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Cambridge / Mill Road


Guest TheBlueCat

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HOLA441
Guest tbatst2000

For the first time in 10 years, I've seen price reductions on houses in Mill Road. For the 59,750,000 people who don't live in Cambridge, this is the area of town where FTBs used to go but which is now limited to people with 250-300K to spend (mostly not FTBs at a guess). It's a very popular place to live for a load of reasons and it's a long time since anyone had any trouble shifting a house there. Anyway, I've finally seen a couple of places reduced:

Down from 275:

http://www.rightmove.co.uk/viewdetails-15748703.rsp

Down from 265:

http://www.rightmove.co.uk/viewdetails-16177157.rsp

They're both with an agent called Bush & Co that started up in the depths of the last HPC and is run by people that can remember what it's like selling in a bear market - if they're marking stuff down, then I'm certain they've sensed a change in the wind. I really hope this is the start of something bigger....

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HOLA442

I used to live on Cavendish Rd and was astonished to find the house I was in was worth £180,000. Fast forward 6 years and it's around £280,000.

I'm looking to rent, possibly around there and the going rate is around £850 a month. An interest-only mortgage @6% is £1400.

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HOLA443
For the first time in 10 years, I've seen price reductions on houses in Mill Road. For the 59,750,000 people who don't live in Cambridge, this is the area of town where FTBs used to go but which is now limited to people with 250-300K to spend (mostly not FTBs at a guess). It's a very popular place to live for a load of reasons and it's a long time since anyone had any trouble shifting a house there. Anyway, I've finally seen a couple of places reduced:

Down from 275:

http://www.rightmove.co.uk/viewdetails-15748703.rsp

Down from 265:

http://www.rightmove.co.uk/viewdetails-16177157.rsp

They're both with an agent called Bush & Co that started up in the depths of the last HPC and is run by people that can remember what it's like selling in a bear market - if they're marking stuff down, then I'm certain they've sensed a change in the wind. I really hope this is the start of something bigger....

What is particularly interesting is that they both look like BTL bail outs. The first is vacant from September - the indication of such a firm date must mean an AST coming to an end. The second IS empty now. The sellers obviously need to raise cash now, not later. I wonder why that might be? ;)

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HOLA444
Guest tbatst2000
I used to live on Cavendish Rd and was astonished to find the house I was in was worth £180,000. Fast forward 6 years and it's around £280,000.

I'm looking to rent, possibly around there and the going rate is around £850 a month. An interest-only mortgage @6% is £1400.

I rented on Catherine Street in the early 90s and paid 600 a month. The landlord sold the house for 60K in 1993, similar ones have sold recently for 280,000 as you point out. So, that rent up 42%, house price up 460%. Pretty scary numbers!

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HOLA445

I know people still living in the Cavendish Rd house and their rent hasn't gone up since I joined, so in almost 8 years! It was quite high to start with though (4 rooms at around £300 a room). She even gave us Christmas presents! Don't worry I'm not expecting the same when I return to renting.

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HOLA446
Guest tbatst2000
I know people still living in the Cavendish Rd house and their rent hasn't gone up since I joined, so in almost 8 years! It was quite high to start with though (4 rooms at around £300 a room). She even gave us Christmas presents! Don't worry I'm not expecting the same when I return to renting.

Wow, that's a rubbish business to be in. I just spotted this on rightmove:

http://www.rightmove.co.uk/viewdetails-162...30&tr_t=buy

Make that rents up 42%, house prices up 558%!

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HOLA448
Guest tbatst2000
http://www.rightmove.co.uk/viewdetails-159...=6&tr_t=buy

http://www.rightmove.co.uk/viewdetails-157...=6&tr_t=buy

Both down from 250K

"currently let out for £815 pcm" 4.1% yield. What a bargain.

I walked past Bush's office on Milton Road yesterday and I rekon about 30% of the properties in the window were marked as reduced. Bush seem to mostly deal with stuff in the range we're discussing here so they at least think the tide has turned I think, Also, there was an interview in one of the local free papers with Andrew Bush saying all sorts of things like 'property is still a good long term bet' - not the kind of statements you hear from someone who expects prices to rise much in the short term.

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HOLA449

I am in process of STRing and I can tell you the rental market is scorching hot at the moment. Houses are being snapped up a day after they're listed. An agent reckons it's partly time of year (students needing places) and partly the London effect spreading to Cambridge. Either way it's starting to get a bit frustrating to be told my appointments to see properties are being cancelled.

Not sure what this means in the wider context - certainly rents are going up, but mortgages are still at least 50% more expensive now if you work on a basis of IO mortgage at 6%.

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HOLA4410
Guest tbatst2000
I am in process of STRing and I can tell you the rental market is scorching hot at the moment. Houses are being snapped up a day after they're listed. An agent reckons it's partly time of year (students needing places) and partly the London effect spreading to Cambridge. Either way it's starting to get a bit frustrating to be told my appointments to see properties are being cancelled.

Not sure what this means in the wider context - certainly rents are going up, but mortgages are still at least 50% more expensive now if you work on a basis of IO mortgage at 6%.

Surprising, there's still a lot of stuff listed up for rent, what areas are you looking in?

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HOLA4411
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HOLA4412
2 bed unfurnished houses in Cambridge. I viewed the best place I've seen so far today so I'm a little less disheartened. Couple of good prospects on Monday then I have to decide!

Good luck with the move. If you've just sold up then I think you've timed the market to perfection.

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HOLA4413
Guest tbatst2000
2 bed unfurnished houses in Cambridge. I viewed the best place I've seen so far today so I'm a little less disheartened. Couple of good prospects on Monday then I have to decide!

Right, houses - there seems to have been a shortage of them forever around these parts. Flats on the other hand seem to be abundant right now. Good luck with the move!

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HOLA4414

Cheers for the well wishes. thatst2000 - you are probably right about the flats. They are not in the searches I'm doing. However, I reckon this may show an imbalance - houses owned by more traditional landlords are selling quickly and still priced more 'traditionally' too. Flats will have been bought up by more speculative landlords and priced to cover the excessive mortgages, and as a result not selling?

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HOLA4416

Latest Mill Road news.

I was ambling past the branch of Hahaart on Mill Road Broadway last night. Their window comprises a 48 panel display. 8 of the panels were adverts or houses sold, leaving 40 that were for sale.

Now get this.

Out of 40 for sale 12 had a reduced price sticker. Yes, a whopping 30% of the houses in their window can't be sold at the original asking price.

It made it worth dragging myself over the railway bridge in the drizzle:)

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HOLA4417
Guest tbatst2000
Latest Mill Road news.

I was ambling past the branch of Hahaart on Mill Road Broadway last night. Their window comprises a 48 panel display. 8 of the panels were adverts or houses sold, leaving 40 that were for sale.

Now get this.

Out of 40 for sale 12 had a reduced price sticker. Yes, a whopping 30% of the houses in their window can't be sold at the original asking price.

It made it worth dragging myself over the railway bridge in the drizzle:)

Woo-hoo! Haart used to be Spicer McColl (total bunch of wideboys), if they're reducing prices too, that really is significant. You didn't notice what was in Bush's windows whilst you were there did you?

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HOLA4418
Latest Mill Road news.

I was ambling past the branch of Hahaart on Mill Road Broadway last night. Their window comprises a 48 panel display. 8 of the panels were adverts or houses sold, leaving 40 that were for sale.

Now get this.

Out of 40 for sale 12 had a reduced price sticker. Yes, a whopping 30% of the houses in their window can't be sold at the original asking price.

It made it worth dragging myself over the railway bridge in the drizzle:)

Thanks for that Redwing

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HOLA4419
Woo-hoo! Haart used to be Spicer McColl (total bunch of wideboys), if they're reducing prices too, that really is significant. You didn't notice what was in Bush's windows whilst you were there did you?

I think Bush change the price and then reprint their window displays. A bit more professional than Haart imo.

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HOLA4420

Well - after much stuff to move and an aching back I've completed on my move :lol: , and have a nice credit to my bank account!

Moved into a nice house in Hills Rd area - paying 40% less than if I was buying it with a 100% IO mortgage. Of course the real financial interest is in the direction of asset value rather than month-to-month costs!

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HOLA4421

Well done, Tonester. I have to say I was sceptical in 2005 but you have timed the market very well, it seems.

Reduced price ads are great. They certainly give a direction of the market.

Overheard a conversation today: couple moving in together, "spare" house not selling, considering a price reduction but they would then have to ask for a reduction on their next house...

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