Huge Price Drops In Idyll Rural England

[eric pebble]

I have been following HUGE price drops in the West Country for some time... A mate of mine lives down there - and he tells me that there are loads and loads of people UNABLE to sell their stupidly over-priced "dreamhomes".... Many houses have been on the market for YEARS!!! I know of several cases of "dreamhomes" not selling for 4 and 3 years -- and others only selling after MASSIVE price drops...

So the STUPIDITY goes on...... But..... Don't know about anyone else --- but you can SMELL the desperation out there in LalaLand.....

Despite lavish descriptions on the Savills website and Cricket Court’s proximity to sw@nk-y private schools including Sherborne and Millfield, if it goes for £2 million it will be a £250,000 loss

Read more: http://www.dailymail.co.uk/femail/article-3618859/Is-party-Kate-s-fashion-queen-hottest-fashion-Middletons-Kim-Kardashian-devotees-s-going-wrong-Alice-Temperley.html#ixzz4AKJVkx6C

Edited June 1, 2016 by eric pebble

[ccc]

Could you use a larger font please - my eyesight is waning ever so slightly.

[sPinwheel]

Could you use a larger font please - my eyesight is waning ever so slightly.

+1 and please switch back to bright red.

[sPinwheel]

Could you use a larger font please - my eyesight is waning ever so slightly.

+1 and please switch back to bright red.

[TheCountOfNowhere]

DRIP.

( cant be bothered linking in the tap pic today ).

[eric pebble]

Could you use a larger font please - my eyesight is waning ever so slightly.

[spunko2010]

Looks like it was onj for £2.5M at first. DM not being completely truthful about the drops.

http://www.rightmove.co.uk/property-for-sale/property-31613620.html

[eric pebble]

Looks like it was onj for £2.5M at first. DM not being completely truthful about the drops.

http://www.rightmove.co.uk/property-for-sale/property-31613620.html

Better link here

http://search.savills.com/property-detail/gblhchlac110095#/r/detail/GBLHCHLAC110095

[Sancho Panza]

If you want to see places that have been for sale for years,try the Isle of Man,living proof if it were needed that 'offshore' money is no guarantee of rising prices.

[juvenal]

One round me been on for five years.

[TheCountOfNowhere]

Better link here

http://search.savills.com/property-detail/gblhchlac110095#/r/detail/GBLHCHLAC110095

Eric, do you have any example of big price drops you have see on Rightmove etc?

[Hullabaloo82]

In the real rural areas near where I live (West mids), during the boom years at the turn of the century, a lot of these little villages were so desirable that everything in them got turned into housing.

After all, during the Blair years (up to about 2005 anyway) things were pretty alright; it was affordable to drive to work in the nearest town and if needed you just got the Mrs a runaround for the kids on credit. You had no need for the local shop as you drove to the big box store in town once a week and you weren't from the area so didn't bat an eyelid when the local pub closed as all the locals had been priced out by townies who saw the village as a dormitory, a cheap way to get a big house whilst carrying on their lives elsewhere so the community spirit that made the village a popular place in the first place died a death too.

Fast forward 10 - 15 years; a combination of internet shopping and the premiumisation of 'craft' food means everybody gets a big delivery in but supplements it with luxuries from the sourdough bakery or artisan coffee place on the high street. If your village doesn't have one or a Waitrose or any ******* space to get one because every available structure is now a residential property, knock a few grand off the value of your house.

Similarly, as the gfc took hold and companies centralised jobs in city centres with a smattering of home work, if your village isn't on a train line and doesn't have superfast broadband, slash a couple of ks off the asking.

Credit crunch bit and now you can't afford the repayments on that bmw and the council have cancelled the subsidised bus service? Looks like the Mrs and kids are stuck at home unless you can shell out for a premium rate taxi three or four times a week. Shame the local primary school's closing due to lack of pupils and the nearest one wants to charge you several hundred quid a week to transport your kids because their transport grant's been cut. Slice another bit off.

The only villages around my way which still command a premium are, surprise, surprise, the larger ones which kept a few of the pubs, the butchers, the co op, a couple of takeaways etc. One in particular I can think of once had 7 or 8 pubs and was a real rural centre but now has 3 left, a chip shop, an indian restaurant and a small supermarket left with one dodgy bus service an hour into town. Of course it's seen as Shangri la by locals and is now so ringed by identikit new build developments (just houses mind, no need to put any actual infrastructure in of course) it's really more of a suburb and both the primary and secondary schools are now creaking under the pressure.

The smaller villages are now really just dormitories though. You can buy a massive 3 bed semi with beautiful views of the rolling fields and plenty of room to expand for £150k. Sounds great, but only if you don't mind having to drive or walk for an hour just to get a pint of milk (if the ludicrously overpriced, captive market exploiting rural shop owner in the village a couple of miles over that still has a shop can be bothered to open that day, that is), are happy to take a £40 return trip taxi if you fancy a meal out in town (that's if you can find someone to come out to babysit or drive and pick the kids up then drop them off later) and are lucky enough to work on the trades or have an increasingly rare well paid provincial professional job that won't oblige you to drive 25 minutes out of your way to the one station which has free parking (better get there at the crack of dawn) followed by a 45-60 min each way journey just to pay for this 'quality of life'.

I'll stick to my 'overpriced' 3 bed in suburbia, thanks, with my nice garden, restaurants, pubs and shops on the high street, a ten minute walk to the station and 5 to the town centre, surrounded by friends and family.

Genuinely can't see the obsession with life in the country, especially not in the 21st century. From where I'm standing it's mostly driven by people in the big cities with no real knowledge of the country or people brought up in the sticks who are too small minded to consider anything else.

I'm not surprised that rural property is struggling. I can think of several couples I know in my area who moved to the sticks chasing the good life and are desperate to move back to town.

[spunko2010]

This ones been dropping by about £15k every month or so.

http://www.rightmove.co.uk/property-for-sale/property-32353059.html

http://www.rightmove.co.uk/property-for-sale/property-39757050.html

[TheCountOfNowhere]

What was the actual purchase price of that house, anyone know ?

If you factor in stamp duty...lost interest etc, whats the actual loss.

Arithmetic is simple...applying it seems to be much harder for some people...maybe that's why the looses are pouring in.

[TheCountOfNowhere]

This ones been dropping by about £15k every month or so.

http://www.rightmove.co.uk/property-for-sale/property-32353059.html

http://www.rightmove.co.uk/property-for-sale/property-39757050.html

Interesting...let us know what it eventually doesnt sell for

P.S. Just looked at new listings for Northants in last 2 week. Prices are insane !!!!

If banks lending into this another one will go t*ts up !!!

Looks like the 4 familly home market has been bouyed by the BTLers/HTB/Londoners but prices are just beyond eye watering now.

Edited June 1, 2016 by TheCountOfNowhere

[spunko2010]

In the real rural areas near where I live (West mids), during the boom years at the turn of the century, a lot of these little villages were so desirable that everything in them got turned into housing.

After all, during the Blair years (up to about 2005 anyway) things were pretty alright; it was affordable to drive to work in the nearest town and if needed you just got the Mrs a runaround for the kids on credit. You had no need for the local shop as you drove to the big box store in town once a week and you weren't from the area so didn't bat an eyelid when the local pub closed as all the locals had been priced out by townies who saw the village as a dormitory, a cheap way to get a big house whilst carrying on their lives elsewhere so the community spirit that made the village a popular place in the first place died a death too.

Fast forward 10 - 15 years; a combination of internet shopping and the premiumisation of 'craft' food means everybody gets a big delivery in but supplements it with luxuries from the sourdough bakery or artisan coffee place on the high street. If your village doesn't have one or a Waitrose or any ******* space to get one because every available structure is now a residential property, knock a few grand off the value of your house.

Similarly, as the gfc took hold and companies centralised jobs in city centres with a smattering of home work, if your village isn't on a train line and doesn't have superfast broadband, slash a couple of ks off the asking.

Credit crunch bit and now you can't afford the repayments on that bmw and the council have cancelled the subsidised bus service? Looks like the Mrs and kids are stuck at home unless you can shell out for a premium rate taxi three or four times a week. Shame the local primary school's closing due to lack of pupils and the nearest one wants to charge you several hundred quid a week to transport your kids because their transport grant's been cut. Slice another bit off.

The only villages around my way which still command a premium are, surprise, surprise, the larger ones which kept a few of the pubs, the butchers, the co op, a couple of takeaways etc. One in particular I can think of once had 7 or 8 pubs and was a real rural centre but now has 3 left, a chip shop, an indian restaurant and a small supermarket left with one dodgy bus service an hour into town. Of course it's seen as Shangri la by locals and is now so ringed by identikit new build developments (just houses mind, no need to put any actual infrastructure in of course) it's really more of a suburb and both the primary and secondary schools are now creaking under the pressure.

The smaller villages are now really just dormitories though. You can buy a massive 3 bed semi with beautiful views of the rolling fields and plenty of room to expand for £150k. Sounds great, but only if you don't mind having to drive or walk for an hour just to get a pint of milk (if the ludicrously overpriced, captive market exploiting rural shop owner in the village a couple of miles over that still has a shop can be bothered to open that day, that is), are happy to take a £40 return trip taxi if you fancy a meal out in town (that's if you can find someone to come out to babysit or drive and pick the kids up then drop them off later) and are lucky enough to work on the trades or have an increasingly rare well paid provincial professional job that won't oblige you to drive 25 minutes out of your way to the one station which has free parking (better get there at the crack of dawn) followed by a 45-60 min each way journey just to pay for this 'quality of life'.

I'll stick to my 'overpriced' 3 bed in suburbia, thanks, with my nice garden, restaurants, pubs and shops on the high street, a ten minute walk to the station and 5 to the town centre, surrounded by friends and family.

Genuinely can't see the obsession with life in the country, especially not in the 21st century. From where I'm standing it's mostly driven by people in the big cities with no real knowledge of the country or people brought up in the sticks who are too small minded to consider anything else.

I'm not surprised that rural property is struggling. I can think of several couples I know in my area who moved to the sticks chasing the good life and are desperate to move back to town.

This reads as a rant by a materialistic townie, more concerned about driving distance to Waitrose than quality of life. Was it intention/satirical? Where I live, there is only 1 little shop within walking distance, it doesn't bother me. The reason I live here is it's peaceful and I don't feel part of the wider "South East" (loathe it) where the only important things appear to be the AUDI on the drive and being seen shopping in Waitrose. If I have kids, they'll have a much better quality of life than anyone from the city. That's what a lot of people (thankfully) don't get - hope it stays that way.

[Lord D'arcy Pew]

I see lots of property in rural locations. They have often been extended, turning a 250K house into a 500K house.

They are all happy at the increased wealth they have created.

The only problem is that there are no new buyers able to afford at even the pre extended price.

Communities with no shops, no schools and no local Police stations, and a Zimmer frame will only get you so far.

[Hullabaloo82]

Partly satirical. I am both a self confessed materialistic townie and wind up merchant so can't resist over egging the pudding sometimes.

Of course I accept that rural life suits some people better but I personally feel that it's increasingly difficult for a lot of younger people to maintain. There's a reason why the population in rural areas seems to be aging rapidly.

Can I ask what you do for a living? (not out of nosiness, but purely because work pressures and lack of amenities seem to be what push a lot of people in my age bracket, early 30s, back into the towns and cities.

[TheCountOfNowhere]

Partly satirical. I am both a self confessed materialistic townie and wind up merchant so can't resist over egging the pudding sometimes.

Of course I accept that rural life suits some people better but I personally feel that it's increasingly difficult for a lot of younger people to maintain. There's a reason why the population in rural areas seems to be aging rapidly.

Can I ask what you do for a living? (not out of nosiness, but purely because work pressures and lack of amenities seem to be what push a lot of people in my age bracket, early 30s, back into the towns and cities.

Bejaysus, can no one stick on topic any more.

[Hullabaloo82]

Apologies for the double post but, as an aside, having re read your post, I note you're in the south east. Not really comparable to the kind of rural areas you'll find in most of the rest of the country. You have a shop in your village and, by virtue of being in the south east, probably access to reasonably well paid employment. Try heading further north or west and you'll come across many places where neither of these things is true.

I would also question your assertion that your theoretical children would have a much better quality of life; would be interested to know what you base that argument on.

[Sancho Panza]

After all, during the Blair years (up to about 2005 anyway) things were pretty alright; it was affordable to drive to work in the nearest town and if needed you just got the Mrs a runaround for the kids on credit. You had no need for the local shop as you drove to the big box store in town once a week and you weren't from the area so didn't bat an eyelid when the local pub closed as all the locals had been priced out by townies who saw the village as a dormitory, a cheap way to get a big house whilst carrying on their lives elsewhere so the community spirit that made the village a popular place in the first place died a death too.

Similarly, as the gfc took hold and companies centralised jobs in city centres with a smattering of home work, if your village isn't on a train line and doesn't have superfast broadband, slash a couple of ks off the asking.

Credit crunch bit and now you can't afford the repayments on that bmw and the council have cancelled the subsidised bus service? Looks like the Mrs and kids are stuck at home unless you can shell out for a premium rate taxi three or four times a week. Shame the local primary school's closing due to lack of pupils and the nearest one wants to charge you several hundred quid a week to transport your kids because their transport grant's been cut. Slice another bit off.

The only villages around my way which still command a premium are, surprise, surprise, the larger ones which kept a few of the pubs, the butchers, the co op, a couple of takeaways etc. One in particular I can think of once had 7 or 8 pubs and was a real rural centre but now has 3 left, a chip shop, an indian restaurant and a small supermarket left with one dodgy bus service an hour into town. Of course it's seen as Shangri la by locals and is now so ringed by identikit new build developments (just houses mind, no need to put any actual infrastructure in of course) it's really more of a suburb and both the primary and secondary schools are now creaking under the pressure.

The smaller villages are now really just dormitories though. You can buy a massive 3 bed semi with beautiful views of the rolling fields and plenty of room to expand for £150k. Sounds great, but only if you don't mind having to drive or walk for an hour just to get a pint of milk (if the ludicrously overpriced, captive market exploiting rural shop owner in the village a couple of miles over that still has a shop can be bothered to open that day, that is), are happy to take a £40 return trip taxi if you fancy a meal out in town (that's if you can find someone to come out to babysit or drive and pick the kids up then drop them off later) and are lucky enough to work on the trades or have an increasingly rare well paid provincial professional job that won't oblige you to drive 25 minutes out of your way to the one station which has free parking (better get there at the crack of dawn) followed by a 45-60 min each way journey just to pay for this 'quality of life'.

I'll stick to my 'overpriced' 3 bed in suburbia, thanks, with my nice garden, restaurants, pubs and shops on the high street, a ten minute walk to the station and 5 to the town centre,

Partly satirical. I am both a self confessed materialistic townie and wind up merchant so can't resist over egging the pudding sometimes.

Of course I accept that rural life suits some people better but I personally feel that it's increasingly difficult for a lot of younger people to maintain. There's a reason why the population in rural areas seems to be aging rapidly.

You may well have been joking but never a truer word said in jest etc.

I'm in the East Mids and your perception of reality is happening over here.Rural rents are unbelievably cheap(they are the cash market) and increasingly the cost of driving everywhere is taking it's toll.Whatever the official inflation figures(and let's be frankly honest,they've hardly reflected reality for years),younger couples with kids have suffered increasing hits to disposable income.Not just in low wage growth but also in housing costs.

I could bore on but won't.Rural living for urban workers is becoming increasingly difficult to maintain.

[Lord D'arcy Pew]

Partly satirical. I am both a self confessed materialistic townie and wind up merchant so can't resist over egging the pudding sometimes.

Of course I accept that rural life suits some people better but I personally feel that it's increasingly difficult for a lot of younger people to maintain. There's a reason why the population in rural areas seems to be aging rapidly.

Can I ask what you do for a living? (not out of nosiness, but purely because work pressures and lack of amenities seem to be what push a lot of people in my age bracket, early 30s, back into the towns and cities.

I'm not sure if you wished me, or the other chap to reply to this but;

I'm a Postie for a large rural area around Colchester.

The residents are ageing fast, they are knocking around in big houses, with minimal debts.

But all is not well, the villages of today are best suited to the young and mobile.

The old can't sell, and the young can't buy, and the infrastructure is not there for the next generation.

The internet is not a golden bullet.

These places once had there own Post Office, Police Station, School and and regular bus service.

When they were poor in the 1970's they had all these things, but now they are rich on paper, but socially impoverished in fact.

I expect rural properties to drop fast in any HPC.

Edited June 1, 2016 by Lord D'arcy Pew

[TheCountOfNowhere]

These places once had there own Post Office, Police Station, School and and regular bus service.

When they were poor in the 1970's they had all these things, but now they are rich on paper, but socially impoverished in fact.

Brilliant post.

Rich is in fact the new poor.

[spunko2010]

Apologies for the double post but, as an aside, having re read your post, I note you're in the south east. Not really comparable to the kind of rural areas you'll find in most of the rest of the country. You have a shop in your village and, by virtue of being in the south east, probably access to reasonably well paid employment. Try heading further north or west and you'll come across many places where neither of these things is true.

I would also question your assertion that your theoretical children would have a much better quality of life; would be interested to know what you base that argument on.

I could do my work pretty much anywhere in the UK or indeed Europe, I work in software and run a small business. Any exceptionally skilled employees that are needed and not available in rural areas could be used still via the internet. I accept that a lot of small businesses aren't like this, though.

Living in suburbia is fine for some people, but I wouldn't last 10 minutes. Cannot think of much worse - the traffic, the people, the noise, the crime, the pollution, and lack of space being surrounded by houses and - dread - neighbours. No land available in suburbia if you want to live an outdoorsy type lifestyle, which I do. I dunno, if you don't get it then you probably aren't that type of person, which is fine, - for me it's more important to live healthily and stress-free with no long commute, no traffic jams, and most of all no ******ing noisy neighbours below/above in a flat. Commuting 2 hours a day just so you can walk to a restaurant once a month seems slightly odd now. Been there, done it, hated it, some people just need space

[Hullabaloo82]

Some interesting replies there, thanks. Interesting observation there that the lack of available services also impacts the old as much as the young due to mobility issues. Had forgotten about that angle. Used to a lot of work with my local authority which covers a largely rural area and was amazed how much they spent on taxis for people under adult social care.

So basically older residents can't sell to youngsters who now aren't interested because the fetishisation of rural property along with changes in shopping habits and the labour market have killed many rural locations. No wonder there's bargains to be had in them thar hills.