H2B And A Few Timely Updates.

[jungllie jim]

Time for a few timely updates having had various offers refused recently:

http://www.rightmove.co.uk/property-for-sale/property-37256482.html?premiumA=true

Offer of 170k rejected, needs new kitchen, carpets and a EnSuite fitting. No further offers but a recent 5K reduction in asking price.

http://www.rightmove.co.uk/property-for-sale/property-26375703.html

Offer of 210K rejected. Then went sold now back available. Will need double glazing to the front windows at some time. Vendor looking for very close to asking price.

Anecdotal:

My neighbour in a 2 bed terrace achieved a offer of 110K then upped to 118K against a asking price of 124K, outstanding mortgage of 121.5 in effect they are in Neg Equity.

Young family 2 children 5 and 3, need to sell so they can use the H2B scheme to buy a 4 bed New build @ 300K. Feel that they will be left to burn big time when IR rise, mortgage broker has done a deal for them @ a initial payment of £850 a month and then additional £150 a month payment when the H2B scheme becomes due.Feel sad for them as i've got a feeling that they'll crash and burn at some point.

4 beds available 2 miles down the road

http://www.rightmove.co.uk/property-for-sale/property-26399187.html?premiumA=true

The effect of H2B in Somerset can be determined to be an additional 100K to the builder C/O your caring government

[Wurzel Of Highbridge]

Funny enough we keep an eye on the south west, Street / Glastonbury to be precise. I think your offers are in the right place and would not offer more, in fact 210k seems about 10k too high IMO.

Quite a high new builds to population increase ration in the south west over the last 5/6 years, but also a manic level of BTL rentier mentality driving up the low end.

Still piles of 300k+ money pits that have been on the market for years with owners 'wishing' to downsize, those will take a hit over the next few years with high heating oil prices and car running costs,

From looking at land registry sold prices stuff seems to be shifting 5/10k less than 2007/2008.

Looking at the dynamics of the southwest + commuting costs to Bristol from the south wests, I cant see much upward momentum and any that there is will be short lived. I would say that in the southwest you will be looking for a slow steady decline, certainly below inflation levels over the next decade. The more building of barrats boxes the faster the declines, as people the bottom of the market is mopped up boomers downsize.

[Wurzel Of Highbridge]

The Orkney Close looks good value compared to Street/Glastonbury + it is near the motorway which is a huge advantage.

Any ideas behind why Street & Glastonbury being so expensive? I put it down to purely a lack of supply.

[OnionTerror]

The Orkney Close looks good value compared to Street/Glastonbury + it is near the motorway which is a huge advantage.

Any ideas behind why Street & Glastonbury being so expensive? I put it down to purely a lack of supply.

Glastonbury I can certainly understand...certainly not unattractive to say the least...Quite possibly a lot of old LOndon hippies buying up property left right and centre...

Went through Bridgy a couple of months ago...Seems to be a lot of building work going on, esp. big industrial estates planned...HInkley Point will put a huge strain on housing though...just a shame that the Bristol Road area is a bit grotty...