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gruffydd

Bristol Housing Market Falls Through The Floor-merged Thread

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I've been tracking an inner-city part of Bristol for over 3 years - it saw a massive upswing in prices 1.5-2 years ago - I saw one property flipped over a 3 month period - bought at 150 - sold at 200. It's an area touted as up and coming, but I've always had severe doubts about that claim.

Now, I've just done a check and there are NO ONWARD CHAIN 2 beds available in the area for 135-140k. And falling. And those are asking prices. EA pals down in Fishpants are telling me that offers are coming in way below asking prices. Totally stunned!!!!!!!!!!!!!

Thought I was hallucinating!

PS> Does anyone know what is happening to prices around Bristol - Weston, Chippenham, Chipping Sod, etc?

Edited by gruffydd

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I've been keeping an eye on 3 bed detached houses in N Bristol and Chippenham with Property Bee. North Bristol seems to be most active in terms of falls - in the last week, a couple of 7.5% (15k) falls in asking prices, but most are still between 5-10k reductions. I'm seeing an incredible amount listed as NO CHAIN, so it's looking pretty exciting at the moment...

The message doesn't seem to have filtered through to Chippenham yet - nearly all the changes recorded by Property Bee are to the description, not the price.

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I've been tracking an inner-city part of Bristol for over 3 years - it saw a massive upswing in prices 1.5-2 years ago - I saw one property flipped over a 3 month period - bought at 150 - sold at 200.

I'm interested in this area - but haven't "tracked" much. Which inner-city part of Bristol are you on about?

A few years ago I tracked prices of decent flats in Sneyd Park - but they rapidly went from 'slightly expensive' to monster-raving-loony expensive - almost doubling within about 18 months - as I remember it.

I've not found an area in Bristol proper that I'd like to live... I'm currently tracking Charfield; Rangeworthy; Yate; Chipping Sodbury etc. I'm also seriously considering looking further East... but not as far as Reading.

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I saw one property flipped over a 3 month period - bought at 150 - sold at 200. It's an area touted as up and coming, but I've always had severe doubts about that claim.

These flip gains are not all they seem. I have witnessed the same apparent gains within a walking distance of my house in Cambridgeshire. What happens is that a property investment company buys a whole block of houses pre-completion and in effect provides some working capital for the finishing building work. Then the investment co. handles the privates sales using the typical 5% to 10% cashback tricks that are not evident on the Land Registry.

So of that £50k gain 20k is an accounting illusion another percentage can be attributed to the fact that the investment co. shouldered development risks in the final build stage and then took on the costs of the retail sales process.

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I'm interested in this area - but haven't "tracked" much. Which inner-city part of Bristol are you on about?

A few years ago I tracked prices of decent flats in Sneyd Park - but they rapidly went from 'slightly expensive' to monster-raving-loony expensive - almost doubling within about 18 months - as I remember it.

I've not found an area in Bristol proper that I'd like to live... I'm currently tracking Charfield; Rangeworthy; Yate; Chipping Sodbury etc. I'm also seriously considering looking further East... but not as far as Reading.

Just south of the centre - It'll be interesting to see what's happening to Swindon! Haven't tracked that area.

Edited by gruffydd

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I've been tracking an inner-city part of Bristol for over 3 years - it saw a massive upswing in prices 1.5-2 years ago - I saw one property flipped over a 3 month period - bought at 150 - sold at 200. It's an area touted as up and coming, but I've always had severe doubts about that claim.

Now, I've just done a check and there are NO ONWARD CHAIN 2 beds available in the area for 135-140k. And falling. And those are asking prices. EA pals down in Fishpants are telling me that offers are coming in way below asking prices. Totally stunned!!!!!!!!!!!!!

Thought I was hallucinating!

PS> Does anyone know what is happening to prices around Bristol - Weston, Chippenham, Chipping Sod, etc?

If by Weston you mean Weston-super-Mare then it seems we are are a deadlock. Sellers in denial and buyers disappeared.

Asking prices being maintained. But nothing is selling out there. And I've noticed just in the last week that For Sale boards are springing up everywhere - and I mean everywhere!!!!!

Driving around today in WSM I've not seen so many For Sale signs in a very, very long time. In fact not since the late 80's/early 90's.

It's happening folks and I'd say March was the real turning point.

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I guess cities like Bristol, popular with the rushing to exit 'btl' and 'property is such a good investment when Rupert's at uni' crowds - are imploding first. I just hope a couple of my mates as Besley Hill get through it OK.

Edited by gruffydd

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Just south of the centre - It'll be interesting to see what's happening to Swindon! Haven't tracked that area.

I have, seeing lots of 2 bedroom semis, terraces coming down by 2-5k in the last couple of months!!

Also a few 3 bedders too.

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Bristol prices are just daft. Recently I noticed a modest terraced house for sale in Cliftonwood at £550,000 in rightmove. This was just across the road from where a friend bought a similar place for £10K in 1978. Now in 1978 you would have been able to buy this on about 2-3x average earnings. We're now talking about 20x average earnings!

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My other half was talking in the sauna at a leisure club in central Bristol yesterday with two estate agents (hmmm!!!)

Anyway they said their branch had not sold ONE house since the end of October and the only thing that was keeping them afloat was income from managed lettings. The market was completely dead they said, plus vendors were often unwilling to reduce their price to one lower than they perceived that their house was worth.

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I've been tracking an inner-city part of Bristol for over 3 years - it saw a massive upswing in prices 1.5-2 years ago - I saw one property flipped over a 3 month period - bought at 150 - sold at 200. It's an area touted as up and coming, but I've always had severe doubts about that claim.

Now, I've just done a check and there are NO ONWARD CHAIN 2 beds available in the area for 135-140k. And falling. And those are asking prices. EA pals down in Fishpants are telling me that offers are coming in way below asking prices. Totally stunned!!!!!!!!!!!!!

Thought I was hallucinating!

PS> Does anyone know what is happening to prices around Bristol - Weston, Chippenham, Chipping Sod, etc?

Property bee is a bearfest at the moment in Yate and Sodbury - well at least a few at the bottom end of the market are off 15- 20% on last summers highs. eg

Would have been marketed for £180,000 June 07

Would have been marketed for £190,000 June 07

Both typical FTB houses. The upper end of the local market has been much slower to react (needs more 'motivated ' sellers I guess).

Edit, factual accuracy & grammer

Edited by Griptool

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Hello from Chippenham...as mentioned above in one of the posts, Chippenham does not seem to be falling very far just yet. I have seen reductions of a few thousand here-and-there, mostly at the lower end of prices. There have been larger falls on a couple of the more ambitiously priced period houses in the town centre. Occupiers of the Causeway are unaware of the credit crunch at present.

A lot of houses have multiple 'sold','available','sold','available' chains in their Property Bee history, especially in the 180-250k range. I have seen a disturbing trend for some houses to come back on the market after a fall-through at a higher price. I have no idea if this will continue.

There are offers and even small price reductions being made by developers at the moment, especially for the new 'eco-homes' by the station and in the god-awful prison camp of Fenway Park.

I still think Chippenham is on the turn..people are beginning to realise you cannot price at 100k above the equivalent property in, say, Trowbridge, for the closeness of the motorway.

My first bellwether house, an old gatehouse, was finally removed from sale after numerous agents and price drops and has been rented out.

Things are looking good

Best Regards and I hope some of this is of use

To the OP, was the price spike in Bristol a couple of years ago that you mention due to the Maytrees development in Eastville? That could be a case study for how to ruin a potentially nice building with social housing. An absolute sh1thole to live in and getting worse I am told.

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I'm interested in this area - but haven't "tracked" much. Which inner-city part of Bristol are you on about?

A few years ago I tracked prices of decent flats in Sneyd Park - but they rapidly went from 'slightly expensive' to monster-raving-loony expensive - almost doubling within about 18 months - as I remember it.

I've not found an area in Bristol proper that I'd like to live... I'm currently tracking Charfield; Rangeworthy; Yate; Chipping Sodbury etc. I'm also seriously considering looking further East... but not as far as Reading.

I live near Charfield and can tell you that there has been practically no movement in the housing market around here! Asking prices are still absolutely ludicrous but they're not getting sales. Also noticed some 'Sold' signs returning to 'For Sale' around the Wickwar area - always raises a smile for me!!! :lol:

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I live near Charfield and can tell you that there has been practically no movement in the housing market around here! Asking prices are still absolutely ludicrous but they're not getting sales. Also noticed some 'Sold' signs returning to 'For Sale' around the Wickwar area - always raises a smile for me!!! :lol:

Yes - that's been what I've seen from Rightmove. I like the idea of Charfield - in so far as it is suburban and has good access to the M5 for North Bristol and Gloucester/Cheltenham - but there's not much else going for it. Certainly nothing to justify over-the-odds prices.

If prices dropped by 20%, say, I might be interested... it wouldn't be a bad location to use as a base... or, at least, that is how it seems from the map and my brief visit.

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I worked in the building industry from 1989 to 2006 in Bristol (and farther afield), and from around 1998 a hell of a lot of work was on luxury apartments (flats to most of us).

We did a hell of a lot for Barratt Homes,

To the OP, was the price spike in Bristol a couple of years ago that you mention due to the Maytrees development in Eastville? That could be a case study for how to ruin a potentially nice building with social housing. An absolute sh1thole to live in and getting worse I am told.

including this development. I had to an out of hours call out to this site, at around 6/7 PM (in Jan/Feb). I couldnt believe my eyes when I finished the call out, and sat on the corner of the wall was one of the working girls that frequent this area.

What an area, but it still didnt stop Barratts selling them all.

I worked on practically all of the Barratts developments in Bristol (excluding the ones in the Dings ,called the Zone I think), Swindon, Chippenham, W-S-M , and in the early days they had sold signs up on the scaffold even before they had the blockwork out of the footings. Although slower when I left in 2006, they were selling them (although they had problems with that development at the old football ground in WSM, not too sure why)

We also did most of the work down at Port Marine for Crest Nicholson, and even a few of the site agents were flipping the apartments and were boastful of the money they made.

In fact when I think of it, from around the late 90's we worked on what must of been thousands of flats in the bristol area, and most of them just tiny little shit holes. Even then I was amazed at what the asking price was.

What am I trying to say; well people paid dearly in the 'boom' for this flats, but to be fair none of them really stand out, so they are probably going to see the biggest drops.

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From Optimistic Pessimist:

"I had to an out of hours call out to this site, at around 6/7 PM (in Jan/Feb). I couldnt believe my eyes when I finished the call out, and sat on the corner of the wall was one of the working girls that frequent this area.

What an area, but it still didnt stop Barratts selling them all."

I know what you mean O.P., I shared a place in the building for a while when i first moved to the south and then moved into another flat in the building to meet the visa requirements for getting my (then) girlfriend into this country.

The working girls used to use the overflowing bin shed in the car park for their entertaining. The building was officially the worst in Avon for false call-outs from the fire brigade due to the animal kids who used to sneak into the block. The guy i rented a room from told me he was in turn told that all the flats would be owner-occupied ( he paid one of the highest prices for a tiny place practically in the roof) and that is possibly a selling-point that got people interested...even though the S106 said 20% would be housing association :P

The flat i lived in after his has just been sold for more than a 20k loss and it was the best positioned in the block <_< so i can't see the current prices on rightmove holding for long.

Hello back to you OzzMosis...nice to know there is another one of us in the town my wife lovingly refers to as Boringham (with an east European accent) :rolleyes:

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Bristol prices are just daft. Recently I noticed a modest terraced house for sale in Cliftonwood at £550,000 in rightmove. This was just across the road from where a friend bought a similar place for £10K in 1978. Now in 1978 you would have been able to buy this on about 2-3x average earnings. We're now talking about 20x average earnings!

It is UTTERLY INSANE -- HOW did "prices" EVER get so crazy???.........................

Could it have been LIAR LOANS PERHAPS??????

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If by Weston you mean Weston-super-Mare then it seems we are are a deadlock. Sellers in denial and buyers disappeared.

Hardly surprising, it's Weston-super-Mare, after all. Bugger all change in Bath yet though - still nothing worth touching with a barge-pole under 200k, but I'm thinking maybe some of the outer regions like Radstock and Midsomer Norton may be hit enough for me to move out to there. Anything but Frome.

Wemb

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There's still a hefty amount of "executive flats" being built in the centre, though, creating gridlock, and Weston's going to get hit by the new build drown, when people realise that, having bought their shiny house IO, they can't actually afford to pay the mortgage itself, and start to get a nasty shock when they realise how much new builds depreciate when forced to sell in a time when virgin identical properties are still on the market.

Locklease seems to be seeing a few dramatic drops in property; I reckon you could pick this up for 115K.

http://search.property.telegraph.co.uk/sit...ype=b&menu=

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It is UTTERLY INSANE -- HOW did "prices" EVER get so crazy???.........................

Could it have been LIAR LOANS PERHAPS??????

I think you will find that nobody was holding a gun to their heads when they signed up for the loans.

Greed pure and simple.

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Hello back to you OzzMosis...nice to know there is another one of us in the town my wife lovingly refers to as Boringham (with an east European accent) :rolleyes:

Yes it's as boring as hell!

Probably why I go out in Swindon or Reading.

The prices in Chippenham are not justified in any way whatsoeverm especially considering the average salary is probably around 20K here.

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Slightly off topic but I found my perfect home advertised in Bristol earlier:

http://www.rightmove.co.uk/viewdetails-198...=1&tr_t=buy

If that were to fall by the same 30%/40% you've seen in Bedminster/Southville etc then...

(well actually it'd still be out of range but maybe in a few years :rolleyes: )

If I was going for a stately home apartment I think I would want the genuine interior with 18 feet ceiling height,corniced ceilings and 18 th century fire places,not something that looks like a Barratt flat once you are inside.Forget the pine cladding in the kitchen,this is Gosforth Park,the genuine article.250K gets you a statley home in the East Midlands in the Peak district too.Built by industrialist Sir Richard Arkwright.Kind of tempted on this one,good job i took the precaution of locking up all my cash in fixed rate bonds.Just can't trust myself with this sort of thing coming up in meltdown Derbyshire.Perfect for my collection of Old Masters.

http://www.rightmove.co.uk/viewdetails-202...=1&tr_t=buy

Edited by crashmonitor

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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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