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Antsy
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Well, as the topic says, prices are going down. Friend's 2 bed flat was on the mkt for 180k and is now STC for 158k, so that's about a 12 per cent drop. Sadly, though this is good for potential FTBs like me, this isn't good news for those trading up. The 3 bed house they are moving to has been reduced from 225 to 208k, so that's only about 8%. All of it is still horribly overpriced, but I will be having a drink tonight and hoping that the New Year brings more of the same. (I don't feel bad doing this as they bought their 2 bed 4 or 5 years ago for around 60 to 70k so they have a sizeable buffer...) Anyone else have more ' good' news from this part of the world? :)

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Guest watchingthechildrenplay
Well, as the topic says, prices are going down. Friend's 2 bed flat was on the mkt for 180k and is now STC for 158k, so that's about a 12 per cent drop. Sadly, though this is good for potential FTBs like me, this isn't good news for those trading up. The 3 bed house they are moving to has been reduced from 225 to 208k, so that's only about 8%. All of it is still horribly overpriced, but I will be having a drink tonight and hoping that the New Year brings more of the same. (I don't feel bad doing this as they bought their 2 bed 4 or 5 years ago for around 60 to 70k so they have a sizeable buffer...) Anyone else have more ' good' news from this part of the world?  :)

Bloke I know has been trying to sell his Cornish 2 bedder for 7 months - for 195k. then 180k, then 176k, now 169k, ....STILL NO BUYERS AT ALL. Cornwall has been a superb illustration of the houseprice madness -- totally crazy prices when considering the local economy and incomes - and that 2nd houses are NOT all that they are cut out to be -- 2nd houses are an EXPENSIVE HEADACHE -- and a HUGE capital sum sunk into stones/bricks & mortar which you stay in 1-2 months max....... and is freezing cold 6 months of the year...... huge council tax,,,,, burglary worries... etc etc etc.

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BRING IT ON!!!

Look at this craphole of a place! I remember seeing this flat for sale at £99K - now it's down to £84950 and STILL TOO EXPENSIVE. And it's in St Awful! That's a reduction of almost 15%.

I reckon prices have a long way to go, especially for overpriced shit holes like the one below. No wonder people are emigrating like lemmings.

http://www.rightmove.co.uk/viewdetails-323..._t=buy&chnl=buy

Read it and weep.

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Well, as the topic says, prices are going down. Friend's 2 bed flat was on the mkt for 180k and is now STC for 158k, so that's about a 12 per cent drop. Sadly, though this is good for potential FTBs like me, this isn't good news for those trading up. The 3 bed house they are moving to has been reduced from 225 to 208k, so that's only about 8%. All of it is still horribly overpriced, but I will be having a drink tonight and hoping that the New Year brings more of the same. (I don't feel bad doing this as they bought their 2 bed 4 or 5 years ago for around 60 to 70k so they have a sizeable buffer...) Anyone else have more ' good' news from this part of the world?  :)

You're right Antsy, but to match the craziness of Falmouth's insane price rises in the past year, the insanity continues in the rental market (landlords holding firm but little moving once the students are accomodated) and the vendors are STILL refusing to drop on many more substantial houses.

Falmouth prices would be way over value even after a 30-35% drop in many cases. Few other towns in the UK could match the complete disproportion between Falmouth's notional housing costs and the still grim reality of Cornwall's average wage which would be considered worse than slavery in London.

The average public employee or bank teller here will be lucky to earn £15,000 BEFORE tax. And that's being optimistic. After tax even a careful FTB couple cannot possibly afford the tiniest house, and Falmouth's exponential price hike was due to influx of 2nd home owners combined with woefully optimistic confidence in tourism, the new "university" and an expanding art college full of foreign students with large cash input into BTL homes.

But once the 2nd home buyers pull out to service their increasing equity loss elsewhere, combined with an inevitable saturation of the tourist aimed short season against a predicted 2005 tourism downturn, Falmouth is set for free fall.

I predict a massive domino effect here sometime in 2005 and Falmouth will no doubt be a good indicator of similar trends elsewhere.

VacantPossesssion

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Sounds good to me.

Over here Redruth and Camborne area, some signs of slipping prices too, definately a lot sticking.

Strange, the manager of a local EA branch(yellow chequered sign) moved into a rented house two doors away from me, rent of about 675pcm, house valuation around 195,000(their valuation NOT mine!). And I though rent was money down the toilet!

Stoney faced bitch, never even says 'hello'. What could the problem be??

Another manager of a branch of a local EA (also a yellow sign but not chequered) from the neighboring town has sold up and gone to Australia all of a sudden. What before the spring bounce?!!

A four bed new build down the road back in around March on at 240,000, now down to 199,950 in October. No sign of any viewings at all. It looks does like shit though.

Are you finding more rented places coming up as well, there seems to be more on the market in this area but rents only easing slightly at the moment? I think a lot of 'investors' are putting their holiday homes to rent after failing to sell.

I hope thing move quickly..

Thanks to everyone who advised us not to go for a shared ownership shitheap a few months ago, I now feel very releived that we followed the advice...

C.P.

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the manager of a local EA branch(yellow chequered sign) moved into a rented house two doors away from me, rent of about 675pcm, house valuation around 195,000(their valuation NOT mine!). And I though rent was money down the toilet!

Actions speak louder than words. It would probably not surprise you to know that Ed Mead, of Douglas & Gordon estate agents (always available in the media to sing the praises of owning property) has rented all of his adult life.

Another manager of a branch of a local EA (also a yellow sign but not chequered) from the neighboring town has sold up and gone to Australia all of a sudden.

Getting out while the going is good.

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But once the 2nd home buyers pull out to service their increasing equity loss elsewhere, combined with an inevitable saturation of the tourist aimed short season against a predicted 2005 tourism downturn, Falmouth is set for free fall.

I predict a massive domino effect here sometime in 2005 and Falmouth will no doubt be a good indicator of similar trends elsewhere.

VacantPossesssion

Exactly. There are only so many of the BTL brigade (thankfully) and they don't have bottomless pockets. Who else there can buy at current prices? Even teachers with a few years' experience who are on about 25K (about as good as it gets in the public sector there) couldn't buy a two bed as a couple. I have said before about Rosemullion homes trying to call a 225k house in my parents' village a 'starter home' :o and nearly getting lynched... Chains can no longer move so a collapse is imminent, or must be. At 3%, it will take about 40 years before average wages catch up with ability to buy in Falmouth, let alone there...

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  • 2 weeks later...
At 3%, it will take about 40 years before average wages catch up with ability to buy in Falmouth, let alone there...

I actually knew of a young couple on typical Cornish slave wage of around £24 COMBINED income - relocating from Truro to Birmingham, to be able to afford to buy their first home. Double the salary no doubt and CHEAPER housing. I remember when I first applied for a job here... "Yes the pay isn't good, but we've got the scenery and the beaches... and it's cheaper to live here". Now this is about 10 years ago. And this is not the case anymore. We have the highest water rates in the country, ever increasing council taxes and the lowest salaries in the UK. Not to mention house prices.

What's the incentive to stay and pay your taxes? What happens when enough people are moving away for a decent pay and living condition, who's going to clean all those BTL properties and look after an ageing/retired population? :unsure:

PS. Has anyone noticed how many home less people there are hanging around the fancy new piazza in Truro selling the Big Issue (or where they always there and I didn't notice them before?)

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LOL

I think there's always been a load of people selling the Big Issue in Truro, thats before they move to Penzance where they finish up.. :P

On a serious note, I've seen a fair number of SOLD signs springing up in the last week, and some definate completions (removals van etc).

From the local rag though prices are moving south, still some resistance but the inevitable end of denial phase is around thwe corner.

C.P.

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LOL

From the local rag though prices are moving south, still some resistance but the inevitable end of denial phase is around thwe corner.

C.P.

This is why I find "official" housing figures unbelievable. Far from the drop of 0.1% reported (even bearing in mind these are "asking" prices) for January and the 3-4% drop for last 6 months, this is at enormous variance from actual figures I see in Falmouth for instance.

In another thread I highlighted a friend's large B&B property, which has lost between 10-15% valuation and may well be sold for as little 20% of the price purchased last year.

Unless there are areas of UK where other houses are appreciating by at least 10-15% to compensate, I cannot see how the currently stated figures in the media are anywhere near correct. We can all see as clear as can be that actual values are falling up to ten times the amount reported in the media.

VacantPossession

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