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Apartments In Luton And Bedford

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Hello,

2nd post on this fine forum :)

I live in Luton and will be a first time buyer possibly later in the year. I drive, the misses doesn't, she works in Luton and is at Uni in Bedford. I don't fancy being a taxi any more than I currently am (!). We took a look around Rushden, which is close to Bedford (with a car), but the distances and time it takes will be too long when she needs to travel alone, there is no train link in Rushden. The nearest station is I believe are in Wellingborough, but on a different line to Bedford / Luton, a 10 mile train journey will take an hour with changes.

We'll also be parents by August this year so have decided if we're going to buy, it must be in either Luton or Bedford. Close to where we both work, easy access to train / motorway along with friends and family minutes away (usually I would say this is a bad thing, but we like to know our parents are close by when becoming parents ourselves).

Our top budget is going to be £140,000. With a minimum £15,000 deposit (potentially £20k, depending how long we want to wait). Must be two bed and have relatively good parking (allocated parking even better).

I'm interested in the apartments by the A6, overlooking Wardown Park. If anyone knows the area, they were built in 2004, very nice two bed apartments with parking along with 4 bed town houses. The cheapest is up for £139,950k, a ground floor apartment. The others (I count ten for sale) on the same road are up for between £144k - £160k.

Looking at previous sale prices, most of these originally went for £130-£140k in 2004, with a couple hitting £150k. Those that went for £150k I imagine will already be experiencing negative equity if they came to sell, looking at the competition of identical properties on the street.

The most resent sale price in Feb 2007 for £144k, went for £131,995 in 2004. £12005 increase in 3 years 2 months.

In Luton generally, apartments are being thrown up in the town centre. It's difficult to see where the buyers are coming from. Reductions all over the place on newly built apartments. You see the usual 5% deposit offered, to inflate the property price, the buyer feels like hes getting a good deal.

It could be a situation of "own foot, shot". The developers believed their hype "prices will just keep going up" so they kept building, only to find they've priced the development out of the market.

Or at least that's my hope :P

With lenders such as Nationwide pushing mortgage rates up for everyone with a deposit smaller than 25%, depsite falls in the BoE rate and lenders dropping 100% mortgages, something has to happen with prices. Luton is not a wealthy area, like all towns / cities it has good and bad, but unemployment is higher than the national average, crime is marginally higher, schools are marginally below the average A-C rate. But it has excellent transport links, airport, train, motorway and does have grand plans for development of the old Vauxhall site + expansion of the shopping centre and its these factors that make Luton attractive to us.

But then part of me wants a property that needs some work, nothing major, new kitchen, bathroom and generally redecoration in order to make a good investment. We'll be unlikely to move again until at least two years from purchase, buying at the right time could yield a very good return when we look to increase the size of the property.

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I can't speak for Luton but yes you are right about developers throwing up town centre developments in Bedford. Only the Castle Lane development was sold out almost as they started building it. The remaining developments seem to missed the boat.

It was interesting to seem the St.marys Square development start advertising a month or so ago even though it wont be completed until 2010 - i m wondering whether they are orried they may have missed the boat. Would not be surprised to see this one put on ice if things get really bad.

Notable now that the remaining last apartment in many of these developments remain unsold.

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There is a Tsunami coming and you want to do a bit of decorating.

Funny I just watched Titanic, watched the "band" play while the ship sank!

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Gone a bit overkill with saving properties, 55 on rightmove and monitoring with property bee. But these 55 are all genuinely something I would consider in Luton / Bedford / Rushden.

One has been reduced by £5k this morning.

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Hi

Thought i would chip in.

We used to live in Bedford from 2005-07.

When we left last summer they seemed to be a glut of rental apartments going spare, the LA was near enough begging us to extend our lease with them. No way pedro.

Talking to my friend who STLWP in October, he had a 2/3 bedroom end terrace house in Queen's park which went for 145k, an over priced rabbit hutch, literally most have been 600 sq ft but a neighbour knocked on his door and offered him that. He was lucky because he is out of the original ket sector worker scheme where he paid 120k for the house and paid two thirds and the other third came from Pilgrims Housing Assoc. Like he said to me at least he isn't trapped in teaching for the rest of his life.

Spoke to him two weeks ago and he said that houses are not reducing and his mum's neighbour down Castle Road sold a few weeks ago for 195k for 3 bedroom terrace.

Bedford is a nice quiet place but has taken a battering over the last five years with a lot of inward migration and the infrastrutcure can't seem to take it.

Regarding Rushden Vasey (that's its nickname in Bedford and someone actually changed the signs there with that name) alot of my coworkers lived there and quite enjoyed it because housing was a lot cheaper than Bedford and there is an Asda and Waitrose there.

Wellingborough is on the same line as Bedford and Midland Mainline stops there on the way to London.

If you want anymore info let me know

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I agree about the infrastructure in Bedford. Traffic can be a nightmare, but really its the same everywhere.

In the last four years I've been driving all I do these days is sit in traffic.

Originally, we didn't want to buy in Luton (both our home towns from birth). It's not got a great reputation, but as we've gone to look at alternative areas, we've realised everything we need is here in Luton.

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I'm monitoring 156 properties on rightmove twice a day, all properties I would consider buying in Bedford / Luton at the right price.

Quite a few drops, most by £5000 at a time, some multiple times over the past two weeks.

Couple of properties coming from "Sold STC" back to "Available".

Lots of very similar properties, only way for the price to go is down in my opinion, regardless of greater national events.

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Every four weeks or so there may be a single public notice in the estate agent pages for Bedford of a sale by order of the mortgagees.

Was rather surprised yesterday to see five such notices in the Connells section. Two of the properties were in this block

http://www.rightmove.co.uk/viewdetails-703...=1&tr_t=buy

Number 113 is selling at £115,000 (previously sold 18 July 2006 for £147,500)

Number 118 is selling at £119,250 (couldn't find previous price paid)

If you search rightmove for MK40 4FZ you will see some people have a shock comming.

It surprised me how brutal the new sales prices were, I wonder if maybe the lenders have perhaps learnt something from the last crash afterall, sell asap for what you can get before it gets any worse!

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Every four weeks or so there may be a single public notice in the estate agent pages for Bedford of a sale by order of the mortgagees.

Was rather surprised yesterday to see five such notices in the Connells section. Two of the properties were in this block

http://www.rightmove.co.uk/viewdetails-703...=1&tr_t=buy

Number 113 is selling at £115,000 (previously sold 18 July 2006 for £147,500)

Number 118 is selling at £119,250 (couldn't find previous price paid)

If you search rightmove for MK40 4FZ you will see some people have a shock comming.

It surprised me how brutal the new sales prices were, I wonder if maybe the lenders have perhaps learnt something from the last crash afterall, sell asap for what you can get before it gets any worse!

Heh, thats one of the ones I have saved on Rightmove to watch for reductions :)

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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