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late, tired, busy day etc...

Elvis isn't dead 'cos we heard him on the internet

There was an extraordinary event played out in the auction rooms at the Cafe Royale Regent Street London today, it was possibly the first concrete evidence that the inevitable major house price correction is now amongst us. In fact let's not be coy it was a crash ...scratch that, crash doesn't go far enough in describing this property freak show, it was an implosion of biblical proportions...

Plenty of property pundits have discussed the potential power for that 'new darn fangled interweb thingy' to propagate bad news for the property market and accelerate to warp factor 8 the speed with which it can be delivered. Well if you were fortunate enough to be in a position to take time out from work today and watch this horror unfold in real time, you were truly privileged to witness a phenomena the likes of which have never been seen before.

Not all properties sold at a loss, not all failed to return a profit for the previous owners, but for the properties in what many suspected were the 'danger areas' in terms of geography, type and price, the results were truly jaw dropping. Recent conversions, purpose built flats/apartments, particularly those in purpose built 'buy to let land', nowhere appeared safe in the rampant and immediate destruction of value.

http://firstrung.co.uk/articles.asp?pageid...&cat=65-0-0

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Sorry to be London-centric, I know it's a bore, but what happened to the London lots?

Is London & Greater London still insulated somewhat?

If so, why is London so buoyant? Olympics? FFS! Those who are in jobs in London are in them, but plenty aren't. Witness the busy roads all day, the busy streets, it can't be everyone's day off, everyone's school run, everyone commercial travelling, everyone self-employed. I think there's plenty of unemployment in London - because everyone flocks there because there are jobs but nowhere near enough quality jobs for the demand. Just like flocking to Hollywood to be in the movies and waiting tables while waiting for that break (or George Clooney to come along and date you). Except in London it's wait tables or whatever not in the hope of being on the silver screen, but more often a far more mundane but almost as difficult career goal.

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Sorry to be London-centric, I know it's a bore, but what happened to the London lots?

Is London & Greater London still insulated somewhat?

If so, why is London so buoyant? Olympics? FFS! Those who are in jobs in London are in them, but plenty aren't. Witness the busy roads all day, the busy streets, it can't be everyone's day off, everyone's school run, everyone commercial travelling, everyone self-employed. I think there's plenty of unemployment in London - because everyone flocks there because there are jobs but nowhere near enough quality jobs for the demand. Just like flocking to Hollywood to be in the movies and waiting tables while waiting for that break (or George Clooney to come along and date you). Except in London it's wait tables or whatever not in the hope of being on the silver screen, but more often a far more mundane but almost as difficult career goal.

actually the lower priced London stuff faired badly, flats etc, however proportionately there wasn't that much London 'stuff' was there?

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actually the lower priced London stuff faired badly, flats etc, however proportionately there wasn't that much London 'stuff' was there?

I dunno, CL, I haven't had the time to look at the BM site.

Round my way 2 have sold in the next street (one says sold, one sale agreed) and down the road a sold has appeared in a busy-ish road too. This kind of reminds me of early 2006 when I'd thought it was all over and then the sold boards materialised. What with Buffet saying no credit crunch or that effect, I'm wondering what rabbits they're pulling out of hats to keep it going. I know of a few BTLers who think this is a great buying op. I really hope they're wrong and the repo auction & media coverage is suggesting that the tide has turned and HPC is here - but this monster may take some slaying yet.

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This has been a great thread.

Allsops have an auction on Feb 13th of mainly London property. Might be worth checking out.

http://www.auction.co.uk/default.asp?Auction=R

At auctions stuff tends to go at below market value because of the risks involved with buying and the lack of opportunity to do propers surveys and due diligence. Buyers are mostly pros.

This is a common misconception. The true market value is the auction price.There is ample time to do a survey. that is why lenders in possesion are required to sell at auction by law. That is how they show that they have obtained the best possible price. Anyone who pays above the auction price for a similiar property is officially classed as stupid. It wil not be long before double glazing salesmen come knocking on their door.

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actually the lower priced London stuff faired badly, flats etc, however proportionately there wasn't that much London 'stuff' was there?

Oh FFS ConverterLurker, don't you know it's different in "that London"? Remember, in the last crash, nobody in London was affected, we carried on as if nothing had happened and the rest of the country had a bit a dip while we continued to drink Veuve Cliquot on the days that Thames Water couldn't keep the pipes running free.

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Oh FFS Converter Lurker, don't you know it's different in "that London"? Remember, in the last crash, nobody in London was affected, we carried on as if nothing had happened and the rest of the country had a bit a dip while we continued to drink Veuve Cliquot on the days that Thames Water couldn't keep the pipes running free.

There are times when I miss the place, however, looking back my 12 year stint in that London were hard work given most of it was just graft and plod, particularly at the time when interest rates were 10-12% ish and we had neg eq..Could have travelled around the globe for a few years. In fact we made a calculation a while back (me and the wife) that if we'd fukced off for five years, 89-94 and came back to the UK with a tenner, we'd have been about as well off as being working stiffs for the five years, quite well paid working stiffs at that.

Edited by Converted Lurker
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There are times when I miss the place, however, looking back my 12 year stint in that London were hard work given most of it was just graft and plod, particularly at the time when interest rates were 10-12% ish and we had neg eq..Could have travelled around the globe for a few years. In fact we made a calculation a while back (me and the wife) that if we'd fukced off for five years, 89-94 and came back to the UK with a tenner, we'd have been about as well off as being working stiffs for the five years, quite well paid working stiffs at that.

I like you lots, CL, but talk like that just gives the game away to the younger, less metropolitan readers on this forum. I was here during that time too and it was boom time, ok? Prices didn't drop through the floor in that London and we spent the whole time wondering what colour our next 911 would be and whether or not it would be Mirabelle or Whistler in the New Year. ALL RIGHT?.....

Anyone else who is reading this and thinks London might be affected by HPC, please move along, nothing to see here.....

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From B.M. website:

Auction Date Thursday, 07 February 2008

Venue Cafe Royal, 68 Regent Street, London, W1B 5EL

Start Time 10:30

Lots Offered 250

Lots Sold Prior 40

Lots Sold in Room 143

Total Lots Sold 183

Percent Sold 74%

Total Raised £31,103,600

So a lot sold, but until some diligent soul with too much time on their hands tracks down all the "last sold at" prices, doesn't tell us very much except that the Southern part of the country (by and large) is holdin up better than the North. Now there's a surprise.

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...until some diligent soul with too much time on their hands tracks down all the "last sold at" prices, doesn't tell us very much.

OK, here's what we do. We split the 260 properties between us, and each take away say 10 to research. I will start the ball rolling with lots 1 to 10 and will feed back the previous sold prices, if available (no point doing those that were withdrawn of course).

Once we have all of the feedback, we can put into a sepreadsheet and extrapolate further.

Any offers to research the next 10?

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I'll do 11-20

Lot 11 N/A

Garage R/O A B C Hotel, 121 Sussex Gdns, Paddington, London, W2

N/A

Unsold, the last bid was £80,000

Lot 12 & 13

2 Buxton Rd, Cricklewood, London, NW2

27/07/2007 £395,000 Semi 2, Buxton Road, Brent, London, Greater London, NW2 5BJ

11/01/2002 £212,000

Ground Studio 2 Buxton Rd

Sold for £143,500

First Floor 2 Buxton Rd 12

Sold for £137,500

Lot 14 N/A

Land Between 36-48 Glycena Rd, Battersea, London, SW11

N/A

Sold for £1,230,000

Lot 15 N/A

16 Coulson St, Chelsea, London, SW3

N/A

Unsold, the last bid was £2,840,000

Lot 16 N/A

Land adj BP Service Station, Ripley By Pass, Ripley, Woking, Surrey, GU23

N/A

Sold for £124,000

Lot 17 Partial

Flat 201, The Vista Building, 30 Calderwood St, Woolwich, London, SE18

10/05/2004 £130,000 Flat 30 The Vista Building, Flat 202, Calderwood Street, Greenwich, London, Greater London, SE18 6JF

10/05/2004 £120,000 Flat 203

10/05/2004 £135,000 Flat 204

Sold for £111,000

Lot 18 N/A

77A Median Rd, Clapton, London, E5

Withdrawn Prior to Auction.

Lot 19 N/A

77B Median Rd, Clapton, London, E5

Withdrawn Prior to Auction.

Lot 20 Partial

26B Liverpool Rd, Thornton Heath, Surrey, CR7

1 05/05/2005 £117,000 Flat L No Map 26c, Liverpool Road, Croydon, Thornton Heath, Greater London, CR7 8L

Sold for £156,000

Edited by maxwell
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I will start the ball rolling with lots 1 to 10 ...

1 Flat 26, Scholey House, Ingrave St, SW11

Sold 114

No previous price recorded, but flat 8 sold for 196k on 17/10/06 and flat 118 sold for 127k on 7/3/5

2 215 Shirland Road, SW9

Sold 220

No previous price recorded. Average for terraced houses in this street, as per Nethouseprices, is £380k; and £235k for flats. This lot comprises a shop, a basement flat, and a two storey maisonette; all are let.

3 1, 3 & % Vestry Road, E17

Sold 828

1b sold for £259k on 19/03/2007

4 withdrawn

5 withdrawn

6 land

7 land

8 100 St John's Hill SW11

Sold 950

No previous price recorded. Average for terraced houses in this street, as per NHP, is £275k; and £240k for flats.

9 93 Geraldine Road, SW18

Sold 642

No previous price recorded. 89 sold for 425k on 26/9/7 and 101 sold for 625k on 21/8/6

10 445 Montagu Rd, N9

Sold 222

No previous price recorded. 427 sold for 230k on 2/11/7

So, sadly, no real conclusions to be drawn from this set.

Off to lunch shortly, will pick up 21-30 on my return.

Any other takers?

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21-30 as promised:

21 57 Ashcombe gardens BS23

sold 108

145k on 6/9/6 (represents 25% reduction in 17 months)

22 47 Vicarage Sq, RM17

sold 113

93.5k on 1/12/3 (represents 20% increase over 4 years)

23 garage

24 paddock

25 paddock

26 paddock

27 14 hamilton rd, tw8

sold 492.5

No previous price recorded. 12 sold for 670k on 9/7/4, 10 sold for 448 on 14/7/3

28 33 bentley ave, co15

sold 24

52k on 1/4/4 (54% reduction in just under 4 years)

29 30 church mews PE13

sold 53 6

5k on 6/6/5 (19% reduction in 2.5 years)

30 2 peace cottages, harborough hall la, CO5

sold 159

No previous price recorded. Only 3 sales in the road over the last x years, these range from 290k to 360k

Consistent reductions for all that have an identical match on NHP; with the exception of one, virtually right on the M25, that has increased in line with a savings account.

Doesn't seem a popular exercise this. I will continue with 31 to 40, but might call it a day after that; some help would be appreciated.

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Doesn't seem a popular exercise this. I will continue with 31 to 40, but might call it a day after that; some help would be appreciated.

Please see my post...http://www.housepricecrash.co.uk/forum/index.php?showtopic=67887

I think it's worth us focussing on this puppy coming up next week....by getting the previous sales data for this we can be prepared AND issue a HPC press release afterwards. Round Two is the week after so we could even see if we had an effect ;)

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Please see my post...http://www.housepricecrash.co.uk/forum/index.php?showtopic=67887

I think it's worth us focussing on this puppy coming up next week....by getting the previous sales data for this we can be prepared AND issue a HPC press release afterwards. Round Two is the week after so we could even see if we had an effect ;)

Hi SMP,

That sounds a great idea. I can knock up an Excel workbook that should allow us to analyse the data instantly the results are in

( Assuming we've managed to populate it with the 'Last Sold' prices )

I'm thinking we should be able to produce reports such as:

Biggest Fall - % & £

Average Fall - % & £

Also: Total Amount of money wiped out.

Both Nationally and on a more detailed level: Say , By Property Type (Flat, House), By Age ( Exisiting / Newbuild ) By City ( Use postcode or allocate to a city manually ) , By Region

Should be able to produce Top 10 lists.

Anything else?

Regards

M21er

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ok, 31-40 as promised:

31 sold prior

32 40 huron rd., sw17

sold 950

No previous price recorded. 50 sold for 1.275m on 3/4/7

33 57 Dorothy Rd, SW11

sold 626

34 58 Dorothy Rd, SW11

sold 625

No previous price recorded. Average NHP price for houses down this road, since 2000, is 364k

35 Site

36 Land

36a Land

37 39 Lydden Grove SW18

sold 250

200k on 19/2/2 (25% increase in 5 years)

38 50 Lydden Grove SW18

sold 320

No previous price recorded. 52 sold for 475k on 1/8/7

39 84 Lydden Grove SW18

sold 334

40 90 Lydden Grove SW18

sold 320

No previous price recorded. Closest I can find is 62 sold for 480k on 13/4/7

Again, very difficult to draw any conclusions. London doesn't seem to be affected like other areas, but it isn't racing away either. The fact that the London properties rarely have comparables on the Land Reg, makes me wonder why they are being auctioned. I can't imagine that they are all BTL, if the last transaction is pre-2000.

SMP: Sorry, haven't seen your post, have been focussed on this thread for now. Will go and have a look.

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Stirling work people. Thought I would point out that the a property that sells through an auction is usually cheaper to buy by about 15% compared to the same property being sold in the more traditional channels.

That after all that is the main attraction of buying at auction, quick completion required but cheaper,hence investors and developers gorging themselves at these auctions.

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  • 11 months later...
Lot 216

29 Textile Apartments, 10 Blackfriars St, Salford, Lancashire, M3

23 Oct 2003 29 Apartment 10 Textile Apartments, Blackfriars Street, Salford, Greater Manchester M3 5BU Flat (New build) Leasehold £435,000

Now unsold at £175,500 :( *

* :lol:

Hi, i hope by your unhappy smily this does't mean it was your apartment, i was interested in this one, i love this development but couldn't make the auction, also the guide price was 230k and that was to high for me. i listened to this online and thought it was unsold and at that price its cheap (i looked round the whole building when it was new but could not afford anything in it!) i phoned up and was told it went at 170. it had also gone to auction and sold a couple of months ago, for more money but come back on, why? then i noticed i had missed a few of the flats in this building for auction. it turns out they are unmortgageable due to soundproofing issues so have to be bought cash! even if the buyers at auction had the cash finding this out later would surely put them off as resale would be very difficult.

does anyone have any more info than this, is there a forum for this building, i still love the building and the apartments are on for less due to the issues, are they doing to fix the issues, how bad is it, the estate agent has no further details. it all seems very strange.

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  • 4 months later...

41-50

41 19 Woodlands Close, Borehamwood, Hertfordshire, WD6

Income No, First Bid 250, Last Bid 289

Sold

Last sale ?

Notes

Unable to find sold price for 19. No 17 (house in LHS on photo) sold 04/01/2005 for £242,500. However it’s garden is less 1/3 of size and wouldn’t attract planning permission for additional property.

42 25 Friars Road, Sale, Cheshire, M33

Income No. First Bid 70. Last Bid 85. Reserve 90

Unsold

Last sale ?

Notes

Unable to find sold price. Similar property 53 sold 31/10/2008 for £121,500

43 65 Princess Road, Urmston, Manchester, Lancashire, M41

Income No, First Bid 105, Last Bid 120

Sold

Last sale 29/06/2004£165,000

Notes

44 19 Park Street, Scarborough, North Yorkshire, YO12

Income No

First Bid 85

Last Bid 95

Reserve 100

Unsold

Last sale 31/07/2007£190,000

Notes

45 – Not residential property

46Flat 23, Dartrey Tower, World's End Estate, Chelsea, London, SW10

Income No, First Bid 200, Last Bid 230

Sold

Last sale 03/04/2007 £220,000

Notes

47Flat 10, Pilgrim House, Tabard Street, Southwark, London, SE1

Income 9.1k, First Bid 150, Last Bid 163, Reserve 165

Unsold

Last sale price ?

Notes

Unable to find sale price.

48Flat 1, 120 High Street, Harlesden, London, NW10

Income £10.92k

Sold Prior

49Flat 2, 120 High Street, Harlesden, London, NW10

Income £10.92k

Sold Prior

50Flat 3, 120 High Street, Harlesden, London, NW10

Income £7.54k

Sold Prior

Should we try and set up a google docs or zoho spreadsheet for the next auction?

Edited by mikeymadman
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