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90% house price drop in same street inside 12 months in nice working class area in Leeds:

just walked round the corner to me to check this out.

apparent repo, 22 Barnbrough Street, Leeds. The even numbered houses all on this one side of the street look the same - smallish 1 bed back to back terraces. very basic. nethouseprices reports sales of thses at £105,000 and £130,000 respectively in 2007.

and now this: 22 Barnbrough Street, Leeds,LS4 2QY 01-Aug-2008 £10,800 . Have just looked at the house, looks like someone happily living in it, no earth works, replacing roof or whatever, doesn't look like it's needed or is having significant work done to it since August.

It's very much reasonable studentville etc, not too bad, safe for an iner city area, and quite a cool place actually, a minor council estate up the road. but this is a big fall for a house the likes of which I rejected in 2002 at 65k as I thought that was too much for a shoebox.

that's a 90% fall folks from 2007 prices, in line with the view (and previous crashes) that small properties just don't have buyers in a slow market.

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

to add: my rent has gone up 3% this year; could have probably been lower raise, but felt mutually good for me and (decent) landlord.

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90% house price drop in same street inside 12 months in nice working class area in Leeds:

just walked round the corner to me to check this out.

apparent repo, 22 Barnbrough Street, Leeds. The even numbered houses all on this one side of the street look the same - smallish 1 bed back to back terraces. very basic. nethouseprices reports sales of thses at £105,000 and £130,000 respectively in 2007.....snip

Hi S1,

Just a note of caution, as the £10,800 figure seems rediculously low! I may be wrong on this but could the figure not relate to a partial transfer of title, i.e. two people have split up and one has bought out the other for the sum stated?

Not sure if LR figures work this way (recording partial as well as full transfers), maybe someone can confirm?

Regards

Sox

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Hi S1,

Just a note of caution, as the £10,800 figure seems rediculously low! I may be wrong on this but could the figure not relate to a partial transfer of title, i.e. two people have split up and one has bought out the other for the sum stated?

Not sure if LR figures work this way (recording partial as well as full transfers), maybe someone can confirm?

Regards

Sox

Plausibly – except the area is full of unsold repossessions (can tell by the notices in the windows) that have repeatedly failed to sell at the given reserve of 50-odd k. Dodgier area down the road (Armley) seen a few 30k transactions (for bigger houses) over last 6 months.

Have been corrected by partner – the house actually looked unoccupied.

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additional cheap terraced houses:

(privy to the same possible error as suggested by Bootsox)

dodgier area this time, less info from me as a mile and a half from where I live, but not truly horrible area either.

again, an area that has seen some speculative input as 'up and coming' (and all that jazz)

28 Armley Ridge Road,

Leeds,

West Yorkshire,

LS12 3NP £20,305

Terraced

Freehold

Not New Build 31-Mar-2008

8 Iron Stone Gardens,

Leeds,

West Yorkshire,

LS12 6LH £35,893

Terraced

Freehold

Not New Build 05-Mar-2008

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  • 3 weeks later...

Re 37 Magellan House, Leeds

This property is in the block that I used to live/rent in.

Originally sold for £175k on 21/08/03, now sold at auction on 30/10/08 for £98k.

Even at £98k though (assuming it is a buy to let), I can't see how you will get an adequate yield!

Must say that I quite like Allsop's web site, easy to use and gives a much more up to date guide as to what properties are actually trading for (as opposed to Land Registry's three month delay or estate agent's fantasy asking prices).

Regards

Sox

MH1.pdf

MH1.pdf

Edited by Bootsox
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Re 37 Magellan House, Leeds

This property is in the block that I used to live/rent in.

Originally sold for £175k on 21/08/03, now sold at auction on 30/10/08 for £98k.

Even at £98k though (assuming it is a buy to let), I can't see how you will get an adequate yield!

Must say that I quite like Allsop's web site, easy to use and gives a much more up to date guide as to what properties are actually trading for (as opposed to Land Registry's three month delay or estate agent's fantasy asking prices).

Regards

Sox

Hi ya Boot

Been watching these myself - still further to fall IMO. Pity Poor sucker who bought in 2003. He ain't alone though.

I reckon it takes 6 months to reposess (start process to auction). So the carnage has not really started yet.

BUT I noticed some traditional terraced grot is coming on the radar for under £100k in student letting areas (eg Harold Road). 4 students at £200+ /month. You can make a bit here (assuming you've got the cash). Give it 3 months for things to really hot up

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An interesting auction lot.

28 Kelso Heights, Belle Vue Road, Leeds, West Yorkshire, LS3 Guide Price £60,000 3 bedroom flat

Full description:

Fire/Smoke Damaged Three Bedroom Apartment.

Photograh shows a general view.

Tenure: Leasehold

Note: This property is to be sold at auction.

Auction Information:

Auction: Leeds

Venue: The John Charles Centre For Sport, Middleton Grove, Leeds, West Yorkshire, LS11 5DJ

Date: Friday, 05 December 2008

Time: 14:00

Lot Number: 75

http://www.rightmove.co.uk/viewdetails-201...p;mam_disp=true

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  • 1 month later...

in case anyone else is keeping an eye on west yorks still hebden bridge remains sticky to say the least, a few asking price drops of 5%, a couple of 10% and thats it. EAs have suggested 20% reductions may be possible on a few but we are still very much in the denial stages and prices remain pretty shockingly high. in fact new instructions seem to even higher than this time last year.

i suspect part of this is the lack of truly forced sellers, though there have been a couple of places that have gone to rent after not selling for a while.

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Re 37 Magellan House, Leeds

This property is in the block that I used to live/rent in.

Originally sold for £175k on 21/08/03, now sold at auction on 30/10/08 for £98k.

Even at £98k though (assuming it is a buy to let), I can't see how you will get an adequate yield!

Must say that I quite like Allsop's web site, easy to use and gives a much more up to date guide as to what properties are actually trading for (as opposed to Land Registry's three month delay or estate agent's fantasy asking prices).

Regards

Sox

This property will rent at £700 easily! It's in a fantastic location and i don't know whether you've been around armouries way recently but with the new developments and shops it really is the place to be in leeds at the mo 'imo'. That, in my mind, is quite a good yield! I think this was an absolute steal at this price and incidentally is already back on the market at £142,500. I think in my opinion you won't be seeing many more deals like this 98K around for such a good property. At the moment "everyone wants a repo" and people are savvy to the repo's and forced sales market, it's driving a better deal. It offers affordable housing to first time buyers, which should hopefully see an influx of more owner occupiers in city centre which again, can only be a good thing for the city centre market.

The important factor for me is how long can the private sales market remain stagnent? Pure economics denotes that an increase in affordable housing (albeit with the forced sales) will give the market a boost. Whether it will be enough to stimulate privates sellers again I don't know, but certainly with the booming rental markets the majority of owners will be more than happy to wait and see...

Thoughts dutifully welcome.

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This property will rent at £700 easily! It's in a fantastic location and i don't know whether you've been around armouries way recently but with the new developments and shops it really is the place to be in leeds at the mo 'imo'. That, in my mind, is quite a good yield! I think this was an absolute steal at this price and incidentally is already back on the market at £142,500. I think in my opinion you won't be seeing many more deals like this 98K around for such a good property. At the moment "everyone wants a repo" and people are savvy to the repo's and forced sales market, it's driving a better deal. It offers affordable housing to first time buyers, which should hopefully see an influx of more owner occupiers in city centre which again, can only be a good thing for the city centre market.

The important factor for me is how long can the private sales market remain stagnent? Pure economics denotes that an increase in affordable housing (albeit with the forced sales) will give the market a boost. Whether it will be enough to stimulate privates sellers again I don't know, but certainly with the booming rental markets the majority of owners will be more than happy to wait and see...

Thoughts dutifully welcome.

"absolute steal", "influx of of more owner occupiers in city centre", "give the market a boost"?

Are you the Seller?

Dream on... :rolleyes::lol:

Edited by JimmyTenner
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sorry, let me do my maths... £98,000 for a property that will rent at £725 pcm..... hmm awful yeild that!!

you sure it will get 725? and over coming years, remember rents are falling?

15 pages of similar flats to rent in nearby area on rightmove, with lower margins at 595, say you'd be lucky, but I haven't done tremendous in-depth research

but of course 98k is a better price to invest at than 200k+!

best

Si1

Edited by Si1
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Right, let's break this down...

This property will rent at £700 easily!

No, it won't, as rents are falling due to the increased no of properties on the Market.

It's in a fantastic location and i don't know whether you've been around armouries way recently but with the new developments and shops it really is the place to be in leeds at the mo 'imo'.

A fantastic location maybe a few years ago, but do you know how many developments have been mothballed? Look at GreenBank nearby. Yes, new shops and restaurants, and the new uber-Casino at Clarence Dock, have arrived, but to me, this is ludicrous - you see how many will close over the next 12 months - we have yet to feel the full brunt of unemployment.

It offers affordable housing to first time buyers, which should hopefully see an influx of more owner occupiers in city centre which again, can only be a good thing for the city centre market.

"Affordable housing to first time buyers"! Yes, in a Market where mortgages and multiples are at a favourable rate, but in the current climate, you are wishing for a miracle if you think there will be an influx of owner-occupiers in the City Centre. Especially when more and more people are being made redundant in the City.

but certainly with the booming rental markets the majority of owners will be more than happy to wait and see...

You think that those who bought in the last couple of years are "more than happy to wait"??? Why do you think that repossessions are rocketing? You think that all these developments have a 100% occupancy rate? They will be like ghost towns this time next year...

Apologies if I'm coming across terribly, I don't mean to, I'm just surprised that their is such optimism when we have yet to see the worst...

BTW, I live and work in Leeds. Live in suburbs, renting until Market is at least another 25% down. Work in centre, very near to the developments mentioned above... :)

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Right, let's break this down...

No, it won't, as rents are falling due to the increased no of properties on the Market.

A fantastic location maybe a few years ago, but do you know how many developments have been mothballed? Look at GreenBank nearby. Yes, new shops and restaurants, and the new uber-Casino at Clarence Dock, have arrived, but to me, this is ludicrous - you see how many will close over the next 12 months - we have yet to feel the full brunt of unemployment.

"Affordable housing to first time buyers"! Yes, in a Market where mortgages and multiples are at a favourable rate, but in the current climate, you are wishing for a miracle if you think there will be an influx of owner-occupiers in the City Centre. Especially when more and more people are being made redundant in the City.

You think that those who bought in the last couple of years are "more than happy to wait"??? Why do you think that repossessions are rocketing? You think that all these developments have a 100% occupancy rate? They will be like ghost towns this time next year...

Apologies if I'm coming across terribly, I don't mean to, I'm just surprised that their is such optimism when we have yet to see the worst...

BTW, I live and work in Leeds. Live in suburbs, renting until Market is at least another 25% down. Work in centre, very near to the developments mentioned above... :)

I agree with all you say here - I live and work in Leeds too.

One thing to add - I don't see the assumed market for city centre living in medium sized cities. When you can get home to leafy suburbs-ville in 10 minutes in a taxi costing 5 to 10 quid on a friday night, there isn't the need.

Additionally, I spoke to a chap related to water capacity planning, and Yorkhire Water, when calculating their ongoing demand requirements, work on 50% occupancy of city centre developments for supplying water.

Perhaps the best developments might remain more upmarket, there is SOME need for prof accomodation in town, but not that much, and not that expensive.

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And these types of developments will start to be picked off for housing associations.

I agree regarding the north leeds, concord st /aspect 14 and others on the outskirts, but South Leeds near the canal are desirable.

Repossession in Clarance dock (admiral court) has just gone to closed bids twice because there has been so much interest. Listed at £115,000 went to closed bids with highest at £125,000+ and going to closed bids again because still people interested... The agent is camping outside the property because there's so many people wanting to view it!

Once funds become more accesible, people will buy at this level!

There is demand out there in the right developments, and it's not just landlords, it's owner occupiers.

You can't say i'm being "optimistic" because were talking about properties that sold a few years ago for £180- £200 grand so there's still a huge loss, but the point i'm making is that there is demand for these south city centre properties at this level. I'm sure there will be some blocks sold to housing association (most likely outskirt ones), there will also be a huge wave of repo's, but people will buy them in these desirable areas. City centre properties have dropped more than anywhere else in Leeds and buyers know this.

Si thanks for feedback - megallen house start at around £675 for the smaller properties.

Perhaps the best developments might remain more upmarket, there is SOME need for prof accomodation in town, but not that much, and not that expensive.

Totally agree si, which was my point and maybe should have made it clearer - £98 grand for an average aspect 14... wouldn't go near it with a stick... £98 grand for 37 Megallen house, great deal any day!

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I mean the following with due respect:

I agree regarding the north leeds, concord st /aspect 14 and others on the outskirts, but South Leeds near the canal are desirable.

Repossession in Clarance dock (admiral court) has just gone to closed bids twice because there has been so much interest. Listed at £115,000 went to closed bids with highest at £125,000+ and going to closed bids again because still people interested... The agent is camping outside the property because there's so many people wanting to view it!

Once funds become more accesible, people will buy at this level!

funds will not become available for many years yet, and the crunch is going to bite deeper - rents will fall also

There is demand out there in the right developments, and it's not just landlords, it's owner occupiers.

do you yourself want to live there, out of interest? what about proximity to Beeston and Holbeck?

Si thanks for feedback - megallen house start at around £675 for the smaller properties.

you sure about that?

https://www.nest-uk.com/property/wes-0168-c...range-view.html

Totally agree si, which was my point and maybe should have made it clearer - £98 grand for an average aspect 14... wouldn't go near it with a stick... £98 grand for 37 Megallen house, great deal any day!

I disagree, but I'm not certain!

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I know when I lived a Magellan House my rent was £550/month for a two bedder (this of course was less agent's commission).

Also the service charges are about £100/month (which needs to be paid by the landlord).

As per my previous post, even at a £98k purchase price, I don't see how these places can be financially viable from a BTL point of view.

Truth be known, they never were financially viable, these properties were sold on the hope of making a capital gain!

Sox

Edited by Bootsox
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Hmmm...

Read the rest of the topic now and see the thinking, nothing like a few bold statements to stimulate conversation, but still maintain my point.

I know when I lived a Magellan House my rent was £550/month for a two bedder (this of course was less agent's commission).

That is cheap! How long ago? Cheapest i could find for a two bed in Magellon was £675.

The Admiral Ct property (sorry it's brewery Wharf not clarence dock, but spitting distancec away) No 37 i believe, is currently going for £125,000+ with a lot of keen interest.

Aspect 14, and city island are f*@?ked... seriously. I agree with what you are saying with these, it's mentioned in all the articles and will surely end up being coucil owned.

I just can't see people giving up on Clarence Dock! It's Leeds' major new development, invested in now by many large corporate businesses (Pizza Express and Starbucks were both busy when i was down there last), the home of in my opinion, Leeds best tourist attraction (armouries) and just has a great feel. Properties need to find their level, at £180K+ for standard 2 bed in current climate is too much, but they will level out through repo's etc, and I just think people will buy them and rent them at a fair price. If you've going to invest anywhere in the city centre I think it's surely a good bet? 98K IMO is a good deal! "Brave when the market is fearful" and all that... and you've got to pick somewhere if you want to invest.

Don't want to monopolise whole thread with topic about one area of leeds centre, just I think to pick up a repo down there would be a good bet!

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Hmmm...

Read the rest of the topic now and see the thinking, nothing like a few bold statements to stimulate conversation, but still maintain my point.

That is cheap! How long ago? Cheapest i could find for a two bed in Magellon was £675.

The Admiral Ct property (sorry it's brewery Wharf not clarence dock, but spitting distancec away) No 37 i believe, is currently going for £125,000+ with a lot of keen interest.

Aspect 14, and city island are f*@?ked... seriously. I agree with what you are saying with these, it's mentioned in all the articles and will surely end up being coucil owned.

I just can't see people giving up on Clarence Dock! It's Leeds' major new development, invested in now by many large corporate businesses (Pizza Express and Starbucks were both busy when i was down there last), the home of in my opinion, Leeds best tourist attraction (armouries) and just has a great feel. Properties need to find their level, at £180K+ for standard 2 bed in current climate is too much, but they will level out through repo's etc, and I just think people will buy them and rent them at a fair price. If you've going to invest anywhere in the city centre I think it's surely a good bet? 98K IMO is a good deal! "Brave when the market is fearful" and all that... and you've got to pick somewhere if you want to invest.

Don't want to monopolise whole thread with topic about one area of leeds centre, just I think to pick up a repo down there would be a good bet!

Clarence Dock and close area IS pretty nice actually, and I think (hope) will prosper. Better to inhabit old industrial land than concreting an out of town field?

What it does need, imho, is a post office, doctors etc as it's pretty much set up for life without a car.

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