Cambridge

[tjm007]

Hear hear. You can see why Newnham's so popular - lovely baker, butcher, deli, plus co-op; easy M11 access; great school (Newnham Croft) and nursery; 2 mins to Granchester meadows, 15 mins to town. Houses are small, though (I'm in a college one there for a year only). The bigger ones are simply ridiculously priced. I have a friend paying 2,400 pcm rent for a 2/3 bed terrace. That's considerably more than I earn! Mind you if I had infinite cash I'd probably move there. Eltisley Ave, out of choice. Or maybe Millington Rd, if cash really were infinite...

Within 2mins of the Barfly you also have a great butcher, a fruit and veg shop, a co-op, 2-3 delis.

Shame about Overstream House tho

[WooHoo]

Not sure if this is a mistake but it looks like this flat has been stung by the propertybee...

[Tonester]

I think to be honest it's probably just some re-jigging with the adverts they have for their 1 and 2 bedroom properties. I think the £350,000 was for a 2 bed flat... £115k for an extra ensuite and 10x7ft room you know.

However, I would like to point out the delicious irony that could befall this place: It's called Aquarius and this is what the site looked like after a wet spell in January 2003:

http://www.cambridge2000.com/cam_flood/030...l/P1049729.html

[Tonester]

Generally on property bee I'm seeing around 25% of the properties have been reduced at some point over last couple of months. The rate has been very steady and most drops are small - less than 5% to max of 10% on each reduction. The rate of properties coming onto the site is also fairly steady, and unfortunately no sign of a flood of properties up for sale in light of new CGT changes. The total properties in my range has gone up from around 590 to 620 in 2 months.

It's hard to say what the average drop is because these are only asking prices and new properties are coming on to the market at lower prices in any case so you don't see it drop as such. In fact some properties are almost looking tempting: http://www.rightmove.co.uk/viewdetails-205...amp;tr_t=buy.... but don't worry I'm not biting for probably a couple of years yet.

[Ski]

I have a friend paying 2,400 pcm rent for a 2/3 bed terrace.

Please tell them that's absolutely ludicrous. We pay £795 in Trumpington. I think that's about £300 too much.

[redwing]

Generally on property bee I'm seeing around 25% of the properties have been reduced at some point over last couple of months. The rate has been very steady and most drops are small - less than 5% to max of 10% on each reduction. The rate of properties coming onto the site is also fairly steady, and unfortunately no sign of a flood of properties up for sale in light of new CGT changes. The total properties in my range has gone up from around 590 to 620 in 2 months.

It's hard to say what the average drop is because these are only asking prices and new properties are coming on to the market at lower prices in any case so you don't see it drop as such. In fact some properties are almost looking tempting: http://www.rightmove.co.uk/viewdetails-205...amp;tr_t=buy.... but don't worry I'm not biting for probably a couple of years yet.

The furnishings make it look like a BTLer getting out. A post above mentioned no flood to offload BTLs as a result of the CGT changes. Is this because we're much more likely to see a steady stream rather than a flood?

[ghw22]

Please tell them that's absolutely ludicrous. We pay £795 in Trumpington. I think that's about £300 too much.

I know. But I think they like Newnham (you'd have to, for that price) and as far as I can see they have limitless supplies of cash, so I guess it's up to them.

[WooHoo]

I think to be honest it's probably just some re-jigging with the adverts they have for their 1 and 2 bedroom properties. I think the £350,000 was for a 2 bed flat... £115k for an extra ensuite and 10x7ft room you know.

However, I would like to point out the delicious irony that could befall this place: It's called Aquarius and this is what the site looked like after a wet spell in January 2003:

http://www.cambridge2000.com/cam_flood/030...l/P1049729.html

Ahh, that would explain the change of description. Damn my optimism. Still, I agree with your other post, I've seen plenty of houses ~£250K droppping 10% and we're still in the early days of this thing.

[Tonester]

The furnishings make it look like a BTLer getting out. A post above mentioned no flood to offload BTLs as a result of the CGT changes. Is this because we're much more likely to see a steady stream rather than a flood?

On second thoughts you're right about a stream, perhaps a fast stream! Maybe I was confused - at one point we were expecting a flood of properties before April 6th from professional BTLs who were on a 10% rate on houses held for more than a few years. Mind you if they have held a house for that long they may not care about 8%!

[Tonester]

Ahh, that would explain the change of description. Damn my optimism. Still, I agree with your other post, I've seen plenty of houses ~£250K droppping 10% and we're still in the early days of this thing.

Yep still early days.

[AndrewPap]

Just seen two houses near this location which have sold in recent month, looks like location is everything and they not cheap - the one with Januarys was in excess of £365K - now thats high - no crash from what i have seen!!!

[Bug16]

Please tell them that's absolutely ludicrous. We pay £795 in Trumpington. I think that's about £300 too much.

£2,400?!

I have a mate paying 700 for a part furnished 2 bed off Woodhead Drive with a garage! You can get a 3 bed around there for under 1k a month.

[Bug16]

Just seen two houses near this location which have sold in recent month, looks like location is everything and they not cheap - the one with Januarys was in excess of £365K - now thats high - no crash from what i have seen!!!

But what does the land registry show it sold for? There was a house near me that, according the EA, sold for 400k (they posted a note through my door saying how great they were for selling it for 400k). It actually sold for 310k. This was a year ago.

Edited April 6, 2008 by Bug16

[Guest tbatst2000]

I reckon it's all over in Cambridge, all we have to do now is sit back and watch the fun. The one that's convinced me is this:

http://www.rightmove.co.uk/viewdetails-185...11&tr_t=buy

It started out on at 225 some time before February. The last time anything like this around Mill Road stayed on the books for more than a month at any price was 1995. I looked at one of these back then and they're nice - good location, parking, quiet, well maintained etc.

Again, I think Tonester timed this one pretty much to perfection.

[tjm007]

Here's some quality houses at optimistic prices - what will they go for ?

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

Edited April 10, 2008 by tjm007

[drrayjo]

2 beans

and

a bean,

bean and a half,

and

half a bean.

Or, more realistically than "how many beans make five", we could play the Total Sale Price Sweepstake

for our Most Houtstanding Set of Four Delightful Family Homes. I'll start with a punt at £1.2 Million.

(down from £1.72M asking).

[Tonester]

Again, I think Tonester timed this one pretty much to perfection.

Thanks, although I have just seen first property on my old road of same type and it's asking is £25k over what I sold for. I'm not going to name exact location. It's had more work done to it than mine but I know it's a very ambitious price. I am pretty confident I got a good price, given other house prices around to compare but if this most direct comparison goes for asking I'll wonder... anyway I'll be buzzing around that one with property bee!

Here's some quality houses at optimistic prices - what will they go for ?

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

http://www.rah.co.uk/perl/property/propert...PERTY_TYPE_ID=5

Well they are Redmayne Arnold & Harris - the snob factor with that agent adds a frothy 10% on As for what they will actually sell for I'll go for a more conservative guess of £1.5m.

[Guest tbatst2000]

Slight change of topic here...I've been watching Bush & Co quite carefully over the last few months. Andrew Bush started up on his own right in the depths of the last property crash and made a go of it - visually at least, he has the biggest chunk of business down Mill Road - which makes me think he's not likely to mess around once he sees the writing on the wall. Anyway, what I've seen is as follows: huge turnover of obviously ex-BTL houses and flats which come on, sell quickly, and are removed from Rightmove rather than marked as 'sold' and left around for months. The only explanation I've been able to come up with is that he's actually selling his own portfolio and that he's taking whatever offers he gets to shift stuff quickly. From my sub-sampling, he must be making somewhere over half the sales in Cambridge right now. Anyone else noticed this, got any other theories etc?

[drrayjo]

Slight change of topic here...I've been watching Bush & Co quite carefully over the last few months. Andrew Bush started up on his own right in the depths of the last property crash and made a go of it - visually at least, he has the biggest chunk of business down Mill Road - which makes me think he's not likely to mess around once he sees the writing on the wall. Anyway, what I've seen is as follows: huge turnover of obviously ex-BTL houses and flats which come on, sell quickly, and are removed from Rightmove rather than marked as 'sold' and left around for months. The only explanation I've been able to come up with is that he's actually selling his own portfolio and that he's taking whatever offers he gets to shift stuff quickly. From my sub-sampling, he must be making somewhere over half the sales in Cambridge right now. Anyone else noticed this, got any other theories etc?

Wow. That sounds v plausible. I certainly see a lot of Bush around Mill Rd., no pun intended.

If so he may have missed peak but is shrewd enough to see the writing on the wall, and will surely contribute to the rush.

[Tonester]

Interesting if true. All I've spotted is that Bush have for at least a couple of years had a lot of properties to rent and buy in Romsey area. There's around 20 of them on sale at the moment. My searches on Rightmove don't include sold properties so I take your word for it on them getting removed quickly. Not sure I'd make the leap that this means they are his houses.

I sold my house through these agents back in the summer and I did say one of my reasons was my prediction of prices coming down. Now, I wouldn't expect an estate agent at this point to disagree with me for risk of changing my mind, but they certainly did not seem surprised by my views.

Did John Pocock also start out same time? He always seem to be most bearish in CEN when estate agents are asked about where prices are going.

[Guest tbatst2000]

Did John Pocock also start out same time? He always seem to be most bearish in CEN when estate agents are asked about where prices are going.

He pre-dates Bush by a few years - he was up and running in 1989 and may have started earlier than that. He's certainly been through a crash before too. I'm off work for the next couple of weeks, if I get the chance, I'll go and see if I can get the story on the Bush BTL sales from the horses mouth....he seemed like an honest enough guy when I dealt with him so, if they're all his, he'll probably admit it. If they're not his, it'd obviously also be interesting to find out who's they are - he must have shifted 30-40 in the last couple of months from what I can tell.

[Guest tbatst2000]

He pre-dates Bush by a few years - he was up and running in 1989 and may have started earlier than that. He's certainly been through a crash before too. I'm off work for the next couple of weeks, if I get the chance, I'll go and see if I can get the story on the Bush BTL sales from the horses mouth....he seemed like an honest enough guy when I dealt with him so, if they're all his, he'll probably admit it. If they're not his, it'd obviously also be interesting to find out who's they are - he must have shifted 30-40 in the last couple of months from what I can tell.

Should have added - not just down Mill Road, quite a few in the 80s estates in Cherry Hinton too.

[Quinch]

I sold a property with Andrew Bush a few years ago to a cash BTL investor. I got the impression from him that he did have a few properties, but also he had good relations with some BTL investors who also had a fair bit of property. Maybe he is working with them to offload some of this property....

A very decent bloke he was too, when I dealt with him, as an earlier poster mentioned.

Quinch

[King Of Fools]

Local comments from today's RICS survey:

http://www.rics.org/NR/rdonlyres/32D728DD-.../0/hms_0308.pdf

Cambridge – Cambridgeshire

John Pocock FRICS

Pocock & Shaw

With the restoration of a little confidence among buyers, the market would settle down and we would have a reasonably balanced situation with prices generally at least 5% less that they were at the peak of the market in the middle of last year. However, we do not yet quite have that restoration and it is difficult to see what will bring it about or how soon it will happen.

Cambridge – Cambridgeshire

Mark Wood MRICS

The Rooke Wood & Miller Partnership

Generally it is a difficult market, although if prices are correct, properties will sell. Vendors need to reduce expectations and realise that if you buy in the same market conditions, then it doesn’t matter if the market is depressed.

But this also caught my eye:

Norwich – Norfolk

David Potter FRICS

Potter & Co

We all know what’s going on, but how far will it go and for how long? My prediction is prices down 30% over three years from 2007 – already sales are being agreed at 2005 prices. Vendors are aware of the situation and will pass on the reductions to those they are purchasing from. First time buyers are about, but wary and will take their time in choosing, but prices are looking better for them. Those selling to raise equity will have to be super realistic – and act fast.

[Jayne The Payne]

Is Rightmove playing a trick on me?

I've just run my weekly/fortnightly search (Cambridge only, all properties) and:

- first non-retirement home south of £100,000 in years

- 108 new properties added in the last 7 days

- 10 houses with asking prices of less than £200,000

- more importantly, generally a lot more of house for your cash than even last week

Otherwise, as usual:

- far too many overpriced flats and maisonettes

- still some stratospheric asking prices on new builds (£399,950 for a 2-bedroom Belvedere flat when you can buy a 3-bedroom house on Mill Road for over £130,000 less - see below)

- a large proportion of "no upward chain"

The sub-£100,000 studio: http://www.rightmove.co.uk/viewdetails-208...=1&tr_t=buy

The £399,950 Belvedere flat: http://www.rightmove.co.uk/viewdetails-207...11&tr_t=buy

A £265,000 house on Mill Road: http://www.rightmove.co.uk/viewdetails-207...=7&tr_t=buy

Another house on Mill Road at £275,000: http://www.rightmove.co.uk/viewdetails-208...=8&tr_t=buy

I wonder: will flats still sell on the way down, when competing with houses for buyers?