Bristol - Bs1

[non-FTBer]

I no longer live in Bristol but thought I'd share this.

My ex-Landlord bought in 2003 for £151K (Land Registry details below - some obscured so the idiot dosen't get identified)

XX Apr 2003 XX Partition Street, Bristol,

City Of Bristol BS1 XXX Flat £151,000

It is now for sale for the princely sum of £152500.

Rightmove Advert

That makes £1500 profit before:

1) Purchase Stamp Duty

2) Purchase Legal fees

3) Estate Agency Fees to Sell

4) A small amount of CGT payable if he sells it (although he'll probably make a loss anyway)

5) 2 1/2 years of subsidising tenants to the tune of £150+ per month

The place was rented out for between £645 and £600 a month depending on demand at the time. We ended paying £645 as demand was high in Bristol at the time. Building service charges alone were over £100 pcm before he has to pay letting agents to find tenants/collect rent.

He also tried to sell up last year (while also advertised to let) but ended up renting it out again. He seems quite desperate to shift it (I would be, its costing him over £150 a month and making no capital appreciation), so if anyone wants to make a low-ball offer he might be a good target

but its not all bad, at least he paid back the deposit in full.... but I still think he's a t0ss3r!

[defweb]

Im a FTB looking to purchase in BS1, BS8 or redland postcode. Prices clearly havent moved in years and the harbourside development isnt helping with its increased supply.

what does concern me is that 10,000 MoD jobs are coming to Bristol between 2006-2010. I know because i work for them. i wonder what kind of impact this will have. Probably will prop up places like bradley stoke but i doubt it will have much affect on the City and High end suburbs....i hope

[Bathsheba Everdene]

Hello defweb!

Where are the MoD jobs moving from -- are they all moving from one location?

BE

[non-FTBer]

I'm not convinced that the MoD jobs alone will have any impact on the Bristol market.

Prices are already well out of whack, and there are so many places being built that it will have little effect.

And you have to take into account that many will choose to live within a 1/2 hour commute of the MoD premises, so could be as far away as Weston-super-Mare/Gloucester/Cirencester/Swindon/Bath.

[defweb]

Hello defweb!

Where are the MoD jobs moving from -- are they all moving from one location?

BE

i have the timetable infront of me. the jobs are coming from various locations. the idea is to have the procurement side of the MoD all colocated in bristol rather than on disparate sites like at present. A number of new buildings are to be built and MoD will also be aquiring some present buildings including the bank of ireland headquarters (what it means for their staff i dont know) and theres also a building behind the foxes den pub near the existing MoD abbeywood site.

Staff from Andover hampshire will begin moving from 2006 through till 2008.

Staff from Telford from 2007 through till 2008

Staff from Wyton, Cambridgeshire from 2009 through till 2010

Yeovilton 2009

Foxhill Bath, 2009

all in all its approximately 11,000 staff coming into the bristol area. average salary probably between 25-30k. im surprised it hasnt had press coverage in bristol but it only went public a few days ago.

Edited November 29, 2005 by defweb

[Captain Wildman]

BS1 as a housing market is completely static, just all the old rubbish that has been hanging around for ages.

No new stuff is coming on nothing going off, the EA's must be cr$pp1ng there pants. (he he )

I reckon all the vendors are sitting tight having a "we cant possibly drop to below price we bought it for" type convesations. Reality will cut in about Feb I believe, expect loads of new stuff at cheaper prices.

My interest point is £125k for a one-bed £140k for a 2 bed....bring it on.....

[pac-man]

"all in all its approximately 11,000 staff coming into the bristol area. average salary probably between 25-30k. im surprised it hasnt had press coverage in bristol but it only went public a few days ago."

I guess it only will make a difference if they decide they are going to buy something. Any first time buyers on thoose kinds of wages won't be able to afford anything much at present. If they're moving from cheaper housing areas probably won't make much difference either as still will find it difficult to move into their own property. They will only be able to buy if they are moving from a similar priced house or something more expensive. On the other hand there are job losses in the region up and coming (can't say more, fairly big employer in the region). So I guess it'll balance its self out in the end. Bristol is not a cheap place to live, so chances are they'll struggle to buy.

Hope that helps you.

[Captain Wildman]

BS1 Update.

Had an interesting discussion with a relatively straight and honest EA today, a lady who has worked in the business for many years and (I think) has seen it all before rise/fall rise/fall etc etc....

They have very little property on the books at the moment, but really want to

keep me informed of what is going on(!)

Heavily relayed a story of how the 3 bed flat for £185k in Corn St ( I viewed) had actually sold in Nov for

above asking price: seemed to imply (actually honestly) that she was surprised by this and it happens from time to time that somebody comes out of the woodwoork and makes these offers....!

Dead cat bouncer I strongly believe.....lets wait til February , tis the age of aquarius !!!!

[Shamus]

I have a friend in the MOD who moved with them to Bristol a few years back. He did well out of it as they paid for the costs involved. He only had to put down a deposit and get a mortgage and they paid the rest!! He might of had some rent paid too when he first moved there. It was a generous relocation package.

[matey]

i have the timetable infront of me. the jobs are coming from various locations. the idea is to have the procurement side of the MoD all colocated in bristol rather than on disparate sites like at present......

all in all its approximately 11,000 staff coming into the bristol area. average salary probably between 25-30k. im surprised it hasnt had press coverage in bristol but it only went public a few days ago.

You telling me there are 11,000 staff raising orders.

[The Masked Tulip]

And you have to take into account that many will choose to live within a 1/2 hour commute of the MoD premises, so could be as far away as Weston-super-Mare/Gloucester/Cirencester/Swindon/Bath.

Or over the bridges in Chepstow, Newport and around the Usk/Monmouth areas. Of course, many might decide not to move to Bristol. Btw, there are lots of MOD sites around Bath which, from a HP POV, is very expensive.

[Nayved]

I've found 2 related links to this:

MP’s plea on threat to ABRO jobs

Staff at a threatened army depot in Telford, where more than 400 workers could lose their jobs, will be irreplacable if the site is shut down, a Shropshire MP warned the Government.

The jobs are under threat at The Ministry of Defence’s Equipment Support Procurement and Provision Agency (ESPPA), at Sapphire House, if its facilities are moved to Bristol.

Telford MP David Wright told defence ministers yesterday, it would be difficult to recruit staff of the same merit elsewhere, and the MoD would also end up paying out bigger salaries for less value for money in return.

And he appealed to them to reconsider the question mark over RAF Cosford because its 1,038 military and 942 civilian and contractor posts provided a “jobs engine” for the local economy.

Wrekin MP Mark Pritchard also made the case for retaining Shropshire’s “long, proud tradition of service in Her Majesty’s Armed Forces”.

Workers at Telford’s beleagured Abro base will officially launch a campaign to save their jobs on Saturday with a petition in Donnington

Unions fear 4,000 jobs could go at RAF bases in Hunts

AS MANY as 4,000 jobs could disappear at RAF bases in Huntingdonshire, if a Ministry of Defence operation re-locates to the West Country, trade unions fear.

But the MOD says those worries are premature. Even if the Defence Logistics Organisation does decide to move, other parts of the department would be queuing up to fill the gap. So fears of any net loss of jobs locally could be groundless.

The Public and Commercial Services Union says the MOD's Defence Logistics Organisation has said it plans to re-base its operations at RAF Wyton and RAF Brampton at Bristol and Bath – and has bought premises in Bristol to house it.

The union fears the price of the advance purchase would not be included in the financial case, skewing the cost-benefit of moving the operation.

Huntingdon MP, Jonathan Djanogly, first raised fears of possible heavy job losses at RAF Wyton three years ago after the union got wind of outline plans to locate DLO on a single site.

After a further meeting with union representatives last Friday, he said he was determined to see that employees were treated properly if the operation moved away from Huntingdonshire bases.

"I am concerned that my constituents are treated fairly and responsibly," he told The Hunts Post. "I shall be writing to the MOD to seek assurances about that."

The union said the move could affect up to 2,000 Civil Service posts, with as many as 800 facing the prospect of redundancy. In addition, a further 2,000 military jobs could be moved.

Union branch secretary Keith Hagger said: "The move of jobs from RAF Wyton may lead to the eventual closure of the historic Pathfinder base" (which was home to the pivotal force of Lancaster and Mosquito bomber operation more than 60 years ago during World War II).

He wants the MOD to look at the "heavily flawed" proposals again, with a view to finding a different way to save money.

"The DLO plans do not meet the public interest. Costs associated with the move will be unaffordable and will compromise efficiency and effectiveness," he claimed.

The MOD said the department was still no further forward than examining options that could reduce overall costs by making the DLO more efficient.

"Final decisions are not expected until early 2006," he said. "It remains too early to say what the impact on existing DLO sites might be and exactly how many people might be affected, but trades unions and staff will be kept fully informed."

But he insisted that "a number of MOD organisations are looking for exactly the sort of accommodation that is provided at RAF Wyton".

He would not comment on the possibility that Marshall Aerospace, which specialises in adapting military and civil aircraft, might move from Cambridge if its present huge airport site in Teversham were sold to be re-developed for housing.

I would imagine only the most important would be relocated.

Regards,