paulos Posted August 15, 2006 Share Posted August 15, 2006 A while back I wrote on here about a maisonette on one of the most desired streets in Durham, reduced from £179,950 to £159,950 in a single step. That was about 6 weeks ago I think. Well, yesterday they knocked it down to £149,950. So that's a £30k reduction (16.7%) in the asking price over the last 3 months at most. Did I mention that there's an identical maisonette two doors down which isn't selling either? And that one is the same price but also has a garage... Add to this the following: 1. A user on here who bought a 4 bedroom house instead of a 3 bedroom house, because they felt that the low end of the market was more overpriced (and thus less value) than the high end. 2. The man who is still trying to sell his house by giving away a free Ferrari with it - no joy after at least 8 months. http://www.houseandferrari.co.uk/ 3. Stories from London of how the market is being kept going by high end transactions. 4. Talk of a further interest rate raise in the face of growing inflation. It seems to me that the tide *has* turned, it's just that the sale of expensive houses is keeping the figures positive (for estate agents). Quote Link to comment Share on other sites More sharing options...
Goat Posted August 15, 2006 Share Posted August 15, 2006 Although not from the area, this does pose an interesting question. We have all been surprised by the mini boom in HPs over the first part of this year. Is this a result of a change in the mix of properties? Are larger properties continuing to sell whilst FTB/BTL remain stagnant and is this distorting the figures? Quote Link to comment Share on other sites More sharing options...
paulos Posted August 15, 2006 Author Share Posted August 15, 2006 DH1 1 is definitely seeing this kind of behaviour: http://uk.houseprices.yahoo.net/postcode/D...tcodeChart.html DH1 4 is seeing quite a dramatic slide in prices for detatched properties: http://uk.houseprices.yahoo.net/postcode/D...tcodeChart.html Of course, these are sales and not asking prices! Quote Link to comment Share on other sites More sharing options...
jock1967 Posted August 15, 2006 Share Posted August 15, 2006 I too thought that sales of more expensive properties (detached and semis) might be keeping the market bouyant in my area (Devon). However when I analysed the Land Registry figures to see what the proportions of Detached, semis, terraced and flats sold were and whether the mix had changed in the last two years I found that this was not the case. It is always possible that only those more desireable and so more expensive properties in each of the categories are selling keeping the average price up but that is not something I can assess with the land registry figures alone. Jock Quote Link to comment Share on other sites More sharing options...
tinecu Posted August 15, 2006 Share Posted August 15, 2006 Well these figures agree with what you are saying, Paulos! See:http://www.home.co.uk/guides/house_prices_...urham&all=1 If it was not for the top end of the market, holding up the averages, house prices would be in freefall! Quote Link to comment Share on other sites More sharing options...
paulos Posted September 11, 2006 Author Share Posted September 11, 2006 (edited) More Durham news... I live in a block of 12 flats, the cheapest of which were sold for around £190k 18 months ago. More expensive ones were around £220k. One of the the "cheaper" flats has just been repossessed by the mortgage firm, and the owner has been given 14 days to remove his posessions. EDITED: Forgot to mention that about a year ago, the owner put his place on the market and the sign stayed up for months. Eventually the sign came down without a sale. Edited September 11, 2006 by paulos Quote Link to comment Share on other sites More sharing options...
pokissimo Posted September 11, 2006 Share Posted September 11, 2006 2. The man who is still trying to sell his house by giving away a free Ferrari with it - no joy after at least 8 months. http://www.houseandferrari.co.uk/ Seems like he's sold his house now! No sign of the resale on the Land registry as yet: But he paid 300,000 for it on 27/5/05 (per land registry) This seems pretty similar, though. http://www.rightmove.co.uk/viewdetails-126...=1&tr_t=buy Quote Link to comment Share on other sites More sharing options...
AteMoose Posted September 11, 2006 Share Posted September 11, 2006 sold?!? Hmm price isnt on the land registry yet.... Quote Link to comment Share on other sites More sharing options...
grey shark Posted September 11, 2006 Share Posted September 11, 2006 sold?!? Hmm price isnt on the land registry yet.... The Land registry takes time to update there records , they only update every 3 months i think ????? and even then the solicitor of a sold property may be late sending in the details . Quote Link to comment Share on other sites More sharing options...
AteMoose Posted September 11, 2006 Share Posted September 11, 2006 will be nice to see how much it 'went' for ;p Quote Link to comment Share on other sites More sharing options...
ummabdullah Posted September 11, 2006 Share Posted September 11, 2006 very interesting because durham is close to hartlepool/wynyard/middlesbrough area. If prices are not doing well up there.. and the schools are superb... then why the hell is middlesbrough not knocking prices yet? My mother in law has an enormous house in hartlepool.. it is immaculate through out.. and very modern.. with traditional like new features. .. she had it on the market for 2 years.. and 2 people put an offer on it.. the first lady backed out.. and the second offer was way under the asking price.. My mother in law does not feel comfortable to move at the moment because of the bad quality of housing she has seen elsewhere. Quote Link to comment Share on other sites More sharing options...
conifer Posted September 20, 2006 Share Posted September 20, 2006 I've been looking at Rightmove and Middlesborough had the cheapest houses I could find - several terraced 2-beds from £30k to £50k. Hull just a little more expensive. Quote Link to comment Share on other sites More sharing options...
anonymouse Posted December 29, 2006 Share Posted December 29, 2006 I've been looking at Rightmove and Middlesborough had the cheapest houses I could find - several terraced 2-beds from £30k to £50k. Hull just a little more expensive. That's because the neighbourhoods they're in look like bomb sites, and more than likely they've already had any metal parts conveniently removed to make your total remodel easier <grin> M'brough is one of the most depressing, horrid towns I've seen up here. And I've been to Easington Colliery. Quote Link to comment Share on other sites More sharing options...
backtoparents Posted December 29, 2006 Share Posted December 29, 2006 will be nice to see how much it 'went' for ;p Your wish is my command. http://www.houseprices.co.uk/e.php?q=++Kir...ve+DH1&n=10 £390,000 - with a free car. Isn't it too wide to fit into the garage? number 29 (completely new) sold 10 days earlier for £300,000 Is this the one now for sale at £285,000? Stick DH1 4FF into rightmove, and there are a few more examples for similar money. Anyway, well done to the chap! btp Quote Link to comment Share on other sites More sharing options...
bricked-it Posted December 29, 2006 Share Posted December 29, 2006 Your wish is my command. http://www.houseprices.co.uk/e.php?q=++Kir...ve+DH1&n=10 £390,000 - with a free car. Isn't it too wide to fit into the garage? number 29 (completely new) sold 10 days earlier for £300,000 Is this the one now for sale at £285,000? Stick DH1 4FF into rightmove, and there are a few more examples for similar money. Anyway, well done to the chap! btp No.2 did well - bought June 06 for 250,000; sold August 06 for 297,500. A nice profit in 2 months....... Quote Link to comment Share on other sites More sharing options...
backtoparents Posted December 29, 2006 Share Posted December 29, 2006 (edited) No.2 did well - bought June 06 for 250,000; sold August 06 for 297,500. A nice profit in 2 months....... Bought along with number 1 for the same price a day later? edit: ooh! just noticed - isn't 250k conveniently under stamp duty threshold? btp Edited December 29, 2006 by backtoparents Quote Link to comment Share on other sites More sharing options...
paulos Posted July 18, 2007 Author Share Posted July 18, 2007 It's been a long time but here's an update... The flat which 12 months ago was reduced in price to £149,950 (and started this thread off) is... STILL on the market at the same price. The flat which was repossessed after an original purchase price of approx £190k is still up for sale with an asking price now of £170k. Quote Link to comment Share on other sites More sharing options...
paulos Posted September 1, 2007 Author Share Posted September 1, 2007 Start of September update. Flat which had been on the market for over a year is STILL on the market at £149,950. The flat which was repossessed is now up for auction, guide price £150k (so almost 25% reduction). Quote Link to comment Share on other sites More sharing options...
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