OverInflated Posted September 3, 2006 Share Posted September 3, 2006 Maybe once or twice a week a certain property developer phones up to see if we are ready to buy one of their houses. Today I asked whether they thought property prices would drop (or perish the thought, crash). Their response - they read a newspaper article which said house prices in Scotland are rising by 10% a year and in there areas they are going up by 17% a year, so they think it very unlikely. I then asked how many of the new houses on this development had sold. er Sorry, I can't hear you?? How Many?? 0! Pardon?? 0! So how come none have sold? We are very busy and have lots of people interested. No one buying? Probably no one wants to be the first to buy or they are waiting till we have completed development. So I could buy a house, you would pay my deposit, carpet the house and give me £10,000 cash back and then next year I could make 17% (about £35,000) if I sold? Yes, probably! But if you can't sell them at this price, how am I going to sell it for £35,000 more? The papers said house prices in this area are going up by 17% a year, they will sell very quickly when prices rise a bit more and then you won't get these special offers. Sold, I will take all of them. Quote Link to comment Share on other sites More sharing options...
Shropshire Lad Posted September 3, 2006 Share Posted September 3, 2006 I put a deposit down for a £450k new build home 6 months ago, under the illusion that the whole development of 10 houses was selling like hot cakes. Pulled out of the deal due to houses being too big for their plots, and surprise surprise, not one has sold yet. The developer is sitting on what must be a £6M debt, but is neither budging on price, or selling any houses. Keeps ringing me up though. Quote Link to comment Share on other sites More sharing options...
iLegallyBlonde Posted September 3, 2006 Share Posted September 3, 2006 I wish I could say the same up north, 6 shoes boxes sold for £500k, one left in West Kirby and just outside Chester 5 executive homes, which are on such a slant you couldn't mow the lawn without sliding into the dining room window, utterly ridiculas, all sold £600k ish Quote Link to comment Share on other sites More sharing options...
sign_of_the_times Posted September 3, 2006 Share Posted September 3, 2006 I wish I could say the same up north, 6 shoes boxes sold for £500k, one left in West Kirby and just outside Chester 5 executive homes, which are on such a slant you couldn't mow the lawn without sliding into the dining room window, utterly ridiculas, all sold £600k ish are they all on the land reg ? Quote Link to comment Share on other sites More sharing options...
Shropshire Lad Posted September 3, 2006 Share Posted September 3, 2006 I wish I could say the same up north, 6 shoes boxes sold for £500k, one left in West Kirby and just outside Chester 5 executive homes, which are on such a slant you couldn't mow the lawn without sliding into the dining room window, utterly ridiculas, all sold £600k ish Who the hell's buying this cr*p? I can't find anything I'd entertain moving into, (at £450k!) and was starting to think I was getting fussy. The reality is that other peoples standards have dropped, and developers are milking it. Quote Link to comment Share on other sites More sharing options...
Shropshire Lad Posted September 3, 2006 Share Posted September 3, 2006 How about this for a similar price? - hardly a shoe box, only problem it's in Germany! http://www.rightmove.co.uk/viewdetails-607...p;chnl=overseas Looks like a failed Walt Disney project ! Quote Link to comment Share on other sites More sharing options...
Jason Posted September 3, 2006 Share Posted September 3, 2006 How about this for a similar price? - hardly a shoe box, only problem it's in Germany! http://www.rightmove.co.uk/viewdetails-607...p;chnl=overseas So you can get that for £464k. This country is such a rip off. Quote Link to comment Share on other sites More sharing options...
BandWagon Posted September 3, 2006 Share Posted September 3, 2006 So you can get that for £464k. This country is such a rip off. You won't be able to afford the maintenance and running costs. Quote Link to comment Share on other sites More sharing options...
OverInflated Posted September 3, 2006 Author Share Posted September 3, 2006 So you can get that for £464k. This country is such a rip off. If that was in UK someone would buy it and sell each room out as a 1 bed flat for £400k Quote Link to comment Share on other sites More sharing options...
Guest Shedfish Posted September 3, 2006 Share Posted September 3, 2006 you could make a FORTUNE doing 'Escape from Colditz' paintball... you wouldn't even get a detatched house for 464k in some parts of the UK i am not likely to recover from seeing that in a hurry. if the developer in the title of this thread saw that would he still think the same? ("- a site of many mining excavations - there are the historic remains of the silver mining industry") underpinned i presume... not that i'd care. if half of it fell down you could just use the other half Quote Link to comment Share on other sites More sharing options...
Guest muttley Posted September 3, 2006 Share Posted September 3, 2006 I wish I could say the same up north, 6 shoes boxes sold for £500k, one left in West Kirby and just outside Chester 5 executive homes, which are on such a slant you couldn't mow the lawn without sliding into the dining room window, utterly ridiculas, all sold £600k ish Are you sure you're not still an estate agent? West Kirby and Chester are not that close together, so how come you have "local knowledge" of both areas? How do you know what you posted is true? Quote Link to comment Share on other sites More sharing options...
Prof Posted September 3, 2006 Share Posted September 3, 2006 "Why house prices won`t crash" by a property developer is like a car mechanic advising us to put water in the fuel tank. Quote Link to comment Share on other sites More sharing options...
Diddad Posted September 3, 2006 Share Posted September 3, 2006 Many of us are sitting here waiting for what we consider to be the inevitable and it's only if (when) that occurs that most of the rot of this current situation will be exposed. I believe that there are going to be huge numbers of people who will rue the day they set eyes on their £450,000+ executive home. By the way, that German house. I'd have it if it had a few more bedrooms! Even with huge running costs imagine what the cost in the UK would be if it were here. Quote Link to comment Share on other sites More sharing options...
Qetesuesi Posted September 4, 2006 Share Posted September 4, 2006 The developer is sitting on what must be a £6M debt I'd rather say the £6M debt is sitting on him. Where does a £6M debt sit? Wherever it wants! The reality is that other peoples standards have dropped And their IQs. By the way, that German house. I'd have it if it had a few more bedrooms! Even with huge running costs imagine what the cost in the UK would be if it were here. How many more than 61 do you want? Is that a brothel you're after? Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted September 4, 2006 Share Posted September 4, 2006 (edited) I wish I could say the same up north, 6 shoes boxes sold for £500k, one left in West Kirby and just outside Chester 5 executive homes, which are on such a slant you couldn't mow the lawn without sliding into the dining room window, utterly ridiculas, all sold £600k ish I'm in Chester & the large amount of empty new build yuppie flats near the canal & station roundabout are enormous. They have been for months & yet again they keep building more. 194 just starting build near race course. I noticed an EA's window full of them the other day, so much so, I suspected the EA had been set up specifically to sell them, as it had recently opened (or relocated / downsized as several have done here recently) Having helped someone move to older flats opposite these blocks last month, I noticed the rent was at least 25-30% cheaper than the new builds, it was £600 a month for a nice 3 bed flat Edited September 4, 2006 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
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