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House Price Crash Forum

South West Indicator


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A friend of mine in Falmouth (formerly in the vanguard of extraordinary rises) is stuck with a Falmouth B&B place which her husband pursuaded her to buy at the top of the market 9 months ago. They are now divorcing and she's been left "holding the baby".

They bought this high standard B&B place with excellent rooms and in good condition for around 350 k, spent 30k on it with improvements and then after fees etc the total cost was almost 400k.

The place makes a good profit in the summer, but she wants out and needs to sell, or lease if that's not possible. After a summer valuation of 380k it is now valued at 320k and falling. She's trapped. She knows if she waits longer the value will fall further.

This is a sure indicator of South West properties which despite a healthy tourist trade is not going to stop the inevitable reduction in premium properties in the Souith West....they simply rose way beyond sanity and now the writing is on the wall.

Now, WHY is this value not being reflected regionally and nationally in those scarcely believable figures churned out by EA's and interested parties? Maybe it will take time to filter down to monthly stats but there is no doubt in anyone's mind in this region.....prices are going relentlessly down, and by a very big proportion compared with just a few months ago.

VacantPossession

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Oddly enough, a mate's Mum was telling me last week about some woman in their local dance cllub who wants them all to go and spend a week in that part of the World in April.

However, most of the people in the club, all senior citizens, are saying that for a week down there they can get a week, same price, somewhere like the canaries... and it is quicker/easier to get to....

That's the problem facing UK B&Bs.... Tell hr to buy a 4X4 and drive it around 24 hours a day to aid global warming! That migth help! :-)

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