Newcastle Upon Tyne

[Mr 0.01%]

I was determined to look at that flat and go "No, now way would I live there" but I'm actually quite enamoured with it.

Still, no way was it worth £1 million! If I was paying that I'd at least want a small garden!

And still! No way is it worth £500,000 either.

Beyond my opinion I don't know any more details, sorry.

[physics34]

On the instruction of Northern Land Residential Developments Ltd – In Administration

[Designer1234]

Thanks for that Physics34

More on The Turnbull...

Brochure

Original website from 2001 - the website at the domain theturnbull.co.uk is now unused

[deeplyblue]

well if its massive anecdotes your after try this.

Im in and out of baltic quay about once a week and twice in the last month i have seen letting agents showing round in both occasions what looked a lot like overseas students.

Beat that

I can't, so here's an observation instead. David Willets (new Minister for Universities) wants a lot more students to go to their locals FE college, study for something like the London External degree or the OU and crucially, to keep living at home. This will remove the last really educational bit of the whole "going to Uni" experience for most students - having to manage on your own.

So if the agent were trying to let to overseas students, then that's probably just about the bet. Though if the neighbours are Chinese students at least they unlikely to be rowdy.

db

[Mr 0.01%]

Anecdotally...weakly anecdotally...85 properties for sale in Newcastle on Rightmove today. 25%-ish higher than the near-usual 60 per day over the last couple of months.

Probably just a lazy agent updating a backlog in their listings tho!

[dieseldriven]

Anecdotally...weakly anecdotally...85 properties for sale in Newcastle on Rightmove today. 25%-ish higher than the near-usual 60 per day over the last couple of months.

Probably just a lazy agent updating a backlog in their listings tho!

According to rightmove there are 263 properties for sale in NE1, 280 if you include SSTC

Last available sold data for May saw a grand total of 1 sale achieved.

I haven't come across historical month by month sold volume data by postcode but 1 sale in any given month in spring would seem pretty piss poor.

Any one care to guess in which direction the market is heading?

[Quokka]

Here's one for those dreaming of 40%+ reductions:

http://www.rightmove.co.uk/property-for-sale/property-12527070.html?premiumA=true

Should mention you will need propertybee to fully appreciate

Edited July 24, 2010 by Quokka

[meow]

Here's one for those dreaming of 40%+ reductions:

http://www.rightmove.co.uk/property-for-sale/property-12527070.html?premiumA=true

Should mention you will need propertybee to fully appreciate

Now that's more like it (with perhaps another 20k knocked off ).... still, if it starts in durham/sunderland/south tyneside/gateshead it will ripple it's way into NE1 eventually

It's nice to see the market changing from "this is what I can get for it as everyone is slitting each other's throats" to "this is what people can probably, actually afford"

Edited July 26, 2010 by meow

[Quokka]

Now that's more like it (with perhaps another 20k knocked off ).... still, if it starts in durham/sunderland/south tyneside/gateshead it will ripple it's way into NE1 eventually

It's nice to see the market changing from "this is what I can get for it as everyone is slitting each other's throats" to "this is what people can probably, actually afford"

Agree. That one sold so found market value. We will see much more of this now as realization dawns that the 'recovery' is no more.

I think we may see some of the biggest falls in NE1. Out of 268 properties on RM only 14 are under offer. Be patient..

[Mr 0.01%]

81 properties added to Rightmove in the last 24h in Newcastle...definitely the most I've seen for several+ months.

Edited July 27, 2010 by Mr 0.01%

[meow]

81 properties added to Rightmove in the last 24h in Newcastle...definitely the most I've seen for several+ months.

Is it just me seeing a lot of boards (for sale/to let) being added over the past few months and NOTHING moving?... other than the odd rental.

[Anne_Uumellmahaye]

I don't live in Newcastle (used to though) but know an EA up there who says the company they work for is now trying to "encourage" vendors to accept 2004 prices. They also think that the region will be at 2003 prices by the beginning of next year.

Not sure what this means in terms of drops as the whole conversation was based on previous years prices not percentages.

Thought I'd post as just noticed front page with story from the BBC about prices now being at 2006 levels.........

Edited July 28, 2010 by Anne_Uumellmahaye

[Mr 0.01%]

The most recent Land Registry figures indicate that property values are up 0.9% in Newcastle.

With consideration to Anne's post above, where is this increase coming from?

Looking through Rightmove it seems like there's load of expensive properties on the market around Ponteland etc...but I don't see these selling. 627 properties added to Rightmove over the last 14 days, 648 SSTC...difference of 21 - 3% of all properties (inc SSTC).

I guess public sector cuts will be the main force to drive prices down here (should they ever arise).

When do you think these cuts / other forces might start to have an effect?

[jaynewcastle]

Both houses I've made offers on in Monkseaton this year, have sold for over the asking price of £150k. Properties in the surrounding streets are selling pretty quickly still as well.

No sign of price drops yet, apart from the new build flats/houses of course

[dieseldriven]

Both houses I've made offers on in Monkseaton this year, have sold for over the asking price of £150k. Properties in the surrounding streets are selling pretty quickly still as well.

No sign of price drops yet, apart from the new build flats/houses of course

You're right in regards to achieved sale prices, they are coming in close to asking but the volumes are tiny. Maybe 8 or 10 sales per month in spring out of a stock of 650ish in NE25 on the market.

Check out Rightmove for this area today. 29 listings comprising of 13 reductions and 4 failed sales.

[neilrich]

Pattinson Estate agents have a new trick - For each and every property listed on their website they now show Typical monthly repayment £350.96* with Mortgage Advice Bureau

Of course, as you'd expect from such a bunch of professionals, they've got it wrong! They are describing interest only as repayment, misleading or what?

[Durham Lad]

Good things come to those who wait!

[Quokka]

I think we may see some of the biggest falls in NE1. Out of 268 properties on RM only 14 are under offer. Be patient..

This is now 303 listed in NE1 versus 18 under offer. Out of six north east postcodes I've been tracking NE1 is by far the worst.

Something must give and I'd be looking at the town centre to lead it.

[stuckmojo]

This is now 303 listed in NE1 versus 18 under offer. Out of six north east postcodes I've been tracking NE1 is by far the worst.

Something must give and I'd be looking at the town centre to lead it.

I expect a lot of the shoeboxes to go massively underwater soon due to potentially having less students coming to stay for the universities.

[Designer1234]

Cameronian Square, Worsdell Drive, Ochre Yards, Gateshead NE8 - Heavy price falls continue in 2010

2 bed Flat number 11, was £170K new in July 2006. 48 months later in August 2010 it might be going for £90K. Also detailed here . That's an £80K fall, or £1,600 per month loss, before considering mortgage costs.

Spirits must be low among the owner occupiers of the former Greensfield Railway siding site with news like that. Anyone else have any info on how hard or otherwise it is to sell down there?

Edited August 11, 2010 by rich1234

[stuckmojo]

Cameronian Square, Worsdell Drive, Ochre Yards, Gateshead NE8 - Heavy price falls continue in 2010

2 bed Flat number 11, was £170K new in July 2007. 36 months later in August 2010 it might be going for £90K. Also detailed here . That's an £80K fall, or £2,200 per month loss, before considering mortgage costs.

Spirits must be low among the owner occupiers of the former Greensfield Railway siding site with news like that. Anyone else have any info on how hard or otherwise it is to sell down there?

good find.

Dare I say, still massively overpriced? The finish in these is shocking.

[Mr 0.01%]

I can't say how hard it is to sell round there but I have been round there a couple of times lately. A noticable few (but not loaaads) of properties for sale that don't seem to be budging. They also seem really over-priced for what they are, especially the ones with two bedrooms, as if a second bedroom magically adds 20-50k to a property's value!

Still, it's not such a bad area, generally speaking.

[meow]

good find.

Dare I say, still massively overpriced? The finish in these is shocking.

Funnily enough that was my first reaction, although it's my first reaction to alot of reduced stuff... i.e. it still always seems like it needs at least ("at least") another 50-60% knocking off... I looked into gateshead 2 bed flat prices during 00-02 period recently and was amazed to find 5-15k being fairly normal

[Designer1234]

.. I looked into gateshead 2 bed flat prices during 00-02 period recently and was amazed to find 5-15k being fairly normal

Meow is absolutely correct. Whilst I bought my new build lego brick in 2001, I had been looking at Gateshead Tyneside flats in 2000. I still have many of the Estate Agents sheets with house numbers, photos and prices from the time. I was considering scanning and posting them here and elsewhere just to prove to people how mad things got and how far we still have to fall. Of course since those days (albeit quite recent) we have excellent resources like http://www.houseprices.co.uk. Just pick a street in Gateshead and go to the LAST page of results which will have sale prices for 1999/2000. £10K for a house was common.

[meow]

I still have many of the Estate Agents sheets with house numbers, photos and prices from the time. I was considering scanning and posting them here and elsewhere just to prove to people how mad things got and how far we still have to fall.

Please do! I think a lot of the problem is younger people who weren't old enough/able/rich enough to actually be looking for housing before '02 don't actually know just how daft things have got, I'm sure a lot people over the age of 30(ish) know fine well how mad prices are (still, even after drops) and are profiting nicely from it... or were, and would rather the new FTB's at the bottom continued to think 80-90k for a "bottom of the pile in a decent-ish area" flat, which is nowhere near what they paid, is entirely reasonable.

Edited August 13, 2010 by meow