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Southampton / Portsmouth

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Guest happy?

Following on from the puffery on CE's website here's a slightly different analysis of Clive Emson's most recent South Coast auction for Portsmouth/Southampton areas:

205 - Not an exceptional price for Campbell Road, Southsea. This street is a mix of high quality Victorian town houses and conversions of same - this street has many properties with Grade II listings. Typically I'd expect to see a price nearer £450-500k for this sort of area.

204 Forton Road, Gosport mid-victorian house in run down condition sold for £80k - asking price in this area in good condition about £135-£145 builder got a fair price given the likely falls expected. May get conversion.

202 Unattractive 1 bed starter-homes avoided by most if possible, overpriced and bought either by someone desperate or a BTL who doesn't know the area. Good quality 1 bed flats asking price now about £85-95k in PO12

186 Bungalow - Fareham initially looks very attractive - asking price was about £600k with a couple of acres of pastureland for horses. A close inspection shows this property backs onto the M27. Noise alongside public footpath here is deafening (I know I've walked it). This site could potentially be of interest to national developers - but unsurprised it didn't sell.

185 Telephone repeater station - sold for £12k - these have been sold nationally by TeleReal disposing of assets - unexceptional price for commuter-belt Hampshire - have been achieving up to £25k elsewhere.

180 Land - Waterlooville over-priced and had no interest as has no planning permission.

178 Newcome Road, Fratton. Don't know condition of property but 2 bed flat-fronted terrace in Fratton now about £135-£138k seems low to me.

What really struck me about this auction was how many prime properties in desirable locations remained unsold after auction - this is South Coast with high employment levels at present - markets have been much more brisk in the past.

Previous auctions by Clive Emson have had many lots with 'sold prior' stamped on them - not this time.

We're witnessing a slowing market, and the days of flogging any old crap at inflated prices appear to be behind us. I predict a winter of BTL and 2nd charge repossessions appearing on the books. Clive Emson will be busy, with lower commissions, and prices will continue to decline.

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