Jump to content
House Price Crash Forum

West Yorkshire (leeds & North Yorkshire)


Recommended Posts

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.

Sorry I misunderstood your original post, is it the case that you already rent in Leeds City Centre and feel you are at risk of being turfed out?

Regards

Sox

Edited by Bootsox
Link to post
Share on other sites
  • Replies 405
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

Hi LP

Any particular reason why you want the City Centre?

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.

Well you've already given one reason :lol:

I'm young free and single and am enjoying the city centre lifestyle for a bit. Its real easy to get onto the motorway and takes 10 mins to get to work.

In reply to Sox post, I apprecite your taking the time to reply, I havent been served notice yet, but the flat looks like it will sell quickly and there are a few other niggles that make moving to a new place an attractive thought if I can find something I like.

I'm starting to think rents are softening (if you are a tough negotiator.) I'm making progress hagling the price down (I think) and another agent has just listed an identical place a lot cheaper.

Link to post
Share on other sites
  • 1 month later...

Anyone else noticing any price falls in the Leeds area? I've been keeping an eye on the LS28/LS12 areas on rightmove (recently using property bee) for a few months, with very little property being reduced. Small houses are still selling like hot cakes, not much evidence of things slowing down as far as I can see at the moment.

I'm still surprised to see how much the asking prices are for places such as this and this :blink:

Link to post
Share on other sites

Ha,ha,ha,ha!

Studio flats in Armley for £74K & £62K.

I remember when some hopefully characters were after £80K+ for the pokest of studios! - Some new build studios are now about this level now.

I recognise these two from my regular trawls through the bottom end of rightmove. Been up for a while now.

There is A LOT of lower end stuff in Leeds that is going no-where fast.

Link to post
Share on other sites

I have been keeping an eye on terraced back to backs in LS4/Burley area, lots of the 2/3 bedroom terraces seem to have been done up and squeezed into 5-6 bedroom student lets and sold onto investors. Granted some of the 5/6/7 bedroom houses will have been slightly larger type properties but a lot of them were only 2 bedders with basement space.

I have noticed that a lot of these properties were bought within the last couple of years probably by btlers at outrageous prices eg 299k and now a lot of them seem to be getting sold or auctioned off at much lower prices. The range of the asking prices for 5/6 bedders now on rightmove seem to be from 149k to an optimistic 249k!

I notice one for sale though a 7 bedder which is now on for auction guide price 155K

http://www.rightmove.co.uk/viewdetails-169...=9&tr_t=buy

I checked on sold prices and it was bought a couple of years ago for an astounding amount of 359k! I cannot beleive someone would have been such a chump to have paid so much:

08 Feb 2006 33 St Anns Avenue, Leeds, West Yorkshire LS4 2PB Terraced Freehold £359,995

That's a drop of over 50%

I am wondering what will happen to all these student houses, will there be anyone wanting to buy them with all the new student flats which have been recently built in Leeds?

What does everyone think?

Link to post
Share on other sites

http://www.yorkshireeveningpost.co.uk/news...ttle.3787337.jp

saw this after writing my last post. ''INVESTORS are locked in a legal battle with Leeds property tycoon Simon Morris'' after being sold over valued properties inc. in the Burley area of Leeds which they were then unable to rent out and when they came to sell they had plummetted in value. I seem to remember Morris properties being mentioned on one of these itv exposes on House prices.

Link to post
Share on other sites
http://www.yorkshireeveningpost.co.uk/news...ttle.3787337.jp

saw this after writing my last post. ''INVESTORS are locked in a legal battle with Leeds property tycoon Simon Morris'' after being sold over valued properties inc. in the Burley area of Leeds which they were then unable to rent out and when they came to sell they had plummetted in value. I seem to remember Morris properties being mentioned on one of these itv exposes on House prices.

I live in Burley, rentals v cheap, 2 bed flats still with asking prices of £150k etc, LOTS and LOTS of reposessions in the area - every street has at least one, mainly 3,4,5 bed properties. And many been hanging there for a year. some look mildly dilapidated now.

Link to post
Share on other sites

I was in a store at the Crown Point shopping development last night.

Got talking to a very pleasant young woman, on the checkout, who when I mentioned I lived on Clarence Dock became a bit “gushing” about the development and said she was thinking of buying herself.

I don’t like giving advice to strangers but I felt obliged to note an “air of caution” and suggested she might consider renting until she got the market sussed.

Not much of a story, except that I found the level of indoctrination about the need for property ownership quite disconcerting.

When young people like this meet the sharp suited, gift gabby, estate agents offering free champagne and the “lifestyle” it must be like lambs to the slaughter.

SQ

Link to post
Share on other sites
I was in a store at the Crown Point shopping development last night.

Got talking to a very pleasant young woman, on the checkout, who when I mentioned I lived on Clarence Dock became a bit "gushing" about the development and said she was thinking of buying herself.

Come on, how much do they pay the check out girls at TK Maxx!! Must be near to minimum wage. Unless she puts the cash into her handbag every night or her other half is the store manager? Ask her where she's getting a mortgage. It's not National Rock is it? :unsure:

Link to post
Share on other sites
Come on, how much do they pay the check out girls at TK Maxx!! Must be near to minimum wage. Unless she puts the cash into her handbag every night or her other half is the store manager? Ask her where she's getting a mortgage. It's not National Rock is it? :unsure:

Yes that thought passed through my mind, although it wasn't TK Maxx. Said she was living in rented accomm at the moment and that was costing £400/month.

So could possibly rent but may struggle to buy. Goes to illustrate the differential between purchasing/rental.

Sox

Link to post
Share on other sites
  • 2 weeks later...
Ha,ha,ha,ha!

Studio flats in Armley for £74K & £62K.

I remember when some hopefully characters were after £80K+ for the pokest of studios! - Some new build studios are now about this level now.

I recognise these two from my regular trawls through the bottom end of rightmove. Been up for a while now.

There is A LOT of lower end stuff in Leeds that is going no-where fast.

Indeed, check out this little gem courtesy of property bee. Not in the best area, but £35,000 off! :o

Capture.jpg

Edited by Eager FTB
Link to post
Share on other sites
it's still not cheap though, you won't get a mortgage for that house until the outer concrete shell is removed and then bricked up (see next door).

Let me guess lots of tasty asbestos hiding under there too?.

When was it evercorrect to clad your house in Ryvita ?

Link to post
Share on other sites

I've been watching Leeds 'Apartments' for the last month with propertybee as well as keeping an eye on rightmove for about a year now.

Seems to me that City Island is going the way of Aspect 14 and prices are softening in all developments, notably Blue, West Point and K2.

Estate agent told me Clarence Dock had been recently valued at around £200/sqft as opposed to the £300 assumed upon purchase!

£130k for a 2 bed with parking (750 sqft) and views seems consistent with the rents they are achieving of about £800 and less pcm. Although most are still advertised at £225k!

Link to post
Share on other sites

yes, Kelso Heights were featured on a bbc documentary a few months ago.

a local developer had sold a number of flats there, allegations of over valuing, bent surveyors, bent solicitors - the lot.

however, if you look at http://www.nethouseprices.com/index.php?co...mp;pcsaCode=LS3 you can see that 18 flats have sold at 237k - 249k, thus 18 people thought the valuation was correct. (so to me 237k - 249k was the market value - at that time).

the bbc got in a local surveyor, who valued one of the flats at 136k (this was about 6 months ago) but if you look on rightmove they are now going for 80 - 99k.

my personal opinion is that these flats were very expensive (in 2006), but because 18 people were daft enough to pay the price, we can't say that they had been over valued.

it's a genuine drop in value of 68% imho.

... though the scale of the drop may have been exacerbated by the initial sales pitch and alleged wrong doing by the seller & co in the over-hyped market conditions in 2006.

Link to post
Share on other sites

This wouldn't be another Simon Morris presentation would it?

Saw "Inside-Out" last year about some people who'd lost heavily with student flats in Leeds, that students couldn't afford & didn't want to live in.

If this is a 68% fall, then I feel this scenario with the Kelso flats, will be repeated in many many cities across the land. My guess would be that these were bought by the two bob property tycoon BTLers?

Link to post
Share on other sites
  • 1 month later...

just bumping this thread in case anyone is interested in what is happening in the bubble zone that is hebden bridge.

the area has seen the usual massive price increases in recent years, a lot of which were btl but also just new london money coming into nthe area, prices seem to have peaked last summer but a lot of the decent detached around 350k plus are not selling after 9 months or so on the market and there have been 10% DROPS in asking price across a fair few properties however there are more still not budging. hard to see what is happening to sale prices as there are so few on the land registry,

some of the very pricey mill conversions look to lose 20% this year though - mainly btl fodder in the past as far as i can see.

new valuations seem to be as optimistic as ever and in fact one house sold for 700k last july is now on at 800k tho the agent looked apologetic when i pointed this out. clearly very little going on and my rent seems static.

Link to post
Share on other sites
just bumping this thread in case anyone is interested in what is happening in the bubble zone that is hebden bridge.

the area has seen the usual massive price increases in recent years, a lot of which were btl but also just new london money coming into nthe area, prices seem to have peaked last summer but a lot of the decent detached around 350k plus are not selling after 9 months or so on the market and there have been 10% DROPS in asking price across a fair few properties however there are more still not budging. hard to see what is happening to sale prices as there are so few on the land registry,

I presume the drops are because the Lesbian Mortgage Advance Company has refused to lend more money there :) - seriously. it's Dyke Central...

Link to post
Share on other sites

I presume the drops are because the Lesbian Mortgage Advance Company has refused to lend more money there :) - seriously. it's Dyke Central..

yes, all life is there in hebden, and a lovely place it is for that.

for several years now quite a lot of moneyed types have been there as well plus typical west yorks poverty. i suspect the recent HPI has made it a less diverse place as counter culture types have been priced out so that might change now.

recent auctions have seen lower end stuff not reach asking prices and btl developments not selling. a decent enough 3 bed mill conversion next to me has been repossed from the landlord and is for sale at 185k, i think it sold for 220 a few years ago.

i suspect it will feel the same 20-30% off properties as the rest of west yorks will as there is little local wealth creation to sustain current prices.

Link to post
Share on other sites
  • 4 weeks later...

Leeds student areas are toast.

-----------------------------------

going on from the harrogate/Ilkley forum (posh areas up the road from Leeds)

http://www.housepricecrash.co.uk/forum/ind...15&start=15

LS6 is the main student area - down 30% for student terraced houses over previous 12 months

http://www.home.co.uk/guides/house_prices_...mp;endyear=2008

associated 'up and coming' / peripheral student areas, LS4 and LS3 - well they don't seem to be setting a price cos almost nothing has been sold in the last 6 months... oh dear

I live in LS4 and every street has a repo auction signed house

LS4:

http://www.home.co.uk/guides/house_prices_...mp;endyear=2008

LS3:

http://www.home.co.uk/guides/house_prices_...mp;endyear=2008

These stats are only as far as march, and I can tell you it looks no better at street level now in May than it did 2 months ago...

Link to post
Share on other sites
  • 3 weeks later...

news from further afeild in hebden bridge, 3 bed pleasant enough mill conversion flat just sold at 175k, down from 230k in 2006. now this was a repo job but a 20% drop on what is a fairly solid property is considerable. several places in the higher band i am interested in (300k-400k) are back on the market following collapsing chains further down the snake / ladder but the owners are hanging on because 'it will be different here'

in fact i think it might be, as hebden is one of those bits of west yorks that had the craziest increases and therefore the furthest to fall.

Link to post
Share on other sites
  • 3 weeks later...

I rent an apartment in Leeds City centre.

Unfortunately, the inevitable has now happened and my landlord has been served with a "NOTICE OF COMMENCEMENT OF POSSESSION PROCEEDINGS" which Birmingham Midshires's solicitors have kindly copied to myself (in a very timely manner I must add).

Court date set for 28/07/08, so could have hung on until then but, with the level of uncertainty, I have decided to bite the bullet and given notice to quit.

After four years, it was perhaps time to move on anyway.

I think that over next two years with mortgage resets, changes to LTV ratios and minimum rental coverage requirments there is going to be an Tsunami of reposseions , especially with this type of city centre apartment on BTL mortgages.

This is just the start, this is going to become a national scandal.

Regards

Sox

Link to post
Share on other sites

bad luck there bootsox, though a months notice is better than most. landlord must be really shafted if they bought 4 years ago and still can't keep up payments.

i suppose the tough bit is making sure it doesn't happen in your next flat. i'm renting too and get worried about that as have a family to move if it happens.

Link to post
Share on other sites
bad luck there bootsox, though a months notice is better than most. landlord must be really shafted if they bought 4 years ago and still can't keep up payments.

i suppose the tough bit is making sure it doesn't happen in your next flat. i'm renting too and get worried about that as have a family to move if it happens.

Yes, I am going to give city centre living a rest and relocate back to the North West for a while.

Currently looking at a small bungalow that is being rented out by a retired couple who have moved down south, so should be fairly secure.

Understand your concerns about security of tenure but unless you know your landlord's circumstances it is very difficult to know for sure. Might be worth investigating a "plan B" though.

Best of luck

Sox

Edited by Bootsox
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.