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Dunspeculatin

Ipswich And Felixstowe

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Greetings from Suffolk! I have been collecting information on Felixstowe and Ipswich since the summer when I first became interested in the possibility of an HPC and started reading this forum, and wanted to share that information with you to see what, if any, conclusions you might draw.

What I did was take overall figures for the two areas fom Rightmove including under offer and sold stc, then I took a second reading of properties on the market and deducted the second from the first to give a "sold" figure. I took the readings initially monthly then roughly fornightly, not very scientific but when I had the time, and this is what I got:

Ipswich:

20th June: Total properties: 2258 F/S: 1375 Sold: 883

22nd July: 2272 1372 900

6th August: 2315 1402 913

20th August: 2372 1477 895

9th September: 2399 1567 832

18th September: 2454 1620 834

2nd October: 2404 1629 775

Felixstowe:

20th June: Total Properties: 632 F/S: 375 Sold: 257

22nd July: 639 377 262

6th August: 605 384 221

20th August: 595 371 224

9th September: 563 356 207

18th September: 545 347 198

2nd October: 474 335 139

In addition, I can report that the "within the last 14 days" function on properties added to Righmove in Felixstowe show that this figure has dropped from an average of 65 to the low 20s.

My final observation is something I have never seen before; "Vikings" estate agent in Felixstowe, admittedly dealing with the bum end of the market, has currently two properties offered for sale to investors only as the owners wish to remain living in them.

To give all the above some context, Ipswich will be known to many of you as a city (although I believe not officially a city), fairly prosperous although run down in areas like any other which ebbs and flows economically with much of the country. Felixstowe, on the other hand, is quite a wealthy little town with high employment and little rental property and has largely in the past been protected from property fluctuations due to the supply and demand theory, ie they have run out of places to build but because of the docks, many people want to live here. Admittedly, the market normally drops off through the summer holidays, but by September you would expect to see things getting lively again and this has not happened. I have been watching the market closely here for about 2 years and have not seen this level of decline before, even over Christmas!

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http://www.home.co.uk/guides/house_prices_...stowe&all=1

According to home there was a decline before xmas 04, before you started monitoring the market. I had a placement in flexistowe when i was a student, i wouldn't describe it as wealthy but its a nice place to live because of the sea. I rented a house down there with two other lads pre 2000, i joked about buying but i wish i had looked into, although i doubt i would have been able to have got a mortgage.

According to home/land registry sales quantities have been strong for the past 2 years, 06 was particularally strong, the biggest drop off was at the end of 04 when sales fell of a cliff and prices dropped accordingly

Edited by moosetea

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I'd like to share two more readings from Rightmove for my area with you, showing a continuing downward trend in sales:

11th October:

Felixstowe

All properties 461 On Mkt 327 Sold 134

24th October:

All properties 458 On Mkt 330 Sold 128

A nice thought that our 7 estate agents will be fighting over a mere 128 sales currently ongoing, approximately half what it was in the summer. We're running a sweepstake on who's going to be first out.

11th October:

Ipswich

All properties 2416 On mkt 1648 Sold 768

24th October:

All properties 2353 On mkt 1629 Sold 724

Ditto, just more agents.

Meanwhile Banham Dark, the 2nd newest and most aggressive agent in Felixstowe (and my favourite to go bust first), has started producing a glossy brochure, artfully concealing the lack of new properties by using lots of big pictures. Wainwrights, another agent, has been doing the same for some time; I like to count the "chain free"s over a coffee, currently running at about a third of all properties coming to market. In the weekly supplement with the "Evening Star" for the Ipswich area, you now see plots, investment properties and serious fixer-uppers, something you never saw a year ago, and nothing, really nothing, is moving over £300,000 in Felixstowe. Even the 1 beds are sticking and they used to fly off the shelves.

I have also been amusing myself when I have the odd moment by playing about on the Land Registry web site and counting how many people we know have remortgaged this year. The answer is, shockingly, almost all of them. Of course they could have all been grabbing a good deal but to date no one has said anything and none appear to have new cars or be planning extensions so it makes me wonder how many are actually mewing to stay afloat. I am fairly sure at least one was for a holiday to Egypt - is it me or is this utter madness? It's not even as if these people are low-earners!

And all this is in, despite what anyone may think, a pretty well-off place; Felixstowe is fairly well-kept, low unemployment and you don't see many car number plates that have the year denoted by a letter. It has been protected in the past from serious fluctuations in property prices due to the reasons previously given, so if things are already looking rocky here then it is going to get REALLY bad elsewhere.

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I'd like to share two more readings from Rightmove for my area with you, showing a continuing downward trend in sales:

It has been protected in the past from serious fluctuations in property prices due to the reasons previously given, so if things are already looking rocky here then it is going to get REALLY bad elsewhere.

If you search for other posts on Ipswich

Used to live there for 5 years.

What a complete dump

Well ripe for a huge crash

Also a lot of the ipswich docks flats now moving onto auction hosues (prob due to repossession)

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If you search for other posts on Ipswich

Used to live there for 5 years.

What a complete dump

Well ripe for a huge crash

Also a lot of the ipswich docks flats now moving onto auction hosues (prob due to repossession)

Quite agree. Lived there for 2 years - moved out in 2005. Lots of new builds - I rented one which was in a pretty poor location and was degenerating FAST (becoming shabby, not cleaned or maintained) - plus all the new flats round by the dock which were going for ridiculously high prices. Advertised as being a great opportunity for investment. Great opportunity to lose loads of cash, more like.

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Had a chat with a local EA today - apparently they are very busy, especially as they had to let a member of staff go. I asked why so busy, surely this is a quiet time of year; not a bit of it says EA, people are going nuts because they think something is going to happen. Like what sez I? A crash says EA. Not quite with you, sez I. Well, what with this and that in the news, people are desperately trying to get their houses on the market before the crash, meanwhile buyers are backing out of sales at the last minute because they don't want to pay over the odds. Whole thing's a mess and they're a bod short (no explanation given for loss of staff member, but if they're really busy I don't suppose they left voluntarily). All told, pretty exciting.

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