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Just thought I'd post to keep the thread going and contribute to the wider debate. :unsure:

You know we often forget that there's more to life than house prices. Everything in life is relative. Happiness does not depend on owning a house; buying at a low; or selling at a high. A person can be as happy as a bee, whether in a rented house or own house - belonging mostly to the bank.

It seems to me that we are in for a long wait for house prices to reach a sane level and that in the meantime we should put buying a house to the back of our minds, and just get on with life. I've met too many people who spend most of their time obsessing about house prices. They really don't know what they are missing.

What do you guys out there think?

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I am will to admit I am quite ignorant about the north east. What kind of jobs are avalable? Which industry drives the economy in the North east?

mainly public sector.

also some Engineering and Manufacturing (Akzo Nobel, Nissan et cetera). but not much in proportion

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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

Here's another one from same development. Another 40% in a year. Looks like the builder is cutting his losses.

http://www.rightmove.co.uk/property-for-sale/property-26337365.html

.

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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 like this stat. Figure now stands at 313 with 19 SSTC. That's 6% movement... I'm really hoping for a bleak winter in NE1. All style, no substance.

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32% fall here on Gateshead quayside (almost Newcastle!)

http://www.zoopla.co.uk/for-sale/details/3587784?utm_source=ood&utm_medium=feeds&utm_content=3587784&refer=ood3587784

Listing history

First listed on Zoopla

£139,950 on 18th Jan 2010

Asking price changes

£105,000 25.0% Reduced on: 21st May 2010

£139,950 33.3% Increased on: 4th Aug 2010

£94,000 32.8% Reduced on: 10th Aug 2010

Property details page views

Last 30 days: 23 | Since listed on Zoopla: 55

Notice OF Offer

Property address : Flat 11, Cameronian Square, Worsdell Drive, Gateshead, Tyne and Wear, NE8 2DB

We would advise that an offer has been made for the above property in the sum of £94, 000. Any person wishing to increase on this offer should notify the selling agents of their best offer during the course of the next 7 days.

I've noticed a few of these 'Notice of Offer' messages? Are they legit? Or a way of trying to ramp up buyer demand??

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32% fall here on Gateshead quayside (almost Newcastle!)

http://www.zoopla.co.uk/for-sale/details/3587784?utm_source=ood&utm_medium=feeds&utm_content=3587784&refer=ood3587784

...

I've noticed a few of these 'Notice of Offer' messages? Are they legit? Or a way of trying to ramp up buyer demand??

Mate, keep up ! Scroll up just a little. Over two weeks ago, from post #3124 we discussed this one ! That said, I think you might be right in your last sentence.

Edited by rich1234
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Ah sorry mate, didn't see. Full credit to you sir.

In other news I see the July Land Registry data indicates:

Prices in Newcastle were down -0.3% to £125,786 and

-1.4 in Gateshead to £97,792.

Part of me is surprised that more people aren't selling at reduced prices. If the 'fabled' October Spending Review ever happens it surely can't be good news for the public sector-reliant North East. But perhaps that's also why more people aren't snapping up the 'bargains' like rich1234 found.

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Blyth new-builds crash - Northumberland Court, NE24 1LD

Here's another example of the scale of losses being encountered locally, lot 71 from the results of the 27 July 2010 Barnard Marcus Auction in London.

11 Northumberland Court, was sold new in May 2008 for £165K. Just 26 months later it was sold at auction in July 2010 for £27K.

That's a shocking 84% crash, equivalent to losing £5,300 every month, before mortgage repayments ! Just how did anyone ever believe a FLAT to be worth £165K in Blyth where the average salary is probably around £14K.

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Blyth new-builds crash - Northumberland Court, NE24 1LD

Here's another example of the scale of losses being encountered locally, lot 71 from the results of the 27 July 2010 Barnard Marcus Auction in London.

11 Northumberland Court, was sold new in May 2008 for £165K. Just 26 months later it was sold at auction in July 2010 for £27K.

That's a shocking 84% crash, equivalent to losing £5,300 every month, before mortgage repayments ! Just how did anyone ever believe a FLAT to be worth £165K in Blyth where the average salary is probably around £14K.

good find!

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Footballer gone bust !

http://www.chroniclelive.co.uk/north-east-news/evening-chronicle-news/2010/09/06/solano-s-house-in-newcastle-is-repossessed-72703-27211497/

Looks like the highest profile repossession yet, with a nice 30% plus drop from peak.

Official papers show the 35-year-old agreed a loan with Barclays Bank when he paid £660,000 for the house, on Elmfield Road, in October 2007.

But it is today up for sale for just £450,000 after the lender became mortgagees in possession, which is usually brought about by a homeowner defaulting on payments.

What a Nob ! :lol:

-

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Blyth new-builds crash - Northumberland Court, NE24 1LD

Here's another example of the scale of losses being encountered locally, lot 71 from the results of the 27 July 2010 Barnard Marcus Auction in London.

11 Northumberland Court, was sold new in May 2008 for £165K. Just 26 months later it was sold at auction in July 2010 for £27K.

That's a shocking 84% crash, equivalent to losing £5,300 every month, before mortgage repayments ! Just how did anyone ever believe a FLAT to be worth £165K in Blyth where the average salary is probably around £14K.

Haha, isn't Google streetview great. Have a look here. Just use your arrow key to scroll around to the right and see what the outlook is from these luxury flats. The back isn't much better with what looks like a classic run down council estate. I note there is one flat on sale here on Rightmove (NE24 1LD) for £27K.

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Hi all,

Just posting from PricedOut.org.uk - the First Time Buyer campaign group.

Some journalists have contacted us wanting to talk to First Time Buyers based in Newcastle who can't afford to buy - in part because of competition from Buy to Let.

Would any one here fit the bill and be happy to talk? Would help out the campaign a lot if you could.

Many thanks for your help in advance - please PM me or reply here if you can

Cheers

JJ

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Hi all,

Just posting from PricedOut.org.uk - the First Time Buyer campaign group.

Some journalists have contacted us wanting to talk to First Time Buyers based in Newcastle who can't afford to buy - in part because of competition from Buy to Let.

Would any one here fit the bill and be happy to talk? Would help out the campaign a lot if you could.

Many thanks for your help in advance - please PM me or reply here if you can

Cheers

JJ

If it's easier you can also e-mail us at press@pricedout.org.uk

Cheers

JJ

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Just goes to show how messed up 'the system' is.

Glad that the others got jail though. I wonder if 2 or 3 years is truly enough compared to the stress they'll have put countless, most likely vulnerable, people through.

Fu£%ers.

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Just goes to show how messed up 'the system' is.

Glad that the others got jail though. I wonder if 2 or 3 years is truly enough compared to the stress they'll have put countless, most likely vulnerable, people through.

Fu£%ers.

Sadly, fraud is not classed as theft by the system. A 23 million quid bank haul would have attracted a much larger sentence even though the victim (the bank) would not have suffered. Then again the banks have robbed the taxpayer and the sentence is a bonus :angry:

.

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Like I say, Just goes to show how messed up 'the system' is!

I was watching a programme on Alan Davies the other night. Was about him growing up during the Thatcher years, with heavy emphasis on social radicalism/activism + the strikes.

Don't really see anything similar these days regarding how the Banksters defrauded the general public en masse. How complacent we've become. Pawns.

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Some thoughts for Newcastle / Gateshead First-Tiime Buyers in Autumn 2010

Note: None of the following is professional advice, just personal opinion - use at your own risk.

I spoke with a young friend over the weekend who announced she was viewing a 2-bed quayside flat, her intention being to "get on the property-ladder". I asked if she knew if it was a repo, what the previous sale price had been and what neighbouring properties were worth. She knew none of this but was confident in this first step being one to secure a better future. I told her there is no excuse these days to be unprepared and unbriefed on any of these attributes. I also said it was a very bad time to buy as the only way prices are going is down at the moment. I was shocked by her enthusiasm to buy and want to remind all viewers of this thread how much we are still overvalued. Here's an example from today:

79 King Edward Street, Felling, Gateshead, NE8 3PR

This popped up on Rightmove today, going to auction on 18 Oct 2010 with a guide of £32K.

Of course, estate agents have historically hid and continue to hide the property number and sometimes the street. We need to identify the property first in order to find out more about it (without calling the agent). Although I've given you the street and door number above, at this point from the Rightmove advert, you know neither - the agent is simply advertising it as a generic felling flat.

The first thing to do is look at the map and external property image on the Rightmove page for distinguising features - in this case the front door colour and the alarm box hanging off. Also notice the stepped roofline, suggesting that this street is on a hill and to the left is lower. This will help us work out what side of the street it is on. We can also see that the property is shown as being on King Edward Street, albeit on the west side. Remember, a postcode will only identify a location to within half a street or so.

Next visit Google maps website at www.google.co.uk. Enter King Edward Street and zoom in to a similar position on the street to the map location that Rightmove showed. Now click on the Streetview button. We can now see the King Edward St is indeed on a hill, running north-south, with the high end being at the south. Thus our house must be on the east side. A few seconds moving up and down the street finds our house here.

Next we need to work out the door number. If we are lucky we can zoom in and read this. In this case it is a bit blurred. Thus, move up and down the street whilst in Streetview mode until you find a door number you can read. In this case, one door to the left is clear and this is number 77. Thus, by deduction, our property is number 79 King Edward Street.

Now the last stage is to put this into www.houseprices.co.uk . Doing this gives us all this information. We can see this flat is a good example of the last decade's property bubble. Topping out at £65K three years ago in 2007, the flat climbed up from just £10K in 2000. Remember, this is not the 1970's or 80s, it is the year 2000, only ten years ago ie modern times and very recent.

If the flat had gone up by a respectable 5% each year it would still be worth less than £20K. Does this give you an indication of what price level is normal for this area? The auction guide price gives a huge 50% discount on the last sale price, but it is still 320% of the year 2000 value.

One final example of affordability and sustainability. I was in the Metrocentre over the weekend and looked briefly at the vacancies board. All shop work for quality chains, but in the main paying £6.70 per hour and not always for a full week. If we assume a young potential first time buyer who wants to live fairly near to the metrocentre did 40 hours per week for £6.70, this would give them and annual salary of around £13.9K.

Finally, in this property's case, the agent has given us the auction link www.agentspropertyauction.com - from this we could also get the property location and then research as above. This will also let you see the actual sale price achieved after 18 Oct.

So, nNegotiate hard people and remember most tyneside flats in NE8 went for between £10K and £20K in 2000 - the evidence is freely available - use houseprices.co.uk and choose any street. Hope this helps - Good luck !

Edited by rich1234
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Fed up of the same four walls? Well try looking at the curve in this living space! A must view, this contemporary apartment is located in the sought after City Quadrant and comes with the benefit of allocated parking.

It's so sought after that there's only been one sale in the past three years, and that was in May 2008!!

City Quadrant is also the home of former poster on this thread Smarter than the average bear, it's no wonder he went very quiet.

City Quadrant

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All the benefits of tiny rooms, odd shaped living room, kitchen in living room (? can't "quite" tell but that's how it looks), no proper shower and electric heating. Mmmmmm!!! My dream come true and only at the truly not being ripped off price of 200k.

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  • 439 Brexit, House prices and Summer 2020

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      • down 5% +
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