TheCountOfNowhere Posted March 10, 2008 Share Posted March 10, 2008 I would imagine the same bloke who is trying to sell it for £225k now! Might be worth going to view just so you can see what a crazy fool looks like. Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 12, 2008 Author Share Posted March 12, 2008 (edited) Extracted from RICS Economics - February 2008 - RICS housing market survey: http://www.rics.org/NR/rdonlyres/F1D8EC6B-...hms_feb2008.pdf Wellingborough – Northamptonshire Martin Pendered Esq. FRICS Viewing levels remain good and new applicants steady, but the number of buyers in a position to proceed (i.e. own property sold) remain a problem. Vendors are more willing to reduce prices and are encouraged to do so. There are signs that some confidence is underlying the present market but it is fragile. ---------- Northampton – Northamptonshire Quentin Jackson-Stops Esq. FRICS Jackson Stops & Staff Lots of new instructions in the past 2 weeks. Few house sales at the moment with fewer viewings. The top end of market is very strong > £750,000. ----------- Thrapston – Northamptonshire Christopher Bletsoe Esq FRICS FAAV Henry H Bletsoe & Son Lack of confidence generally is causing a slow market. New buyers are hard to come by and vendors are being very cautious prior to giving firm instructions. Rightmove enquiries are down considerably together with small levels of hits on the company website. ----------- Looks like these guys don't have Property Bee http://www.property-tools.co.uk/ otherwise they'd know more accurately what was happening! Edited March 12, 2008 by HouseDog Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 12, 2008 Share Posted March 12, 2008 Looks like these guys don't have Property Bee http://www.property-tools.co.uk/ otherwise they'd know more accurately what was happening! I've been using Property Bee for the past six weeks and keeping an eye on postcode NN4, which is my interest. I don't see any big price reductions yet. Certainly nothing that you could describe as a crash. And new houses are appearing on Rightmove for about the same price as they were in January, so EAs don't seem to be valuing property any lower. And 'Sold' signs are appearing around here. Things are slow, but I'm not witnessing a crash (yet). Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 12, 2008 Share Posted March 12, 2008 (edited) I've been using Property Bee for the past six weeks and keeping an eye on postcode NN4, which is my interest. I don't see any big price reductions yet. Certainly nothing that you could describe as a crash. And new houses are appearing on Rightmove for about the same price as they were in January, so EAs don't seem to be valuing property any lower. And 'Sold' signs are appearing around here. Things are slow, but I'm not witnessing a crash (yet). No crash yet, no, but I get the feeling there is a certain momentum behind the price drops and it will keep going. for NN4, on property snake we have 15 pages of reductions ( 5 pages of recent changes, thats 50 houses): http://www.propertysnake.co.uk/site/postco...dated_date_desc Ive been lookinf at wooton, lots of drops now, 2 expensive places back on the market and an agent calling me to tell me someone selling over 300K is desperate ( reposession desperate ) and will accept 10% off immediately. I said I had no confidence in the market so was going to wait Edited March 12, 2008 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 12, 2008 Share Posted March 12, 2008 (edited) No crash yet, no, but I get the feeling there is a certain momentum behind the price drops and it will keep going. I'm not convinced. At the moment, I reckon prices have fallen by 5%, and I predict they will fall by another 5% over the summer, giving an annual rate of -10%, which I wouldn't call a crash. I still think it will be a soft landing in Northampton. And if there is a soft landing, then confidence is likely to return in 2009, and we could actually see prices rise. Its all dependent on the economy. EDIT: I reckon the majority of those propertysnake drops are a result of what my estate agent calls "unrealistic vendor expectations", rather than values actually falling. Edited March 12, 2008 by pablopatito Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 12, 2008 Share Posted March 12, 2008 I'm not convinced. At the moment, I reckon prices have fallen by 5%, and I predict they will fall by another 5% over the summer, giving an annual rate of -10%, which I wouldn't call a crash. I still think it will be a soft landing in Northampton.And if there is a soft landing, then confidence is likely to return in 2009, and we could actually see prices rise. Its all dependent on the economy. EDIT: I reckon the majority of those propertysnake drops are a result of what my estate agent calls "unrealistic vendor expectations", rather than values actually falling. Dont forget to add on 4% RPI for inflation. That makes your prediction 14% in one year. 14% in on year is a crash in my book. When figures like that are reported would you buy or wait for more falls ? This is exactly the reason I'm not buying at the moment. I think we are at the start of drops from a massive bubble, i.e. Not far below the peak, which makes it psychologically impossible for me commit to buying somewhere. Everyone who is not on the ladder is starting to see this, i.e. no first time buyers or BTLs, making it difficult for people on the ladder to sell. The sheeple are talking about it now, and not much else. Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 12, 2008 Share Posted March 12, 2008 14% in on year is a crash in my book. I wouldn't call it a crash, but I dunno, is there a technical definition of housing crash? Plus, I think rents will rise, which will offset some of the advantage renters currently hold over owners. I think there will be FTBers who buy despite know their house may fall in value. After all, look at how many people buy new cars each year, despite them knowing perfectly well that their cars will depreciate by thousands of pounds in the few seconds it takes them to drive off the forecourt. As a former economics student, I don't understand why people would buy new cars, but as a human being I can understand it. Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 12, 2008 Author Share Posted March 12, 2008 At a rate of -10% over three years we would be looking at -30% plus some movement for inflation. I would be quite happy to see a 30 - 35 % fall on a 250K house. When the figures go year on year negative media reporting will also gather pace and this is when house sellers will drop their prices at a faster rate. There’s no such thing as a ‘soft landing’ in market theory. A ‘soft landing’ is just an expressive terms made up by the media and estate agents to rebuff the notion of a downturn or crash. In the Northampton post codes I monitor I'm also seeing price reduction of about 5% at the moment. However, it’s early days yet. Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 12, 2008 Share Posted March 12, 2008 At a rate of -10% over three years we would be looking at -30% plus some movement for inflation. I would be quite happy to see a 30 - 35 % fall on a 250K house. Me too, but I just don't see it happening in Northampton. I predict -10% this year, followed by 0% for the following couple of years. Its going to be fascinating to watch though. Its becoming like a hobby for me now (I'm sad)! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 12, 2008 Share Posted March 12, 2008 (edited) Me too, but I just don't see it happening in Northampton. I predict -10% this year, followed by 0% for the following couple of years. Its going to be fascinating to watch though. Its becoming like a hobby for me now (I'm sad)! 10% then two years of 0% will be 22% in real terms including inflation, I'd be more than happy with that. More likely 10% over next 2 years, then 5 years of 0 %, i.e. 30-40% real term drops. I'm waiting for the 10% drop then looking at getting a distressed seller so that I reduce the impact of the 5 years of stagnation. "Its becoming like a hobby for me now (I'm sad)! " - Me too. I need to get my life back :-) The sooner I become the TheCountOfSomewhere, the better EDIT: here's a great example of what I have seen this week 3/4 times: Nice house in woottion: http://www.rightmove.co.uk/viewdetails-191...08&tr_t=buy Today, according to property bee: 12nd Mar 2008 * Status changed: from 'Under offer' to 'Available its in Wootton, good location, family home, backing onto fields. I spoke to the agent about it when it first came on, was priced to sell, he said it was a bargain, I pointed out it was less square footage than another house that was for sale on that estate for £299K, so was no bargain. It sold pretty quickly...has come back on pretty quickly too :-) EDIT: Another one today: http://www.rightmove.co.uk/viewdetails-160...=8&tr_t=buy 12nd Mar 2008 * Status changed: from 'Sold STC' to 'Available' Thats 5 ive seen this week so far... Edited March 12, 2008 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 13, 2008 Share Posted March 13, 2008 Sorry to change the subject, but do any of you know much about renting in Northampton? We're hoping to STR soon, and are looking to rent in Wootton or Hardingstone so that our kid can get into a really good Primary school. However, rents seem to be going up in Wootton, and supply seems to be falling. When I looked in January there were tons of available houses in Wootton Fields, but now there's hardly any. There's a few more in Grange Park, but I hate Grange Park. I think a lot of people must be taking on short-term rents in Wootton Fields to try and con the school system. This is keeping prices high. For example, compare these two rentals: http://www.rightmove.co.uk/viewdetails-171...7&tr_t=rent http://www.rightmove.co.uk/viewdetails-170...1&tr_t=rent Now I would guess that that Little Houghton house is worth considerably more than the Grange Park terrace - yet rents are the same. I think I might need to pursuade my wife that we should live in Little Houghton. Any views on renting in Northampton would me much appreciated. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 13, 2008 Share Posted March 13, 2008 (edited) Property snake for Northamptonshire today scrapped onto 50 pages of reductions, beating the Feb record of 48 !!!! http://www.propertysnake.co.uk/site/locati...dated_date_desc They only list up to 50 pages of reductions so this is about as high as it can ever get !!!! I had a sneaking suspicion that this might happen as we reached march and everyone realised that they couldnt see their house. Who runs property-snake ? Can they increase the list number from 50 to 100 so we can see what happens next month The spring bounce is happening....the house prices are bouncing down a BIG hill. EDIT: Breaking news: Developer realises price too high: http://www.rightmove.co.uk/viewdetails-166...39&tr_t=buy 13rd Mar 2008 * Price changed: from 'From £449,995' to 'From £399,995' * Brief Description changed: 5 bedroom Detached house from £449,995 £399,995 I bet you're glad you didnt buy one of them 6 months ago Edited March 13, 2008 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 13, 2008 Author Share Posted March 13, 2008 Sorry to change the subject, but do any of you know much about renting in Northampton? We're hoping to STR soon, and are looking to rent in Wootton or Hardingstone so that our kid can get into a really good Primary school. However, rents seem to be going up in Wootton, and supply seems to be falling. When I looked in January there were tons of available houses in Wootton Fields, but now there's hardly any. There's a few more in Grange Park, but I hate Grange Park.I think a lot of people must be taking on short-term rents in Wootton Fields to try and con the school system. This is keeping prices high. For example, compare these two rentals: http://www.rightmove.co.uk/viewdetails-171...7&tr_t=rent http://www.rightmove.co.uk/viewdetails-170...1&tr_t=rent Now I would guess that that Little Houghton house is worth considerably more than the Grange Park terrace - yet rents are the same. I think I might need to pursuade my wife that we should live in Little Houghton. Any views on renting in Northampton would me much appreciated. Hi, I don't know this part of Northampton at all - but this one did catch my eye - it looks sort of in the right area? http://www.rightmove.co.uk/viewdetails-168...2&tr_t=rent Property Bee says: Price changed: from '£975 pcm' to '£895 pcm' I don't know how much it costs to rent these days - if thats good or bad? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 13, 2008 Share Posted March 13, 2008 Hi,I don't know this part of Northampton at all - but this one did catch my eye - it looks sort of in the right area? http://www.rightmove.co.uk/viewdetails-168...2&tr_t=rent Property Bee says: Price changed: from '£975 pcm' to '£895 pcm' I don't know how much it costs to rent these days - if thats good or bad? Looks pretty good to me compared some of the rentals I've been looking at in NN14. There seem to be a heck of a lot of rentals in Thrapston. Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 13, 2008 Share Posted March 13, 2008 Looks pretty good to me compared some of the rentals I've been looking at in NN14. Man, you get some nice houses in NN14 http://www.rightmove.co.uk/viewdetails-199...1&tr_t=rent http://www.rightmove.co.uk/viewdetails-185...1&tr_t=rent All for about what a pokey 2-bed flat in Northampton would cost you to buy and service on a 100% mortgage! Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 13, 2008 Share Posted March 13, 2008 Man, you get some nice houses in NN14http://www.rightmove.co.uk/viewdetails-199...1&tr_t=rent http://www.rightmove.co.uk/viewdetails-185...1&tr_t=rent All for about what a pokey 2-bed flat in Northampton would cost you to buy and service on a 100% mortgage! Those are very nice. All for the cost of a rabbit hutch in the sky in E14. I dread to think how much those would cost if you bought them! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 13, 2008 Share Posted March 13, 2008 Another agent bites the dust: http://www.northantset.co.uk/news/Estate-a...o-be.3871896.jp "A CORBY estate agent on the verge of administration is blaming the market slowdown for its demise. Raven and Steel, in Rockingham Road, is set to shut its doors. Owners say it has been a casualty of the credit crunch. Director Richard Seaby, who opened the agency in 2003 with partner Shane Balmer, said the company had consulted lawyers about going into receivership. He said: "We had a meeting with shareholders on Monday and we will have to go into administration. "We got to a point where we weren't advertising and we owed more than was coming in. "We owed the Inland Revenue and have debts of up to £50,000."" Shouldn't they blame their own greed and the over-priced housing market rather than peoples ability to borrow massive sums of money pay over inflated prices for their problems ? Quote Link to comment Share on other sites More sharing options...
pablopatito Posted March 13, 2008 Share Posted March 13, 2008 Shouldn't they blame their own greed and the over-priced housing market rather than peoples ability to borrow massive sums of money pay over inflated prices for their problems ? How were they greedy? Estate agency is like any other industry, when demand is high new agencies open up to meet demand. When demand is low, agencies close. My only wish is that the agencies that treated me with arrogant contempt when the market was booming are the ones who go to the wall, though I suspect the world isn't always that just. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 13, 2008 Share Posted March 13, 2008 How were they greedy? Well, 1) they must have spent all the money they made the last few years and 2) they've ramped prices. That's greed in my book. Corby is one of the poorest areas in the east midlands but the house prices dont reflect that. The agents who run their businesses professionally and havent spanked their cash on fast cars and suits from burtons should be able to weather the storm. Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 13, 2008 Author Share Posted March 13, 2008 (edited) Auction News: http://www.eigroup.co.uk/onlineauctions/lo...AuctionID=10596 Lot 126 - 1 Oak St, Rushden, Northamptonshire, NN10 Sold at Auction today: £132,000 Bought: 27/06/2003 Price: £129,950 Ref URL: http://www.houseprices.co.uk/e.php?q=1+Oak...orthamptonshire ---------- There are some more to come today: Lot 194 - Flat 807, Northampton House, Wellington St, Northampton Bought: 29/07/2003 Price: £155,000 Ref URL: http://www.houseprices.co.uk/e.php?q=North...Street&n=10 Rightmove: http://www.rightmove.co.uk/viewdetails-197...=7&tr_t=buy ---------- Lot 283 - Flat 411, Northampton House, Wellington St, Northampton Bought: 28/04/2003 Price: either £140,000 or £113,302 * see link below - there is a duplicate entry for the same date? Ref URL: http://www.houseprices.co.uk/e.php?q=North...Street&n=10 --------- Edited March 13, 2008 by HouseDog Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 13, 2008 Share Posted March 13, 2008 (edited) Auction News:http://www.eigroup.co.uk/onlineauctions/lo...AuctionID=10596 Lot 126 - 1 Oak St, Rushden, Northamptonshire, NN10 Sold at Auction today: £132,000 Bought: 27/06/2003 Price: £129,950 Ref URL: http://www.houseprices.co.uk/e.php?q=1+Oak...orthamptonshire --------- Thanks HouseDog, keep us posted on the others. 2K is not much of an increase in 5 years, thats pretty much a 20% drop if you take inflation into account !!!! Edited March 13, 2008 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 13, 2008 Author Share Posted March 13, 2008 Auction News:http://www.eigroup.co.uk/onlineauctions/lo...AuctionID=10596 Lot 126 - 1 Oak St, Rushden, Northamptonshire, NN10 Sold at Auction today: £132,000 Bought: 27/06/2003 Price: £129,950 Ref URL: http://www.houseprices.co.uk/e.php?q=1+Oak...orthamptonshire ---------- There are some more to come today: Lot 194 - Flat 807, Northampton House, Wellington St, Northampton Bought: 29/07/2003 Price: £155,000 Ref URL: http://www.houseprices.co.uk/e.php?q=North...Street&n=10 Rightmove: http://www.rightmove.co.uk/viewdetails-197...=7&tr_t=buy Was marked as Sold Prior to Auction ---------- Lot 283 - Flat 411, Northampton House, Wellington St, Northampton Bought: 28/04/2003 Price: either £140,000 or £113,302 * see link below - there is a duplicate entry for the same date? Ref URL: http://www.houseprices.co.uk/e.php?q=North...Street&n=10 Bidding went up to £60,000 but then stopped - Flat was not Sold --------- Quote Link to comment Share on other sites More sharing options...
HouseDog Posted March 13, 2008 Author Share Posted March 13, 2008 http://www.countrywidepropertyauctions.co.uk/ For Auction tomorrow [ 14 March 08 ] 3 West Cotton Close, Southbridge, Northampton, Northamptonshire, NN4 8BX Guide Price: 95,000 I can't see the original price for this one - but here the link to others in the block: http://www.houseprices.co.uk/e.php?q=NN4+8BX&n=10 Wasn't this one up for auction recently but failed to attract any bidders? Quote Link to comment Share on other sites More sharing options...
NorthamptonBear Posted March 14, 2008 Share Posted March 14, 2008 Rumour has it that new building in Wootton means that Caroline Chisholm will not be (automatically) accepting pupils from Grange Park (maybe other areas) in 3 years time. The default school will be Mereway - a performing arts college (karaoke and drunken antics in hello as a career? *). To some parents, Caroline Chisholm was a disappointment - they were expecting Roade as default. But with potential for lotteries used in future for asigning places - who knows. Any one know any more? * I have no idea what Mereway is like, but I do NOT like the idea of a school specialising in performing arts. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 14, 2008 Share Posted March 14, 2008 Rumour has it that new building in Wootton means that Caroline Chisholm will not be (automatically) accepting pupils from Grange Park (maybe other areas) in 3 years time.The default school will be Mereway - a performing arts college (karaoke and drunken antics in hello as a career? *). To some parents, Caroline Chisholm was a disappointment - they were expecting Roade as default. But with potential for lotteries used in future for asigning places - who knows. Any one know any more? * I have no idea what Mereway is like, but I do NOT like the idea of a school specialising in performing arts. Hi Northampton Bear, any idea where the new building in Wootton will be taking place ? Quote Link to comment Share on other sites More sharing options...
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