Jump to content
House Price Crash Forum
Sign in to follow this  
devonblues

Devon

Recommended Posts

HI! I've just joined this forum,- in transition from house owner to renter, I think (see intro post!)

I've been looking at property in south devon- mainly south hams but also dartmoor area - of the 6 properties I've looked at, 5 have, it transpires, had already had price reductions- typically around 10-15% of original asking price. One I went to see yesterday had been on the market for months at an original asking price of £325, reduced to £315k, and now on at £295k. Agent thought they might accept £275k. Another was put to auction and did not meet the reserve - even though the agent thought it would go for substantially more. Now I'm not sure whether this means house prices are falling, or instead, agents had just put silly figures on the houses in the first place. I recal, the the BBc stats showed a price reduction in south devon, but as the site isnt currently working I can't check.

I also thought about houses in Exeter, thinking I might buy something to rent out and stay in my own rented property. There are quite a number of multi-occupancy student houses on the market - some with assured lettings for next year. Not sure if this is normal, or whether it indicates some BTLers are getting out of the market. I'm being pursued by agents (as I would be a cash buyer) who seem fairly keen to sell me something and keep saying "I'm sure they would drop the price".

All in all, I'm coming to the conclusion that it would not be prudent to buy at the moment! I hope I'm right... gulp

Share this post


Link to post
Share on other sites
HI! I've just joined this forum,- in transition from house owner to renter, I think (see intro post!)

I've been looking at property in south devon- mainly south hams but also dartmoor area - of the 6 properties I've looked at, 5 have, it transpires, had already had price reductions- typically around 10-15% of original asking price. One I went to see yesterday had been on the market for months at an original asking price of £325, reduced to £315k, and now on at £295k. Agent thought they might accept £275k. Another was put to auction and did not meet the reserve - even though the agent thought it would go for substantially more. Now I'm not sure whether this means house prices are falling, or instead, agents had just put silly figures on the houses in the first place. I recal, the the BBc stats showed a price reduction in south devon, but as the site isnt currently working I can't check.

I also thought about houses in Exeter, thinking I might buy something to rent out and stay in my own rented property. There are quite a number of multi-occupancy student houses on the market - some with assured lettings for next year. Not sure if this is normal, or whether it indicates some BTLers are getting out of the market. I'm being pursued by agents (as I would be a cash buyer) who seem fairly keen to sell me something and keep saying "I'm sure they would drop the price".

All in all, I'm coming to the conclusion that it would not be prudent to buy at the moment! I hope I'm right... gulp

We rent in Devon as well and have done since last year. When we came down here prices were still going a bit silly where we are (near Exeter) but they really seem to have topped off now. Properties are staying on the market for quite a while and there are some that I think have been on the whole time we've been here! I certainly wouldn't buy here now...I think Devon will get hit but bits near the train stations to London might do better.

At the end of the day, we're about to move into another rented property which is probably worth .75 million but we'll be paying the rent that would allow us to live in a £300k house if we bought. Oh, and that £300k house might be worth £200k some time in the near future. No brainer for me...

Share this post


Link to post
Share on other sites
We rent in Devon as well and have done since last year. When we came down here prices were still going a bit silly where we are (near Exeter) but they really seem to have topped off now. Properties are staying on the market for quite a while and there are some that I think have been on the whole time we've been here! I certainly wouldn't buy here now...I think Devon will get hit but bits near the train stations to London might do better.

At the end of the day, we're about to move into another rented property which is probably worth .75 million but we'll be paying the rent that would allow us to live in a £300k house if we bought. Oh, and that £300k house might be worth £200k some time in the near future. No brainer for me...

I have seen house prices in exeter for terraced and flats over the past 3 months move very little if at all.. Detatched and semi family homes though go well and are limited so higher prices.

The local prop in Exeter has a huge increase over the past month and many have No Chain and reductinos so thin it is investors cashing in.

As for rental props - a lot of rubbish around but quality will go and are getting higher rental incomes. There is a lack of supply of good rental prop in Exeter - this was stated i the local paper last week. Some poepl I know are selling up and moving to rental before a crash (their words not mine!).

I can see prices in Exeter levell off overall this year but doubt to see huge reductions just very low HPI < 5%.

Share this post


Link to post
Share on other sites

Glad to hear from others looking in South Devon area - we're looking in South Hams. I have to say I have been seeing price reductions for some weeks now; but even after reductions most of these homes do not shift. There's still a lack of good quality property coming onto the market IMO, and despite the reductions, initial pricings are still wildly high because of restricted supply. Oh and the fact that most sellers believe people from outside the area loaded with cash are decamping down here in droves (possibly true but they don't appear to be buying madly just now). Quite a few sellers seem to be swapping agents atm, so its same old stuff, different agent. I won't be holding my breath for big reductions, but I expect to see much more value for money by the autumn. I find it interesting to see other reports of dropping prices in Devon because the way the agents and houseowners talk round here you'd think that South Hams would be the last bastion of high prices in the whole UK - not one of the first to drop as it appears if reports on this site are anything to go by.

Still I have learnt that my natural bearish inclinations haven't been a great help to me over the past few years of HPI, so maybe I'm just seeing what I want to see. But for what its worth my gut feeling is I think initial asking prices have to drop quickly now or the low and mid range property market will freeze up.

None of the little faces really express what I feel - at the end of the day we might get a cheaper home following HPC - but would there be any ecconomy left to work in? I'll go for this one... :wacko:

Share this post


Link to post
Share on other sites
Guest AuntJess
Glad to hear from others looking in South Devon area - we're looking in South Hams. I have to say I have been seeing price reductions for some weeks now; but even after reductions most of these homes do not shift. There's still a lack of good quality property coming onto the market IMO, and despite the reductions, initial pricings are still wildly high because of restricted supply. Oh and the fact that most sellers believe people from outside the area loaded with cash are decamping down here in droves (possibly true but they don't appear to be buying madly just now). Quite a few sellers seem to be swapping agents atm, so its same old stuff, different agent. I won't be holding my breath for big reductions, but I expect to see much more value for money by the autumn. I find it interesting to see other reports of dropping prices in Devon because the way the agents and houseowners talk round here you'd think that South Hams would be the last bastion of high prices in the whole UK - not one of the first to drop as it appears if reports on this site are anything to go by.

Still I have learnt that my natural bearish inclinations haven't been a great help to me over the past few years of HPI, so maybe I'm just seeing what I want to see. But for what its worth my gut feeling is I think initial asking prices have to drop quickly now or the low and mid range property market will freeze up.

None of the little faces really express what I feel - at the end of the day we might get a cheaper home following HPC - but would there be any ecconomy left to work in? I'll go for this one... :wacko:

I am another Devon import :P renting in East Devon and hoping to buy here...one day. Prices have been silly but are starting to drop a bit, and not before time. I also find that Devon vendors have inflated ideas about themselves and contempt for buyers, judging by the dirty and poorly maintained properties I have looked at. I was told by one EA that "THIS is Devon" as though I must tolerate muck and crummy house maintenance for the privilege of living here.

I hail from the Lancashire/Manchester border, where we have magnificent shops and stores within a stones throw, unlike here where I have to drive 30 miles to B&Q, M&S, or similar.

It is all swings and roundabouts. Here you pay for scenery, the North has a plethora of stores and shops within arms reach, yet Devon thinks it can ask almost double what the NW does.

I hope it is in for a rude awakening. ;)

Share this post


Link to post
Share on other sites

I'm also an exiled northerner in Devon (long story), though from t'other side of the Pennines, and I was quite horrified when I moved down here to find out just how little rented flat I'd get for my £! As for buying, everything in my price range is either a sheltered housing complex (oh how I WISH estate agents would let you exclude those on their search engines), in need of major renovation, or an overpriced bedsit opposite a prison/next to the railway station (anyone who would pay £125K for those needs some serious therapy, I'd suggest!).

It's not like salaries are fantastic down here either, or jobs that plentiful - yet Devon has just a bit of a superiority complex, though Exeter is one of the most overpriced and under-resourced little cities I've ever lived in! (EVERYTHING costs 10-20% more here than in Plymouth, Bristol or Taunton and yet the choice is so much more limited...) About 10 years ago they were voted one of the best places to live in the UK, and I sometimes don't think they realise it's actually 10 years since that was said....

And as for the scenery, well, yes, it's quite nice, but there are lots of other lovely places up in the North West, Scotland and the North East... Londoners seem to love it down here for some reason though, at least part of the problem. Still, surely that never-ending tide of London retirees with money to burn and a penchant for a sea view must end some day?! Or maybe the baby boomer generation en masse will find a way to extend their life span indefinitely too.... ;)

Edited by cannycat

Share this post


Link to post
Share on other sites
Guest AuntJess
I'm also an exiled northerner in Devon (long story), though from t'other side of the Pennines, and I was quite horrified when I moved down here to find out just how little rented flat I'd get for my £! As for buying, everything in my price range is either a sheltered housing complex (oh how I WISH estate agents would let you exclude those on their search engines), in need of major renovation, or an overpriced bedsit opposite a prison/next to the railway station (anyone who would pay £125K for those needs some serious therapy, I'd suggest!).

It's not like salaries are fantastic down here either, or jobs that plentiful - yet Devon has just a bit of a superiority complex, though Exeter is one of the most overpriced and under-resourced little cities I've ever lived in! (EVERYTHING costs 10-20% more here than in Plymouth, Bristol or Taunton and yet the choice is so much more limited...) About 10 years ago they were voted one of the best places to live in the UK, and I sometimes don't think they realise it's actually 10 years since that was said....

And as for the scenery, well, yes, it's quite nice, but there are lots of other lovely places up in the North West, Scotland and the North East... Londoners seem to love it down here for some reason though, at least part of the problem. Still, surely that never-ending tide of London retirees with money to burn and a penchant for a sea view must end some day?! Or maybe the baby boomer generation en masse will find a way to extend their life span indefinitely too.... ;)

I agree. The Dales; Cumbria; Trough of Bowland; Northumbria, and that's just England. It is a wee bit cool up there though. :lol:

As to the different standards here in Devon: I had a bit of a culture shock when I found that tradesmen charge a helluva lot more than oop north and a fair few of them are cowboys, if my neighbours are to be believed. I guess they think that what with so many elderly and all, that they can pull the wool.

Share this post


Link to post
Share on other sites
I agree. The Dales; Cumbria; Trough of Bowland; Northumbria, and that's just England. It is a wee bit cool up there though. :lol:

As to the different standards here in Devon: I had a bit of a culture shock when I found that tradesmen charge a helluva lot more than oop north and a fair few of them are cowboys, if my neighbours are to be believed. I guess they think that what with so many elderly and all, that they can pull the wool.

Ah, yes, but just give it time and global warming will have an effect on that (oh dear, it might just involve London and the south coast under water at the same time though....and despite the warnings, I bet it makes Katrina look just like the rehearsal when it happens...) I do recall a Scottish friend pointing out that the whole of the UK south of about Hadrian's Wall was slowly sinking, we weren't quite sure if it was just the sheer weight of the population that was adding to the effect! Oh dear, I might just have to go and look at some nice photos of oop north now....

Share this post


Link to post
Share on other sites

A tin tabernacle in Hartland was sold on friday 26th October, it went to auction and made £71k :blink: seeing is believing! I have seen bigger caravans :lol: It comes with a heap of restrictions, like strictly holiday use only, council requesting a list of the people that stop there, it can be converted to a 1 bed place but the tin roof has to stay as does the timber frame, there is no water, no sewerage, a pokey garden and situated right on the A39. Still seems like utter madness to me. Aparently the tv crews were at the auction and pulled the new owners to one side afterwards to ask if they could go their new purchase and do some filming that would be televised next summer.....More property porn no doubt....

Share this post


Link to post
Share on other sites
A tin tabernacle in Hartland was sold on friday 26th October, it went to auction and made £71k :blink: seeing is believing! I have seen bigger caravans :lol: It comes with a heap of restrictions, like strictly holiday use only, council requesting a list of the people that stop there, it can be converted to a 1 bed place but the tin roof has to stay as does the timber frame, there is no water, no sewerage, a pokey garden and situated right on the A39. Still seems like utter madness to me. Aparently the tv crews were at the auction and pulled the new owners to one side afterwards to ask if they could go their new purchase and do some filming that would be televised next summer.....More property porn no doubt....

Oh well - one tin tabernacle, doesn't prove a house price surge. Sounds like a novelty buy. From where I'm standing South Hams, at least, seems well underway with a house price correction. Not a crash yet, but plenty of reductions and just about everything sticking. Even the agents admit it now. With the pressure off, I'm beginning to quite enjoy renting.

Share this post


Link to post
Share on other sites

A tin tabernacle :lol:

I can do a brick coastguard tower sold at auction for £42,000 in July, now being sold for £85,000 :D

The Former Coastguard Tower, The Promenade, Littlehampton, West Sussex, BN17 For Sale / To Let

Leasehold

£85,000

Rent : £4,500.00 per annum

Click the image for more details Unusual & Unique Opportunity For Sale/To Let

The Former Coastguard Tower with Fantastic 180 degree Views out to Sea

Situated in a highly prominent position along Littlehampton seafront, the property comprises an attached 3 storey former coastguard tower (which adjoins the new tower) with a single room on each floor. A spiral staircase provides access to the top floor, whilst a ladder provides access to the first floor. The property enjoys fantastic 180 degree views out to sea from the observation room at second floor level.

The property could suit a number of uses such as a beach hut / holiday let / offices / storage / gallery etc, however certain uses are not permitted such as newsagents, the sale of traditional seaside goods, teas, coffees, snacks, ice creams, cigarettes, gaming machines etc. Please contact the agent for further details in this regard.

To arrange a viewing or for further information, please contact Graham Halfacree on 01273 740384 or email sales@flude.com.

18 m2 / 191 ft2 Max Size Type : Commercial

Full Details .PDF Add to basket

1 .

From:

http://www.flude.com/main.htm?slowLineNo=1...g?1188499167671

Share this post


Link to post
Share on other sites
Guest AuntJess

Wonder if it will sell? :rolleyes:

The rent is quite cheap but who the hell wants to live in a place with ALL those STEPS! :o

Share this post


Link to post
Share on other sites
Wonder if it will sell? :rolleyes:

The rent is quite cheap but who the hell wants to live in a place with ALL those STEPS! :o

Just remember in Devon you pay for the Persil factor. Also how many nice tea shops are there ion the Durham coast?

Share this post


Link to post
Share on other sites

"Just remember in Devon you pay for the Persil factor. Also how many nice tea shops are there on the Durham coast? "

I've just bought down here after a 6 month rental . Yes another import :P Don't for one minute think that holding on will bring a massive drop in price. If you want to buy downtown Plymouth then yes you will be able to make a good offer . But, good properties,worth having will most defo sell for the asking price. I did however put an offer in @318k for a property valued at 349k in Hemerdon and "Marchand PeTIT" were most condascending, telling me it was barely worth passing on to the owner. Oh imagine the grin on my face when I saw it reduced to 299 on Shite move. I even rang them back to gloat. :rolleyes:

Edited by Airmech

Share this post


Link to post
Share on other sites

You say that good properties will sell for the asking price...well not anymore where I'm looking. In Totnes and South Hams (meant to be some of the most desirable locations in Devon) hardly anything is selling, "worth having" properties (as you call them) or otherwise. Some aren't getting viewings or offers while others go under offer, then return to market some weeks later. I imagine this is once the mortgage company reassesses the risk and pulls out on lending. Some houses under offer are getting down valued by the mortgage lenders' valuation. Most buyers seem well aware that the market is turning, yet sellers are on the whole holding out. Hence we have stalemate. I can't see credit getting any easier to come by so anyone who really wants to sell may have to drop the price. There are quite a few reductions coming through but not by enough yet to kick start this once very hot market. Its all looking rather tippy I'd say.

Share this post


Link to post
Share on other sites

My next door neighbours went on the market about 3 weeks ago and after no-end of viewers which, by the EA's admission they could not keep up with. Was sale agreed within 1 week of the board going up . The essential difference is that the asking price was the true value of the house and not some dreamy "Ohhh look at other previous sales and add 75% "stupid figure.

It is also a very niche market here though (Also in S. Hams) and properties simply do not stay on the market for long if they are for sale at a sensible price.

Share this post


Link to post
Share on other sites

The Home.co.uk October Asking Price Index has the South West down for the second month in a row:

http://www.home.co.uk/asking_price_index/HAPIndex_OCT07.pdf

And the Land Registry figures on the BBC website has Torbay down 2.1% QoQ (though other areas appears to have experienced astoundingly high QoQ rises - North Devon 21.7%!).

http://news.bbc.co.uk/1/shared/spl/hi/in_d...ml/county29.stm

I suspect falling volumes, as evidenced by the Home.co.uk asking price index, is responsible for the significant disparity in how the areas have been performing.

Share this post


Link to post
Share on other sites
My next door neighbours went on the market about 3 weeks ago and after no-end of viewers which, by the EA's admission they could not keep up with. Was sale agreed within 1 week of the board going up . The essential difference is that the asking price was the true value of the house and not some dreamy "Ohhh look at other previous sales and add 75% "stupid figure.

It is also a very niche market here though (Also in S. Hams) and properties simply do not stay on the market for long if they are for sale at a sensible price.

OK, so sounds like I may be wrong about nothing much selling in South Hams - give us an idea of type of house and price then, because I need some convincing. The houses I'm watching are from 250 - 350 K and I honestly haven't seen any of them successfully sell in months. Offers, yes, but nothing completes. I did see a family house on the Plymouth Rd in Totnes sell very quickly - but it was priced nearly £100K less than its semi-detached neighbour (who has been on for a long time at nearly 340K) so would seem much more realistic.

Share this post


Link to post
Share on other sites

I'm talking about Wembury in the 325k-400k bracket but Modbury etc are all the same . Of course Torquay is similar to Ply in that it is hardly niche. If I was looking right now I would definately be making plenty of cheeky offers as people have to re-adjust their asking price to something sensible . But , around here if the right house comes on the market. At a senible price ....Whoooosh.... It's gone.

Share this post


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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 354 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • 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.