Whitley Bay, Tyne & Wear

[Turnbull2000]

Sister looking to sell up 3 bed terrace due to imminent divorce. Valued at 190K 12 months ago (following breakup), valued today at 220K with view to selling up ASAP. Doesn't mean much unless it's sold of course, but an indication of EA optimism.

[meow]

...but an indication of EA optimism.

Which counts for absolutely zilch in my eyes.

[lesqualita]

hi, been watching a house in holystone avenue whitley bay originally priced around £300.000. traditionall 3 bed sem which has been extended to 5 beds. very expensive to heat now with fuel sky high.) it hasdropped to £275.00 with about 6 weeks . spoke to a very patronising ea who said if i had no chain and made a cash offer they might accept £250.00. i still think this house is not worth more than £180-90 to be honest.

[meow]

hi, been watching a house in holystone avenue whitley bay originally priced around £300.000. traditionall 3 bed sem which has been extended to 5 beds. very expensive to heat now with fuel sky high.) it hasdropped to £275.00 with about 6 weeks . spoke to a very patronising ea who said if i had no chain and made a cash offer they might accept £250.00. i still think this house is not worth more than £180-90 to be honest.

And do you have no chain and a big deposit?

Offer what you think and tell them to come back to you "when" they change their mind.

Also you might like to interject some counter patronism such as "and if it comes with a fairy that does all the house work I 'might' offer 200"

Edited June 10, 2008 by meow

[cerbera]

hi, been watching a house in holystone avenue whitley bay originally priced around £300.000. traditionall 3 bed sem which has been extended to 5 beds. very expensive to heat now with fuel sky high.) it hasdropped to £275.00 with about 6 weeks . spoke to a very patronising ea who said if i had no chain and made a cash offer they might accept £250.00. i still think this house is not worth more than £180-90 to be honest.

Rough end of Whitley Bay as well, even in the better end (Queens Rd area) you would have been struggling to get £300k last year. Who is the estate agent - hes wasting their time, even an optimistic estate agent would be starting below the £250 mark

[lesqualita]

Rough end of Whitley Bay as well, even in the better end (Queens Rd area) you would have been struggling to get £300k last year. Who is the estate agent - hes wasting their time, even an optimistic estate agent would be starting below the £250 mark

[lesqualita]

this house is up with just about every e. agent if you google holystone avenue whitley bay for sale. the price varies on each site. pattersons has the price at 275 i think. thanks for the advice, i didnt realise this was a rough area. yes i have cash and no chain.

[renterbob]

Rough end of Whitley Bay as well, even in the better end (Queens Rd area) you would have been struggling to get £300k last year. Who is the estate agent - hes wasting their time, even an optimistic estate agent would be starting below the £250 mark

Used to work as a chef in my young 'work for sh*te' days in St Annes Care home.....what a pisspoor town......nice laydees though in that Seafront Hotel nightclub on Thursday evenings....but gotta be honest, no match for the South Shields 'beauties'...fook me...what a bunch of pigs (laydee pigs)!!!

[Favre]

Sister looking to sell up 3 bed terrace due to imminent divorce. Valued at 190K 12 months ago (following breakup), valued today at 220K with view to selling up ASAP. Doesn't mean much unless it's sold of course, but an indication of EA optimism.

Just recieved the local News Guardian,

Halifax EA franchise has closed dowm, thats the 3rd Estate Agent in Whitley Bay to go down in the last quarter,

interesting times ahead.

[Turnbull2000]

After six months on the market at 205K, she received an offer of 185K... and rejected it. Buyer came back within 1 hour with 190K... she accepted. Pretty good going considering the 185K valuation last summer.

edit in bold

Edited October 21, 2008 by Turnbull2000

[Guest Daddy Bear]

After six months on the market at 205K, she received an offer of 185K... and rejected it. Buyer came back within 1 hour with 190K... she accepted. Pretty good going considering the 198K valuation last summer.

Wait for the gazunder.........betchya

Keep us updated

DB

[Turnbull2000]

Wait for the gazunder.........betchya

Keep us updated

DB

She moved last Monday. Bought a two bed flat in Tynemouth for 138k, which last sold for 140K in 2007.

But, a five bed detached sea front property in Tynemouth originally listed summer 2007 at 500K sold for 360K summer 2008

Edited January 16, 2009 by Turnbull2000

[deeplyblue]

Anyone got comments on the Beaumont Park area? This house just on the market. Price a bit out of our reach at the moment, so I wondered if others with knowledge of the area (and the estate agents) would care to comment - too much? sensible price for early 2009?

db

[Turnbull2000]

My Mam moved to West Monkseaton in February 2007 and paid the £140,000 asking price on a two-bed house. Fast-forward to February 2009, and the property next door is up for £145,000. I doubt they'll get that much, but we'll see.

Edited February 1, 2009 by Turnbull2000

[lordlucan]

my experience looking in this area is that agents are still putting houses on the market at the same prices as they achieved in '07. Also they are sticking unrenovated houses on at the same price as those that have been done up. With sales down by 90% you wonder how long this will go on. Very frustrating when you have taken the 15-20% hit to sell your own property, want to do a deal and are then left twiddling your thumbs because none of the agents will confront the elephant in the room and give their clients an honest valuation.

As someone who works in commercial property where we have seen values tank by 35% the above behavior seems very "last year". Stop trying to talk up the market and do some deals before prices drop any further. Waiting for a better offer is not good sense. Am now starting to thing that I'll have to rent for a few months while people get serious which would be a pain.

The really worrying / comical thing about all this is that rents are falling, so the floor is dropping away beneath people. Why would anyone buy a house in the market for more than a 5% yield on rents?

[Wad]

my experience looking in this area is that agents are still putting houses on the market at the same prices as they achieved in '07. Also they are sticking unrenovated houses on at the same price as those that have been done up. With sales down by 90% you wonder how long this will go on. Very frustrating when you have taken the 15-20% hit to sell your own property, want to do a deal and are then left twiddling your thumbs because none of the agents will confront the elephant in the room and give their clients an honest valuation.

As someone who works in commercial property where we have seen values tank by 35% the above behavior seems very "last year". Stop trying to talk up the market and do some deals before prices drop any further. Waiting for a better offer is not good sense. Am now starting to thing that I'll have to rent for a few months while people get serious which would be a pain.

The really worrying / comical thing about all this is that rents are falling, so the floor is dropping away beneath people. Why would anyone buy a house in the market for more than a 5% yield on rents?

Absolutley right on Whitley Bay.

My wife comes form just down the road from Whitley Bay. It seems pleasant enough place but run down. Tynemouth a bit further along the coast is perhaps the most overpriced location I have ever seen. I know a lot of people with money like to retire there but the prices are so far beyond the means of the local economy that there is no floor under the market at all.

Agree with your views on rents in general - madness. Capital values and rental yield on residential property have been strangers to each other for years. I too am slightly involved in commercial property and 50% already off the peak in fire sale cases is not unheard of but not widely published by EAs. There is a surprise.

[lordlucan]

Tynemouth & WB do get their share of Newcastle yuppies, lots of nice residential areas, good stock of 30's semis. However if you can rent a really good 3 bed for £800 per month, given zero capital appreciation, why would you pay over £175K?

I hear that some of the house builders have been quietly selling some of their stock at 50% off, but these developments are too dense for my taste.

[Turnbull2000]

my experience looking in this area is that agents are still putting houses on the market at the same prices as they achieved in '07.

I've seen that too. My Mam moved to West Monkseaton in Feb 2007, paying 145K for a 2 bed early 90's build. Next door neighbour has just put her house up the same price.

Here it is:

http://www.rightmove.co.uk/property-for-sa...artRent%3Dfalse

Coastal prices seem to be largely holding up.

Edited February 14, 2009 by Turnbull2000

[lordlucan]

prices holding up would imply sales happening at that level, but very little evidence of that happening, more and more properties coming on to the market. Of the 25 we have viewed in the last month or so only one has gone under offer and that was an old 2008 chain restarting.

I did have an interesting chat with the bloke who runs Cooke & Co today though. He mentioned that he has the largest stock of houses on his books ever, and has started refusing to take on houses where the vendors insist on an unrealistic asking price. You'd suspect that basic supply and demand will start to take effect.

[Si1]

I've seen that too. My Mam moved to West Monkseaton in Feb 2007, paying 145K for a 2 bed early 90's build. Next door neighbour has just put her house up the same price.

Here it is:

http://www.rightmove.co.uk/property-for-sa...artRent%3Dfalse

Coastal prices seem to be largely holding up.

I bet they're f*cking not

[deeplyblue]

prices holding up would imply sales happening at that level, but very little evidence of that happening, more and more properties coming on to the market. Of the 25 we have viewed in the last month or so only one has gone under offer and that was an old 2008 chain restarting.

I did have an interesting chat with the bloke who runs Cooke & Co today though. He mentioned that he has the largest stock of houses on his books ever, and has started refusing to take on houses where the vendors insist on an unrealistic asking price. You'd suspect that basic supply and demand will start to take effect.

Well the house I mentioned in my post on 1st February (Haddington Road, 5 Bed) is now shown as "Under Offer". On the market on 31st January, off it on 14th February - good going. I have, obviously, no idea what sort of figure they accepted, and no idea of what sort of buyers were involved. Maybe the vendors were desperate to move and prepared to take any price. But under normal circs you don't accept an offer that's waaay below your asking price (£445K) when the place has been on the market for a fortnight.

Equally obviously, the place has not yet sold - and we will have to wait until (IIRC) three months after the exchange of contracts and completion before we find out what the final price was. Unless anyone has any contacts in M L Estates?

We didn't really want to live in Whitley Bay, but if houses there are going that quickly, and prices within spitting distance of the asking price, then I would guess that prices all the way up and down the coast are going to be holding up. The house concerned was a good house, by the look of it - large and modern - but not a beautiful one-off cottage on a headland, or Grade II listed building. Of course, there could be special circs for sellers or buyers, but it does leave one worrying.

As someone else said, I can see the figures, and I know that unemployment is going to rise, and that a contracting economy and buoyant housing market don't go together. Logically, you would say that house prices - especially in the North-East, and not in "special" enclaves like the really posh bits of Gosforth - will continue to fall.

However, it sometimes seems that the backlog of interesting houses are now starting to clear, here at the eastern end of the Tyne valley as well as in Hexham. I'm not talking true recovery here, but maybe the real bargains amongst the mass of undistinguished "Yet Another" houses (Victorian Terrace, 4-bed executive, extended 50s semi) are now being bought as STRers (like us) look at the state of their capital (safety, return and capital erosion) and think, "Time to put the money back into a place we can live in as well."

I really don't want to panic, but there are just a few voices in my head saying that I should get on with it. Several of the houses which we thought might just be it have, after 3-6 months sitting on my RM watch list, have gone in the last fortnight. Anyone else seen this?

db

edited to add price

Edited February 15, 2009 by deeplyblue

[Patfig]

Jesus is that how much it costs to live in Pitley bay.

F-ck i am never coming back

[Gone baby gone]

Jesus is that how much it costs to live in Pitley bay.

F-ck i am never coming back

Don't think I will either. Especially since there doesn't seem to anything underpinning the NE prices except wishful thinking.

£145k for a tiny terraced house with zero character and no sea view. I pity the fool...

[lordlucan]

who knows, one house under offer doesn't make a market. That one as well seems to have been put on at 10% above the norm for the street to allow someone to knock them down and feel like they've got a discount. ML estates seem to be one of the worst at overvaluing locally. What I would suspect is that when the house comes to be valued for mortgage the valuer would want to see some sort of reduction on 2007 prices for the street.

[deeplyblue]

who knows, one house under offer doesn't make a market. That one as well seems to have been put on at 10% above the norm for the street to allow someone to knock them down and feel like they've got a discount.

I know that location is supposed the main factor governing house price, but this particular one was, looking at the specs and the measurements, definitely a cut above the rest of the estate - though how much (percentage or absolute) I couldn't say.

ML estates seem to be one of the worst at overvaluing locally. What I would suspect is that when the house comes to be valued for mortgage the valuer would want to see some sort of reduction on 2007 prices for the street.

Sometimes I think it would be a very good idea to start a thread about local EAs - who's known for over-pricing, who's trying to shift things to investors and will try to make the clients take the first deal that comes along. That sort of thing. I find posts with this sort of comment (about ML Estates) really useful.

db