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20th August 2005

Of course we don't know what this flat will be sold for at auction on September 8th but just look at this. Look at 51 Charter House, Canute Road at the top of list.

http://www.propwld.co.uk/auction/foxssouth.htm

To be auctioned by Fox and Sons with a guide price of £140-£145,000

Same flat from nethouseprices.

51 Flat, 85 Charter House, Canute Road

Southampton

Southampton

SO14 3FZ

£249,950

Flat

Leasehold

Newbuild property

18 Sep 2003

Map(SO14 3FZ

We need the result to work out the loss but its going to hurt this person thats for sure!

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20th August 2005

Of course we don't know what this flat will be sold for at auction on September 8th but just look at this.  Look at 51 Charter House, Canute Road at the top of list.

http://www.propwld.co.uk/auction/foxssouth.htm

To be auctioned by Fox and Sons with a guide price of £140-£145,000

Same flat from nethouseprices.

51 Flat, 85 Charter House, Canute Road

Southampton

Southampton

SO14 3FZ

£249,950

Flat

Leasehold

Newbuild property

18 Sep 2003

Map(SO14 3FZ

We need the result to work out the loss but its going to hurt this person thats for sure!

Hmmm, this might be something to do with it being near the port? (Dibden Bay getting refused? Increase traffic concern?). Does look like a helluva reduction though (still unreasonably high for a flat in a block).

My problem with flats like these is that they built over "Los Marinos", which had the best looking bar girls in Southampton. :angry:

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House prices in Southampton are definitely continuing to rise. Those who are hoping for an overall crash are going to be sadly disapointed. Here is my personal experience.

Small development of identical very small 2 bed starter homes, built in early 1990's.

Sold ex rental unit in Nov 04 at 129k. (Yield below 4%)

Same month an identical unit sold for 131k (slightly better condition)

Called the market / top nicely says I - smug grin

Fast forward to July 05 and Nethouseprices wipes smug grin from face

April 05 - unit sold for 136k

May 05 - unit sold for 142.5K

So if we take an average price for Nov 04 of 130k

April O5 +4.6% (annualised 11% HPI)

May 05 +9.6% ( annualised 16% HPI)

With interest rates about to drop I can see this continuing.

I am afraid to admit that this bear was seriously wrong !!!

Ouch !

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Hi there

Having sold to rent in July in Southampton I have been avidly watching the market for a very long time.

Have been concerned that the market is still rising too! But last week was pleased to see a lot of the houses I have my eye on are starting to reduce at long last. (Saying that they were overpriced in the first place mind! But it's a start.)

I have viewed many properties and dealt with a number of estate agents and they are definitely stuggling. From the horses mouth they say the market is dire at the moment because sellers are refusing to accept the situation and are not pricing accordingly (although one big problem is that people who have not even sold their own homes are putting in offers of the asking price and even though they are not in a position to move the sellers are hanging in there thinking their asking price is viable and they will eventually achieve it). Unfortunately it appears that many people are still prepared to pay through the nose and don't seem worried or even aware about a possible crash. We sold a very normal two bed end terraced and god knows how the person who bought it could afford it.

I remain optimistic mind. And am waiting to see what happens in September when

the next wave of property comes onto the market. Time will tell.

In terms of flats I also have family who have been attempting to sell one of these so called 'luxury flats' for over a year now. In my opinion it is overpriced but it is very apparant that the market for at least second hand flats is pretty dead unless priced keenly.

At the moment I'm struggling to see where the market is heading here. Things are selling but there are also reductions starting so don't give up just yet. I certainly haven't!!

Edited by webturtles
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Hi there - am new to this forum - it is great! I think you are all 110% correct that there are a lot of people in denial that flat prices are falling - esp those who have bought in Ocean Village - there is a flat at Admirals Quay selling for £210k that was originally sold for £169k - how can that have gained £40k when other flats in same development have lost bucket loads!!

Also _ i hopefully can shed some light on bitterne rd west - i was told by a cab driver that flats are all empty as they have a fault in them and do not compy with building regulations.

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With interest rates about to drop I can see this continuing.

I am afraid to admit that this bear was seriously wrong !!!

Ouch !

You are seriously wrong to think that rates are going to drop. Most people didnt even get the .25pc reduction on their mortgage. Rates are going up along with unemployment.

Yesterday I enquired about a flat in Cranbury Terrace, 2 bed. Original asking price of 141k, but looking to sell quick, so down to 135K ?

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I'm going to put a marker here.

8000 viewings as of 25th August 2005.

Thanks for the info Jane I am trying to get verification!.

Link. Seems to confirm what I said about prices in Southampton earlier, they went up in Q2 however volumns are significantly down.

http://news.bbc.co.uk/1/shared/spl/hi/in_d...ml/county83.stm

Edited by deano
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Hi all

I think the thing that skews all Southampton property figures are the fact that most nw build luxury waterfront properties in last 3 years have devalued loads since they were initially sold. Where prices on 2nd hand market have increased, new build have flooded market resulting in over supply - hence 2 distinct pricing trends.

Ps deano look forward to hearing if cabbie right!!

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19/09/2003 £249,950 Flat L/H 85 Charter House, 51 Flat, Canute Road, Southampton, SO14 3FZ

51 CHARTER HOUSE, CANUTE ROAD, SOUTHAMPTON £140,000 - £145,000

(guide price)

I believe these relate to the same flat which is now up for auction (repo'd by Halifax) :unsure:

Even if it makes the guide price that's a loss of.... £104,950

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  • 2 weeks later...
20th August 2005

Of course we don't know what this flat will be sold for at auction on September 8th but just look at this.  Look at 51 Charter House, Canute Road at the top of list.

http://www.propwld.co.uk/auction/foxssouth.htm

To be auctioned by Fox and Sons with a guide price of £140-£145,000

Same flat from nethouseprices.

51 Flat, 85 Charter House, Canute Road

Southampton

Southampton

SO14 3FZ

£249,950

Flat

Leasehold

Newbuild property

18 Sep 2003

Map(SO14 3FZ

We need the result to work out the loss but its going to hurt this person thats for sure!

8th September 2005

Replying to my own post.

Have done the auction and it sold for £153,500 a loss of only 39%. :o

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8th September 2005

Replying to my own post.

Have done the auction and it sold for £153,500 a loss of only 39%. :o

The number of Southampton lots has tripled in four months. The flat above was not the only one either. Prices were very depressed across the board.

Auctioneer was admitting to a depression in prices as well.

Find results at.

http://www.propwld.co.uk/auction/foxssouth.htm

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The number of Southampton lots has tripled in four months.  The flat above was not the only one either.  Prices were very depressed across the board.

Auctioneer was admitting to a depression in prices as well.

Find results at.

http://www.propwld.co.uk/auction/foxssouth.htm

Might explain why a friend of mine got reduced rent on the new flat he started renting a month ago. The agents phoned him up and told him the landlord was pretty much desperate to get someone in (though I still think it was overpriced in the first place).

/G

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I think charterhouse is an ugly development that will date - I wouldn't pay £153 for it even at an auction. However... I do see the potential of 2nd hand flats in Wilson Bowden development so much so i am making an offer on one.... ;) Even if i lose money on flat then will enjoy living next to 2 great new bars!!

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I’ve been playing around with ways of extracting price information from Rightmove, and this price distribution is one the interesting things that came out. It was posted on another thread but seems more relevant here. Anyway, it’s based on the numbers of ‘houses’ advertised on RM for ‘Southampton’ within each price band. Should be interesting to revisit later when the curves have shifted a bit.

dosy00.jpg

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  • 4 weeks later...

Note:

We are closing in on 9,500 viewings of this thread so far, the date being 7th October 2005.

Two weeks ago I passed the flats on Bitterne Road West mentioned earlier they are still empty. Whats going on!.

The news for Southampton is bad all over. For those that don't know the West Quay phase three deal with the council has fallen to bits. At this stage nothing is going to happen down there for years to come. This was by the way to include 6000 residential units on reclaimed land by 2012 (I new nothing about that). Why they call it reclaimed is a mystery since it has been under the solent for mega years.

The deal was to bring £500,000,000 of investment in and 12,750 jobs, but hey, we'll manage.

Another bit of info, the council has found 5,500 houses unfit for human occupation, however they are occupied. The landlords could shortley get hit by building repair orders, a bit like Monopoly and some will go bust, a bit like Monopoly.

I came across some info about an Ocean village landlord, he was 2 years ago making £300 pound a month over his mortgage. Now its only £100 so hes probably a bit narked about that, who cares.

The link for the next Southampton Property auction is below, its on the 25th of October, look at ther link for the list of properties, no real luxury pads this time I see, so not so much fun.

http://www.propwld.co.uk/auction/foxssouth.htm

I have a little job delivering wood and bricks and things for a building merchant, now, what they have told me is that things have been slow since January 2005. I have seen all these little developements all over the place, houses in back gardens and mini blocks of flats between houses so supply is still increasing.

This is the link to Hampshires hometrack report but you will have to register to see this freebie report.

http://www.hometrack.co.uk/index.cfm?fusea...nt.RegionReport

It makes it clear that prices have been falling since the end of June, this puts all price decline in the third quarter, so the Q3 figures that will start coming together in the next 2 weeks will send out alarm signals. The real peach is the UpMyStreet graph that is put up on the 24th of November, it will have actual Q3 data on it and will look horrid for the bulls.

The employment agencies I work for both Technical and Driving are telling me things are not good, so be afraid be very afraid, I hate recessions but I think we are going to get it.

I'll be back to post more later.

deano!

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19th October 2005

Checked last week to see if block five of eight in the Ocean Village developement has been started and it has not, guess they are having trouble shifting all of block four.

There is an unconfirmed rumour that the Woolston developement (Vickers) is having planning permission troubles.

There are a lot of small blocks of flats being built at the moment around Horton Heath, Locks Heath and Chandlers Ford.

The flats in town near the eagle pub could be a good buy if you have to buy now. I am pretty sure they are all 2 bed and they are starting at £136,000, the price fixation for new 2 beds in Shirley has been £165,000.

The 2 bed flats on Hill Lane have come on at £165,000. The only developement I know there is Perham House - Looking back on this thread I think Danni bought one off plan, negotiating the price down to £165,000. Correct me if I am wrong Danni!

The auction at the Southampton Park Hotel is on the 25th of October starting at 11:00 hrs. Is anyone available to go because I can't attend?.

All media is basically on the up at the moment. What we don't know is if it is true, the Q3 figures are beginning to come out but we need longer for analysis. The repossession figures are half yearly so no more figures untill at least January.

I am looking for a flat to let in Shirley or near (or a good house share) anyone got anything. (PM me)

Deano!

Edited by deano
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>The 2 bed flats on Hill Lane have come on at £165,000. The only developement I know there is Perham >House - Looking back on this thread I think Danni bought one off plan, negotiating the price down to >£165,000. Correct me if I am wrong Danni!

Haven't bought it yet, but about to... still not sure about the price and a few other things, though.

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As you go up the Avenue to the M3 look left to the Developements there. All prestige Flats and Houses but you can't see many from the road. Four building firms are currently in action there, Cranbourne, Orchard, Westbury and Banner Homes. I never thought the original residents there would have it, but they probably had no choice.

On Regents Park Road one of the new 2 Beds has come straight up for rent at £600 per/month. Thats not bad if you are a sharer or couple, £75 a week each for good quality, right location.

I have noticed that the flats on Bitterne Road, you know the forever empty ones, are for Keyworker. We think its a building regs problem at the moment but is the Keyworker thing a problem as well.

Going round the back of those above (left onto Rampart and left at end) you find 17 Luxury 2 Beds for sale by Itw0, they have been trying to get shot of them for months. The price is £135,000 again, just like Hill Lane, it says nothing about shared ownership. Is this going to be the new norm for new 2 beds £135,000, only time will tell.

Talk to you soon!

Deano!

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26th October 2005.

In yesterdays Echo there appears to be a great keyworker advertisement. Two bed flats for only £650 p/m; the problem is that you can already rent luxury 2 bed flats in Southampton for £600 p/m. Granted in the first situation you are buying part of it and in the second you are not but selling these places as a good deal is a joke. As is getting a mortgage for one and getting shot of one when its time to move on.

Telephone House the old BT office block in the town centre is to be converted to over 120 flats. I've mentioned this before, 777 are still doing the demolition but construction should start soon. I have not done a survey down there recently so not sure what else is happening.

The auction results for the 25th October should be out shortley the link is below.

http://www.propwld.co.uk/auction/foxssouth.htm

deano!

Edited by deano
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I've just had a good idea, now, the date is October 27th 2005.

I've been talking to one of our posters trying to get a grip on how much influence this thread is having on the Southampton market, if any.

If you are reading this, I need you, as many as are willing, to send me a personal message. Send me the following Data about yourself.

A Are you a soton resident.

B Do you use the information on this thread in your profession, are you an EA for example.

C Why are you interested in the thread.

D Now really important: How often do you look at the thread, daily, weekly, monthly and how long have you been doing it for.

E Anything else you want to tell me, age, social situation etc would be usefull.

F Whats your occupation and in your opinion is trade up or down on 6 months ago, whatever your position is.

OK Just 6 Questions A - F!

In a couple of weeks I will analyse and post the results on the thread.

Do not post the above data on the thread for all the world to see, send me a Personal Message. Click on the word deano (top left) and then select (send a personal message)!.

Ta!.

deano!

Edited by deano
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  • 2 weeks later...

26th October 2005.

In yesterdays Echo there appears to be a great keyworker advertisement. Two bed flats for only £650 p/m; the problem is that you can already rent luxury 2 bed flats in Southampton for £600 p/m. Granted in the first situation you are buying part of it and in the second you are not but selling these places as a good deal is a joke. As is getting a mortgage for one and getting shot of one when its time to move on.

Telephone House the old BT office block in the town centre is to be converted to over 120 flats. I've mentioned this before, 777 are still doing the demolition but construction should start soon. I have not done a survey down there recently so not sure what else is happening.

The auction results for the 25th October should be out shortley the link is below.

http://www.propwld.co.uk/auction/foxssouth.htm

deano!

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Did anyone read the article about keyworker homes in the Southampton Echo last night? They are extending the scheme to other careers (all public service) because teachers and nurses were interested in cheap rents but not buying 50% of a one/two bed flat at £75,000 plus paying rent on top to the local authority. Something like that anyway.

These schemes seem to presume that prices are staying this high forever. They never have in the past so why should they now? Do they know s'thing we don't? What happens to the keyworkers who buy half a flat and then find that for the same money they could buy a whole flat in two years time? Or even a house?

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