yet, but I'd ask them about that. Perhaps the 'affordable housing' will be on ground level ;) I'd imagine they will just have a car parking level if they had any sense.

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I believe in the floods early 2000s the factory that used to be on the site was flooded.

I haven't been bored enough to go into the sales office yet, but I'd ask them about that. Perhaps the 'affordable housing' will be on ground level ;) I'd imagine they will just have a car parking level if they had any sense.

It is inevitable that housing in the London/SE area will encroach on flood-plains. The population pressure due to an economic driver as strong as London will inevitably cause this.

Building on the flood plain is only a big issue if it's badly managed , ie without due deference to this fact. The buildings and infrastucture should be engineered to stand the given flood-likelihood. Basically if it only means you have to claim on the insurance (which would admittedly be inflated bythis fact) once every 20 years for a new carpet and the buildings (and people's lives) are otherwise unaffected , then the greater economic benefits of being able to provide needed housing justify the extra incurred costs. It's a matter of relative costs.

This is just an observation from someone who's been exposed to some of the arguments recently. Incidentally it doesn't alter my belief that most of recent price rises are speculative in nature rather than due to population pressure, but all the same there clearly IS population pressure in London/SE which would compel the odd house-building compromise (car parking level's a good idea I guess)

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Some friends of mine, a couple, are looking to buy their first house. After initially trying to dissuade them a year ago, with no downturn in sight I can't really continue this stance so have softened to a more "make sure you don't stretch yourself, bid way below asking price" stance.

However, I was shocked to hear that there were 30 (thirty) people waiting to view a property in Ramsden Square last week. The property turned out to be a mess, with the owners leaving a bull dog for the estate agent to deal with! However, it's the fact there were so many people viewing the property that amazes me. I understand the agent may stack up a few appointments into 1 but that's crazy!

If that is a reflection of the demand I don't see Cambridge prices coming down much in the short term...

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Prices aren't dropping though. There will be a sentiment change but only when annual change becomes negative I reckon. When monthly falls can not be masked by quoting positive year on year increases then there should be sentiment change.

Rates going from 3.5% to 4.75% ground the market to a halt. Cutting it to 4.5% seemed to give it a boost and averted -ve annual change (nationally anyway). We'll have to see what effect nudging upto 4.75% will do but anecdotal evidence from my friends suggests it will need more.

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  • 302 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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