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Not like Kingsoak they have the mark of desparation they do, £99 and move in.  I don't think that's the total price yet though. :lol:

Damn. I was going to pile in with an offer significantly under asking - about £50. :D

Nomadd

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We're in Chandlers Ford, and have been out of the market for almost two years now...waiting for a significant drop in prices before buying back.

Your data on newbuild flats is great...and confirms my own findings around here.

Infact few and far are being sold, but what can you expect when a semi near me ( granted it is huge and has 5 beds ) is on the market for £415K!!!!!

I have noticed a clear two tier market around here...and I am looking for 3 bed detached.

A year ago you could not find a decent detached for under £250K , recently I have noticed some for about £235K...of course these are the ones which are selling.

I feel a crash coming on!!! :P:P

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Went to Southampton Auction as planned May 2005.

I was really startled by the opening statement; "don't believe what you read in the press, remember bad news sales papers, we are taking more houses on and selling more of them".

This was a risky statement to make but he got away with it. I'm a bit paranoid I felt it was aimed at me. :huh: I am well aware that EA's ETC will track a poster like me and I am undoughtedly thier enemy in Southampton.

Six lots in Southampton went on offer, two sold prior to Auction so have no idea for how much. Two did not reach reserve and were not sold there and then, buyers are not told the reserve. Another two were sold but I can't say they were a bargain, I know the market well enough to tell you they were not far off the lower end of an estate agents price in thier areas.

One of these by the way was a part done developement of a Grand Victorian house in Shirley. It surprised me because it was previousley a Clydsdale job, in this area Clydsdale do a lot of house redevelopement similar to Principle. Why have they sold out - no idea.

Done a bit of research with Nethouse prices and you can see luxury flats (1 bed) going for £160 K around the Ocean Village area.

Next auction is July the 12th which seems like every six weeks, could anyone confirm that they were once every 3 months.

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  • 2 weeks later...

4th June 2005.

An interesting bit of anecdotal has come my way by word of mouth but I think the source is safe so here goes. In Southampton there are 22000 council properties, 60% of thier tenants are on full benefits and a further 15% are on part benefits.

Going back to the flat situation - In the first quarter of 2005, 200 flats were sold, exactly half that sold in the first quarter 2004. Now there are currently 1000 under construction so at that rate 20% will be unsold one year from now. By then of course there will be more under construction especially in Woolston, can you see what could happen.

PS Heres PaulW thread covering Warsash in Southampton.

Link

http://www.housepricecrash.co.uk/forum/ind...?showtopic=2300

Edited by deano
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This is from another thread in the main discussion but realevant here so cut and paste!

Link

http://www.housepricecrash.co.uk/forum/ind...pic=10500&st=20

BAT and Southampton.

May be he works for BAT.

On a more serious note, the place is in my area. The employee's have been on a very good wack and for a long time. The outside world will shock them. Many will have mortgage's on the quality houses in the area. I think most are actually unskilled though and will not be able to get similar earning occupations, so it will work through to that section of the local housing market.

Deano!

Edited by deano
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  • 4 weeks later...

I've cut and paste it here from Motley Fool.

.............is a Marina development in Southampton. Lots of 2 bed flats at silly money mostly being sold to buy to regret investors who can't let them (or indeed sell them) for love or money.

Some are now being repo'd (surprise surprise) - just got off the phone from an agent dealing with one 2 bedder (no views, but brand new on 3rd floor) - don't know what it sold at originally but somewhere over £200k. It has to be sold by Monday and they are looking for.........

lower

down

more

£130k

Edited by deano
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2nd July 2005

Going through the property press yesterday I can tell you that prices are all over the place. An agency sell of a 1 bed Ocean Village pad is set at £145,000. Two pages on, a 2 bed Ocean village pad is to be auctioned by Fox and Sons, guide price £145,000, which would you want.

The Auction also has another 2 bed Ocean Village to handle. Its at Southampton Park Hotel, nr Civic Center, 11,00Hrs on the 12th of July. Anyone can go.

From Nethouseprices the 1 bed places were fetching £160,000 only months ago. Prices are callapsing in this section of the market.

As for thr rest of the property press, it's just made up numbers. I don't think anyone knows how to price and what to price anymore.

Barrats have joined in with Kingsoak on this pay 80% and now 75% of the price ballony. If you sell within 10 years you have to pay a share of the increased equity to them, or is it a share of the sell price no matter how much. I don't know.

Edited by deano
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To anyone affected by negative equity.

My name is Philip Whiteside. I am am a journalist looking at the issue of negative equity.

It is becoming clear that more and more people are becoming affected by the problem. In today's Daily Mail the BBC newsreader Natasha Kaplinsky is revealed to have sold her house for £10,000 less than she paid for it four years ago. Many of those who have been affected are people who have remortgaged their house so that the value of their mortgage is now more than the price of their house. Others bought just before prices started to fall.

If you have been affected by negative equity, I would be very pleased to hear from you. Initially the conversation would be off the record, so we can get a flavour of what is happening across the country. If you would feel able to talk, please contact me at [email protected] or on77** ******.

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wow, prices are unbelievably high in these areas, i come from india and believe me prices are getting unmanageble here too, i am lucky to have bulit my guesthouse in time before the land prices went skyrocketing. check my web site http://www.starboardhotel.com

New build apartments are reducing asking prices accross the city area.  We are glutted with luxury 2 bed apartments on waterfront and any other bit off land they can find here and there.  They have a new habit now of buying businesses closing them down and putting flats on that.

The public is more stubborne though, if they can't sell and they can't they will just wait until they have to; probably at the same time a lot of other people have to.  Rent out btl is harder for the owners and there is noticable rent reductions.

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Can one of you southampton observers attend the auction tomorrow and post a report, I can't go. Deano!

Oh, before I forget, we have a new estate agent on Shirley Road. It's called Destinations, the local agents will be so pleased to see the new arrival.

Edited by deano
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32 Flat, 32 Mistral, Channel Way

Southampton

Southampton

SO14 3JA

£180,000

Flat

Leasehold

Newbuild property

17 Nov 2003 Map(SO14 3JA)

FLAT 32, MISTRAL COURT,

32 CHANNEL WAY,

SOUTHAMPTON

REDUCED £145,000-£155,000

Sold for £150,500

TUESDAY 12th JULY 2005

Ouch!

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2nd July 2005

Going through the property press yesterday I can tell you that prices are all over the place.  An agency sell of a 1 bed Ocean Village pad is set at £145,000.  Two pages on, a 2 bed Ocean village pad is to be auctioned by Fox and Sons, guide price £145,000, which would you want.

The Auction also has another 2 bed Ocean Village to handle.  Its at Southampton Park Hotel, nr Civic Center, 11,00Hrs on the 12th of July.  Anyone can go.

From Nethouseprices the 1 bed places were fetching £160,000 only months ago.  Prices are callapsing in this section of the market.

As for thr rest of the property press, it's just made up numbers.  I don't think anyone knows how to price and what to price anymore.

Barrats have joined in with Kingsoak on this pay 80% and now 75% of the price ballony.  If you sell within 10 years you have to pay a share of the increased equity to them, or is it a share of the sell price no matter how much.  I don't know.

I know the answer to the above 'Highlighted' now and this is scary.

You buy the property at 75% of thier own valuation, lets say £200,000. Now if you sell within 10 years you have to pay 25% of the properties new valuation, so if £100,000 then £25,000 if £300,000 then £75,0000. At ten years you will get a bill of 25% of valuation anyway. Are they taking the piss!.

Kingsoak and Barrat you are welcome to correct me.

Bye.

Deano!

Edited by deano
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  • 2 weeks later...
Taken from a previous thread

On the subject of housing associations I've noticed a number of finished developements that have not one tennant whatsoever, does anyone know why?. One is on Bitterne Road West, its eary, why leave them empty for months. The other is in West End on the old Lamp and Mantle site.

And to date they have not put any tennants into these completed empty flats, why!.

Still empty and its 21st May 2005.

With reference to Bitterne road west.

And now its 30th July 2005 and they are still empty, not a sole living there. Its a good 3 months since they were finished. I'm still trying to find out why!.

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30th of July.

Just a quicky update to you Southampton market analysts.

Bellway homes are building at a rate of knots down off marsh lane there, that's off three field lane at the town side of Itchen bridge. Its a pretty developement of flats, if I had to buy, I'd be looking at these.

All over Shirley the smaller developements are becoming available, those on Regents Park Road, two sites, are ready for move in.

Barrat's have cleared a big site on Shirley Road I don't know what they are building but I will let you know.

The old BT office block (town Center) have the demolition team 777 on site and they've started work.

The Eagle Pub developement is nearly completed and shortly ready for occupation.

Vickers shipyard has started land clearance for the 1500 apartment developement but I don't know if they have started building.

Austin Adams have sold off a really big site in Northam on the waters edge. I don't know who to or what they will do with it but suggest waterside flats if they follow trend.

The estate agents seem to have decided that no studios will be advertised for less than £395 rent per month, all of them at the same time, I'm not suggesting collusion.

General feel good factor and ignorance about the property market still exists among the public - no doom and gloom.

You can get a good 2 Bed apartment in Shirley for £129,000 if you hunt for the repo's and an Ocean Village 2 bed for £145,000 if you watch the auctions etc.

Deano!

Edited by deano
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Deano wrote:

>You can get a good 2 Bed apartment in Shirley for £129,000 if you hunt for the >repo's and an Ocean Village 2 bed for £145,000 if you watch the auctions etc.

I am looking to buy a 2-bed flat (central) and have offered £165K for one that is currently being built in Hill Lane (initial price £175K). Am I paying too much?

As I'm a FTB, any advice welcome.

Thanks,

danni

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The Echo page 12 on August 4th 2005.

This surprised me. In the section Soapbox' this lady Cheryl Jordan from Sholing appears to have done her research. Although she does not state her sources of info the latter part of the article makes compelling reading.

The article covers various biulding projects going on in the city under the title "City will be full to capacity"

In the third to last paragraph she states: There is, I note, a total of 6,215 residential units proposed.

b***** h*** thats double my own estimate of 3000 units. I don't know if this includes those in progress or not. If it does not then then the flat markets had it, IMO.

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Deano wrote:

>You can get a good 2 Bed apartment in Shirley for £129,000 if you hunt for the >repo's and an Ocean Village 2 bed for £145,000 if you watch the auctions etc.

I am looking to buy a 2-bed flat (central) and have offered £165K for one that is currently being built in Hill Lane (initial price £175K). Am I paying too much?

As I'm a FTB, any advice welcome.

Thanks,

danni

Danni, do your research. It took me 5 minutes to find a 2 bed luxury pad with waterfront views in a quiet area of Bittern advertised for £160,000, perhaps offer £150,000 for it. You are buying a 2 bed for £165,000 that has no descernable view of anything much, on one of the busiest and polluted roads in the city!.

Here's what I would do, The Flat Agency are the most realistic valuars of flats at the moment. Go tell them what you've done and challenge them to get a better deal by £15,000 in two weeks, see if they can do it.

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  • 2 weeks later...

Some new flats have appeared along the Portswood Road by The Brook (P.H. - lots of live music - surprisingly quiet outside). Very close to an industrial estate. No idea what they're asking for them.

Also isn't there some residential in the middle of that roundabout type effort near St Mary's? (might be office and hotel block too)

/G

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With reference to Bitterne road west.

And now its 30th July 2005 and they are still empty, not a sole living there.  Its a good 3 months since they were finished.  I'm still trying to find out why!.

Deano

What's the address on Bitterne Road West?

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Some new flats have appeared along the Portswood Road by The Brook (P.H. - lots of live music - surprisingly quiet outside). Very close to an industrial estate. No idea what they're asking for them.

Also isn't there some residential in the middle of that roundabout type effort near St Mary's? (might be office and hotel block too)

/G

17th August 2005

McCaleer and Rushe "or a name like it" have nearly finished building the Hotel. Originally they were to incorporate some luxury pads but I think they dropped the idea in favour of office space. However there's plenty of office space in the city, with a lot more coming in Woolston. A lot of office space down by Queens Terrace has been available for years with no takers. The hotel will be alright with the cruise ships coming here, I've known tourists sleep in the coach station cause they can't get a hotel room for love or money when the ships are in.

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Deano

What's the address on Bitterne Road West?

17 August 2005

Don,t know, why!.

OK, head out of town over Northam Bridge, there! on the left somewhere up there. I just can't picture it sitting here but up there, is 'I think' 3 blocks, brand new. Haven't looked for 2 weeks so let us know when you have had a look.

deano

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20th August 2005

Heres a link to the upmystreet average price of flats in Southampton to the end of June.

For the Southampton bears it does not look good. Prices have gone up across the board on all types of property. The volumns are not available from upmystreet and I think they will turn out to be pretty grim. No bust yet then but I have not changed my position on that. Its still going to happen!.

http://www.upmystreet.com/property/prices/...outhampton.html

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20th August 2005

Heres a link to the upmystreet average price of flats in Southampton to the end of June.

For the Southampton bears it does not look good.  Prices have gone up across the board on all types of property.  The volumns are not available from upmystreet and I think they will turn out to be pretty grim.  No bust yet then but I have not changed my position on that.  Its still going to happen!.

http://www.upmystreet.com/property/prices/...outhampton.html

Volumes are still down it could be that it's the upper end properties that are selling which would skew the overall average up.

2005 (apr-jun) £141,612 (375)

2004 (apr-jun) £137,829 (547)

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