Jump to content
House Price Crash Forum
Sign in to follow this  
crash co-ordinator

Prices "crashin" In Lincoln

Recommended Posts

Here's some good news to warm ya cockles during these cold nights. I was so gob smacked by what my colleague at work told me that I had to ask him to run it by me again. His Dad's mate is looking for a house for his son in the Lincoln area. He looked at 10 houses' priced around the 150K price. He made an offer on all 10 houses. His offer was 100K, 6 of them came back accepting his offer!!! I think this is a great idea. View between 5 - 10 houses, put in a rediculous offer and see what ya get back. Ok ya not gonna get a house for a quid but 50K off the asking price, that is a definately progress.

Get Ready For The BIG BANG PPL!!!!!

Share this post


Link to post
Share on other sites

That's really bad news.

I guess he should have been offering about £70k. :D

As someone on this site has said, if you're not embarassed by your offer, it's not low enough!

Share this post


Link to post
Share on other sites

I think this is a great idea. View between 5 - 10 houses, put in a rediculous offer and see what ya get back. Ok ya not gonna get a house for a quid but 50K off the asking price, that is a definately progress.

Nice anecdote. Food for thought....

Share this post


Link to post
Share on other sites

Perhaps if us FTBs went on the offensive and hit 5 - 10 propertys a week putting in low offers we could create our own kind of "spin" and cause a panic for the property market thus bringing down prices. Wouldn't that be nice? If only it was that easy eh?

Share this post


Link to post
Share on other sites

Excellent, I'm from the Lincoln area originally & looking to move back there in a year or two.

Property prices have been ridiculous in Lincoln recently, (ok so where aren't they ridiculous), but in Lincoln a huge amount of it seems to have been driven by BTL, probably as a result of the new university & way out of line with actual demand for rental property in my opinion.

For example, the asking price for tiny, 2up 2 down terraces, front door opening straight onto the street, no garden, nowhere to park etc in the city centre is roughly the same as the price for a reasonable 2/3 bed semi on the outskirts with a decent sized garden, drive, garage - got to be something wrong there surely? All I can think is that people have been snapping the city centre terraces up as student accommodation.

Edited by Neil D Possitt

Share this post


Link to post
Share on other sites

It happened in the last price crash too. Lincoln prices seem to be especially volatile. In the late 1980s prices went haywire and then fell 50%+. It's probably something to do with Lincoln being a bit "end of the line", I mean that in a positive sense as it is still a comparatively quiet corner of the country with beautiful classic landscapes all around it.

Share this post


Link to post
Share on other sites

this tactical weapon is known in military circles as the claymore mine.

effective, though indiscriminate and will often result in injury rather than death. not accurate enough for most operations, but excellent for covering a retreat or initiating a housing ambush.

Share this post


Link to post
Share on other sites

It happened in the last price crash too. Lincoln prices seem to be especially volatile. In the late 1980s prices went haywire and then fell 50%+. It's probably something to do with Lincoln being a bit "end of the line", I mean that in a positive sense as it is still a comparatively quiet corner of the country with beautiful classic landscapes all around it.

I'd read that in Grantham that 90% of houses sold at the height of the boom were sold to outsiders, while at the height of the bust it was only 10%. Can't provide a source so I don't know how useful that is.

Share this post


Link to post
Share on other sites

Here's some good news to warm ya cockles during these cold nights. I was so gob smacked by what my colleague at work told me that I had to ask him to run it by me again. His Dad's mate is looking for a house for his son in the Lincoln area. He looked at 10 houses' priced around the 150K price. He made an offer on all 10 houses. His offer was 100K, 6 of them came back accepting his offer!!! I think this is a great idea. View between 5 - 10 houses, put in a rediculous offer and see what ya get back. Ok ya not gonna get a house for a quid but 50K off the asking price, that is a definately progress.

Get Ready For The BIG BANG PPL!!!!!

This sounds to good to be true.....................

Share this post


Link to post
Share on other sites

It happened in the last price crash too. Lincoln prices seem to be especially volatile. In the late 1980s prices went haywire and then fell 50%+. It's probably something to do with Lincoln being a bit "end of the line", I mean that in a positive sense as it is still a comparatively quiet corner of the country with beautiful classic landscapes all around it.

I remember the value of my gran's house near Lincoln dropping in the last crash. It went on the market at £49950 in early 1990 if I remember rightly, didn't sell, my dad kept lowering the price, very little interest, still didn't sell. It eventually sold in mid 1991 for about £22k :o

If prices did drop back to something near pre-boom levels I wouldn't mind somewhere like my mum's place; 4 bed detached farmhouse in a small village between Lincoln & Gainsborough, newish roof & windows, central heating, 8 acres of land, 6 large outbuildings, huge gardens, garaging for at least 6 cars - valued at £75K in 1996

:rolleyes:

Edited by Neil D Possitt

Share this post


Link to post
Share on other sites

Property prices have been ridiculous in Lincoln recently, (ok so where aren't they ridiculous), but in Lincoln a huge amount of it seems to have been driven by BTL, probably as a result of the new university & way out of line with actual demand for rental property in my opinion.

[...snip...]

All I can think is that people have been snapping the city centre terraces up as student accommodation. [Neil D Possitt]

See 'Student landlords feel the pinch' [september 2004]:

http://news.bbc.co.uk/1/hi/england/lincolnshire/3682510.stm

Landlords in Lincoln have said they may be forced to sell their properties because of new university flats.

The warning comes as more than 600 student flats remain unoccupied - three days in to the of the academic year.

Estate agents say they have seen a drop in interest involving houses which would previously have been bought for students to rent.

Over the summer the University of Lincoln has built around 650 new flats in the heart of the city.

Janet Cook, the external accommodation officer for the university, confirmed a new £30m development for students in Lincoln seems to be their new top choice.

Share this post


Link to post
Share on other sites

i dont believe it nither i live in newark . i made a offter on 2 houses only able get a 7% off the asking price from 1 house and 5% off the other .what good is 5%-10% of off the asking price when they mark it up by 20%.

price here has gone up over 15% in 10 months alone and i seen them getting sold(brought for £230k jan this year then sold for £269k asking price this month ). :(

Share this post


Link to post
Share on other sites

If you seriously believe that your story is genuine then I feel sorry for you . I didn't say you were a liar but I think that more often than this it is like chinese whisper it starts at offer prices of 140k on a 150k house and before half a dozen people tell the story it is a 100k offer on 150 house .

You are in cloud cuckoo land

Share this post


Link to post
Share on other sites

Find out the address, check out nethouse prices and find out when and for how much it sold for last, find out what similar properties in the same road sold for last year and find out how inflated the price is on last years. If its 50K off last years prices then you have a story to tell. If its 50k off a 50% increase in last years prices then you have nothing.

Without this sort of research your '50k off the asking price' story is worthless.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.