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pokissimo

About To Take A Bath In Swindon?

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Newly built (on a former petrol station site...) block of 2BR flats. Look like a decent enough block, on

a reasonably busy road but close to amenities.

Heres the list of prices paid from the Land registry:

1 30/09/2005 £161,496 Flat L/H Map The Bath Building, 10, Bath Road, Swindon, SN1 4AT

2 19/09/2005 £187,950 Flat L/H Map The Bath Building, 6, Bath Road, Swindon, SN1 4AT

3 12/09/2005 £160,000 Flat L/H Map The Bath Building, 4, Bath Road, Swindon, SN1 4AT

4 12/08/2005 £187,500 Flat L/H Map The Bath Building, 11, Bath Road, Swindon, SN1 4AT

5 12/08/2005 £187,500 Flat L/H Map The Bath Building, 7, Bath Road, Swindon, SN1 4AT

6 29/07/2005 £196,995 Flat L/H Map The Bath Building, 8, Bath Road, Swindon, SN1 4AT

7 28/07/2005 £170,000 Flat L/H Map The Bath Building, 14, Bath Road, Swindon, SN1 4AT

8 30/06/2005 £164,895 Flat L/H Map The Bath Building, 5, Bath Road, Swindon, SN1 4AT

9 30/06/2005 £169,995 Flat L/H Map The Bath Building, 12, Bath Road, Swindon, SN1 4AT

10 30/06/2005 £170,000 Flat L/H Map The Bath Building, 9, Bath Road, Swindon, SN1 4AT

Currently it seems at least 3 of these are unlet:

http://www.rightmove.co.uk/viewdetails-104...a_n=1&tr_t=rent

http://www.rightmove.co.uk/viewdetails-484...a_n=2&tr_t=rent

http://www.rightmove.co.uk/viewdetails-986...a_n=2&tr_t=rent

Rents are slowly falling: They were all asking circa 800 a month a couple of months ago...

And one is already back on the market: Notice the price - compared to the "completed" price above -

seems like the "value" has dropped 1,000 a month...My feeling is that 161 is closer to an achievable price at this point than 185...

http://www.rightmove.co.uk/viewdetails-977...pa_n=2&tr_t=buy

Seems like this block could prove an interesting bellwether of the 2BR market in swindon.

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I watch this market fairly closely and I think you're right. There is an oversupply of new/recent-build flats in SN1, and many are taking a long time and several price cuts to sell. Prices in Plaza 21 in particular, which was so hot when new, seem to be in freefall. Yet there are several big new developments in the pipeline (on Ripley Road, Springfield Road, Princes Street and Farnsby Street), all at prices at least as high as the Bath Building.

I don't see how the rents being asked can cover the landlords' monthly outgoings (unless there was a little lie told to the Land Registry, as seems popular with some developers...), yet there seems a glut of 2-bed rentals too so little scope to raise rents: perhaps several more will be on the market fairly soon.

When you look at what you can get for similar money not far away...

http://www.rightmove.co.uk/viewdetails-103...pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-825...pa_n=3&tr_t=buy

...you have to wonder if £161k is even what they are worth, once they are no longer shiny and new - which will not be too long if many are BTL.

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...you have to wonder if £161k is even what they are worth, once they are no longer shiny and new - which will not be too long if many are BTL.

Seems like we have a new low now:

02/02/2006 £145,000 Flat L Yes Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT !

2 16/12/2005 £160,000 Flat L Yes Map The Bath Building, 2, Bath Road, Swindon, SN1 4AT

From driving past every day - It seems that number 3 is still being sold -

http://www.rightmove.co.uk/viewdetails-109...pa_n=2&tr_t=buy

Although quite why anyone would pay 169950 when the building company were happy to

offload it for 145 is beyond me!

Maybe this picture gives an idea of where the money goes (alas, it's from another nearby flat, but I couldnt resist!)

http://www.rightmove.co.uk/viewdetails-688...&curr_media_n=3

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Those prices are outrages. How anyone could pay 180K when they could get a good 3 bed semi for less is beyond me!

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Those prices are outrages. How anyone could pay 180K when they could get a good 3 bed semi for less is beyond me!

There are lots more examples in Swindon; prices for flats in the town centre are defintely lower than 12-18 months ago (maybe 10-15%), but they still seem expensive compared to houses in the same area. And new builds flats don't seem to have come down at all...who is buying these things?

Here's a great example - which would you choose:

brand new 3 bed flat on Westlecot Road (heart of Old Town, v fashionable) - £370k. (Aside...who in Swindon with this kind of money is looking for a flat? It's not Notting Hill)

or...

just around the corner, a tidy 4 bed Victorian house on Goddard Avenue, 2,000 sq ft with period features plus double garage and garden - "guide price" £350k.

Why on earth would anybody choose to buy the flat rather than the house? And yet, it is under offer while the house isn't shifting - something is very wrong.

anto.

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Seems like we have a new low now:

02/02/2006 £145,000 Flat L Yes Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT !

2 16/12/2005 £160,000 Flat L Yes Map The Bath Building, 2, Bath Road, Swindon, SN1 4AT

From driving past every day - It seems that number 3 is still being sold -

http://www.rightmove.co.uk/viewdetails-109...=2&tr_t=buy

Still for Sale: no sign of anyone biting on house #3 - now unoccupied for 15 months or more!

Also another flat in the same block (not sure which) is matching the price at 169995:

http://www.rightmove.co.uk/viewdetails-569...=4&tr_t=buy

http://www.rightmove.co.uk/viewdetails-131...=4&tr_t=buy

Of course: For the more discerning Swindon Dweller - theres always there just along the road....

http://www.rightmove.co.uk/viewdetails-728...=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-728...=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-731...=1&tr_t=buy

As Anto said: this isnt Notting Hill! If I had 800K to spend, I dont think that living on Bath

Road would be my first choice!

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someone's under a lot of water

"4 12/08/2005 £187,500 Flat L/H Map The Bath Building, 11, Bath Road, Swindon, SN1 4AT

5 12/08/2005 £187,500 Flat L/H Map The Bath Building, 7, Bath Road, Swindon, SN1 4AT "

I'll give you a pound to a penny that these both sold to the same person as it's not month end, it's identical prices and completion on the same day. How's that pension looking ?

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Still for Sale: no sign of anyone biting on house #3 - now unoccupied for 15 months or more!

Also another flat in the same block (not sure which) is matching the price at 169995:

http://www.rightmove.co.uk/viewdetails-569...=4&tr_t=buy

http://www.rightmove.co.uk/viewdetails-131...=4&tr_t=buy

Just a mini-update. The above have both fallen 10K in price now - seemingly still no takers at 159,995...the "value" is clearly now set for these flats at the lowest selling price (145,000) - so good luck to those that bought for 196,995! The 2 years "mortgage paid" deal I seem to recall being advertised when these were sold is only 6 months away from ending...

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There are lots more examples in Swindon; prices for flats in the town centre are defintely lower than 12-18 months ago (maybe 10-15%), but they still seem expensive compared to houses in the same area. And new builds flats don't seem to have come down at all...who is buying these things?

I used to live in Swindon - you get a lot of image concious young professionals starting out their careers there

Nuff said...

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Just a mini-update. The above have both fallen 10K in price now - seemingly still no takers at 159,995...the "value" is clearly now set for these flats at the lowest selling price (145,000) - so good luck to those that bought for 196,995! The 2 years "mortgage paid" deal I seem to recall being advertised when these were sold is only 6 months away from ending...

Seems like #3 did find its "Greater Fool" - Sold Again for 159,950

02/02/2006 £145,000 Flat L Yes Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT

04/05/2007 £159,950 Flat L No Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT

It was on the market the entire time between the 2 sales...but even then - 15 months interest + transaction fees

doesnt leave much in the way of a profit for the flipper...Still sold for less than either flat "next door" did in 2005...

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Seems like #3 did find its "Greater Fool" - Sold Again for 159,950

02/02/2006 £145,000 Flat L Yes Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT

04/05/2007 £159,950 Flat L No Map The Bath Building, 3, Bath Road, Swindon, SN1 4AT

It was on the market the entire time between the 2 sales...but even then - 15 months interest + transaction fees

doesnt leave much in the way of a profit for the flipper...Still sold for less than either flat "next door" did in 2005...

Oddly - just checked this again and the resale has disappeared from the stats - whats available thru www.houseprices.co.uk. Very odd - wonder if this has happened with any other properties or why it would be deleted.

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A mini update on these: Nothing has sold there in months despite the constant prescence of for sale boards:

A "snip" at 189,950!

http://www.rightmove.co.uk/viewdetails-925...=2&tr_t=buy

Or: Number 6 for sale for 164,950

http://www.rightmove.co.uk/viewdetails-179...=4&tr_t=buy

(previously sold as new at...£187,950 in september 2005: Only lost about 800 quid a month since that auspicious date...)

Currently renting for 795pcm:

http://www.rightmove.co.uk/viewdetails-164...1&tr_t=rent

So - the rent basically covers the capital depreciation on the flat.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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