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I saw a similar article on the front page of the Norwich Evening News last week - more about rebranding - getting rid of the name Norwich Union, and using Aviva instead. They made the point that it would be a major loss of identity for the city, and actually it could be detrimental to their business, certainly in this country, as the name Norwich Union is highly regarded in the insurance world... They bemoaned the change of logo, etc too...

I definitely don't think we need the congestion charging!! The car parks must make enough money, and I believe the park and ride works well enough too (although I don't use it).

It's a shame about the allotments - I missed that in the newspaper - I've had my name down for a Bluebell South allotment for a while now, but believe they are V much in demand (currently help the Grandparents keep up with theirs on Valpy) I hope you haven't been plagued by thieving bar stewards on Bluebell North! Last month we had ALL our gooseberries, blackcurrants and Jostaberries stolen :angry: The Jostaberries weren't even ripe, so I'm guessing they thought they were gooseberries - so I hope whoever ate them found them very sour, and hope they all got stomach ache :angry:

Rant over

I watch with interest the Bluebell road ongoings - still not sure what they're up to there (I may go for a scout round - there are some wild plums there that need picking anyway... ;) )

Fromage - thanks for the flat ownership info, I can't believe that place in Drayton went for £700K though! With a profits slice taken just for selling it, it's going to be someone V canny or V foolish that's bought that!!!

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I saw a similar article on the front page of the Norwich Evening News last week - more about rebranding - getting rid of the name Norwich Union, and using Aviva instead. They made the point that it would be a major loss of identity for the city, and actually it could be detrimental to their business, certainly in this country, as the name Norwich Union is highly regarded in the insurance world... They bemoaned the change of logo, etc too...

You sure you didnt accidentally pick up a paper from about 3 years ago. You have basically described exactly the articles that were around when the Aviva global brand was adopted.

Rumours galore since the failed Pru bid. These have included being bought by Generali (italian insurance), breaking up Aviva life and insurance arms and selling them off as seperate companies, being bought by private equity, and most recently actually getting shot of RAC.

Re the RAC brand comment; There's no way they will drop the NU direct brand in favour of RAC for motor insurance. Why throw away a brand, simply use the same underwriting but with two different brandings, each appealing to a different market. e.g. ever wonder who actually underwrites supemarket (ASDA/Tesco) insurance policies??

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  • 2 weeks later...

Last weeks (26/07/07) results:

Total properties: 947

Under 120K: 47 (4.96%)

120k -160k: 174 (18.37%)

160k - 250k: 467 (49.31%)

New:210 (22.18%)

New price:101 (1.67%)

No Chain:170 (17.95%)

This weeks (02/08/07) results:

Total Properties: 954

Under 120K: 46 (4.82%)

120 -160k : 156 (16.35%)

160 -250k: 499 (52.31%)

New: 219 (22.96%)

New price:89 (9.33%)

No chain: 157 (16.46%)

Wasn't going to bother doing it this week, but then thought it would show up any HIPS effect - I plotted a graph (good thinking Catflap!! - Had been meaning to do it, but had never gotten around to it - there are some trends, but it's not really worth posting yet I don't think)) and there was a definite increase in new properties coming onto the market (peak at 17th May). The %age of new properties each week has dropped down considerably since then. Just looking through there seems to be a lot of the New instruction properties that are larger houses, but my tally isn't complex enough to show that.

The cheapest property (that isn't a static caravan, or a plot of land, etc) was a princely £69,950 - a 1 bed gd floor maisonette, that needs a refurb. It's been reduced (it was in last weeks for £79,950, so it's a hefty reduction really) and I'm kind of surprised that it has been snapped up by a BTLer or flipper - I guess it goes to show that the BTLers are pulling out of the market - 4 of the houses under £120k are reduced in price this week. IMHO if the market was doing well, there wouldn't be any price reductions in this sector...

The TOPS "news" page was rather jolly too... the headline "Keen buyers take advantage of Slower Market" carried on with a bit about how the slower market means now is a great time to find your perfect home and negotiate a great deal with the seller. It carried on to say "There is now clear evidence that the BoE has succeeded in its goal of slowing the property market... the latest reports all agree that property prices have stopped rising" Hmm...

Tops don't believe that there needs to be a realignment of property prices later in the year. It is all about interest rates. We support the view that interest rates don't have to go very much further, if at all. If that's the case I don't think property prices have to drop. There are still more sellers than buyers, which is excellent news for those buying. They should be able to purchase a property cheaper than they did in the spring when it was a sellers market.

Buyers are advised not to wait in the hope that property prices drop back but to make the most of the good number of properties currently available, and which offer them more choice and therefore more leverage to negotiate a good deal. During the coming months, assuming that interest rates do not go very much higher, we should see a gradual increase in the number of buyers, including FTBers... ...The discount between asking price and selling price is quite significant at the moment, so don't be afraid to make an offer below the asking price.

I rather enjoyed the encouragement to put in offers below asking price, and the statement that prices are cheaper than in the spring ;)

Catflap - thanks for the youtube links - very useful! As for the pigeons and blackbirds - if it was them, it must have been a big flock - as ALL the fruit went literally overnight!! So I suspect some 2 legged wingless creatures were involved...

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Last weeks (26/07/07) results:

Total properties: 947

Under 120K: 47 (4.96%)

120k -160k: 174 (18.37%)

160k - 250k: 467 (49.31%)

New:210 (22.18%)

New price:101 (1.67%)

No Chain:170 (17.95%)

This weeks (02/08/07) results:

Total Properties: 954

Under 120K: 46 (4.82%)

120 -160k : 156 (16.35%)

160 -250k: 499 (52.31%)

New: 219 (22.96%)

New price:89 (9.33%)

No chain: 157 (16.46%)

Wasn't going to bother doing it this week, but then thought it would show up any HIPS effect - I plotted a graph (good thinking Catflap!! - Had been meaning to do it, but had never gotten around to it - there are some trends, but it's not really worth posting yet I don't think)) and there was a definite increase in new properties coming onto the market (peak at 17th May). The %age of new properties each week has dropped down considerably since then. Just looking through there seems to be a lot of the New instruction properties that are larger houses, but my tally isn't complex enough to show that.

The cheapest property (that isn't a static caravan, or a plot of land, etc) was a princely £69,950 - a 1 bed gd floor maisonette, that needs a refurb. It's been reduced (it was in last weeks for £79,950, so it's a hefty reduction really) and I'm kind of surprised that it has been snapped up by a BTLer or flipper - I guess it goes to show that the BTLers are pulling out of the market - 4 of the houses under £120k are reduced in price this week. IMHO if the market was doing well, there wouldn't be any price reductions in this sector...

The TOPS "news" page was rather jolly too... the headline "Keen buyers take advantage of Slower Market" carried on with a bit about how the slower market means now is a great time to find your perfect home and negotiate a great deal with the seller. It carried on to say "There is now clear evidence that the BoE has succeeded in its goal of slowing the property market... the latest reports all agree that property prices have stopped rising" Hmm...

Tops don't believe that there needs to be a realignment of property prices later in the year. It is all about interest rates. We support the view that interest rates don't have to go very much further, if at all. If that's the case I don't think property prices have to drop. There are still more sellers than buyers, which is excellent news for those buying. They should be able to purchase a property cheaper than they did in the spring when it was a sellers market.

Buyers are advised not to wait in the hope that property prices drop back but to make the most of the good number of properties currently available, and which offer them more choice and therefore more leverage to negotiate a good deal. During the coming months, assuming that interest rates do not go very much higher, we should see a gradual increase in the number of buyers, including FTBers... ...The discount between asking price and selling price is quite significant at the moment, so don't be afraid to make an offer below the asking price.

I rather enjoyed the encouragement to put in offers below asking price, and the statement that prices are cheaper than in the spring ;)

Catflap - thanks for the youtube links - very useful! As for the pigeons and blackbirds - if it was them, it must have been a big flock - as ALL the fruit went literally overnight!! So I suspect some 2 legged wingless creatures were involved...

Thanks for the comment re NU - Andrew Moss the chairman has been in the local paper stating that there are no plans for redundancies in Norwich and no plans to downgrade the NU brand. No comments on this but Aviva were very keen to stress that it was NU who were putting up home insurance

rates by 10% which hardly to me looks like it's a brand they're cherishing.

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Journalist anecdotal about property pages

This weeks property pages was a grand 56 pages (last weeks was 52)

Following on from the link above, it has to be said that maybe Howards are feeling the pinch! Instead of the usual 42 properties/page, each with a colour photo, and house description, they have gone for 46prop/page & 40 prop/page with just a few large photos for (maybe the vendors who are paying more/pushing harder for a sell?) the rest just get an Id no, price, location, and general description - no photo! Now while I'm not looking seriously at the mo, I'd say that fewer people are going to choose a house without a photo, and if I was a vendor going thru' Howards, I'd be pretty narked at their sales technique this week! It's not like they're fitting more houses on per page overall like this, so it must just be a cheaper page to buy with less colour?

Having said this, they still had their overly generous ads for the select few in their "homes in focus" pages (although, again, its the same houses in that section week in week out)

So! This weeks results are:

Total properties: 826

Under £120K: 57 (6.9%)

120 - 160K: 156 (18.89%)

160 - 250K: 418 (50.61%)

New on: 191 (23.12%)

New Price: 107 (12.95%)

No Chain: 136 (16.46%)

Reavailable: 2

POA: 1

Incentives: 0

I'm heartened by the New price figures, and I have to say that the houses under £120k bracket is full of properties that aren't selling, and the ones coming onto the market are getting cheaper (and most of them don't need a refurb!)

And when there are twice as many new price stickies as there are new instructions stickies on several pages, well it just seems like a Good Thing...

There was also one house that has an open day this weekend with the blurb stating "MUST BE SOLD THIS WEEKEND!"

The TOPS news section was all about making sure that you pitched your house for sale to the right audience, and said that those EAs that took a "one size fits all" approach are now losing out, as different properties require different marketing.

the actual "news" news pages, included an article on making sure that your HIPs provider was a mamber of the HIPs code, and has adequate insurance in place to cover negligence/breach of contract, a piece about house owners feeling the pinch after the latest rate rises looking to taking in a lodger to ease the financial burden (24.6% of homeowners surveyed said that would be one option they would consider to boost their incomes if IRs went up again), and a small article on downsizing - with comments and oh-so helpful advice from a guy at Persimmon homes (Not that they build lots of flats that they need to shift or anything ;) )

Scottow - forgot to say welcome! Presumably you're a local?

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Thanks for the post

This thread is not unlike the Norwich market sssssshhhh nothing happening.

Another flat in my block for sale right next door to me 199,000 landlord bought our rental for 202,000

Long way to go for the rent to pay the interest only mortgage which only works out at somthing around 130,000 depending on the rate you can get.

Lots of houses I like but then they are 300k + and its a standoff

I know a few people now who have gone from having a large house that makes more money than the job > having a large deposit that pays them a chunk towards the job and pays the rent and they are scared of buying in case it comprimises that large deposit. I am hoping this credit crunch will make banks pay savers more as once those savings accounts get near 8% people are going to seriously question going back on the ladder as it gives money that extra value it has been missing these last few years.

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Hi Fromage Frais! I know what you mean about lots houses to like - and they're all £300k+!! We're just not in a position to buy at the moment anyway (a certain level of job instability means that even if we wanted to, it wouldn't be sensible right now...) I'll keep waiting till they come down to below £250k - and save myself the stamp duty!

It's a shame this thread is dying... I plan to keep posting the housing tallies - as I can see a change happening - properties are sticking on the market, and they're having to drop their prices, and this is across the board - the BTLers aren't buying up the smaller flats, etc - a few months ago, these properties didn't even make it into the paper; and larger properties aren't shifting either.

I haven't counted the houses today, but instead had a quick flick through and noticed something more unusual...

1) There were only 48 pages (I don't think it's been this low since November last year - will have to wait and see if it's a seasonal thing).

2) 3 of the major estate agents didn't have any pages... :blink:

Property Shop (who this time last month were shelling out for 8 pages), Haart (who normally have a double page spread) and Abbots (who normally have a double page spread at least, but last time I believe (from memory)had cut down to just one page) were all missing in the property pages!!

Howards again had the basic listings with a more in depth view of some of the houses in their Homes in Focus pages - it's odd, as they haven't cut the number of pages, just the quality of listings on a couple of them.

Following last weeks minor cutbacks, I see this as a significant event - I wouldn't have noticed if they were still there but with less pages, but for national chains to not be able to afford/want to afford the advertising space, is a bit of a surprise...

Tops, however are busy telling everyone that the property market is peachy again, on their news page the headline reads "Confidence Grows in Local Property Market" - they talk about the HIPs on 3 bedders, which should lead to a surge in houses coming onto the market before Sept 10th, how following the stock market volatility, more people will be looking to put their money into housing, and with the UK economists saying that interest rates having nearly reached their peak, the next step is for IRs to move back down to counteract recessionary pressures... Also, house prices peaked earlier this year, they dropped back down over the summer, and should remain stable for the rest of the year... Buyers are being attracted back into the market by a good choice of properties available, so as they say at the end of the article, there are plenty of reasons to be cheerful ;) (although I have to say he tempers the whole page in his final paragraph. saying he doesn't see prices rising in the near future, but that house sales numbers should increase instead).

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"Buyers are being attracted back into the market by a good choice of properties available, so as they say at the end of the article, there are plenty of reasons to be cheerful"

Crap

Everything is quiet its a mexican standoff too expensive to buy too expensive to sell (and move up ladder)

There comes a time where your percieved gains look to far away and that time is now.

It just feels dead and this seems to be reflected in this thread as we just wait and see.

Before I was just worried about a bargain but as somone who has str and now sitting here worried about the nice deposit which to be fair is a lovely luxury to have and one i do not want to give up right away.

I had the father in law call me up from Tunisia the other day and asked me if i wanted to buy a block of flats over there.

6 flats nice location nice size (3 bedders) for 200,000 Euros circa 140,000 my first thought was how cheap is that but then you have to remember for flats like those you get only 300 dinars per month (2.5 to the £) which is £120 per month so around 700 per month (6% return) no accouting for repairs and purchasing costs.

Now Tunisia is not the UK lovely place but you would expect a much better risk to return ratio, he was shocked when I told him that I can get 6.20% for sitting on my butt no risk (yes inflation, yes tax) but for me this shows that you want nearer 10% to even consider property (more like 20% on risky investment)

My point is its everyware even developing nations that have the same issues as us property is hyped up from Cringford to Carthage and this credit crunch seems so logical

money looses value > put it in assets > assets give no return > crash > go into cash > cash becomes more valuable/inflation > repeat process

So even those folks buying in up and coming areas and countries are buggered as everyware is the same I am worried as the next guy and i will never buy a house unless it is a bottom bargain as its now just too scary.

I just get the feeling the majourity of buyers are like me now and that has to give soon

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Hello to all, my first post here.I live in Great Yarmouth and the Norwich forum has been of interest to me and have decided to dip my toes in the water and add my tupence worth.

I moved from Peterborough about 12 years ago with a divorce settlement and managed to buy a double fronted town house for 2/3 of what Peterborough prices are. As i see it, much is said about how our new outer harbour that will bring jobs,money,house price increase.Truth is it will not, the only thing it will bring is more misery for people who live here allready.Wages are low here and all that seems to happen is property is BTL or purchased by Londoners who give up living here after a couple of years.

Our paper says that people from Norwich are pushing up prices as they are buying here as Norwich is to expensive,strange but i have never met any one who has moved here from Norwich.

Given choice i would move from here,i have been looking between Norwich and Yarmouth but prices are still to high.

I have been told that prices where i live are exempt from stamp duty as it a "deprived area"not that many places here go for above the limit.

My stepson has just had his 2 bed end of terrace 20 year old house valued at £95-98,000,good price for a starter home if you can live with all the social ills this town seems to have.

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Your right Yarmouth is a very deprived area and everything you say is spot on

I made a bit of money BTL in Yarmouth a few years ago as you would get 6% roi in Norwich and 10-15% in Yarmouth depnding how you would pack them in HMOs.

I was going great guns at one time with a few properties but the prices kept goingup and I sold to BTLs who could only have been getting 8% at the most (far to low for the quality of tennants breaking things all the time).

The gas is out of Yarmouth I rember at the time the houses I bought for 80K where 30K afew years before and I sold for 100K nuts and that scared me as I saw no fundementals s I cut and ran.

If you can afford to buy in Yarmouth you can afford to rent in Norwich and hold tight as Yarmouth will plummet.

Just to make myself more depressed I have to drive the wife around looking for houses as I promised her one (though she undertands there is going to be a fall). We want a nice family house south Norwich 250-300K 3-4 beds parking garage etc, we like Sunningdale though 295 I think is a bit steep for these houses (not done up) we also like the roads around (who doesn't) and drive about to calm the baby down looking to see if there is anythng nice to ad to our lst for when the credit screw tightens.

Driving down Camberly road we saw a ok but not lovely looking older property of a nice size semi detached which my wife thought would be a good price so I righmoved it and I almost vomited.

http://www.rightmove.co.uk/viewdetails-896...=2&tr_t=buy

£650,000!!! Now the road is nice but this is Norwich, house is semi detached on the road and there is nothing Unique about it

Equaly expensive but at least posier would be somthing like this

http://www.rightmove.co.uk/viewdetails-752...=2&tr_t=buy

At least folks would be impressesed when you say you have a detached on Newmarket Road.

The depressing thing is that the 650k house has so far to come to be what I would deem worth it to move into (which was 300k-350K) as is semi detached!!

I would love to know who is going to buy houses like this I mean I have a bit of cash and good job but I am just shocked as everyone I know with 650K + would not want to live there I mean 100K salary x 6 !!! Must be all GPs on this street.

Welcome to the thread Mr G and Sellotape. Gt. Yarmouth is one of the most deprived arreas in the UK and has one of the highest rates of unemployment but I'm not sure what the average wage is - must be lower than Norwich which is about £21K now. I remember hearing that people who were priced-out of Norwich were buying in Yarmouth but I suspect that it's only a handful of people in reality, as it's better to rent in Norwich than buy in Yarmouth and commute daily along the Acle straight. Average house prices are significantly lower than any other part of Norfolk although anual HPI is currently the highest at 18.5% - maybe it's the least desirable places that get their prices dragged-up last as 'investors' see an area that is now cheap by comparison to Norwich. If BTL no longer stacks-up in Norwich and there is already a glut of rented accomodation, Yarmouth must seem like the next best bet for these greedy idiots :rolleyes: .

http://news.bbc.co.uk/1/shared/spl/hi/in_d...ml/county61.stm

Either way, if the jobs are'nt there then the valuations make no sense whatsoever - hopefully the new outer harbour will revive the area somewhat but what Yarmouth really needs is a dual carriageway to Norwich to stop so many accidents and to shorten the journey time IMO. It's not a nice commute and somewhat dangerous compared to say Attleborough-Norwich.

Sellotape - I would'nt want to be an estate agent now and I would'nt want to be expanding in a stagnent market. Many will find it increasingly difficult in this climate and many will close branches or go to the wall in the coming years. It's going to be a long while yet before FTB'ers can step back into the market to support prices, particularly as lending/credit is being tightened - when BTL goes, FTB'ers will be unable and unwilling to buy so the stock of properties for sale will increase still further.

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Hello, and welcome Sellotape and Mr G!

Catflap - I'd never looked at house prices in Gt Yarmouth!! I still wouldn't want to live there, but... WOW! That's some cheap housing!!

Thanks for all the links - keep up the good work - I could never keep up with them all myself.

Fromage - I think it's all crap too, but couldn't help pass on what they considered to be good news!

I think that there will be an influx of properties onto the market (initiated by HIPs, amongst other potential reasons), but like you say, at the moment it's a Mexican standoff (or maybe at the moment, more a game of chicken). I'm slowly coming to the conclusion that it will have to be the EAs that move first - starting by putting realistic valuations on new houses coming to the market, and using that as an example of pricing to those whose houses have been on the market for months. It probably still won't shift many properties off their books, but it may change some vendor's perceptions and expectations, which can only be a good thing. I think we're seeing that the people losing out at the moment are the EAs - which is why their advertising budgets are being cut (as discussed in page 7 - way back in early May - can't believe it's nearly September!) they can't get the prices now, so they need to change tactics, and sell volume.

Looking at the other houses - I can assure you it's not all GPs on that street! Catflaps right - it's having been fortunate enough to buy at the right time - yes, if you're a GP in your 40's then you could probably afford it, but that's more down to timing of previous purchases (which you would still have to sell) and you're probably in a nice house already. Most younger GPs (in their 30s) are living in small-average houses in housing developments, wondering if they'll ever be able to afford a house on Camberly Rd!

I have to say I'm getting house price fatigue - I no longer know what would be my sensible price for those properties - especially when you look at the prices for the next rung down - it seems like a big jump from the (currently) £250kish ones up to the £400k plus houses. And then you look at the prices for the ones in Gt Yarmouth...

And yes - it's a brave and foolish person that sets up another EA at the moment!

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I totally agree if I was in London I could choose from dozens of jobs in my idustry whilst here there is just not the number of large companies.

Really how many people in Norwich earn over 100K? then look at the number of 500K + houses in and around Norwich then consider if that 100K person looses that job then they will have to move to over 50 Mins away to get another one.

HP to get so out of sync you think their needs to be an external force in play such as london buyers eg somone told me that they have recently sold one f the million pound apartments near he river side when only a idiot from out of town would do that when for that kind of money you can get a large pile near the city minus the large community fees.

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Hi, will try and catch Look East and see what's said. I don't normally read the EDP but it always seems to put such a positive spin on any house news in the property section (by what I've read on here) was a v nice change to have a bit of realism! maybe finally it may sink through to some people in Norfolk that paying well over £150K for a weeny little terrace in a rubbish part of town is not a good idea!

Helen

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Not watched it all yet - just the first 2 minutes and saw people camping in tents to buy very overpriced average houses. Remember, the average house should be typically 3.5 times the average wage not more than double that!. See W&S and my comments here:

Hi,

Just read that thread and see someone on there saying that at least the houses will be lived in - well, on Rightmove there are several up for rent and from the pics of hte interior they are just as the developers left them - AND they are charging huge rents too - far more so than houses in surrounding villages - mad!

Helen

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Property snake is back!!! (from the pinned thread)

Obviously ECN don't know or don't care as it's linking to their Homes24.co.uk website via another directory portal! :)

Looking good again, here's NR1:

How good ot see all those reductions and not all small 1% or 2% ones!! have been looking at towns across Norfolk on Hometrack today adn see that for most the last 3 months have had no movement at all in prices - although am v pleased to see the news from Rightmove today - 3% in East Anglia : )

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Bargain. First million pound flat in Norwich ever?

1m flat

Chek out what you can get with same money if you dont mind buying a "used house"...

Cant find hardly anything for a million plus in the city, so here is the most expensive place within 5 miles of this postocde and the next under 1m

£1.2m

950k

I mean ffs what are you really buying with that 1m flat other than some insane bubble delusion flipping opportunity.

Edited by DabHand
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Hello all!

Catflap thanks for the Look East link - that was Good Viewing! I think Look East have recently done quite well with these little stories, hopefully there'll be plenty more of them over the next few months.

The house on Marston Lane isn't a bad house, it's just that for £400k most people would want something with a bit of character/old style charm, and probably wouldn't count a downstairs bathroom as much of a bonus! When you drive along there and look at all the nice houses on the other side of Church/Marston Lane you think... "one of those should be £395K!"

I (almost) feel sorry for the EA girl (she seems to think there are plenty of people interested in this sort of property at this sort of price, it's just they can't sell their own first...)- if they've only had a couple of viewings, and no offers, then people aren't interested - full stop - if they thought it was worth a look and a low offer, they'd at least have done a viewing.

There's plenty for sale in Eaton, especially that sort/size of house - so the've got competition - there's a house just as you go into Church lane that was up for sale for most of the 1st part of this year (a good 5 months at least)- and it's up for sale again.

Helen - it was me who so innocently (and foolishly) thought that the "affordable" housing would just be bought up by those who wanted to have it as a home - I looked through the rental pages later and saw 3 or 4 places for rent - it's madness!

I've been keeping a tally on the houses - I had hoped to see a bit of "HIPs effect" again - but I think it was quite underplayed this time, and less of an impact was seen (so far - I'll hold out for tomorrows paper, following a few comments on another thread).

There were no real change to the figures, so I won't bother posting them here (6th Sept was 60 pages long, 13th was 64 pages long).

I think the real difference is that cheap flats/houses aren't going as quickly, and that prices are seeming to come down - in the last 2 weeks, I saw a (Bowthorpe) 2 bed flat with kitchen diner, and a lounge, with a garage for under £120k - now I know it's still steep - but it's something of a breakthrough in my book!

It seems like all the Eas are back advertising as normal again - full colour adverts, and I didn't notice any of the big players missing in the last 2 weeks, the tops page was about how confidence was returning to the market, how you shouldn't wait to sell your house, as you probably won't get any more for it, and advised a bit of caution on BTLing (although they recommended looking out for those already tenanted - as it means as soon as the house is yours, so does the income - you don't think they've got a few BTLers getting rid of stock on their books do you? :ph34r: )

Haart had a "Make us an Offer!" week - lots of their vendors are keen to sell, so make an offer... Spicers currently have a 2 week long end of summer sale - it looks like vendors (or the EAs are getting fed up with vendors haranguing them, not understanding why their homes aren't selling) want to get their stuff shifted - it must be difficult to have your house on the market for such a long time (whether you're a BTLer or a genuine house in exchange for a different house mover, it must be stressful). Spicers still have that flat in need of refurb from beginning of August on their books at the same price, and, I think I may have found a semi viable option! This little baby is a reasonable price (2 ish x average earnings for 1 person), comes with bedroom, communal parking, rates for electric and water aren't too bad, it'll be fine in flooding, and has beautiful views! The annual fees aren't as bad as some of the flats in the city probably are, so all round, I'd say it's got potential! And if it all goes Pete Tong, and you need to move - you can take it with you.

I was looking back at the posts from over the year, and was reminded of the little converted garage being sold as an apartment/flat (Catflaps post - #21) Looking on Nethouseprices - flat 8, 85 City road went for £91,500 (28/06/07) - I'm not sure if it is, as it could be that 85 city rd is split into flats... but presuming it's the one, you can get an awful lot more for your money now! (2 houseboats for a start!)

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OK, so I did the tally this week too (glutton for punishment...)

However, I confess that I couldn't resist when I saw the "Autumn Bonanza" that Howards are having! On one page alone, 41 price reductions! This is the 3rd estate agent in as many weeks having some sort of sale or other!

So the results (hideously skewed, but as against that, it's this weeks reality - I can imagine that every few months there might be similar mass reductions - psychologically it must be better for all the vendors to do it at the same time, and easier for the EAs to pitch it to them?)

Total pages 64

Total properties: 978

Under 120K: 50 (5.11%)

120 -160K: 189 (19.33%)

160 -250K: 507 (51.84%)

New on: 200 (20.45%)

New Price: 177 (18.1%)

No chain: 180 (18.4%)

Reavailable: 2

POA: 7

Incentives: 3

I would say this signals the end - in nearly 3 years of looking through the property pages, and 9 months of actual keeping track, I've not come across any "sales" let alone 3... And when nearly 20% of the property in one edition of the rag is reduced (and that's not including those that are "keen to sell" or "priced to sell" - just reduced, or new price) then it's a clear indication that HPI is over.

I found the TOPS "article" particularly enjoyable this week - I had been starting to think that maybe Roger Lake kept an eye on these pages (he mentioned that some keen eyed property watchers may have noticed that some EAs had stopped advertising a few weeks ago...) but it would seem that if he does, he doesn't keep up to date with your local news podcast links Catflap!

Apparently, the NRock stuff shouldn't affect the market locally, and "the recent credit crunch is a banking issue, it is nothing to do with property" (Hmmmmm) He says we shouldn't read the national headlines, as they all want exciting stories etc, and that we should look how calm everything is locally, and stick to reading the local news....

The thing is though, Stewart White et al have really been hammering the housing price/credit crunch thing home in recent weeks, so that advice isn't going to help him much... ;)

As for the rents at the moment - I was shocked looking earlier this week - some cheeky monkey is asking £1,250 for this 2 bed flat when for £50 less you can have this big house in Cringleford with admittedly dubious decor taste or even this one in bracondale that's not to mention all the other ones that are far more reasonably priced!! I really don't understand how anyone would pay £1250 for that!! :lol: Rant over.

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makes me wonder just who is buying all the houses with these ratios in the county...

also, I can't see that with evidence like that, people could possibly think we are not in a bubble or that this is in any way a good or desirable state of affairs.

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In my opinion?

boomers from the south east area who see comparitively low prices and a Uni and think "bingo" easy money. Also people with more ambition than sense pyramid leveraging the starter home they bought in the 90's. More recently Indian families who assume this is normal.

The rest just see a speculative bandwagon and climb aboard yarr!

None of them know Norwich well enough to understand what a speculative dead end it is.

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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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