Jump to content
House Price Crash Forum
neuvilla

Cambridge drops 10%

Recommended Posts

4 minutes ago, btd1981 said:

Where is this in the report? Cursory glance over breakfast reveals only 'good' news...

Page 7 for the average sold prices, and page 6 for the number of sales.

Share this post


Link to post
Share on other sites

That's interesting then: at this time Cambridge and South Cambridgeshire look set to cross?

Based upon the graph, the two have been at approximate parity before, but Cambridge appears to lead the wider area up and down. Wish the data extended further back to confirm this.

Or, perhaps this is a new era of relative pricing, reflecting the fact that living in Cambridge is fact, not that amazing (from my own experience of residing in the overpriced, crowded, smelly and socially divided car park).

Share this post


Link to post
Share on other sites
44 minutes ago, btd1981 said:

Or, perhaps this is a new era of relative pricing, reflecting the fact that living in Cambridge is fact, not that amazing (from my own experience of residing in the overpriced, crowded, smelly and socially divided car park).

Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. 

But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards.

Share this post


Link to post
Share on other sites
42 minutes ago, Frugal Git said:

Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. 

But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards.

You're about the only Cantabrigian that thinks so. I'm usually told to shut the f%5k up up when I try and explain that a terraced house in Cambridge could get you an executive property in its own grounds elsewhere. They tell me it's special, so i guess it must be.

Share this post


Link to post
Share on other sites

I'm thinking about selling/buying in Cambridge in the next few months.

Valuer coming round next week.

Viewing one specific property in next few days.

Likely I won't end up doing it as I'll decide the sums of money involved are ridiculous.

Market has slowed dramatically though and number of properties on the market much higher. However yet to see anything like 10% falls in asking price in my area of the city. Still all time high.

Edit - not quite true. Last recorded sale in my street is slightly higher (3%) than current asking price of similar property. So 5% fall from peak possible.

 

Edited by Timak

Share this post


Link to post
Share on other sites
1 hour ago, Frugal Git said:

Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. 

But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards.

The things is, these people (scientists, innovators) should be getting paid well, but instead the money goes to spivs in the city who buy properties in the area because of its prestige. Loose lending and speculation are the cause.

 

Share this post


Link to post
Share on other sites
2 hours ago, rantnrave said:

Throw in a sterling devaluation too and the Chinese still aren't tempted to buy back in?

They are subject to currency controls and can't get their money out as easily any more. Vancouver has recently had a drop of ~50% in sales of 3-bed houses, possibly in part for this reason.

Share this post


Link to post
Share on other sites

ONS Land Registry for borough of Cambridge actually reports a £30K bounce back in January, such that prices are only 4.5% down (-£24K) on August 2016. Looks like the city of experts took a big hit after Brexit vote (Oxford is also down 4%).

Share this post


Link to post
Share on other sites

The 10-12% average price drop isn't really the whole story, though. Lower quartile prices are still rising, average price per square meter is rising and time to sell is dropping again.

This would all suggest the drop is to do with the properties on the higher end skewing the average. The fact that the lower quartile is still rising in price is much more significant in terms of affordability

 

Share this post


Link to post
Share on other sites
1 hour ago, MuTron1 said:

The 10-12% average price drop isn't really the whole story, though. Lower quartile prices are still rising, average price per square meter is rising and time to sell is dropping again.

This would all suggest the drop is to do with the properties on the higher end skewing the average. The fact that the lower quartile is still rising in price is much more significant in terms of affordability

 

You're right. But, I'd assume that price reductions at the top would have, maybe further down the line, some effect of prices at the bottom. Its just an assumption, and I would like to see some analysis of this sort of thing from Cambridge or elsewhere. 

 

Share this post


Link to post
Share on other sites

Went to my first house viewing in over 10 years in Cambridge this morning.

I had arranged to meet the agent at the property. On turning up I discovered it was an open-house viewing (nobody else knew that either). 17 lots of potential buyers shuffling around a house someone has died in very recently, the entire house stuffed with a lifetime's possessions, food still in the kitchen, expensive electronics left out on view.

Agent said they had already had 2 above asking price offers that morning and it would be best and final offers by Monday. Only those who could complete asap would be considered.

Ruled us out. 

If there is a slow down it wasn't in evidence this morning.

Share this post


Link to post
Share on other sites

I also haven't noticed any sort of slow down in the surrounding villages north of Cambridge. Properties at the lower end of the market get snapped up in no time. 

Share this post


Link to post
Share on other sites
On 3/25/2017 at 2:26 PM, Timak said:

Went to my first house viewing in over 10 years in Cambridge this morning.

I had arranged to meet the agent at the property. On turning up I discovered it was an open-house viewing (nobody else knew that either). 17 lots of potential buyers shuffling around a house someone has died in very recently, the entire house stuffed with a lifetime's possessions, food still in the kitchen, expensive electronics left out on view.

Agent said they had already had 2 above asking price offers that morning and it would be best and final offers by Monday. Only those who could complete asap would be considered.

Ruled us out. 

If there is a slow down it wasn't in evidence this morning.

House was on for £400k, there are 9 offers on the table and it has gone to best and final offers.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   90 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

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.