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Bristol.


Sofa Spud
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Latest Land Registry monthly report out today

Shows a strong monthly bounce back in September in Bristol of +1.7%, above the national figure of +0.9%. However Bristol annual decline at -8.3% is greater than the national average year on year decline of -5.6%.

Bristol average price is now £161,297 compared to a national average of £158,377. The average South West price is £169,267

To be taken with a large pinch of salt due to low levels of transactions and market supply

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Thanks for the info, JJ.

Am still keeping an eye on the market - but have stopped viewing as asking prices have become ridiculous.

Sentiment of sellers has really changed so it is a bad time to buy.

In BS6, BS8, BS9 we are back to 2007 prices - just seen a property which I saw for sale autumn 2008 back on the market with asking price 20% higher!! Things are moving really slowly with a very low but relatively constant number of properties on the market. In my saved searches on rightmove, I am seeing (per postcode) 2 or 3 properties being sold per week and 2 or 3 coming on the market per week. However there is an upward trend as the new properties tend to be coming on the market at higher prices as the ones they are replacing.

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Thanks for the info, JJ.

Am still keeping an eye on the market - but have stopped viewing as asking prices have become ridiculous.

Sentiment of sellers has really changed so it is a bad time to buy.

In BS6, BS8, BS9 we are back to 2007 prices - just seen a property which I saw for sale autumn 2008 back on the market with asking price 20% higher!! Things are moving really slowly with a very low but relatively constant number of properties on the market. In my saved searches on rightmove, I am seeing (per postcode) 2 or 3 properties being sold per week and 2 or 3 coming on the market per week. However there is an upward trend as the new properties tend to be coming on the market at higher prices as the ones they are replacing.

I'm in exactly the same situation, I was looking for a property in BS6, BS7, BS8 or BS9 about 9 months ago but thought the prices were a bit high, now they've just gone crazy, the properties I'd like are usually priced higher than peak and are still somehow selling within a week. The properties I wouldn't touch (eg 2 bed basement flats priced at £285k) are staying on the market unsold. Who in their right mind would want to pay £285k for a damp basement, previously only seen fit to use as a coal cellar or servants quarters? I've stopped looking until prices become more realistic, I'm better off renting until then.

I have been following the number of properties available and there seem to be more for sale in BS6 now than during the summer so perhaps that will drive prices down *fingers crossed*

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I'm in exactly the same situation, I was looking for a property in BS6, BS7, BS8 or BS9 about 9 months ago but thought the prices were a bit high, now they've just gone crazy, the properties I'd like are usually priced higher than peak and are still somehow selling within a week.

Indeed it is unbelievable what is happening in Bristol. A house in my neighbourhood just went on sale for 400k, see http://www.rightmove.co.uk/property-for-sale/property-13750014.html?locationIdentifier=POSTCODE^1014996&maxPrice=500000&minBedrooms=3&radius=0.5&includeSSTC=true&_includeSSTC=on&pageNumber=2&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE^1014996%26maxPrice%3D500000%26minBedrooms%3D3%26radius%3D0.5%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D10

That asking-price is substantially higher than anything ever achieved on the same street that consists of very similar houses, see http://www.houseprices.co.uk/monmouth-road-bristol-bs7/ (the one that stands with a relatively high sale-price #54 is a bigger house, not comparable). Strikingly enough the last comparable house that sold went for 265k after many, many months on the market. So difficult to see on what the estate-agents base this asking price on....utter madness!

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Yep, not much fun out there for potential buyers in Briz.

Using Rightmove at the moment is becoming very boring - as there is so little on the market or coming onto the market (I presume this will continue through the rest of winter).

And I really don't fancy getting involved in a bidding war for any decent properties that come on (and anything decent goes pretty damn quick)

But no reason to be too glum - remember big picture. We are still in the stimulus stage of the market, lack of supply and government money are having an inevitable impact on the market. But the stimulus stage comes to an end in spring, we'll have an emergency budget in the first couple of weeks of June, we'll probably see a downturn in stocks, sterling and sentiment during that period. Spring will also probably coincide with a surge in supply as is traditional.

So when the emergency budget starts to work through (should take a few months to actually impact on public sector jobs - but will hit confidence (and pockets, due to some tax rises) immediately) the market will change.

Just a question of when to jump in - and whether you leave it later (sometime during 2011/12) or seek to capitalise on more supply early (mid 2010).

I'm prepared to wait it out, but if the right property comes up and at the right time and with a lack of competition then may go earlier.

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I found this forum yesterday by chance and am really glad there is a post on Bristol. I will be watching this thread closely. We are renting in the BS9 area at the moment and want to buy but it is such a confusing market. At present, rents seem cheaper than mortgages and with the interest rates as they are. We do have a good deposit but could only afford a three bed in this area at the prices they currently stand. It is such a confusing market right now; you have some properties selling within a week even though asking prices seem quite a lot higher than a few months ago. One example was a 4 bed 1930's semi with loft conversion. This came on the market in summer and didnt sell immediately but did sell quickly. Its price was £399,000. Now a few months later and an almost identical property comes on at £450,000 and sells in a week? Another sells in a week for £470,000 admittedly a bit bigger but still. There are others on the market at present (4 beds) around 385-400 k and have been like that a few weeks. Some have dropped the price by a good 10k, some even more. I know of someone who has been trying to sell her 4 bed semi for a while. It's at 395k but she told me she was testing the market and didn't expect anywhere near that price which I found interesting. I think some sellers expect less than the asking price and some are holding out to as close as possible despite it not being worth that,

The 3 beds are on around £350-370k. Now my husband thinks an offer on a house if 355k of 330k would already be cheeky but I dont. Thoughts?

Our problem is that we are growing out of our small 3 bed home and if we owned our own 3 bed, we could at least extend but in rented you can't. I've thought about moving to a bigger rented property but in the area, there really isnt much at the moment. Problem is our son is very settled at pre school and we will have to apply for schools next year so catchment area is obviously important plus we have settled and made friends. I am finding the market so tricky. Obviously I don't want to get a mortgage and then be out of our depth if interest rates rise but we don't want to miss the boat either.

Oh and to add to the craziness, a house sold for £1m in a week on a street away from us but the plot of land is small and I'd say it was worth £750k absolute tops. madness

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The 3 beds are on around £350-370k. Now my husband thinks an offer on a house if 355k of 330k would already be cheeky but I dont. Thoughts?

I would say have a good look through the massive amount of information you can find through the links on this (and other) sites. Personally I wouldn't call an offer of 330k on a 355 asking price cheeky. Remember that the gap between payed and asking price typically is in the 10-20% range. If you offer 330k you would already be <10%. Somebody correlated the Rightmove asking price with actual prices achieved and the gap was massive and growing, see http://www.housepricecrash.co.uk/forum/index.php?showtopic=120428

Our problem is that we are growing out of our small 3 bed home and if we owned our own 3 bed, we could at least extend but in rented you can't. I've thought about moving to a bigger rented property but in the area, there really isnt much at the moment.

You will have to form your own opinion, but I find it very,very difficult to believe that if you could afford ~330K that you can't find a good house to rent that is affordable to you in the BS8, BS9 area in the catchment areas of the good primary schools. Personally I pay less then 1K for a 4 bedroom house in rent....similar to the one on sale for 400k in my above post. And I would really not be able to buy anything in this neighbourhood....

Bottomline is read and learn....buying a house at the top of a boom can have massive consequences. It's worth watching the following documentary on Bradley Stoke on the following link http://www.bbc.co.uk/bristol/content/articles/2007/09/06/bradleystoke_video_feature.shtml (second video) as people seem not to have learned from history.

*) Remember that being sold means nothing until the house actually changes hands. The number of "sold" signs don't match the number of actual transactions or moving fans on the streets. ;)

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there's a lovely proprty on at £565k right now which is lovely (way out of my price range) but had a look on house prices sold and it was sold in 2005 for 266k. That is so crazy! Now I know that they could have spent some money doing the place up but a friend of mine made an offer on it and it was refused. I think some people are not willing to accept much under the asking price even if it is sitting on the market for months. Other properties have sold at a bit of a loss. Crazy times! I guess the house price register is useful in that you can see when the house was last bought so if it was in the peak price season, the vendors most likely don't want to make a loss which I can understand

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there's a lovely proprty on at £565k right now which is lovely (way out of my price range) but had a look on house prices sold and it was sold in 2005 for 266k. That is so crazy! Now I know that they could have spent some money doing the place up but a friend of mine made an offer on it and it was refused. I think some people are not willing to accept much under the asking price even if it is sitting on the market for months. Other properties have sold at a bit of a loss. Crazy times! I guess the house price register is useful in that you can see when the house was last bought so if it was in the peak price season, the vendors most likely don't want to make a loss which I can understand

Yes it's pretty surreal.

BS6-9 prices really 'boomed' in the last bubble - prices doubling in the last 5 years is pretty typical. The higher they rise the harder they fall so I think when the crash comes it won't be pretty. I've been checking past sold prices on houseprices.co.uk and am

only making offers (all rejected) to those who bought far enough in the past. No point in wasting time with people who bought in 2007 who won't sell until interest rates go up and they are forced to as they inevitably will be, poor things.

My experience ( from delicate probing of EAs) is that people being inflexible are close to or have negative equity - despite buying in 2005 your vendors may have remortgaged to fund a lifestyle they couldn't afford. It'll all end in tears and they'll be forced to sell before long. I think there was a selling window this summer but it seems to have closed now - the cash rich and financially naive buyers have been exhausted. IMHO we are back to the stalemate of last winter - there aren't really any bargains out there anymore so if you are an

astute buyer you'll just take the wait and see option. The EAs claim that they've got lots of people looking on their books but since mid september they aren't buying because there is precious little that's reasonably priced.

Personally I've decided to protect my savings by diversifying out of sterling and waiting for reality to kick in which won't be until after the elections.

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by diversifying out of sterling do you mean that you have invested in other currencies? I am pretty worried about our UK savings if inflation takes off; really not sure what to do with it.

Yes, with QE and the government trying to keep hpi going, I got worried so I bought some gold and US $. I am really pissed off with brown and co. for their reckless behaviour with the economy. I had my savings in sterling but just felt that for my peace of mind I needed to diversify.

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If you don't buy now in Bristol then forget it unless you want to end up somewhere shit like Bedminster.

HA HA HA.

You obviously have a very short memory or are about 12. I remember the last recession in Bristol.

Prices in Bristol are simply unsustainable. They will collapse next year.

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Some quick stats I've dug out on employment from Lloyds and HBOS in Bristol - following the news yesterday of a significant programme of consolidation and jobs cuts.

That programme is still fairly sketchy but includes closing up to 1,000 UK branches and merging regional offices in a bid to save £1.5bn in operating costs. Lloyds has already axed 1,000 jobs nationwide, including 115 at HBOS subsidiary Clerical Medical in Clevedon in May 2009.

It's not pretty, or particularly pleasant to talk about - but Bristol looks pretty exposed in a sector of recent high growth and with relatively high wage structure for the city.

Lloyds will also consider merging its eight UK regional offices, in London, Bristol, Birmingham, Manchester, Edinburgh, Cardiff, Leeds and Halifax.

But there is no indication that the Lloyds regional headquarters at Canons House, Canons Marsh, and the HBOS building next-door will close or merge.

In the Bristol area, Lloyds TSB has around 2,100 staff at Canons House, where it moved in 1990.

It also has 1,000 staff in five other Bristol city centre premises, and a further 1,000 in 28 branches across the city and surrounding area.

It is thought the staff working in the offices around Bristol will be moved into Canons House.

HBOS has a £20-million flagship HQ next door to Lloyds on the Harbourside, which is now expected to accommodate staff from Lloyds sites across Bristol.

The HBOS building houses 1,500 staff across the HBOS brands of Clerical Medical, Halifax Financial Services, Bank of Scotland Investment Service and Bank of Scotland Annuity Service.

Areas in Bristol which have both Halifax and Lloyds TSB branches are thought to be at risk of closures. At present, Broadmead in the city centre, Whiteladies Road in Clifton, Badminton Road in Downend and Weston-super-Mare High Street all contain both a Lloyds TSB and a Halifax branch. East Street in Bedminster also has a branch of each bank, as does Keynsham High Street and Yate shopping centre, while in Kingswood there are branches in Regent Street and the nearby Kings Chase shopping centre. The new strategy would involve the closure of the equivalent of a branch a day for the next three years – around a third of its branch network.

For more see this this is Bristol article

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From personal experience, I can confirm that there some frantic housebuyers in Bradley Stoke at present. Any decent house (ie. free of major defects such as being next to a chav-infested footpath, having stupid shared parking arrangements, etc.) will sell within days in an offers-over bidding war.

I'm not sure whether this is inflating the asking prices, but it is certainly inflating the selling prices.

Some people must be taking on scary amounts of debt in order to win these bidding wars.

I suspect most of the houses still for sale are flawed in some way. Be suspicious of any house that has been on sale for over a week.

I'd like peoples comments on why there are so few good houses coming to market?

Is it mainly because people traditionally don't want to be selling their houses in the run-up to Christmas, and an effect that will correct itself when people start trying to sell in spring?

Or are there other factors that is stopping people from selling, which may cause a permanent rise in prices?

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I don't know why there aren't many good houses on the market. There are actually a few houses that I would consider buying in the area I am looking at if they weren't soo expensive. A lot of them are WAY overpriced. I wouldn't mind doing work as long as it wasn't structural. Actually a couple that I have been watching have further reduced their asking prices so it isn't the same in all of Bristol. I'm really hoping they are going to fall that bit further. I can well imagine that the market is slow around christmas time; there is enough stress already!

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I don't know why there aren't many good houses on the market. There are actually a few houses that I would consider buying in the area I am looking at if they weren't soo expensive. A lot of them are WAY overpriced. I wouldn't mind doing work as long as it wasn't structural. Actually a couple that I have been watching have further reduced their asking prices so it isn't the same in all of Bristol. I'm really hoping they are going to fall that bit further. I can well imagine that the market is slow around christmas time; there is enough stress already!

There aren't, because the impetus to sell isn't here yet. I live in BS7 and see exactly what you see in the BS6-9 areas and I am not worried. The city likes to pretend it is the 2nd London and it is reflected in the asking prices, but we all know that it really really isn't! When rents are so low, how can one justify the asking prices?

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I've just noticed that Ocean Clifton have deleted and reentered all their properties in BS6-9 so that property bee shows them as

initial entry date November 23. Some of them have been on the market for more than 6 months so they must have some serious downsides given the current shortage of properties. Be warned and don't be suckered into buying a dodgy property!

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that is sneaky!!! Thanks for the heads up! I saw a bit of a **** up in the BEP last friday about a property in my area. Open house 19th September. Oops! Also was at the initial price. You also get estate agents showing what they have SSTC leaving lots of disappointed buyers and very little else on the books. Hmm yeah right! Also get a lot of flyers through the door from various estate agents offering a free valuation. Also got a coupld of victorian terraces here, one 5 bedroom (2 loft rooms) £600k and one 4 bed with tiny garden £575k....grossly grossly overpriced IMO. There are a row of new builds at the top of Westbury Road town houses they are 5 and 6 bed. Have been advertised for ages but no sales as yet. Very expensive but not really set off the road or with big gardens. Done high spec so not particularly family friendly either

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I'm thinking of buying a house such as

http://www.rightmove.co.uk/property-for-sale/property-13621710.html

in Coalpit Heath.

Any comments on what Coalpit Heath is like? The road this house is in seems very quiet.

Any comments on whether the property is good value? The price is higher than it might be in Bradley Stoke, but there are very few decent 3-beds for sale in Bradley Stoke. Only 2 of the 3 bedrooms are upstairs, but all 3 are a good size - does this make it more or less valuable than a normal 3-bed detached?

The view from the back garden is nice, but how much is that worth on the asking price?

There are no identical properties in the road, so comparisons are difficult.

Thanks

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I can't say I know Coalpit Heath very well though looking on rightmove, there seem to be huge variations in price. I think that is a good price for a 3 bed detached but that is comparing to the area I live in. Obviously property backing onto fields is desirable. I'm hoping that someone here will know the area a bit better than I do. What are the local amenities like? Good schooling can have a big impact on prices as well as proximity to amenities. I would have thought 3 good sized bedrooms would merit a higher asking price than 2 double and a box room for example, though some people may not like the idea of a downstairs bedroom.

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