West Yorkshire (leeds & North Yorkshire)

[Si1]

Anyone got any data on the City Island apartments in Leeds?

I worked with a girl who bought one off plan two years ago.

....She's in marketing and knows the property market.

She tried to get me interested, but i'm just an ordinary terrace house guy, living up in the sky surrounded by laminate flooring and cream walls would make me dizzy.

I Always wondered what happened to her investment. Seriously though, have they bombed or held their price? I could ask her but she wouldn't tell me the truth!

well according to the development website, there's about 14 apartments still unsold from the development out of 400ish built

looking up LS12 1DL in rightmove shows half a dozen for sale 2nd hand

so not showing the huge amounts of sellers on some blocks in Manchester, yet

£110,000 one bed apartments looking like going rent not much above £500 pcm

take off ground rent and other costs and the yield is, predictably, poor

but, why would anyone want to live there anyway???

[narco]

All the main letting agents have an absolute shed load of City Island apartments that look like they've been on the rental market for months. The flats themselves are starting to look shabby in areas, much like the Velocity development at City Walk.

One of the agents from Morgans advised us to make 600 pcm offer on a 2 bedroom flat priced up at 750 pcm. They cant even give them away!

[Too expensive to trade up]

I think the EA may have a problem selling these apartments in Halifax. Apparently drug gangs have taken over! http://www.halifaxcourier.co.uk/news/The-l...they.3396575.jp

[narco]

I think the EA may have a problem selling these apartments in Halifax. Apparently drug gangs have taken over! http://www.halifaxcourier.co.uk/news/The-l...they.3396575.jp

To be fair, they are hardly luxury apartments to start with (more like standard 2 bed fodder). Also .. umm its HALIFAX ffs .. ROFL

Keep your eyes on the Aspect 14 development in Leeds which will be the next high rise council block within 5 years.

100 correct, guaranteed.

Edited October 20, 2007 by narco

[Too expensive to trade up]

Here's some more future council flats in Sowerby Bridge near Halifax. Yours for 75K (75% ownership!)

Edited October 20, 2007 by Too expensive to trade up

[dissident junk]

The problem with those Halifax flats is they built them on the border of a notorious underclass, drug-soaked area where no one in the know would live.

And the level of flat building in Sowerby Bridge and towards Ripponden has become unbelievable. I have no idea what planet the local planning department inhabits. There is simply no spare infrastructure capacity for these new units whatsoever -- there is only one arterial road, for example. And some of the existing BTL units have been empty for over a year.

[Too expensive to trade up]

The problem with those Halifax flats is they built them on the border of a notorious underclass, drug-soaked area where no one in the know would live.

And the level of flat building in Sowerby Bridge and towards Ripponden has become unbelievable. I have no idea what planet the local planning department inhabits. There is simply no spare infrastructure capacity for these new units whatsoever -- there is only one arterial road, for example. And some of the existing BTL units have been empty for over a year.

Also they are still building them! But yet there doesn't seem to be any changes in price. At best the market has been stagnant. What really annoys me is that there were some great plans to transform the town centre of Sowerby Bridge with new doctor's surgery etc etc. Instead all that gets built is more BTL flats and a new Tescos! There's absolutely no co-ordination or planning.

[up2late]

I visited the area around those flats in Halifax today and was shocked at just how much has gone up in a short space of time.

As well as the blighted flats in the article, there's the whole Royal development across the road, A block next to the old Ford garage (soon to be redeveloped itself?) and they haven't even started on the old Halifax high buildings yet.

Meanwhile, in Leeds they can provide the thrills of urban living plus a strip joint in the basement:

http://news.bbc.co.uk/1/hi/england/west_yo...ire/7058790.stm

Although there isn't an exterior shot to confirm it, this might be one of them:

http://www.adamsestates.co.uk/property_det...us=1&type=2

A studio flat with an asking price of £92,000. Might be worth watching!

[Too expensive to trade up]

BBC reporting big drops at Aspect14 http://news.bbc.co.uk/2/hi/business/7061814.stm. Also on main board. http://www.housepricecrash.co.uk/forum/ind...showtopic=59414

No surprise to us but it looks like the mainstream media has finally woken up.

[leedsproperty]

I'm not sure what this was originally sold for (My guess is about £235k registered with LR, but who knows about cashback deals and incentives not recorded) but what is this really worth?

£150k with a 20% deposit would probably make it a decent investment. I'm sure this would rent for £750 per month.

http://www.rightmove.co.uk/viewdetails-160...se&tr_t=buy

Why havent flats plummeted yet? Are the agents using clever marketing or something? I dont understand!

[Garry AKA Pod]

I'm not sure what this was originally sold for (My guess is about £235k registered with LR, but who knows about cashback deals and incentives not recorded) but what is this really worth?

£150k with a 20% deposit would probably make it a decent investment. I'm sure this would rent for £750 per month.

http://www.rightmove.co.uk/viewdetails-160...se&tr_t=buy

Why havent flats plummeted yet? Are the agents using clever marketing or something? I dont understand!

I was in a flat very similar to this last night, about 5 mins walk away. (I remember walking under the bridge shown in one of the pics).

Whilst I thought the finish was very good, the lifts and reception area were full of peoples' rubbish. Not very good when only a few of the flats are actually occupied. Quite why anyone would pay the going rates for one of these flats is beyond me. Even the rent my mate is paying is stupendous. £875/month for a 2 bedroom.

[leedsproperty]

01/06/2004 £227,500 Flat Admiral Court, 27 Apartment, Bowman Lane, Leeds, West Yorkshire, LS10 1HP

09/08/2007 £184,000 Det. Admiral Court, 27 Apartment, Bowman Lane, Leeds, West Yorkshire, LS10 1HP

Some others are merely holding their value. Some (presumably flipped) did ok. Still, this is a nice development and a significant nominal drop - even greater in real terms.

[frankief]

I'm not sure what this was originally sold for (My guess is about £235k registered with LR, but who knows about cashback deals and incentives not recorded) but what is this really worth?

£150k with a 20% deposit would probably make it a decent investment. I'm sure this would rent for £750 per month.

http://www.rightmove.co.uk/viewdetails-160...se&tr_t=buy

Why havent flats plummeted yet? Are the agents using clever marketing or something? I dont understand!

Rent for £750? Hold on, look at picture nr 4 on the rightmove website listing - there's a sign stuck in the window saying 'To Let £400 month'. Is this a very old photo or are rentals getting cheaper?

[leedsproperty]

Rent for £750? Hold on, look at picture nr 4 on the rightmove website listing - there's a sign stuck in the window saying 'To Let £400 month'. Is this a very old photo or are rentals getting cheaper?

Thats an old photo. But who knows the quality of flat you'd have got for that. The one for £750 is one of the best ones, directly overlooking the river.

[frankief]

Thats an old photo. But who knows the quality of flat you'd have got for that. The one for £750 is one of the best ones, directly overlooking the river.

I don't understand. When the flat was £235K it rented for £400, now it's valued at £170K or offers the rent is £750? Surely that can't be right, if there are loads of empty flats in Leeds then rental competition must be fierce?. Sorry to badger you, but your name is leedsproperty, maybe you have local info. to answer this.

[leedsproperty]

I don't understand. When the flat was £235K it rented for £400, now it's valued at £170K or offers the rent is £750? Surely that can't be right, if there are loads of empty flats in Leeds then rental competition must be fierce?. Sorry to badger you, but your name is leedsproperty, maybe you have local info. to answer this.

No it never rented for £400 to my knowledge.

The poster is attached to a development across the river. What it is advertising for £400 I have no idea.

I dont think the property in question will have rented for less than £750. In fact I'm willing to bet it rented at one time for a fair bit more.

I have some local info and have been following the market for a little while - but claim no expertise.

I would guess that Flats would be the first to go in any slowdown and as of yet there has been no sign of widespread nominal reductions, although real, adjusted for inflation, losses will have occurred.

Edited November 6, 2007 by leedsproperty

[breeze49]

No it never rented for £400 to my knowledge.

The poster is attached to a development across the river. What it is advertising for £400 I have no idea.

I dont think the property in question will have rented for less than £750. In fact I'm willing to bet it rented at one time for a fair bit more.

I have some local info and have been following the market for a little while - but claim no expertise.

I would guess that Flats would be the first to go in any slowdown and as of yet there has been no sign of widespread nominal reductions, although real, adjusted for inflation, losses will have occurred.

What affect will the East Leeds link road have on the Richmond Hill, Cross green area? I understand some of the worse terraces in cross green are being demolished to make way for a park, the old big church is being refurbished as office blocks and the new retail parks and other projects along the route of the link road should bring investment into the area. Personally i think the properties in this area will buck the trend we are seeing in the 'better' areas of leeds.

[Si1]

What affect will the East Leeds link road have on the Richmond Hill, Cross green area? I understand some of the worse terraces in cross green are being demolished to make way for a park, the old big church is being refurbished as office blocks and the new retail parks and other projects along the route of the link road should bring investment into the area. Personally i think the properties in this area will buck the trend we are seeing in the 'better' areas of leeds.

before the last crash people who bought in up and coming areas - improved inner city areas - survived really well with minimal falls of 10 to 20% in some cases and long term growth afterwards. However, people who bought in conservaitve nice established leafy suburbs etc found that their prices dropped in some cases to almost zero and the streets became rife with crime - often the council simply bulldozed the resultant slum dwellings to try to solve the social problems. So I'd definitely invest in up and coming areas. You know it makes sence.

[Bootsox]

What affect will the East Leeds link road have on the Richmond Hill, Cross green area? I understand some of the worse terraces in cross green are being demolished to make way for a park, the old big church is being refurbished as office blocks and the new retail parks and other projects along the route of the link road should bring investment into the area. Personally i think the properties in this area will buck the trend we are seeing in the 'better' areas of leeds.

I live across the river from the patch you describe and regularly travel in and around the construction area of the new link road.

Not sure why the link road will benefit house prices as it is being built mainly to service the HGVs accessing/egressing Cross Green Industrial Estate. Although I am a big fan of road building, I never thought the traffic was that bad as to justify such a complex (i.e. expensive) road scheme for such a short bit of road.

In terms of investment opportunity, like everything else in life, the return will comprise a combination of:

1) Initial purchase price

2) Future prospects

3) Market conditions.

You might be able to influence 1, but with the large number of 1 and 2 bedroom apartments flooding the Leeds housing market not so sure about 2 and 3.

As ever, DYOR

Regards

Sox

[leedsproperty]

See link below. This development is apparently in a rough part of town and was featured on BBC recently.

As an aside I'm also aware of a landlord with 4 flats in the same block selling up. I think it will be advertised at £190k - he paid £235k and has been subsidising the rent between £400-£600 per month!

Aspect 14 Flat

[Lumsden]

Check this.........

http://www.yorkshirepost.co.uk/news/Flagsh...hold.3519870.jp

Repent BTLers, the end is nigh!

Very effing nigh!

[Bootsox]

Check this.........

http://www.yorkshirepost.co.uk/news/Flagsh...hold.3519870.jp

Repent BTLers, the end is nigh!

Very effing nigh!

Yes, the beginning of the end.

At least the prospective purchasers will get their deposit back (according to the article).

What about the vast tranche of apartments that are partially completed, e.g. around Marsh Lane?

I had a wander around there this morning and wanted to scream "stop building will you, the market for 1/2 bed apartments is absolutely saturated".

Fortunately I kept quiet, lest the men in white coats should turn up.

Sox

[Turnbull2000]

Don't be daft you lot, Yorkshire will be the lone crusader in avoiding the property meltdown facing the rest of the country

The Press- House Prices Optimism

HOUSE prices are set to continue growing in York over the coming year - just not as quickly as before.

That is the upbeat view of two leading experts, who believe that long-term prospects for the city's housing market are strong.

Chartered surveyor Jonathan Charters-Reid, of Charters-Reid and Associates Ltd said the interest rate rises over the past year would "put the brakes on," but this would only result in prices growing more steadily.

He believed that in the long-term, the market would pick up, helped by the underlying strength in the York economy and high employment, and by the arrival of foreign nationals, people living longer and an increase in the numbers getting divorced.

His comments were echoed by Ben Hudson, of estate agents Hudson Moody, who claimed that York's housing market remained a solid investment.

"York is a city on the up and up, and like similar cities such as Bath and Chester, its core has eternal appeal," he said.

Edited November 24, 2007 by Turnbull2000

[leedsproperty]

Looking on the Green Bank website it looks like some of the development is completed. Presumably the price of the ones already built will be hit hard now.....

[Bootsox]

Looking on the Green Bank website it looks like some of the development is completed. Presumably the price of the ones already built will be hit hard now.....

Just to add the link:

http://www.greenbankleeds.com/flashSite/home.htm

"A new waterside development in the heart of Leeds", seems a bit on the periphery of things to me, not helped by their own diorama.

Sox

Edited November 26, 2007 by Bootsox