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Another Thursday has been and gone... it was 36 pages this week:

17/04/2008

Total Properties:580

Under £120k: 48 (8.28%)

£120k - £160k:156 (26.9)

£160k - £250k: 263 (45.34%)

Total under £250k:80.52%

New on:117 (20.17%)

New Price:110 (18.96%)

No Chain:110 (18.96%)

Incentives available: 5

Annington fields (Coltishall) has a new release of bedrooms homes - and they've not yet got shot of the 2,3 & 4 bed homes that they've been selling since last summer if not before (I feel a bit sorry for all those people who camped out queuing to get one now - and they probably missed out on the "superb incentive package" that's available...

Some snippets from the EA comments columns (of which there seem to be an increasing number - whether they have any properties for sale in the paper or not, they've always got something to say...

Jonathan at Pure Property says that there are currently 3 distinct groups of people using their service at the moment -

- Clients relocating to the area for lifestyle reasons (better quality of life and relative affordability)

- Clients moving within the region (chasing the best schools catchment or a change of jobs)

- Perhaps most tellingly, a significant rise in professional Landlords returning to a more realistically priced market, feeding off lower prices set by sellers with no alternative but to move, and getting ready to benefit from the buoyant letting market which is being fueled by potential buyer uncertainty and choosing to delay purchase till the mist clears.

What should be highlighted is that market uncertainty is producing opportunities to secure more reasonably priced properties. Delaying purchase may seem the right choice, but the too cautious could find themselves in a sticky rut when the market changes again.

(at least he admits that properties generally aren't reasonably priced... and those that are not cautious enough could find themselves in the sh!t should the market continue the way it is... :D )

And Mr Lake from TOPS makes a reappearance - not with a great big full page TOPS news page, but with a small byline:

Roger Lake of Tops, discusses how it's the "survival of the fittest" in the current climate - and that's not necessarily a bad thing...

...

A number of estate agency offices have closed in Norfolk over the past four months, most of them in the Norwich suburbs, and in market towns. We have been expecting the consolidation - and the result is good, rather than bad.

The outcome will be beneficial to sellers and buyers, because the remaining agents will have the time and money to do a better job. The thinning out was especially necessary in suburbs around Norwich, which had become overrun with new estate agency offices. Now the choice is back down to an acceptable level, with Tops remaining as a multi-branch network covering all of Norwich's popular suburb areas.

Individual closures will disappoint sellers with those agents, but they should be able to get a release or transfer their agency contract and move to a stronger agent, more able to invest in the marketing and customer service needed to achieve the sale they desire. As in any other business environment, it is the strong agents that will survive, and as always, the cream will come to the top.

Nothing like a good gloat then, hey, Roger?! Although one thing bothers me, if there are less agencies, but the same number of properties, surely then the surviving Eas will have more business, and therefore less time to deal with each property on their books - unless they're employing redundant EAs from agencies that have gone to the wall?

Tops are also advertising the most incentivised private sale I've seen so far £140k in Thorpe Hamlet (Quebec Road) - "stamp duty paid and 5% deposit paid to help first time buyer"

That's effectively £8,400 off the price (£7k deposit and £1,400 stamp duty) - someone must really want to sell!

Someone else who really wants to sell is the owner of this 1 bed flat in Pottergate "priced way below the competition to sell in a week, appointments available from Friday onwards as we have the keys."

(on a side note, I tried to go straight to the "countrywide.co.uk" website that hawkins advertise, and it led me to elsewhere - not particularly useful...)

Gazstewi mentions here that he was actually at the Norwich auction yesterday, and that only 6 lots sold... will have to wait for the lists to come out to see which ones...

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Oh! And there was a bit on the local BBC news this morning about how a local removal company had announced that their business was down something like 30% on this time last year, and they're blaming the credit crunch - I believe there's more about this later on either tonights news, or Inside Out, or the news-y show on Sunday - not sure when, but there was a definite "more on this story" plug involved.

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  • 2 weeks later...

Last Thursday's tally 36 pages:

24/03/2007

Total properties: 598

Under £120k: 44 (7.36%)

£120k - £160k: 131 (21.91%)

£160k - £250k: 305 (51%)

Total under £250k: 80.27%

New on: 139 (23.24%)

New Price: 102 (17.06%)

No chain: 129 (21.57%)

Incentives:2

There was a bit of "advice" on buying at Auction, a few pictures of people lookingvery happy about their success at the kerrison rd development, and MArtin Cunningham talked about how you should speak to someone sooner rather than later if you get into mortgage payment difficulties. A chap from Wm H Bn mentioned that vendors need to change to a competitive pricing strategy, and that if everyone drops their prices the house someone will move up the ladder to will also be cheaper (finally, a positive message!) D&G EAs had a 2 page spread, but felt the need to use one of the pages to advertis property they had already osld - maybe they don't have enough property on their books?!

Mr W&S has installed Property Bee - I think he loves it more than me! He was most surprised at the fact that parking spaces at The Factory, Kerrison Road came at a cost of £10,000 each, and storage in the basement was £20/sqft - because £340,000 isn't enough really is it?!

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Mr W&S has installed Property Bee - I think he loves it more than me! He was most surprised at the fact that parking spaces at The Factory, Kerrison Road came at a cost of £10,000 each, and storage in the basement was £20/sqft - because £340,000 isn't enough really is it?!

Considering that The Factory is not entirely central, nor does it come with a river view, I think that they will have no hope in hell in selling them at the £340k + £10k parking space. :o Maybe at £180-200k they will sell. And how many flat dwellers need a 3rd bedroom anyway? :unsure:

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Considering that The Factory is not entirely central, nor does it come with a river view, I think that they will have no hope in hell in selling them at the £340k + £10k parking space. :o Maybe at £180-200k they will sell. And how many flat dwellers need a 3rd bedroom anyway? :unsure:

No chance not even footballers are stupid enough to by here.

I hate that approach I mean who has 340k to spend on a place and doesn't have a car?

Even 50% off is not enough

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I think even that is overpriced - look at what else you can get in the area - a 4 bedder on Carrow Rd for example! ;) But maybe I'm overly optimistic today... But the same can be said about those flats as the rest of them round there - like you say - bad location, overpriced, and no stunning view - they might be "genuine" loft living, but it's doesn't come with a NY style lofty view....

Todays rag was a quick count - only 30 pages.

01/05/2008

Total properties: 464

Under £120k: 36 (7.765)

£120k - £160k: 117 (25.21%)

£160k - £250k: 228 (49.14%)

Total under £250k: 82.11%

New on: 90 (19.4%)

New Price: 89 (19.18%)

No chain: 99 (21.34%)

Incentives:3

Highest total under £250k so far, and the 5th time it's been over 80% in the last 8 weeks - this time last year, 69.49% of properties advertised were under £250k. While it's still a surprise that 1 in 5 properties are no chain, it's been a pretty stable statistic, I still find it incredible that nearly 1 in 5 are new price! I remember being so excited when it went over 10%, as at the time it had seemed like such an impossibility! (Sad muppetry, I know!)

A young EA, Will Lightfoot of Haart (who didn't advertise this week) had a small byline, which was poorly written, but I liked the message!:

A reality check on prices can work in your favour

A Norwich Estate Agent is urging house buyers and sellers to be realistic about price, stating: "the market is what you make it!"

Will Lightfoot, the manager of the city branch of haart, which merged with sister company Spicer McColl at the end of last year, said the new teams at the City and Golden Triangle branches had "gone from strength to strength".

"In a tough market it is really important to be proactive and positive" he said. "What I mean by this is the market is what you make it. My team believe in hard work and always come to work with a can-do attitude. "I also think it's really important to be honest; it's not easy having conversations with vendors about their property value decreasing. But it's essential, because there is not much point in sticking our heads in the sand and pretending prices haven't dropped. We find honesty is the best policy and our customers appreciate this.

"There has never been a better time to buy - you are in a buyer's market and there are some fantastic properties for sale for really affordable prices. If you are looking to sell a property, then price is the key; you might have to sell your house for less than you would like, but this shouldn't matter if you're looking to buy on."

The big boys who could afford advertising this week were: Wm H Bn (4) Arnolds (0.5) Gilson Bailey (1) Howards (4) Tops (8 inc auction house) Hawkins (1) Your Move (1) Keys (1) Christopher Hall (1)

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I must say w&s, I do admire your ability to compose those lists. :)

I bought the Evening News today too. Looked at the 'houses for sale' classified section near the back which reads something like:

For sale - house in West Earlham, on the condition that the vendors become the tenants for 3 years

Sounds ominous. :(

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This made me laugh - it our old favourite, York Terrace :lol:

http://www.rightmove.co.uk/viewdetails-188...=3&tr_t=buy

How many inches do you think there are between the end of the bed and the wall?

4" ?

:lol:

I've posted this property ad on another forum (not property related). The wet room door opens out onto the main living area. Not too great for privacy and 'smells'. I just hope that vent is bloody good. :blink: The 'bedroom' at the end which only really works as a single bedroom :rolleyes: , office or walk in wardrobe.

The developers really need a good slap as the houses look overdelveloped. :angry: I would have gravelled that front garden and got the kerb lowered to allow for as much off road parking as possible too. Nevertheless, should be quite nice places as student lets. B)

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I must say w&s, I do admire your ability to compose those lists. smile.gif

I bought the Evening News today too. Looked at the 'houses for sale' classified section near the back which reads something like:

QUOTE

For sale - house in West Earlham, on the condition that the vendors become the tenants for 3 years

Sounds ominous. sad.gif

Ominous indeed. :( Sounds like a self initiated Buy-to-rent-back deal. TV shows are doing their best to warn paopele off these schemes- I dread to think who they'll end up with as a Landlord. :( I've never fully understood how these work - for the LL to get a good deal the rent he charges the residents needs to be greater than his monthly mortgage, but for the residents their rent needs to be less than their current mortgage... :blink:

How many inches do you think there are between the end of the bed and the wall?

4" ?

laugh.gif

That picture makes it look like maybe someone lived there, and it's a sell-on rather than initial purchase brand new - but when you look at the pictures in the "full brochure" it's all empty. V odd. I think the term "slave box" also works for that one. They had an interview with Wendy Hurrell in the local paper - she said she lived in "a shoebox somewhere in Norwich" - maybe she's the proud owner of one of these - or maybe that converted garage from a while back?!

The property figures are still going the right way - you'll have to do a nice graph for us all one of these days smile.gif

Hopefully, it should be attached - did the monthly averages for last year, and up to April this year. Would probably look better if the total under £250k wasn't there, as it would leave a bit more space for the other lines to stretch out... Let me know if there are any you want in particular. Sorry that the colours are a bit muddled too - some of the aqua/turquoisey colours are difficult to differentiate between.

Houses_for_graph_spreadsheet.pdf

Houses_for_graph_spreadsheet.pdf

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Another week another count - 32 pages.

08/05/2008

Total properties:534

Under £120k: 62 (11.61%)

£120k - £160k: 153 (28.65%)

£160k - £250k: 212 (39.7%)

Total under £250k:79.96%

New on: 102 (19.1%)

New Price: 104 (19.47%)

No chain: 117 (21.91%)

Incentives: 5

Reavailable: 2

While the total under £250k isn't much different - you'll notice the distribution is quite a change to last week - lots of properties seem to have shifted down a "bracket" meaning the sub £120k, and the £120k - £160k is larger than before - all to the good! I rather expect that it will be a while before there is an increase in the total under £250k - it's that psychological barrier for vendors (and buyers) - and most vendors seem to put their properties well over the £250k mark - to "justify" it in some way I think, and it'll take a bit for them to realise they need to aim a bit lower to get a bite - when people need a deposit, then 3% stamp duty isn't an option - as that's the deposit!

Tops had an awful lot on reduced price - it was a sea of green bands!

Haart had an advert for 6 north city terraces all under stamp duty banding - and starting at £112,950 - all 2/3 bedroom, all with 2 reception - "newly refurbished or needing work... We have the keys!" so it implies that it's a BTLer getting out of the game. They also had a couple of shared equities - there was also an article in the paper all about how shared equity was a "Lifeline given to first time buyers". :angry:

Catflap - glad you liked the graph - when I get a moment I'll put one up of just the prices, and then one of new on/new price/no chain - it's very easy to spot when the HIPs came in!!!

I think little flats should be about £55-60kish, and the old fashioned terraces should be about £120k and under - and looking at the Haart advert - if they're starting at £112k, then things are headed for the right direction - it's difficult - prices have been os high for so long, that I can't imagine what a reasonable price is nowadays - and as prices come down, I'm getting more jumpy about the possibility of looking round a few - but I know it's best to sit tight, and that patience is a virtue! (I've waited this long, I can wait some more...)

Sorry to hear that Albemarle is having a garden built on - I think it's so sad and such a waste when this happens - gardens are so important for urban drainage, as well as the well being of residents/nature etc - and new planning restricions that limit parking spaces etc mean that it'll just be a load of slave boxes in the bottom of the garden (although having seen that Dan Cruickshank programme about real slaves homes in Louisiana USA, maybe that's where we're headed - right back to Victorian times - you get a slave box in the back garden, and work for the rich person that owns the house, and you can go home to visit the parents once a year on Mother's day.... But I'm way off on a tangent now!)

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Haart had an advert for 6 north city terraces all under stamp duty banding - and starting at £112,950 - all 2/3 bedroom, all with 2 reception - "newly refurbished or needing work... We have the keys!" so it implies that it's a BTLer getting out of the game. They also had a couple of shared equities - there was also an article in the paper all about how shared equity was a "Lifeline given to first time buyers". :angry:

Catflap - glad you liked the graph - when I get a moment I'll put one up of just the prices, and then one of new on/new price/no chain - it's very easy to spot when the HIPs came in!!!

I think little flats should be about £55-60kish, and the old fashioned terraces should be about £120k and under - and looking at the Haart advert - if they're starting at £112k, then things are headed for the right direction - it's difficult - prices have been os high for so long, that I can't imagine what a reasonable price is nowadays - and as prices come down, I'm getting more jumpy about the possibility of looking round a few - but I know it's best to sit tight, and that patience is a virtue! (I've waited this long, I can wait some more...)

Ooh I shall take a look at the haart site. :) The cheapest North City terrace I have seen is £119k on Rightmove yesterday. B)

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Another week another count - 32 pages.

08/05/2008

Total properties:534

Under £120k: 62 (11.61%)

£120k - £160k: 153 (28.65%)

£160k - £250k: 212 (39.7%)

Total under £250k:79.96%

New on: 102 (19.1%)

New Price: 104 (19.47%)

No chain: 117 (21.91%)

Incentives: 5

Reavailable: 2

While the total under £250k isn't much different - you'll notice the distribution is quite a change to last week - lots of properties seem to have shifted down a "bracket" meaning the sub £120k, and the £120k - £160k is larger than before - all to the good! I rather expect that it will be a while before there is an increase in the total under £250k - it's that psychological barrier for vendors (and buyers) - and most vendors seem to put their properties well over the £250k mark - to "justify" it in some way I think, and it'll take a bit for them to realise they need to aim a bit lower to get a bite - when people need a deposit, then 3% stamp duty isn't an option - as that's the deposit!

Tops had an awful lot on reduced price - it was a sea of green bands!

Haart had an advert for 6 north city terraces all under stamp duty banding - and starting at £112,950 - all 2/3 bedroom, all with 2 reception - "newly refurbished or needing work... We have the keys!" so it implies that it's a BTLer getting out of the game. They also had a couple of shared equities - there was also an article in the paper all about how shared equity was a "Lifeline given to first time buyers". :angry:

Catflap - glad you liked the graph - when I get a moment I'll put one up of just the prices, and then one of new on/new price/no chain - it's very easy to spot when the HIPs came in!!!

I think little flats should be about £55-60kish, and the old fashioned terraces should be about £120k and under - and looking at the Haart advert - if they're starting at £112k, then things are headed for the right direction - it's difficult - prices have been os high for so long, that I can't imagine what a reasonable price is nowadays - and as prices come down, I'm getting more jumpy about the possibility of looking round a few - but I know it's best to sit tight, and that patience is a virtue! (I've waited this long, I can wait some more...)

Sorry to hear that Albemarle is having a garden built on - I think it's so sad and such a waste when this happens - gardens are so important for urban drainage, as well as the well being of residents/nature etc - and new planning restricions that limit parking spaces etc mean that it'll just be a load of slave boxes in the bottom of the garden (although having seen that Dan Cruickshank programme about real slaves homes in Louisiana USA, maybe that's where we're headed - right back to Victorian times - you get a slave box in the back garden, and work for the rich person that owns the house, and you can go home to visit the parents once a year on Mother's day.... But I'm way off on a tangent now!)

Been meaning ot say for ages W&S, but I do look forward to your posts with the houses count and really do appreciate you doing the analysis for the rest of us. Am v encouraged by the way things seem to be going in Norwich/Norfolk - somehow makes Rightmove's figs for EA seem even more bizarre!

A pair of houses near me have each been reduced from £239K to 'offers over £200K' and am also getting a bit jumpy at the thought of lookign round, but they are just out of my price range, so had better sit tight for a while longer I guess..

Helen

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Thanks Helen! It's nice to know that someone looks at them - and they're not just for my consumption as it were!

I currently look at the reduced prices and think "well, that, less the deposit in the bank means a mortgage of..." but we must gird our loins as my father in law says (!) and wait it out. I'll have to retrain myself to think "well that, less reduction over time, plus deposit in bank, plus extra savings over time would mean a mortgage of..."

The other thing I have trouble with is the whole houses prices crashing by x% - using your example, and aiming for a 30% drop from £239k would be £160k ish - so offers over £200k is already halfway there - less 10% below asking as you never offer the full, and you're nearly there! Is it really going to be this quick? Or will that last bit take forever? Or should I be thinking that the house this time last year would have been on for 250k instead of 239k, and therefore it's already 50k off from what it would have been at it's height (about 20%) - and I should be aiming for £167k? I've worded it badly, but you get the gist - where do you draw the line at expectations?!

On another note, I noticed that this was up for sale on Kerrison Road one of these with a garden, parking and some space, or one of the flats - I know which I'd choose!

It also seems that Fridays is the day that the Elliotts EAs sit and go through their listings and change properties from £xxx,000 to Guide Price £xxx,000 - a bored Friday habit is forming for them - it's 2 weeks in a row now!

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[The other thing I have trouble with is the whole houses prices crashing by x% - using your example, and aiming for a 30% drop from £239k would be £160k ish - so offers over £200k is already halfway there - less 10% below asking as you never offer the full, and you're nearly there! Is it really going to be this quick? Or will that last bit take forever? Or should I be thinking that the house this time last year would have been on for 250k instead of 239k, and therefore it's already 50k off from what it would have been at it's height (about 20%) - and I should be aiming for £167k? I've worded it badly, but you get the gist - where do you draw the line at expectations?!

Hi W&S,

Really hard to say isn't it? on the one hand seeing that percentage reduction is great and I'd love to see lots more of them. But what i'm looking for is a choice of reasonable houses within my price range - and i think that's a key thing for me, that there's a choice - I don't want to settle from some cheap house in a location i don't really want, just beucase i can afford it - i've waited it seems such a long time to buy now (although financially it wasn't really possible till 2-3 years ago) that I am now probably going to be v picky about what i do end up buying as all this waiting and hoping has got to be worth it in the end! at least I hope it is!! So, my game plan really is to know what I can afford, (and I'd really like to stick to only 3x income) and to wait until houses I would like reach that level - and I don't think i'm being too unreasonable as I have a budget of around £160K if i do 3X income plus deposit.

Helen

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Hi Helen, I think you're right - it's the choice that counts. I'm thinking about location more and more - we love where we live, and are increasingly thinking that our search area is actually quite small. We know we'll never afford a nice period home (which we would have been able to afford in our situation if we were in the previous generation) and are realising that actually traffic wise/commuting ease etc, maybe we only have a few streets that we'd want to look at - but at the same time - it's the whole choice thing. Having said that though, I think you know when you find the right one.

We were pushed into looking for houses about 2 yrs ago by Mr W&S's work (not for relocating, but for the financial burdensomeness of it all - they wanted him mortgaged to the hilt and to feel stuck there feeling like he had to work harder and harder to pay the bills - they were giving us details of properties twice the price we were prepared to spend :angry:)

Anyway, there was plenty of choice, and so we went and looked at many houses that were and weren't within our range. Two of them looked perfect on Rightmove. I was so excited (and scared in case we wound up buying one...) and one in particular seemed to both of us that it would be the "one". On arrival though, it was just really not what we hoped and expected, and we both came away feeling very deflated - we stopped looking soon after. (I had been lurking here for a while by then, and could see that eventually it all had to stop - so we set to saving for the houses they wanted us to buy, but for when we could afford them).

Our rental house search was a completely different kettle of fish - there wasn't that much choice, and stuff that looked like it could be an option turned out really to not be an option... Our last house of the day was the one we ended up in - we knew as soon as we set foot in it, and we're so grateful that we took the time to look at the last option - so sometimes it's not the choice, but it being the only one on the market being the right one for you - it's just that with house buying, it has to be at the right price, and you have to hope that's it's not right for someone else with a bigger wad of cash!

You should be pretty well set with £160k, I keep seeing things go "down a bracket" in my weekly trawl through the pages - Howards are very good at saying the Was and Now prices, and it looks to be about a quarter of their reductions routinely drop a price bracket :) Although maybe they're a bit more careful about their pricing strategies after this decision :huh: I just hope that when the time comes none of us HPCers are battling against each other for the same house! It could be that us lot will be the few that can realistically afford anything in the area! :P

I've got my eye on a couple at the moment, but they're overpriced - and the vendors haven't budged for a long time. When the choice in the area comes, then I'm guessing that they'll see they need to reduce the prices.

Anyway, this weeks tally - 36 pages of the usual belly button fluff:

15/05/2008

Total properties:613

Under £120k: 49 (7.99%)

£120k - £160k: 163 (26.59%)

£160k - £250k:290 (47.31%)

Total under £250k:81.89%

New on: 129 (21.04%)

New Price: 146 (23.82%)

No chain: 136 (22.18%)

Incentives:2

Reavailable:1

Repo Notices:2

JW and the City (the guy from Pure property) went to a big business dinner last week, and whereas everyone just after Christmas would reply that business was slow/dire etc, now they say "it's challenging, but we're making it work for us in "X" way" - solicitors, accountants and business directors are all reporting a slight upturn in business. He says that his business is expanding and opening new search areas including Kent, E&W Sussex and the E Mids - although he doesn't say they're opening new branches so maybe it's just another Rightmove search he does....He ends with "Property prices rise and fall, but the key is to look outside the box and make the market work for you rather than against you." Not sure what to say about his column, I'm never completely convinced by him.

A chap from Bidwells has the column this week, and talks about properties that will remain a good investment (period properties as they can't built any more of them, rectories which routinely go for over guide price, properties next to the train station, family homes, and properties with good access to main roads but that aren't actually on the main road) So unless we count the endless flats that are close-ish to the train station, I'm guessing he's not recommending Read Mills/Paper Mill/etc :o

Catflap - I'll see you over on the Nestoria thread! Hurrah!!

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WOW! - NESTORIA

http://www.nestoria.co.uk/norwich/property/buy

:):)

Posted on the news blog today, this is one site to bookmark as it's reflecting what's actually happening at this moment with asking prices, not what happened a few months ago with Land Registry data. Just look at the falls in 1 month from March to April - the big falls (20% nominal and 25% real) that I'm predicting from Q2 08 to Q2 09 are well under way. I'm sure W&S loves the 'Buy prices in Norwich' graph as well and can tell us how that fits in with what she's done!

Hi, why can't I open nestoria? I just get a blank page? :blink:

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Nestoria's working for me - you get a list of properties down the LHS, a map with lettered pushpins on the right, and under it a graph of asking prices in the area you're looking at. You can refine your search using the toggles at the top. It's not the best property search page, but wonder if they have properties that aren't listed on RM (they have property from Fish4, Property finder, etc - so it may include properties you might not see if you're exclusively addicted to RM for the Property bee-ing) - I've not done enough to work that one out yet... For me, it's the graph that appeals.

Hope you get it to work soon!

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Thursdays paper supplement was 28 pages long (still waiting for the fabled spring bounce...)

22/05/2008

Total properties:469

Under £120k: 59 (12.58%)

£120k - £160k: 117 (24.95%)

£160k - £250k:210 (44.78%)

Total under £250k:82.31%

New on: 99 (21.11%)

New Price: 117 (24.95%)

No chain: 87 (18.55%)

Incentives:4

Reavailable:1

Repo Notices:1

There were more properties being reduced than are new on to the market for the 2nd week in a row - bar one week in March this year, the only other time that's happened was last October.

Howards have started a home exchange plan - I've put this on a different thread.

Countrywide (Abbots and Hawkins) are offering more new mortgages, and encourage everyone to come in and see the wide range they have to offer - "new mortgages are coming through on a daily basis, and we're here to help customers find the right options for them."

Martin Cunningham from Howards had the weekly column this time. He pleas for realism, in what finally amounts to a begging letter to vendors refusing to budge on prices:

Recently we have seen, yet again, much in the headlines about the housing market, including reports from the CML that mortgage lending volumes are at a 33-year low, and RICS saying East Anglia is one of the areas seeing house prices fall faster than elsewhere in the UK. And, of course, there was the incident of the housing minister Caroline Flint accidently letting the press outside Downing Street see a briefing document stating that house prices were likely to drop by five to ten per cent and the government did not know "how bad it was going to get".

Lets look at some local facts, house prices have already dropped in the region by seven to 10pc.

Disappointing, but I'm afraid a much needed to return the key element that drives the property market - affordability. The nation cannot rely on the government or the Bank of England to come up with a sticking plaster to get the residential property market back to the boom days. In addition, lenders are hardly likely to return in the short to medium term to the days of advancing 125pc loans or extending mortgage periods up to 47 years. Why? Because they have had their fingers burned and learnt a lesson - the net result being we are seeing a return to sensible lending, which is compuinding the problem of credit availability.

So enough doom and gloom! What can we do about it? The fact is that 90pc of registered buyers live withing a 25-mile radius of the property they wish to buy; in other words, fortunately for our Norfolk/North Suffolk area the marketplace is predominintly local. To get the market working and moving again we need to make houses affordable again, and as house indicated in the RICS report, estate agents in East Anglia are leading the way by correctly advising would-be sellers on the right prices. It is vital that prices return to levels that local, first time buyers can afford or that make buy to let a viable investment.

We should also remember that about 95pc of sellers buy simultaneously and therefore if the bottom rung of the ladder slips, the top slides down, too. In other words, if your house price drops, it does not do so in isolation; the focus should be on the differential between what one pays and what one sells for. Accept this and the market moves, and house buyers and sellers too!

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That's a purdy house! :wub:

It is isn't it?! However, I find it a bit odd that there aren't any internal pictures. This one is also on Kerrison Road, for £30k, and with pictures. It doesn't have the off road parking that the other on has though. Still know which one I'd choose over these or a flat at the factory....

The Factory, have, however, managed to get around to dropping their prices - by a rather admirable 20% or so (I love property bee!)

Another week has gone by in the property pricing world, the printers/setters must be starting to worry about their jobs, as there aren't half as many houses as there used to be in the paper - only 24 pages this week, and only 16 of them were actually taken up with house adverts, the rest was big ads for developments and "news" commentary...

29/05/2008

Total properties:374

Under £120k: 47 (12.57%)

£120k - £160k: 104 (27.81%)

£160k - £250k:156 (41.71%)

Total under £250k:82.09 %

New on:71 (18.98%)

New Price: 74 (19.78%)

No chain: 69 (18.45%)

POA: 2

Incentives:4

Reavailable:0

Repo Notices:0

Ecosstessey Park are offering an incentive of your energy bills paid for 5 years when you buy one of their properties (bearing in mind they're supposed to be "green" you would imagine that this is a bit of a false incentive, as the bills should be small anyway.... <_<

And whilst all around are being realistic and suggesting that you should look at the track record of your EA (to make sure they don't go bust whilst selling your house, as you'll still have to pay them...) Aldridge Lansell Chartered Surveyors detect signs of a slight revival in the housing market... Apparently an increase in the number of interested parties - particularly those buying with nothing to sell - the increased activity has resulted in firm offers - accepted offers are between 2% and 9% below asking price - so it's a good job I'm not looking at the moment, as they'd be pretty insulted at any offer I put in!!

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Ecosstessey Park are offering an incentive of your energy bills paid for 5 years when you buy one of their properties (bearing in mind they're supposed to be "green" you would imagine that this is a bit of a false incentive, as the bills should be small anyway.... <_<

Yeah, that sounds like a half measure! :rolleyes: Those houses are not cheap to buy in the 1st place! :(

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I installed it out of curiosity, and the fact that I can never remember what price something came to the market for, and whether or not it had been reduced! I tried (a few years ago now) to keep track using a spreadsheet with agents references, and a description of the house etc, but it was impossible. Property Bee sorts all that out!

I have my own ideas about what prices for particular houses should be, and I don't think it influences those ideals, but I think in the long run, it'll show up houses that have been on the market for a long time, and also vendors who have dropped the price, and therefore who are wanting to sell, and possibly being a bit more realistic about the way prices are heading, and those vendors who are stubborn, haven't reduced their price, even though it's been on the market for months!

Having learnt through others, it seems to be the case that it's not just the house that you're buying that matters, but that things are so much more likely to go through quickly and easily if the vendors seem nice, and reasonable! I think that their house sale history is a small indicator of the way they see things, and how keen they are to sell, or whether they still think houses are profit, and they're putting it on for a lucky punt, and hope someone bites (and yes, I do think their are still vendors like that in the market!).

Property Bee is just starting to come into it's own - it's like your own personal property snake!

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Last nights supplement was 36 pages long

05/06/2008

Total properties:668

Under £120k: 75 (11.23%)

£120k - £160k:182 (27.24%)

£160k - £250k:297 (44.46%)

Total under £250k:82.93%

New on:171 (25.6%)

New Price: 178 (26.65%)

No chain:179 (26.8%)

POA: 4

Incentives:8

Reavailable:0

Repo Notices:0

BIG jump in the percentage of New on, New Price, and no chains, so we'll see if those figures hold, or if it was a blip.

Wm H Brown might not have been in last weeks, but they had 4 pages this week, and a few others who hadn't shown their faces for a while were there too.

There was also a large article advertising the Wm H Brown auction, and the weekly column was from Arnolds Estate Agents:

Much ahs been written about the residential property market, most of it overstated and alarmist. On the other hand, some with strong vested interests are downplaying the effects of falling prices and credit crunches and hint at better times ahead. First, let me say that I am not in the slightest doubt that average prices have fallen in the last nine months or so and are likely to continue to ease downwards in the immedirate future. Within that average it is apparent that well-presented and properly priced properties are continuing to sell, often at good prices.

My firm recently sold a proerty in Unthank Rd, Norwich, at a figure tens of thousands above the £825,000 guide price. Conversely, the over-supply of flats and apartments in the city centre, as in many cities across the country, has meant that prices have fallenmore than average, reflecting the mass withdrawal of buy to let investors who had competed for such offerings at a time when prices were increasing. It can be seen, therefore, that it would be wrong to tar both areas of the market with the same brush and that good presentation and careful pricing and marketing remain the key to success.

Those who forecast a wholesale plunge in prices over an extended period are, in my view, failing to reflect on the fact that at the present time employment levels remain high, interest and inflation rates remain low by historical standards and that what we have to fear most id fear itself... the fear of our principal assetts (that is, our homes) falling in value or moving into negative equity.

It is my firm opinion that what we are suffering at present is an adjustment, not only in prices, but also in the differing attitudes of vendors and purchasers.

Sellers are struggling bbecause they are failing to accept that the value of their property has fallen by 10pc or more. Buyers on the other hand are looking for bargains, because they are concerned about further price falls.

The "credibility gap" between the buyer and the seller is, however, beginning to close,as both parties realise that if they want to get on with their lives and move home they have to take a more sensible view.

My firm has noted this from increased levels of enquiries, viewings and offers, although I do not in any way believe we are out of the woods yet. It may be, however, that we are just beginning to head in that direction.

While I quite like the term "credibility gap", I'm quite sure that while FDR was talking about the Great Depression with his words, I don't think that buckling up and being stiff upper lipped British about getting your house sold was quite what he meant!

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  • 442 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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