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gruffydd

Repo Whirlwind Hits North-west England

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http://www.theboltonnews.co.uk/news/bolton..._lose_homes.php

"We are getting an increasing number of calls each week from homeowners facing repossession, both in Bolton and the wider North-west.

"In the current market, a lot of people have borrowed up to their limit and in many cases the properties are not worth what they were.

"This can leave people stuck in the negative equity trap and this can last for years. With no equity to act as a safety net, repossession is the only option."

Edited by gruffydd

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http://www.theboltonnews.co.uk/news/bolton..._lose_homes.php

"We are getting an increasing number of calls each week from homeowners facing repossession, both in Bolton and the wider North-west.

"In the current market, a lot of people have borrowed up to their limit and in many cases the properties are not worth what they were.

"This can leave people stuck in the negative equity trap and this can last for years. With no equity to act as a safety net, repossession is the only option."

Still, there's lot's of denial going on. I've been tracking a few areas in the NW (South Manchester) and the prices are holding firm. Problem is, none of the property is selling. Same properties listed on Rightmove for the best part of a year now. I'll give it until the "failed Spring Bounce" in the next 3-6 months at least before reality starts to settle in to most sellers.

Nomadd

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Still, there's lot's of denial going on. I've been tracking a few areas in the NW (South Manchester) and the prices are holding firm. Problem is, none of the property is selling. Same properties listed on Rightmove for the best part of a year now. I'll give it until the "failed Spring Bounce" in the next 3-6 months at least before reality starts to settle in to most sellers.

Nomadd

I live in Rossendale (about 12-15 miles from Bolon). There is a definite slowdown in the property market in the town that I live in.

I have just been on Propertysnake. Typing my postcode (OL13), there are a lot more pages of price reductions than there were a few months ago. Most of the houses have been on the market for at least three months. However, the majority heve been on the market for 6-8 months. There are two 20% price reductions and nine properties in the 10-20% reduction range. The rest (several pages of them) are single figure reductions.

http://www.propertysnake.co.uk/site/postcode/ol13/2

The neighbouring regions show a similar picture.

The prices are still unrealistic. I think that big reductions will be required if these houses are going to sell. This looks like the beginiings a proper, dare I say it, crash to me. It looks more serious than the slowdown of 2005.

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I live in Rossendale (about 12-15 miles from Bolon). There is a definite slowdown in the property market in the town that I live in.

I have just been on Propertysnake. Typing my postcode (OL13), there are a lot more pages of price reductions than there were a few months ago. Most of the houses have been on the market for at least three months. However, the majority heve been on the market for 6-8 months. There are two 20% price reductions and nine properties in the 10-20% reduction range. The rest (several pages of them) are single figure reductions.

http://www.propertysnake.co.uk/site/postcode/ol13/2

The neighbouring regions show a similar picture.

The prices are still unrealistic. I think that big reductions will be required if these houses are going to sell. This looks like the beginiings a proper, dare I say it, crash to me. It looks more serious than the slowdown of 2005.

Looks like its all over bar the shouting in Bacup. Not before time. Very depressing place - could never understand what was holding the price of tiny terraces up there - it certainly isn't hoards of 'young professionals'. Now we know it was sentiment, BTL and flippers......

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Looks like its all over bar the shouting in Bacup. Not before time. Very depressing place - could never understand what was holding the price of tiny terraces up there - it certainly isn't hoards of 'young professionals'. Now we know it was sentiment, BTL and flippers......

Aye, wait till the backlash against dolphins kicks in - then it'll get really ugly.

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Looks like its all over bar the shouting in Bacup. Not before time. Very depressing place - could never understand what was holding the price of tiny terraces up there - it certainly isn't hoards of 'young professionals'. Now we know it was sentiment, BTL and flippers......

Many parts of Bacup are really grotty. There are not many decent jobs unless people are prepared to commute to Manchester. The prices of some of these houses is absurd. I think that there will be huge drops in prices over the next few years.

Burnley, and other North West Regions, have had a similar story to that of Bacup. I saw a sign in Burnley Estate Agents window that said 'Houses are still selling in this town'. Perhaps there are a handful still selling. However, the sign in the window is a dead giveaway. They wouldn't need such a sign if property was selling well.

Bacup is also one of those 'rubbishy areas' that tend to be one of the first areas to see property prices fall in a national crash. I have been very sceptical when people have called the crash over the last few years (mainly because of what I have seen going on in Bacup). However, it is looking like all the ingrediants are in place for a significant long run correction in the property market. It might bee a bit slow to take off this year with BOE interest rate cuts and people unwilling to drop prices. However, I can see huge falls in the years to come.

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On the other hand, the world premiere of my new musical "Deedee and the Space Vampire" is set for Bacup Royal Court theatre, Halloween 08.

So the town does have something to recommend it!

;)

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you do get a lot of bang for your buck in bacup though. i dont mind that kinda commute. i went from barrowford to manchester and bacup is only half that. granted, it was a long drive, but hey shit. it can be done.

im almost tempted, but then its easy to picture being stuck in a 200k house thats suddenly worth 110k and falling, while interest rates rise and rise, supping all me money/..

ill guess ill have to remain seated throughout this crash.

but once the sun comes back out, bacup i might consider a look.

i quite like the countryside around there. gritty, bleak and wholly northern.

disturbingly black like a murder of crows cradling the carcass of a decaying kebahb log,

cast to a back alley of scurrying, clawing, hissing red eyed rats....from space.

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  • 293 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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