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paulos

Durham Anecdotal

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Durham is a bit of a weird property market, because the small city size, restrictions on development (due to World Heritage Site status etc), plus the 11,000 or so student population all combine to create a lot of demand.

There are a lot of new developments going up around the place by the usual suspects - Barratt Home for example.

I'm renting a flat on a new Barratt estate, because I don't stand any chance of buying a place in Durham right now. Just about every one of the 100 or so new homes on this estate was sold off-plan, because of the hefty 20% discount you get for doing so.

The thing is, they're all now back on the market (except for a handful, most of which are rented out) - obviously just bought to take advantage of the 20% discount with a view to making a quick buck. But they're not selling. Several houses now have multiple signs in front of them from different estate agents - presumably as the seller starts to worry.

Additionally, my boss has just put his house on the market. It's only 2 weeks in but there's only been one half hearted viewing and nothing else.

Fingers crossed...

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Guest Guy_Montag

I don't post here much, but I saw your post. Which estate do you live in?

What sortof place have you got & what do you pay? I'm renting a small flat in Gilesgate, but thinking of moving to a better place.

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Durham is a bit of a weird property market, because the small city size, restrictions on development (due to World Heritage Site status etc), plus the 11,000 or so student population all combine to create a lot of demand.

There are a lot of new developments going up around the place by the usual suspects - Barratt Home for example.

I'm renting a flat on a new Barratt estate, because I don't stand any chance of buying a place in Durham right now. Just about every one of the 100 or so new homes on this estate was sold off-plan, because of the hefty 20% discount you get for doing so.

The thing is, they're all now back on the market (except for a handful, most of which are rented out) - obviously just bought to take advantage of the 20% discount with a view to making a quick buck. But they're not selling. Several houses now have multiple signs in front of them from different estate agents - presumably as the seller starts to worry.

Additionally, my boss has just put his house on the market. It's only 2 weeks in but there's only been one half hearted viewing and nothing else.

Fingers crossed...

Well according to this data your boss is going to have problems selling... unless he drops the price.

http://www.home.co.uk/guides/house_prices_...&lastyear=1

The data is a bit noisy due to the low volume of sales (another pointer as to the state of health of this local housing market) but the trend is apparent and its downward...

Looks like the developers saw it coming and got out quick with their imaginary 20% discount.

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Signs of rot are clear in Durham, but we're just about to exchange contracts

anyway. Vendors are holding on to their asking prices with incredible

tenacity, even after one and a half years on the market, so we can't wait

anymore due to growing family pressures.

We got 6.5% off the (detached, 4 beds, 1981) house we're buying. More than average, but

I'm still not completely happy with the price. On the other hand, it's

a bit of a 'dream-home-we-stay-in-for-20-years' kind of place in an area

we like with a good school, and we're not stretching ourselves.

While we were looking around it was clear that the difference between

small-3-bed-semi-small-garden and medium-4-bed-detached-reasonable-garden

isn't as big as it should be, the larger houses seem (relatively) much better value

at the moment. Seems the 3-bed semis have been bid up by investors and

desparate FTBs, but the larger houses havn't had the same buying pressure.

Originally we planned to buy a 3-bedder and upgrade, but it didn't make

economic sense at all.

Pent

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Interesting link to the Barrett Homes blog.

Message seems to be "Barrett = cheap & nasty" with dreadful staff.

Quite frankly anyone buying any new build needs to have their head examined but this lot seem to be the worst.

Apparently most Barrett homes are a particular size in terms of floor space because this allows them to fit only one electrical ring main (building regs require 2 if they are any larger). Says it all really.

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Three more relevant anecdotes for Durham and the north east:

1. I've just seen a maisonette in Durham, price reduced from £174,950 to £159,000. Pretty hefty reduction in one step!

2. My partner's friend has just got onto the property ladder - his grandma died, and his parents saw fit to give him her house since he stood no chance of affording one otherwise.

3. Another person has just got onto the ladder, but she's only bought 1/3 of the house - her parents have bought the rest and will be letting out two of the rooms to recoup the mortgage costs.

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Durham sounds pretty brutal at the moment. My boss lives in the area and is trying to sell his 4 bed detached, no even a whiff of an offer/viewing. There are going to be some place in the NE that get a severe beating, don't even get me started on the 'Boro.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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