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Huddersfield

I think this is one of the bigger falls I have seen so far:

This looks like it is a brand new flat:

http://www.rightmove.co.uk/viewdetails-935...=1&tr_t=buy

price is £199,950

That is flat 4.

http://www.houseprices.co.uk/e.php?q=HD2+2DR&n=50

Reports Flat 2 selling for £335,000 in September 2006. Assuming this is genuinely comparing like with like that is a fall of just over 40%.

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£150K? First Time Buyers in Huddersfield can't afford that. More like £100K?

Hard to tell whether the top floor, the first or the top floor should be the premium priced ones.

I know in some parts of London the first floors sell best - more secure than the GF and not too many stairs, elsewhere the GF might be best particularly with gardens, but then there is that penthouse cachet as well.

I do think number 2 is the best, but that doesn't mean it would/should get a big premium.

Edited by microbe
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I think they are asking £150k because the flats are in a nice part of Huddersfield. They are in the old Mill Owners' area where there are some huge Victorian Mansions (now all converted into flats, but hey).

I think FTB in Kirklees and Calderdale are now looking at £100K, maybe less. The price of a mortgage now means that it is getting prohibitive to borrow more than £80K.

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This month's update of Magellan House sale prices (apartments 34, 61, 81 and 154).

In tabular form, where:

  • red = loss/marginal profit
  • blue = profit

and,

Graphical form, depicting average profit/loss on sales per quarter.

Regards

Sox

Magellan_House_Sale_Prices.pdf

Magellan_House_Sale_Prices_graph.pdf

Magellan_House_Sale_Prices.pdf

Magellan_House_Sale_Prices_graph.pdf

Edited by Bootsox
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http://www.yorkshireeveningpost.co.uk/news...oads.3548203.jp

Yorkshire Evening Post tonight really laying into developers for ruining Leeds city centre (bit late though!)

Read lower down 'if you bought an apartment after 2005 you are one of the 4,000 who will lose money' Ooops! :unsure: And the rest?

YEP again but, oddly enough, a different slant:

Skyscraper plan defies fears over high-rise market

PROPERTY developer Kevin Linfoot has revealed plans to build another skyscraper in Leeds city centre, in defiance of cynics who say it is oversupplied with flats.

Ref previous posts: sticks the boot in re Green Bank:

Mr Linfoot, who was given the Lifetime Contribution award at Yorkshire's Finest Property Awards at the weekend, said: "Green Bank was never going to work. They paid too much for a site on the outskirts and they couldn't make it work for apartments. That is an office site and always has been.

http://www.yorkshirepost.co.uk/news/Skyscr...over.3547961.jp

Regards

Sox

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He is also in talks with the York-based Joseph Rowntree Trust about creating shared equity deals for the flats.

Good idea, go straight to the housing association - let them take the risk! They can find some tenants as well.You do accept DHSS?

"I have 120 flats that I rent out and the demand has never been greater''.

He is a residential developer right, he used to sell properties - maybe this means he has got 120 he can't shift?

Still, he must be proud of himself now that he's got the Lifetime Contribution Award. :lol:

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Still, he must be proud of himself now that he's got the Lifetime Contribution Award. :lol:

All round he looks like he plans on getting Government handouts to fund all this .... yada, yada, ...key worker,... yada yada, affordable homes.... yada yada. Is he a donor?

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Look at this flat that is up for auction on friday 7 December in Leeds with Countrywide Property auctions with a guide price of £90k +

http://www.countrywidepropertyauctions.co....mend=1196775717

According to rightmove.co.uk it sold for £202,495 in July 2004

22 July 2004 Flat 5 Aspect 14, Elmwood Lane, Leeds, West Yorkshire LS2 8WE Flat £202,495 LH NB [/b][/i]

A fall of over 50% in 3 years in a supposed rising market.There must be a lot of very worried owners in Leeds. Ouch !!!!

The mortgagee will have to bear a huge loss if it only achieves that sort of price at the auction.

Edited by Legal_Landlord
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The mortgagee will have to bear a huge loss if it only achieves that sort of price at the auction.

What an awful looking place. Looks like something built under Stalin. Would you want to live there?

And that is the point. You would only buy it because it was cheap or you couldn't afford ANYTHING else. So that leave BTL, and since no-one is even going to want to rent something like that, your income isn't going to be exactly stunning.

There is some poor soul trying to shift a one bedder for £119,950 on Rightmove at the moment. Oh dear.

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People out there are still buying chaps.

My landlord put 4 flats on the market. They were on rigthmove from last Monday. One has already sold and I've had 2 viewings on mine already!

They are priced to sell (kind of) at £185,000 when bought for £232,500 less whatever cash back deals were applied.

Agent suggested to me that Leeds flats have bottomed out. I think he was being sincere too! hahahaha.

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People out there are still buying chaps.

My landlord put 4 flats on the market. They were on rigthmove from last Monday. One has already sold and I've had 2 viewings on mine already!

They are priced to sell (kind of) at £185,000 when bought for £232,500 less whatever cash back deals were applied.

Agent suggested to me that Leeds flats have bottomed out. I think he was being sincere too! hahahaha.

Interesting post, without giving too much away can you indicate which part of Leeds?

Is it the case that the chap is potentially losing in excess of £50k each on four properties, i.e. >£200k?

Regards

Sox

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Look at this flat that is up for auction on friday 7 December in Leeds with Countrywide Property auctions with a guide price of £90k +

http://www.countrywidepropertyauctions.co....mend=1196775717

According to rightmove.co.uk it sold for £202,495 in July 2004

22 July 2004 Flat 5 Aspect 14, Elmwood Lane, Leeds, West Yorkshire LS2 8WE Flat £202,495 LH NB [/b][/i]

http://www.countrywidepropertyauctions.co....Leeds-Dec07.pdf

SOLD for 90K!

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Interesting post, without giving too much away can you indicate which part of Leeds?

Is it the case that the chap is potentially losing in excess of £50k each on four properties, i.e. >£200k?

Regards

Sox

Leeds centre. Have a look at rightmove and compare to houseprices.co.uk.

Aspect 14 is in a (very) poor area and was one of the first developments (I think.) This is a very extreme case, although I'm told that prices have definitely softened over the last year. I guess 'crashes' take time and we cant expect to see huge falls decimating the whole market in a short time.

I would think he got some sort of cash back deal or stamp duty paid, but who is to know? The law should be changed on how prices are reported to the Land Registry.

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I'm looking for a new place to rent in Leeds and one agent I spoke to was very bearish and claimed rents have gone down, typically a £750pcm property was now £700. However I dont seem to be seeing such drops on my search at the moment.

I'll keep trying to knock them down, but it 'appears' that the gap between prices and rents is closing with prices softening and rents holding their own.

Does anyone else have any anecdotal or solid evidence?

Thanks

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I'm looking for a new place to rent in Leeds and one agent I spoke to was very bearish and claimed rents have gone down, typically a £750pcm property was now £700. However I dont seem to be seeing such drops on my search at the moment.

I'll keep trying to knock them down, but it 'appears' that the gap between prices and rents is closing with prices softening and rents holding their own.

Does anyone else have any anecdotal or solid evidence?

Thanks

Hi,

What are you looking for:

  • Location?

  • No beds?

  • Furnished/unfurnished?

  • Parking included?

Regards

Sox

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I started renting in Leeds a year ago. There is definitely less rental property available than there was last year. I'm not sure how far this has translated into hardening rents. Most stuff I see advertised has jumped a notch or so since last year (2 Bed flats I saw at 650pm last year are now 700, others which were at 700 now 750). The only rents I've seen decrease are Aspect 14 and the ones in Concord Street (presumably because more has become available closer to town/in better locations), and Blue, in Little Neville Street, definitely because the Granary Wharf car park is currently having 282 flats and a hotel built on it, making parking a nightmare.

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Central. Near the Calls perhaps.

2 bed, 2 bath, furnished, parking and views.

Just working through an example:

To cater for the spec you describe it is probable that, in recent years, the landlord would have paid a minimum of £140k for the property

At 6% I/O mortgage, this will work out at £700/month and on top of that he needs to add service costs and letting agent fees.

So from the landlord's perspective he probably thinks £700 is doing you a favour!

However, from your perspective, market forces prevail and you are free to negotiate whatever rate you can.

For information, I am currently renting an apartment similar to the spec you describe but unfurnished. The cost works out at £680/month including parking.

So my costs are comparable with the rates you have been quoted.

However, when I started renting three years ago my rent was comparatively cheap but I think this is starting to look a bit toppy now.

Just a couple of pointers if you do decide to rent:

  • You could look on land registry web site to see what the landlord paid for the property and knowing what rent he is charging, it might help gauge his liquidity.

  • Make sure that the parking is fully included in the rental agreement. Often the developer sells off apartments with 12 months free parking and once this comes to an end the landlord may baulk at picking up the tab (contract parking in Leeds can cost in excess of £1,500/annum).

Regards

Sox

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Just working through an example:

To cater for the spec you describe it is probable that, in recent years, the landlord would have paid a minimum of £140k for the property

At 6% I/O mortgage, this will work out at £700/month and on top of that he needs to add service costs and letting agent fees.

So from the landlord's perspective he probably thinks £700 is doing you a favour!

However, from your perspective, market forces prevail and you are free to negotiate whatever rate you can.

For information, I am currently renting an apartment similar to the spec you describe but unfurnished. The cost works out at £680/month including parking.

So my costs are comparable with the rates you have been quoted.

However, when I started renting three years ago my rent was comparatively cheap but I think this is starting to look a bit toppy now.

Just a couple of pointers if you do decide to rent:

  • You could look on land registry web site to see what the landlord paid for the property and knowing what rent he is charging, it might help gauge his liquidity.

  • Make sure that the parking is fully included in the rental agreement. Often the developer sells off apartments with 12 months free parking and once this comes to an end the landlord may baulk at picking up the tab (contract parking in Leeds can cost in excess of £1,500/annum).

Regards

Sox

I have no doubt the landlords are very kindly subsidising my rent, otherwise I'd buy!

My flat was £232,500 apparently (see posts above) and rents at £750 at the moment.

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Hi LP

Any particular reason why you want the City Centre? Come and live in the wonderful Seven Hills of Morley.

http://www.rightmove.co.uk/viewdetails-862...3&tr_t=rent

Brand new flat here for under £500 that meets your criteria. Bus to Leeds comes past the door, 2 minute walk to Morrisons, 10 minute walk to the White Roase and 15 minutes drive into Leeds. Couple of trendy bars at the south end of Queen Street and a Pizza Hut.

Or for the money your suggesting, how about a 3 bed detached house in a desirable village

http://www.rightmove.co.uk/viewdetails-163...1&tr_t=rent

I work near the Armouries and all along the south bank of the Aire has changed out of recognition in just 5 years. The only advantage I can see to the new build monoculture around the southern end of Leeds is that most of the occupants seem to be attractive young ladies.

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