Jump to content
House Price Crash Forum

Cornwall


Antsy
 Share

Recommended Posts

Does anybody remember a Cornishman headline (yes headline) warning that in the event of a house price crash Cornwall could well be hit hardest.

Well, fingers crossed!

it appears the numptty supply is not quite exhausted - the monstrosity I highlighted earlier in the thread is sold STC.

http://www.rightmove.co.uk/viewdetails-597...pa_n=1&tr_t=buy

Someone has truly 'gone Bodmin' :huh:

Link to comment
Share on other sites

  • 3 weeks later...
Anecdotal from village outside Snozzel...

Our neighbours house in a highly desirable area outside Snozzel was recently up for sale at £360K.  They had a local buyer within a few weeks of it going on sale at the asking price.  Surprise, surprise, I've just found out the sale has fallen through as the buyer couldn't raise the finances.  Not sure of the circumstances.  I think the buyer wanted to let out as holiday accommodation, and was obviously trying to borrow against the value of their existing house, which is run as a luxury B&B.

Massive amounts of 'For Sale' boards throughout this area... particularly in and around the clay villages....

Likewise I have noticed a huge amount of for sale board in snozzel and surrounding areas. Houses are definately not selling here.

Some relatives of mine had there house on the market for 6 months and not one viewing. They would not reduce the price and they are convinced that property prices wont fall as 'they wont allow it'- 'they' being Nu Labour.

Also freinds of mine in this area who have been adamant that property wont crash, are now claiming that 'apparently theres a slowdown on, but I'm sure snozzel will be fine as they have a new town being built (ie demolished buildings and f*** all else at present), a new village (ie cramped housing estate with a shop at the centre), and the superb Eden Poject.

They just dont get it, even in snozzel a council house (2 bed) are on the market at 140,000.

Of course none of these freinds can answer the question who is going to buy these places and could they afford to if they were first time buyers now with an answer to suggest this madness will carry on.

Hey but who knows perhaps Nu Labour wont let it happen! :lol:

Link to comment
Share on other sites

Definite slowdown in the Redruth area too.

An aquaintance (mad) is trying to go through with the purchase of a derelict barn for £300K, surveyor valued at only £200K, mortgage problems now can you imagine.

Three houses for sale in my immediate vicinity, none sold for six months. Another three have just come onto the market.

Cheers

C.P.

Link to comment
Share on other sites

Likewise I have noticed a huge amount of for sale board in snozzel and surrounding areas. Houses are definately not selling here.

Some relatives of mine had there house on the market for  6 months and not one viewing. They would not reduce the price and they are convinced that property prices wont fall as 'they wont allow it'- 'they' being Nu Labour.

Also freinds of mine in this area who have been adamant that property wont crash, are now claiming that 'apparently theres a slowdown on, but I'm sure snozzel will be fine as they have a new town being built (ie demolished buildings and f*** all else at present), a new village (ie cramped housing estate with a shop at the centre), and the superb Eden Poject.

They just dont get it, even in snozzel a council house (2 bed) are on the market at 140,000.

Of course none of these freinds can answer the question who is going to buy these places  and could they afford to if they were first time buyers now with an answer to suggest this madness will carry on.

Hey but who knows perhaps Nu Labour wont let it happen!  :lol:

Oh yes - the new snozzel town centre. How is it going? Have they got rid of the concrete monstrosity yet (crowing glory - enormous Peacocks). I'm going down that way next week so I'll grab a copy of the Cornish Guardian and see how things compare to last time (Christmas) then report back to the board.

Link to comment
Share on other sites

Oh yes - the new snozzel town centre. How is it going? Have they got rid of the concrete monstrosity yet (crowing glory - enormous Peacocks). I'm going down that way next week so I'll grab a copy of the Cornish Guardian and see how things compare to last time (Christmas) then report back to the board.

They've just announced they're knocking down the multi-storey car park (at long last) can't remember when, but it's sometime this autumn I believe. So they will probably finish that around Xmas then :blink: Just in time to leave a nice mess for the Xmas shoppers. I've seen the latest plans for the redevelopment and wasn't too impressed, thought it might look a bit dated in 10-15 years time.

Link to comment
Share on other sites

  • 2 weeks later...
Oh yes - the new snozzel town centre. How is it going? Have they got rid of the concrete monstrosity yet (crowing glory - enormous Peacocks). I'm going down that way next week so I'll grab a copy of the Cornish Guardian and see how things compare to last time (Christmas) then report back to the board.

We have reductions! This is all very exciting, albeit slow - most are around 5% off (and then you have to factor in that people won't get full asking price so I'd say we're looking at a 10% reduction so far), but at least they are marked as such in the Guardian, which is a big change on the last time I looked. Perhaps denial is slowly giving way to reality as the summer drags on and either those second homes / investment conversions aren't selling, or greedy locals can't offload their homes to the usual rush of holidaying Londoners for a ridiculous sum? Anecdotal evidence - house in parents very desirable moorland village was on for 500k, sold for 400k - 20% off after a year on. Good stuff...

Link to comment
Share on other sites

Hard to beleive but I actually think some prices of newly advertised houses have gone up?!

It doesn't change the fact that nothing is selling even with reductions. But, I have noticed 2 or 3 of the most overpriced properties I've seen for a while.

There is no end to the amount of people that are still kidding themselves that all is rosy. This week's Guardian features reductions in places like Bugle (ugh) and Snozzle - least desirable areas are leading the way with reductions. Oh - and the sale on my parents' friends home has now fallen through, even at a 20% reduction. Oh dear.

Link to comment
Share on other sites

Not too sure about St Austell, Bodmin and Redruth, but Launceston prices seem to be fairly stagnant, certainly in terms of small property (1-2 bedroom flats/cottages). That said, there is very little of this sort of stuff about for less than 100k, which still puts it beyond the reach of most locals. Big estate being thrown up on the edge of town- the second phase is under construction as I write- I believe the last lot were sold at 139-160k.

Link to comment
Share on other sites

Not too sure about St Austell, Bodmin and Redruth...

Did post this before, but can't resist repeating here - I noticed the house in this link about a month ago http://www.rightmove.co.uk/viewdetails-835...pa_n=1&tr_t=buy (there's no board outside for some reason, so I don't know how long it was on before I discovered it on rightmove).

It is on a very busy roundabout and has no parking (AND is in Bodmin!). It was bought for £183k in Nov 2004. The couple buying it claimed that the wife had coveted that house since childhood and that was the only reason for moving as they were quite happy where they were (in the house we now own). Odd behaviour. I really hope they don't get anywhere near the asking price. Blooming cheek.

I have noticed quite a lot of price reductions in EA windows in Bodmin. Not sure of percentages though - hard to see original prices under those stickers.

Link to comment
Share on other sites

Did post this before, but can't resist repeating here - I noticed the house in this link about a month ago http://www.rightmove.co.uk/viewdetails-835...pa_n=1&tr_t=buy (there's no board outside for some reason, so I don't know how long it was on before I discovered it on rightmove).

It is on a very busy roundabout and has no parking (AND is in Bodmin!).  It was bought for £183k in Nov 2004.  The couple buying it claimed that the wife had  coveted that house since childhood and that was the only reason for moving as they were quite happy where they were (in the house we now own).  Odd behaviour.  I really hope they don't get anywhere near the asking price.  Blooming cheek.

I have noticed quite a lot of price reductions in EA windows in Bodmin.  Not sure of percentages though - hard to see original prices under those stickers.

Ridiculous price - it is on a main road (in holiday period particularly, when people avoiding the A30 stream through the back of Bodmin) and nothing can justify HPI in a falling market. Anyway, the lower end of Honey Street has a drain 'odour' problem at the moment, according to local shopkeepers. Won't do much for buyers if it's wafting across the road.

Link to comment
Share on other sites

Ridiculous price - it is on a main road (in holiday period particularly, when people avoiding the A30 stream through the back of Bodmin) and nothing can justify HPI in a falling market. Anyway, the lower end of Honey Street has a drain 'odour' problem at the moment, according to local shopkeepers. Won't do much for buyers if it's wafting across the road.

HA! I haven't noticed the drain 'odour' but I hope it wafts straight in their windows! I don't know why these would-be opportunistic idiots generate such vitriol in me, but it's out of control! Sorry you had to witness that little outburst.

Link to comment
Share on other sites

The Hillside estate in Bodmin is pretty rank - as are quite a few bits of the spine of Cornwall (Launceston, Snozzle, Camborne & 'Druth). Any price news from these parts of the old country, anyone?

In Launceston, thing seems to have slowed down. There are a couple of houses near my folks place which have been on the market for about 18 months or so (begs the question of 'how much are they asking?'). Does seem to prove that things are no longer flying off the shelves. I have a mate in Lostwithiel who's taken about 6 months to sell.

However, that said, a relative recently sold her house in about a month at full asking price. Guess it just depends how you've priced things. Lets hope this is the calm before the storm and prices are about to plumet, I certainly can't see myself doing anything other than renting for a long time to come. personally i think more should be done about second home ownership. Don't know anyone who works in Cornwal and wants to be a first time buyer who can afford it now.

Link to comment
Share on other sites

  • 2 weeks later...

Old friend of mine, crazy lady expects an HPC, but for the hell of it put in an offer on a house in Penzance.

The house was on at 135k original buyers pulled out on contract exchange day.

Friend offered 118K.. offer accepted.

Suprised my friend called in a surveyor and some builders that said 10K of work was needed. She called the EA and said this, also that she would have to rent for three months while the work was been carried out.

She offered 103k..

Accepted!!!

She feels a little foolish, but considering that she can decorate to her outrageous tastes etc and the repayments will be bugger all she's going for it.

I wished her all the best, she apologised for her desertion, I laughed and pointed out that on the contrary, this would have a nice effect on next months figures..:)

Link to comment
Share on other sites

She offered 103k..

A 30% cut looks interesting - but has any check been made on houseprices.co.uk to see what the "peak" price was in the street she bought ?

I think that many EAs are still overpricing even over last year's peak so that when buyers get a good discount they feel they've got a bargain, but have still actually paid over the odds.

I could be wrong in this case, of course... :D

Link to comment
Share on other sites

I haven't checked that, but Penzance has seen incredible inflation(where hasn't) and it seems that it is a case of being in the right place at the right time to get this deal. The owners were ready to move into a new place when their previous sale fell through.

It's the places that do sell that set the price, not the one that sit in the EAs windows for months unsold.

Personally I'm definately happy renting for all the reasons exhaustively discussed in the past.

Well done W.L. for your site, I've sent many people there who had not a clue about what was going on, and it has certainly helped them all make a strong decision. Its good to get people educated on the basics before they join the fray here on HPC.

C.P.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

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.