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Interesting Chat With Lass At Work


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HOLA441

Just been speaking to a mate at work, who 'bought' (IO mortgage) a 1 bedroom flat in North Sheilds, near Newcastle for £58,000 in January. Shes had an EA valuer in from Reeds Rains who estimated the property at £76,000.

She is now proclaiming how to spend her new found wealth and is now saying I definately wouldnt sell for less than £74000 because the EA says North Shields is still rising above the rest of the north :blink:

Sorry I dont know the street or the postcode, but am I not right in thinking the North has been stagnant or slight declines in the last 12 month. Is this the agent just giving a wild valuation?, because it's got my colleague thinking shes a property mogul. ;):lol:

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HOLA442

Just been speaking to a mate at work, who 'bought' (IO mortgage) a 1 bedroom flat in North Sheilds, near Newcastle for £58,000 in January. Shes had an EA valuer in from Reeds Rains who estimated the property at £76,000.

She is now proclaiming how to spend her new found wealth and is now saying I definately wouldnt sell for less than £74000 because the EA says North Shields is still rising above the rest of the north :blink:

Sorry I dont know the street or the postcode, but am I not right in thinking the North has been stagnant or slight declines in the last 12 month. Is this the agent just giving a wild valuation?, because it's got my colleague thinking shes a property mogul. ;):lol:

Does this price include a bodygaurd for this area ?

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HOLA443

Just been speaking to a mate at work, who 'bought' (IO mortgage) a 1 bedroom flat in North Sheilds, near Newcastle for £58,000 in January. Shes had an EA valuer in from Reeds Rains who estimated the property at £76,000.

She is now proclaiming how to spend her new found wealth and is now saying I definately wouldnt sell for less than £74000 because the EA says North Shields is still rising above the rest of the north :blink:

Sorry I dont know the street or the postcode, but am I not right in thinking the North has been stagnant or slight declines in the last 12 month. Is this the agent just giving a wild valuation?, because it's got my colleague thinking shes a property mogul. ;):lol:

Prices have risen in the NE since January, although not by as much as that:

http://www.houseprices.uk.net/articles/odpm_regional/

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HOLA444

Just been speaking to a mate at work, who 'bought' (IO mortgage) a 1 bedroom flat in North Sheilds, near Newcastle for £58,000 in January. Shes had an EA valuer in from Reeds Rains who estimated the property at £76,000.

She is now proclaiming how to spend her new found wealth and is now saying I definately wouldnt sell for less than £74000 because the EA says North Shields is still rising above the rest of the north :blink:

Sorry I dont know the street or the postcode, but am I not right in thinking the North has been stagnant or slight declines in the last 12 month. Is this the agent just giving a wild valuation?, because it's got my colleague thinking shes a property mogul. ;):lol:

I presume you explained to her that she's got a net worth of £18K and that whilst you are not going to start calling her Joanna D Rockefeller just yet, she may wish to consider offshore investments like buying a bit a bit of Piz Buin (unless she's the usual Tango Geordie girl).

I also presume you asked her how she was going to afford to move up the ladder as if it's still rising, surely the gap to the next rung just got bigger....

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HOLA445

True, flats have done okay in the last Q according to the ODPM. Up over one third of one percent which is better than a kick in the teeth. However, the rate of increase is slower than the YoY which suggests a slightly slowing market:

Newcastle Upon Tyne

Flats

£133,643 Q: 0.4% Yoy: 3.3% 463

Good thing your mate is not in Gateshead as flats there are losing money:

Gateshead

Flats

£92,628 Q -3.3% Yoy: 3.8% 210

Detached homes in NoT are in full crash pace:

Newcastle Upon Tyne

Detached

£296,044 Q: -11.2% YoY: 13.4% 79

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period April to June 2006.

http://news.bbc.co.uk/1/shared/spl/hi/in_d.../county96.stm?f

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HOLA446
Guest Alright Jack

Just been speaking to a mate at work, who 'bought' (IO mortgage) a 1 bedroom flat in North Sheilds, near Newcastle for £58,000 in January. Shes had an EA valuer in from Reeds Rains who estimated the property at £76,000.

She is now proclaiming how to spend her new found wealth and is now saying I definately wouldnt sell for less than £74000 because the EA says North Shields is still rising above the rest of the north :blink:

Sorry I dont know the street or the postcode, but am I not right in thinking the North has been stagnant or slight declines in the last 12 month. Is this the agent just giving a wild valuation?, because it's got my colleague thinking shes a property mogul. ;):lol:

I don't get it? Did you manage to get into her pants or what?

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HOLA447

Looks like North Sheilds is NE29 and NE30

average sold flat prices have been falling/level since late 04, however they

are well up on late 03 prices.

http://www.home.co.uk/guides/house_prices_...=ne29&all=1

http://www.home.co.uk/guides/house_prices_...=ne30&all=1

She either bought at a low price or the valuation is too high, the average selling price for a flat is currently 85->90k

Edited by moosetea
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HOLA448

Looks like North Sheilds is NE29 and NE30

average sold flat prices have been falling/level since late 04, however they

are well up on late 03 prices.

http://www.home.co.uk/guides/house_prices_...=ne29&all=1

http://www.home.co.uk/guides/house_prices_...=ne30&all=1

She either bought at a low price or the valuation is too high

Not according to the LR, prices are rocketing :lol: , marry the bitch :P and take half :D

http://news.bbc.co.uk/1/shared/spl/hi/in_d...s/html/ck.stm?f

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HOLA449
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HOLA4410

I find North Shields fairly appealing for an number of reasons. Walk to metro and main routes to town, ferry to South Shields, metro to airport, and next to Tynemouth and a nearby beach road going North up the coast. I have a friend living there and I keep half an eye on property prices there on certain roads and areas.

So if you know your colleagues address then nethouseprices will confirm the sale price, and also any sales on the same road this year. In the North Shields area 184 flats have sold this year to date. Not many (3 or 4 ) sold below 60,000, so I wonder if your colleague is exaggerating their gains by fibbing about the price paid.

Today I can see that a number of recently built 2 bed flats are reducing their asking prices from £150K+ earlier this year. They weren't in short supply and were way overvalued anyhow. The older Tyneside flats, most of which are 2 bed, were going for £80-£95 earlier this year, depending on the road.

You need some corroborative data to check out the anecdotal evidence I think.

:)

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HOLA4411

Send a shiver up your spine if they are right.

Bought in January for 58k and valued in August for 76k.

While you've been arguing the toss on here about interest rates and gold and stock markets .... someone else has got on with their life and made some money.

North Shields is clearly a hot spot. Was it on Phil and Kirsty's list?

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HOLA4418

Having poked around, jsut found out she had to spend 8 grand on it getting it livable. That excludes mortgage / buying fees etc etc etc. Lets say the valuation is 7 or 8 grand over the top, that leaves her with not much.

Feel better now.

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HOLA4419

Having poked around, jsut found out she had to spend 8 grand on it getting it livable. That excludes mortgage / buying fees etc etc etc. Lets say the valuation is 7 or 8 grand over the top, that leaves her with not much.

Feel better now.

Love your terminology... 'having poked around' .. I bet you did... northern girls are well up for it ! ;-)

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HOLA4420
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HOLA4422
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HOLA4423

Having poked around, jsut found out she had to spend 8 grand on it getting it livable. That excludes mortgage / buying fees etc etc etc. Lets say the valuation is 7 or 8 grand over the top, that leaves her with not much.

Feel better now.

Why say the valuation is £7/8k over the top? why not make up a better figure? Lets say £50k over the top!

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HOLA4424
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HOLA4425

Having poked around, jsut found out she had to spend 8 grand on it getting it livable. That excludes mortgage / buying fees etc etc etc. Lets say the valuation is 7 or 8 grand over the top, that leaves her with not much.

Feel better now.

Sounds to me like she bought a complete shit hole and has spent a lot of time and money on it. Fair play if she has made a profit on it, if she was prepared to put the work in then you can't begrudge her that.

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