Chester

[Venger]

Expensive property which has been subject to a large price drop, but seems it's just to grab people's attention that it's now being offered on an 'informal tender':

Guide Price £825,000 Offers in Excess of £475,000

http://www.rightmove...l?premiumA=true

The address pulls up a different property on Zoopla.

Is the agent just a bit stumped regarding pricing? Nice gaff and all, but it's quite far out of town.

Could that have been one of the reasons why one of the a fancy modernised restaurant in that exact same postcode had administrators appointed last year. Shouldn't jump to conclusions as for all I know it could have had something to do with the build costs of the conversions. Still trading today, or at least get that impression from the website. Want to buy a voucher? I'm not linking to the archive but very easy to find.

Streetview of the house, from the front, although I only eventually confirmed it by the house-name on the garage-part, matching same house name on the listing. It's probably a good move by the EA, slashing asking and going for offers over. Seems encouraging to me. No idea how in need the seller is to sell, and I'm not convinced there will be a mad rush of high offers.

[thewrexhamite]

One close to me has just been reduced:

http://www.rightmove.co.uk/property-for-sale/property-41372225.html

It's one of those 3 bed terraces in Hoole again. Last sold price £158k. Just reduced to £155k so now under water nominally (underwater in real terms by around £35k if you factor in general inflation since 2007). Ouch...

[thewrexhamite]

This one has just come on the market again:

http://www.rightmove.co.uk/property-for-sale/property-39375691.html

Went into auction and sold in May 2012 for £111,000 (guide was £80,000). Owner then refurbed and tried to let it out. Then they put it on the market for £175,000 in December 2012, no takers so out to rent for another six months!

Six months is up so trying their luck again at £174,500...

Let's see if there are any takers. Nearest comparable property is 107 ermine road which went for £163,750 in 2010, but that looked like a owner/occupier purchase.

The agents think that the property 'is capable of achieving' around £1200PCM. Based on that figure - assuming no voids/full occupancy for ever - then that's a gross yield of 8%. The reality is that it's likely to average a monthly yield of £800-£1000 gross which is around 5-6%. Then take out all the other expenses and it becomes marginal at that price.

I think if you were a serious investor you wouldn't pay more than £145,000 as anything less than a 'potential' 10% yield makes it not worth the bother really, and given that it's been refurbed for the buy-to-letter then you're not going to get FTB's or second-steppers paying £175,000 for a house that they'll have to rip the cheap carpets/fittings out of to make it homely again.

Wrex

[The Knimbies who say No]

This one has just come on the market again:

http://www.rightmove.co.uk/property-for-sale/property-39375691.html

Went into auction and sold in May 2012 for £111,000 (guide was £80,000). Owner then refurbed and tried to let it out. Then they put it on the market for £175,000 in December 2012, no takers so out to rent for another six months!

Six months is up so trying their luck again at £174,500...

Let's see if there are any takers. Nearest comparable property is 107 ermine road which went for £163,750 in 2010, but that looked like a owner/occupier purchase.

The agents think that the property 'is capable of achieving' around £1200PCM. Based on that figure - assuming no voids/full occupancy for ever - then that's a gross yield of 8%. The reality is that it's likely to average a monthly yield of £800-£1000 gross which is around 5-6%. Then take out all the other expenses and it becomes marginal at that price.

I think if you were a serious investor you wouldn't pay more than £145,000 as anything less than a 'potential' 10% yield makes it not worth the bother really, and given that it's been refurbed for the buy-to-letter then you're not going to get FTB's or second-steppers paying £175,000 for a house that they'll have to rip the cheap carpets/fittings out of to make it homely again.

Wrex

It's been listed with another agent for a while, the bigger place available for rent at under £900 back in March has now been let. Still, I'm sure there are those that will pay a third more than that for a smaller place...

Didn't know about the auction sale btw, good info.

...snip...

4 bed end terrace, haircut looming, £175k:

http://www.rightmove.co.uk/property-for-sale/property-40236677.html

Last sale: £180,000 | Sale date: 28th Jul 2005, 83 Ermine Road, Hoole, Chester CH2 3PP

"Great investment opportunity, a deceptively spacious 4 bedroom terrace property, recently refurbished with £1200pcm potential rental yield"

I call BS on the rental value. Here's one not far away, similar sort of road (ie quite busy) 5 bed, fully refurbished, £895 pcm asking:

http://www.rightmove.co.uk/property-to-rent/property-40948367.html

How do agents get away with such statements?

Generally, seeing plenty of fantasy priced new listings in time for the 'Spring Bounce' TM.

Not updated the thread much recently, despite doing my usual searches most days. Plenty of overpriced stuff about and few decent discounts to speak of.

Edited June 18, 2013 by cheeznbreed

[The Knimbies who say No]

Cheers for those, and feel free to pop in before 2018..

I've not posted much here recently, simply because very little of interest which offers any semblence of value has come along. Here's a property to be auctioned which seems to capture the current mood well. £165-£190k guide:

http://www.rightmove.co.uk/property-for-sale/property-38920438.html

Needs a complete refurb. Crazy price to start that sort of work from.

There seems to be a consensus developing that a 3 bed semi in an ok area warrants a £200k tag as a minimum.

Well, this sold for over guide, are people nuts?:

43 Manor Drive, Great Boughton, Chester, Cheshire, CH3 5QN Sold for £196,500.

Lot 14:

http://www.auctionhouse.uk.net/cheshireandnortheastwales/past-auctions.aspx

[The Knimbies who say No]

Yup.

Here's an unlikely ally in a push for lower prices, a property up for auction next month, having been taken as a part ex:

http://www.rightmove.co.uk/property-for-sale/property-38940235.html

Last sale: £134,000 | Sale date: 7th Sep 2007

19 The Crescent, Newton, Chester CH2 2BP

Zoopla listing says it was for sale in July last year having been taken by a builder in part exchange:

http://www.zoopla.co.uk/property-history/19-the-crescent/newton/chester/ch2-2bp/19764041

The 15k reduction is BS. I'd love to know how much they paid in part exchange. I very much doubt they would have given over the previous sale price given that was peak. Interesting that it is tenanted, are builders in on BTL now? Maybe an employee or something.

Went for £150k, incredible:

19 The Crescent, Newton, Chester, Cheshire, CH2 2BP Sold for £150,000.

Lot 6:

http://www.auctionhouse.uk.net/cheshireandnortheastwales/past-auctions.aspx

Now summer is here perhaps we can get back to reality. I've passed a few on my way into town, most are hanging around, many unoccupied, becoming unkempt, or are 'SSTC' in perpetuity.

[thewrexhamite]

Greetings,

I noticed the same thing. The auction results for the two in Chester you mention all but confirm that the crash hasn't really come to Chester yet! The one on Manor road is in a nice area and the average sale price over the last 6 years for a 4bed detached has been over £200k. Having said that it needed a full refurb so you wouldn't get much change out of a £50k refit budget. Therefore £196,000 is a lofty sale price imho.

I've noticed a lot of properties flooding onto the market in my area around hoole, both for rental and sale. They are the typical 2/3 bed terraces. All trying to reach prices in the £150k-£200k mark. The average rental yield is £650/£750 PCM for a 2/3 bed respectively so you're looking at gross yields in the 5% region assuming full occupancy... Tenants are also being more picky these days and landlords are having to decorate these places rather nicely to achieve a good yield and full occupancy.

I can't see the current glut of houses to rent acting as an incentive for flush landlords to load up on more properties so - at least locally - I'd expect prices to fall and rental yields to remain stagnant at best.

Wrex

[The Knimbies who say No]

Greetings,

I noticed the same thing. The auction results for the two in Chester you mention all but confirm that the crash hasn't really come to Chester yet! The one on Manor road is in a nice area and the average sale price over the last 6 years for a 4bed detached has been over £200k. Having said that it needed a full refurb so you wouldn't get much change out of a £50k refit budget. Therefore £196,000 is a lofty sale price imho.

I've noticed a lot of properties flooding onto the market in my area around hoole, both for rental and sale. They are the typical 2/3 bed terraces. All trying to reach prices in the £150k-£200k mark. The average rental yield is £650/£750 PCM for a 2/3 bed respectively so you're looking at gross yields in the 5% region assuming full occupancy... Tenants are also being more picky these days and landlords are having to decorate these places rather nicely to achieve a good yield and full occupancy.

I can't see the current glut of houses to rent acting as an incentive for flush landlords to load up on more properties so - at least locally - I'd expect prices to fall and rental yields to remain stagnant at best.

Wrex

Yeah, no sane investor will chase a maximum 5% gross yield with capital risk on top.

I was a bit mifed that the local MP failed to engage in any meaningful debate over the "Help to Buy" policy, and here he is championing the Green Belt around Chester, and he's decided to be a founding member of an APPG to protect Greenbelt land at all costs. Nice.

http://www.chestermp.com/2013/07/01/chester-mp-champions-greenbelt-in-the-commons/

Chester MP Champions Greenbelt in the Commons

July 1, 2013 by admin Leave a Comment

Chester’s MP, Stephen Mosley, has pledged to lead from the front to protect Greenbelt land in Chester.

The Member of Parliament for the City of Chester, has joined with MPs and Peers, from across the political spectrum, to set up an All-Party Parliamentary Group dedicated to the protection of Greenbelt land.

Commenting, Stephen Mosley MP said:

“Greenbelt plays a huge role in preventing urban sprawl, protecting the countryside, encouraging urban regeneration and preserving the special nature of historic towns and cities.

“We are lucky that the Chester Greenbelt has helped protect Chester’s green spaces, and we need to work hard to protect it for future generations.

“We can have the housing we need without building on Greenbelt land. In 2012 the City of Chester had nearly 3 times more new homes built than the national constituency average. This shows that we are successfully building new homes without degrading Greenbelt land.

“Greenbelt campaigners in Chester have my full support and I hope this new group will help to give them a voice in Westminster.”

A quick search reveals a pressure group in the area:

http://www.chestergreenbelt.com/

"Once it has gone, it will be gone forever. "

Pure hyperbole, but they've got the ear of the MP. Sad. Here's the online petition, pretty extreme stuff given how much would have to be built to realise the fears expressed about a continuous urban area.

Dear Stephen Mosley MP and Cllrs Parry and Walmsley,

I am deeply concerned about Cheshire West and Chester Council's plans to build thousands of houses in the Chester Greenbelt.

Chester is a lovely small historic city and these proposals will change the character of the city for ever. It would be a real shame if urban sprawl were to be allowed to merge Chester into the neighbouring villages and eventually result in a continuous urban area stretching from Birkenhead through Ellesmere Port to Chester.

The Government's National Planning Policy Framework enhances the protection offered to the Greenbelt and I am disappointed that Cheshire West and Chester Council seeks to undermine this welcome national policy.

As my elected representatives I hope you will stand up for Chester and oppose the proposals.

Please reply and let me know your own position on these proposals.

I think I'll write to the councillors to express my support in principle for homes to be built in and around Chester.

Edited July 2, 2013 by cheeznbreed

[thewrexhamite]

Wow... Can of worms there my friend...

"and I hope this new group will help to give them a voice in Westminster"

Was that the Duke of Westmister they're referring to? As one of the largest landowner's in the Cheshire area he probably has a lot to say about the development (or otherwise) of greenbelt land in and around the Chester area....

"Chester is a lovely small historic city and these proposals will change the character of the city for ever. It would be a real shame if urban sprawl were to be allowed to merge Chester into the neighbouring villages and eventually result in a continuous urban area stretching from Birkenhead through Ellesmere Port to Chester."

Talk about over dramatic! Between the very outskirts of 'chester' i.e. Around the Countess Hospital through to the very outskirts of 'Ellesmere Port' by which I mean the Hospital in Whitby, is around 5 miles. That's a lot of green by any standards! And that's tip to tip. There is still a lot of green in between... These guys need to spend a week down in London...

Either way, any serious growth in the housing stock of the Chester area will come from the North of the City. The Duke and his mates will NOT let their lands be built on (they don't need the money for a start) and the sad truth is that pretty much all the land south of Chester is owned by either the Duke of Westminster directly, or by one if mates...

Couple that with the improvements made to the M56/A494 link road (welsh road) and its quite clear that the north of the city is where the majority of development will occur... We may see some further development out to the East but the north is where it's most likely to happen. So we go full circle... The North is where the growth will happen over the next 50 years and if the chestergreenbelt.com political group live that long then they may well be proven to have a case in the end

Is it really something to be giving a shit about in the grand scheme of things though? I suppose it takes all-sorts as they say!

Cheers,

Wrex

[thewrexhamite]

This one on Ermine Road has just been reduced by £10k. Too much competition on the road:

http://www.rightmove.co.uk/property-for-sale/property-41865410.html

[The Knimbies who say No]

Yup.

Here's an unlikely ally in a push for lower prices, a property up for auction next month, having been taken as a part ex:

http://www.rightmove.co.uk/property-for-sale/property-38940235.html

Last sale: £134,000 | Sale date: 7th Sep 2007

19 The Crescent, Newton, Chester CH2 2BP

Zoopla listing says it was for sale in July last year having been taken by a builder in part exchange:

http://www.zoopla.co.uk/property-history/19-the-crescent/newton/chester/ch2-2bp/19764041

The 15k reduction is BS. I'd love to know how much they paid in part exchange. I very much doubt they would have given over the previous sale price given that was peak. Interesting that it is tenanted, are builders in on BTL now? Maybe an employee or something.

Went for £150k, incredible:

19 The Crescent, Newton, Chester, Cheshire, CH2 2BP Sold for £150,000.

Lot 6:

http://www.auctionhouse.uk.net/cheshireandnortheastwales/past-auctions.aspx

Now summer is here perhaps we can get back to reality. I've passed a few on my way into town, most are hanging around, many unoccupied, becoming unkempt, or are 'SSTC' in perpetuity.

Odd, this one has appeared on the rental market despite being advertised as tenanted at the time of sale.

http://www.rightmove.co.uk/property-to-rent/property-27345789.html

£725k asking, making a gross potential yield of 5.8%.

[The Knimbies who say No]

Student BTLer trying to cash out while having tenants in situ for the next year or so:

http://www.rightmove.co.uk/property-for-sale/property-42652055.html

WHY YOU SHOULD VIEW: A sizeable mid terrace property within close proximity of University of Chester and city centre being sold with four lettable rooms being allocated to students for the next academic year with a tenancy in place until June 2014.

BRIEF DESCRIPTION Our client is receiving an income of £1170 per calendar month on a 10 month tenancy basis and the property has accreditation for a further 18 months with the University of Chester.

I suspect the looming potential of a student village dents the BTL case in Chester, but helpfully for our vendor the local MP is aligned full square with BTLers and others in opposing the planned site:

http://www.chestermp.com/2013/07/18/student-village/

[The Knimbies who say No]

Another insanely-priced 3-bed semi with a vendor whose family seems to have outgrown it. £280k:

http://www.rightmove.co.uk/property-for-sale/property-40080148.html

Will they get what they paid for it?:

57 Woodlands Drive, Hoole, Chester CH2 3QQ

Last sale: £249,950 | Sale date: 1st Jul 2008

Seems like the joint was up for sale a year ago at £284k:

http://www.zoopla.co.uk/property-history/57-woodlands-drive/hoole/chester/ch2-3qq/20252038

I've hardly updated this thread recently as very little of interest has appeared at non-silly prices, the above being a perfect example of current trends in asking prices imo.

The thing is, with plenty of demand for starter homes being taken out by HTB1(The HTB Twitter feed is full of happy youngsters, perhaps they are easier to sell to as they have yet to develop the skills to recognise a shakedown when they see one, or are simply pristine borrower territory, unencumbered with bad history, CCJs, children etc), and those remaining perhaps looking to get a bigger place, who will roll up to buy a 3-bed if they ultimately see a 4-bed as being optimal?

I'll hopefully get rental contract extensions on the current place to take us to the point where it is smaller than ideal, not that we have to worry about any of that for a good while yet. Plenty can happen between now and then.

[Venger]

and those remaining perhaps looking to get a bigger place, who will roll up to buy a 3-bed if they ultimately see a 4-bed as being optimal.

I'm sorry I'm confused. You've previously won me on arguments that HTB1 (newbuild) is sapping buyers away from the main market (good for HPC). Something that for a while, I probably had a mental block on due to annoyance with yet another scheme.

I've read there has been a big increase in demand for 3-4 bed family homes in SE and London past 12-24 months, so there is something in what you say.

Those remaining for 3-bed houses such as this, with an asking price over £250K, for a fairly ordinary house in Chester... hopefully it's a diminishing pool of buyers, although HTB2 is an unwelcome variable.

Also the existing 2008 buyers haven't spent that long in the house, before they sought to sell (zoopla archived 2012 listing). I wonder what their motivation to sell is?

Would be nice to see a shift in more such family homes coming to market; I read something a few weeks ago indicating there was a pickup in such family homes on the market, compared to the 2-bed terrace lower end, but can't source it and can't fully recall all the details.

[The Knimbies who say No]

I'm sorry I'm confused. You've previously won me on arguments that HTB1 (newbuild) is sapping buyers away from the main market (good for HPC). Something that for a while, I probably had a mental block on due to annoyance with yet another scheme.

I've read there has been a big increase in demand for 3-4 bed family homes in SE and London past 12-24 months, so there is something in what you say.

Those remaining for 3-bed houses such as this, with an asking price over £250K, for a fairly ordinary house in Chester... hopefully it's a diminishing pool of buyers, although HTB2 is an unwelcome variable.

Also the existing 2008 buyers haven't spent that long in the house, before they sought to sell (zoopla archived 2012 listing). I wonder what their motivation to sell is?

Would be nice to see a shift in more such family homes coming to market; I read something a few weeks ago indicating there was a pickup in such family homes on the market, compared to the 2-bed terrace lower end, but can't source it and can't fully recall all the details.

Just thinking out loud really, I'm sure my postings have many inconcistencies, inaccuracies and indefensible notions throughout. It seems like a logical notion though. I ought to try and back it up with evidence though, might find it's completely wrong.

I can see why people might be attracted to HTB1 if they were minded to buy a house at these price levels yet are hopelessly unable to finance it properly (you'd think that combination would be an unlikely one but it seems one follows the other, like the Range Rover Mothercare man on the car dealership thread) and presumably the apparent ease with which people are approved for HTB (I've not seen much press about application refusals) means that it's an easy option.

I wonder if lenders are actively pushing people towards HTB1 when they enquire about a mortgage. "Well, we could lend you £x but have you considered HTB1? We might be able to give you more/better rate if you go down that route".

All speculation of course, and could be quite wrong in the event. But it seems plausible to me that HTB1 has provided a release valve for some of the [bSphrase] pent up demand [\BSphrase] that has undoubtedly built up amongst those that feel their life is not complete without a whole heap of debt. I guess there will be people who buy via HTB who wouldn't have considered buying otherwise so I ought to be careful not to assume that all HTB sales are taking buyers out of the 'used' market.

Where that leaves people like the one in the link there, I dunno. I like to think that their chances of selling are being hampered not helped by HTB1. The evidence of 2 kids perhaps suggests a move to a bigger place(I've seen that quite a lot in 3-bed places), but I'm guessing. As you say, 4 years before looking to sell up is hardly a long haul, but probably quite consistent with ladder cultists' beliefs about regularly trading up. Where's Bob Loblaw when we need him?

[Venger]

I wonder if lenders are actively pushing people towards HTB1 when they enquire about a mortgage. "Well, we could lend you £x but have you considered HTB1? We might be able to give you more/better rate if you go down that route".

All speculation of course, and could be quite wrong in the event. But it seems plausible to me that HTB1 has provided a release valve for some of the [bSphrase] pent up demand [\BSphrase] that has undoubtedly built up amongst those that feel their life is not complete without a whole heap of debt. I guess there will be people who buy via HTB who wouldn't have considered buying otherwise so I ought to be careful not to assume that all HTB sales are taking buyers out of the 'used' market.

Hey I'm not .questioning or doubting your speculation. I'm genuinely confused as anything at the moment, testing theories. A lot of what you've suggested there makes sense to me.

Lot of fearless debt-hungry people (I did read both Range Rover threads and about that debt-guy), including perhaps trainee solicitor from another thread of today, who unless she's had help from family, is likely carrying a weighty £7K/£9K LPC debt. Can't let things like that stand in the way of over-paying for an expensive flat and hoping for more HPI. Especially if banks pushing it, and RBS said to be gearing up for a big mortgage lending push. Confusing and depressing. To HTB fearless debt taking dreamers?

Just noticed the Beemer estate on the driveway + the evidence of young family (2 kids) in the listing photos. Beemer estate also on the archived zoopla pics in a different position. Strange clock in the latest Rightmove (2012?), also pictured from another angle in one of the old Zoopla archive listings, with same date.

Quarter million pound house purchase + car + money to pay bills and to spend on family. Don't know how so many couples do it. It's a non starter for many couples I know in their early 30s, even for the ones on course for higher paid executive positions, if as many of those positions still exist in 6-10 years time). Although HTB and additional debt-help holds no appeal for them.

Trading up (possibly). It's ok for some.

[R K]

Yeah, no sane investor will chase a maximum 5% gross yield with capital risk on top.

I was a bit mifed that the local MP failed to engage in any meaningful debate over the "Help to Buy" policy, and here he is championing the Green Belt around Chester, and he's decided to be a founding member of an APPG to protect Greenbelt land at all costs. Nice.

http://www.chestermp...in-the-commons/

A quick search reveals a pressure group in the area:

http://www.chestergreenbelt.com/

"Once it has gone, it will be gone forever. "

Pure hyperbole, but they've got the ear of the MP. Sad. Here's the online petition, pretty extreme stuff given how much would have to be built to realise the fears expressed about a continuous urban area.

I think I'll write to the councillors to express my support in principle for homes to be built in and around Chester.

Interesting re the chestergreenbelt.com website.

There's no mention on the website of who they are, who they represent, who (if anyone) is funding them and so on.

I've noticed lots of these local 'pressure' groups springing up.

There a 'civic society' in my area which largely appears to be self-appointed but lobbies very aggressively against any new developments. Talking to several people locally it seems that the Chair is the wife of one of the countries largest developers. So either it's simple NIMBYism or possibly an attempt to ensure only the 'right' developments happen to favour certain developers landowners. I suspect a combination of both.

Needless to say these sort of groups are stuffed full of right wing ranting rentier landowners.

[The Knimbies who say No]

Hey I'm not .questioning or doubting your speculation. I'm genuinely confused as anything at the moment, testing theories. A lot of what you've suggested there makes sense to me.

Lot of fearless debt-hungry people (I did read both Range Rover threads and about that debt-guy), including perhaps trainee solicitor from another thread of today, who unless she's had help from family, is likely carrying a weighty £7K/£9K LPC debt. Can't let things like that stand in the way of over-paying for an expensive flat and hoping for more HPI. Especially if banks pushing it, and RBS said to be gearing up for a big mortgage lending push. Confusing and depressing. To HTB fearless debt taking dreamers?

Just noticed the Beemer estate on the driveway + the evidence of young family (2 kids) in the listing photos. Beemer estate also on the archived zoopla pics in a different position. Strange clock in the latest Rightmove (2012?), also pictured from another angle in one of the old Zoopla archive listings, with same date.

Quarter million pound house purchase + car + money to pay bills and to spend on family. Don't know how so many couples do it. It's a non starter for many couples I know in their early 30s, even for the ones on course for higher paid executive positions, if as many of those positions still exist in 6-10 years time). Although HTB and additional debt-help holds no appeal for them.

Trading up (possibly). It's ok for some.

I know, I am just wondering how much water my theory actually holds in light of the pricing I'm seeing lately :-)

I also saw the archived listing with the year on the clock, I was hoping to find that they had done significant work on the place to justify the price hike but the old listing from when they bought appears not to exist anymore. The place looks pretty fresh, I could believe a complete redecoration has been done recently. Perhaps they are another example of a seller who will not countenance a nominal loss on the sale price, irrespective of money spent since.

[The Knimbies who say No]

Interesting re the chestergreenbelt.com website.

There's no mention on the website of who they are, who they represent, who (if anyone) is funding them and so on.

I've noticed lots of these local 'pressure' groups springing up.

There a 'civic society' in my area which largely appears to be self-appointed but lobbies very aggressively against any new developments. Talking to several people locally it seems that the Chair is the wife of one of the countries largest developers. So either it's simple NIMBYism or possibly an attempt to ensure only the 'right' developments happen to favour certain developers landowners. I suspect a combination of both.

Needless to say these sort of groups are stuffed full of right wing ranting rentier landowners.

Yes it's rather annoying alright, I ought to go along and meet some of them. Getting in with the MP is a huge boon for them (however likely it might have been in any event). The MP has got to go in 2015, thankfully it seems like he has little chance(of remaining in office) on current trends. I should write him off as a bad job and sound out the opposition instead. Watch this space...

Edited August 4, 2013 by cheeznbreed

[Venger]

Can't see a thread dedicated to Chester, so here goes. Recently moved to the area, looking at the stuff offered for sale seems like not much is moving.

Hoole is a decent part of town, here's one up for auction next month, albeit on the busy main road:

http://www.rightmove...y-25484484.html

Eye-catching guide price of £160k will likely be significantly bettered, will report back on the result.

Seems that Hoole has lots of good-sized houses, but most have no parking. The bigger places with gardens etc are pricey. Nearby Newton is further from the centre, and offers better value, but still a 4 bedder with a garden is £200k+, more like £250k+ for one not requiring work.

Sold for £172k, which looks good value at present. It is a very busy road though.

http://www.grahampen...nbeds=&result=1

A smiliar house(in a refurbished state however) on the same road is offered for £325k, which is cloud cuckoo land by comparison:

http://www.rightmove...y-37213721.html

Urgh. I came to this thread when advance searching for something else entirely different, nothing to do with Chester at all, but looking for any thread discussing what reactions might be to a severe HPC by home-owners. I hope they'd take it quietly and logically, rather than throwing a tantrum about losing value in their homes.

Saw the description of FOR SALE BY PUBLIC AUCTION and decided to take a closer look.

Here is the £172K confirmation, as per you auctioneer's link: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=42322016&sale=48879317&country=england

Looks like someone wants to do a quick flip? Or am I wrong ? (I'm not feeling very sharp today.) http://www.rightmove.co.uk/property-for-sale/property-42322016.html

The other house, "similar house (in a refurbished state) seen a slight reduction is asking price too.

[The Knimbies who say No]

Urgh. I came to this thread when advance searching for something else entirely different, nothing to do with Chester at all, but looking for any thread discussing what reactions might be to a severe HPC by home-owners. I hope they'd take it quietly and logically, rather than throwing a tantrum about losing value in their homes.

Saw the description of FOR SALE BY PUBLIC AUCTION and decided to take a closer look.

Here is the £172K confirmation, as per you auctioneer's link: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=42322016&sale=48879317&country=england

Looks like someone wants to do a quick flip? Or am I wrong ? (I'm not feeling very sharp today.) http://www.rightmove.co.uk/property-for-sale/property-42322016.html

The other house, "similar house (in a refurbished state) seen a slight reduction is asking price too.

Cheers Venger, the photos suggest a half-arsed refurb, perhaps developer has run out of money and/or realised more work than planned is required. Also the 'cloud cuckoo land' seller seems to have found a person to make an offer.

[Venger]

Cheers Venger, the photos suggest a half-arsed refurb, perhaps developer has run out of money and/or realised more work than planned is required. Also the 'cloud cuckoo land' seller seems to have found a person to make an offer.

The auction house is on a busy road, as you previously stated. Also next-door to a B&B.

Have they added an extra bedroom somehow? Before it was 4-bed, now listed as a 5-bed. There's no floorplan on either listing, so I can't easily make sense of the different bedroom dimensions between the 2 different Rightmove listings (from earlier this year when it first headed to auction as a 4-bed, and now again as a 5-bed, with it heading back to auction.)

It's a bit disappoint that in so many locations, when a house that has even a hint of better value comes to market, there are still landlords and flippers ready to hump onto it, winning auctions with their £172K bids for example. The sort of house a young couple might prefer to get for themselves, at less than £172K, and do up themselves, but get outbid.

Instead of a flipper looking to sell it back to the market at an even higher price. If FTB types lose auctions because they can't afford to outbid flipper at £172K, then flipper has to get lucky and find a buyer less concerned with value and willing to pay them their profit. I just think/hope such buyers are also falling away, as more people focused on getting value.

The only comfort is suggestions such landlords and flippers might be falling away, fewer of them competing. Student fees a variable in play, together with proposal for that student village, together with BTL mortgage having tightened up, with financing needing investor to put some real money in for any rate at around 4%, and a whole load of other stranglehold variables.

That said, yes the other house is Sold STC, although owner has cut the asking price by £35K this year, and perhaps accepted an offer below that.

[The Knimbies who say No]

The auction house is on a busy road, as you previously stated. Also next-door to a B&B.

Have they added an extra bedroom somehow? Before it was 4-bed, now listed as a 5-bed. There's no floorplan on either listing, so I can't easily make sense of the different bedroom dimensions between the 2 different Rightmove listings (from earlier this year when it first headed to auction as a 4-bed, and now again as a 5-bed, with it heading back to auction.)

It's a bit disappoint that in so many locations, when a house that has even a hint of better value comes to market, there are still landlords and flippers ready to hump onto it, winning auctions with their £172K bids for example. The sort of house a young couple might prefer to get for themselves, at less than £172K, and do up themselves, but get outbid.

Instead of a flipper looking to sell it back to the market at an even higher price. If FTB types lose auctions because they can't afford to outbid flipper at £172K, then flipper has to get lucky and find a buyer less concerned with value and willing to pay them their profit. I just think/hope such buyers are also falling away, as more people focused on getting value.

The only comfort is suggestions such landlords and flippers might be falling away, fewer of them competing. Student fees a variable in play, together with proposal for that student village, together with BTL mortgage having tightened up, with financing needing investor to put some real money in for any rate at around 4%, and a whole load of other stranglehold variables.

That said, yes the other house is Sold STC, although owner has cut the asking price by £35K this year, and perhaps accepted an offer below that.

I'll keep an eye on that Hoole Road one, hopefully someone will get rinsed.

For a bit of comedy value, here's a selection of homes that Help to Buy could be used to obtain. Don't all rush at once.

3-bedder for the cat-swingers amongst you, 50% shared ownership for an equivalent full price of £175k:

http://www.rightmove.co.uk/new-homes-for-sale/property-39035491.html

No floorplan is telling, and the kitchen looks like something from an HMO.

More space in a 3-bed semi, £240k:

http://www.rightmove.co.uk/new-homes-for-sale/property-36693391.html

By no means the most expensive 3-bed place available.

4-bed detached, £385k:

http://www.rightmove.co.uk/new-homes-for-sale/property-31346663.html

5 bedder, £525k:

http://www.rightmove.co.uk/new-homes-for-sale/property-40285054.html?premiumA=true

Quite who is going to be able to finance this I simply have no idea.

None of these places are remotely central either.

[The Knimbies who say No]

......

Or this one, also bought near peak: 9th Nov 2007 £382,000, now asking £395k, a 4 bedder with two in the roofspace.

http://www.rightmove.co.uk/property-for-sale/property-37398832.html

The price dropped in two stages to £359k in June, no biters so far it seems.

Last sale: £382,000 | Sale date: 9th Nov 2007

5 Abbots Knoll, Chester CH1 4GA

At 100% of current asking price that's a £23k capital loss plus £9,550 stamp duty for a tasty down-the-drain minimum of £465/month for the 70 months of ownership. You can't go wrong with bricks and mortar.

Edited August 20, 2013 by cheeznbreed

[The Knimbies who say No]

5 bedder in Upton, well really a 4 bed with the garage converted, dropped by £10k today to £309k:

http://www.rightmove.co.uk/property-for-sale/property-37933007.html?premiumA=true

Listed in May 2012 at £329k

Another peaky buy:

44 Appleton Road, Upton, Chester CH2 1JJ

£300,000 | Sale date: 8th Jun 2007

Where do they find these cretins?

Last sale: £305,000 | Sale date: 28th Mar 2013 -

Previous sale: £300,000 | Sale date: 8th Jun 2007

Edited August 20, 2013 by cheeznbreed