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Antsy
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The guide prices at this West Country auction look steep to me.

http://www.thepropertyauctiongroup.co.uk/p...ion%20group.asp

No real crash in the West Country yet if these achieve higher than guide.

Or am I the one being unrealistic?

Any comments from people on the ground?

I couldn't find any guide prices...please can you give me pointer?

Cheers

...ah just found them

Edited by tinecu
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The guide prices at this West Country auction look steep to me.

http://www.thepropertyauctiongroup.co.uk/p...ion%20group.asp

No real crash in the West Country yet if these achieve higher than guide.

Or am I the one being unrealistic?

Any comments from people on the ground?

I am not sure what type of property you are talking about or which areas, but, to me, the properties on offer in this catalogue look very sad. I am talking about the north and east Cornwall ones in particular! Gotta be desperate to buy these! Funny how you never see any properties for sale between Truro/Falmouth.

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hmmm, i could be slightly interested in Lots 7 or 16, but not at those guide prices! :blink:

Yep, you would think we were back in spring 2007 and the credit crunch/HPC had never happened - if all these properties sell for guide price or above then I'll forget about Cornwall as it's obviously become extremely rich in my absence!

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Yep, you would think we were back in spring 2007 and the credit crunch/HPC had never happened - if all these properties sell for guide price or above then I'll forget about Cornwall as it's obviously become extremely rich in my absence!

I am afraid you will not get value for money buying in Cornwall. The quality of homes is also lacking, unless you want an old-fashioned bungalow. I am selling my cottage in the spring and moving to the South East, which, in my opinion has nicer property and better value prices. Also, where rates are half the price!

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I am afraid you will not get value for money buying in Cornwall. The quality of homes is also lacking, unless you want an old-fashioned bungalow. I am selling my cottage in the spring and moving to the South East, which, in my opinion has nicer property and better value prices. Also, where rates are half the price!

Yes I know what the houses are like - mostly very poor. It'll always be a bit more than it should be, because it's a nice place with beaches and surf, and old people like it because they had holidays there when they were children.

However I'm still expecting it to drop really fast next year, starting inland and moving to the coast. The relationship between local wages and prices has been broken down there since the mid 90s, well I reckon it's about to be re-established......

Places with fertile land might hold up well though.

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Yes I know what the houses are like - mostly very poor. It'll always be a bit more than it should be, because it's a nice place with beaches and surf, and old people like it because they had holidays there when they were children.

However I'm still expecting it to drop really fast next year, starting inland and moving to the coast. The relationship between local wages and prices has been broken down there since the mid 90s, well I reckon it's about to be re-established......

Places with fertile land might hold up well though.

I think prices will remain fairly static here in Cornwall. The clifftop homes will always remain a premium, although the small terraced cottages and middle of the market type properties are dropping quite significantly. However, these are mainly in the poor areas, where the buyer is local.

As for values in relation to wages - even back in the 80s, when I was earning £4,500, buying a property was extremely difficult. I certainly could not afford to live where I grew up and could only (Just about with a scratch and scrape) afford to buy a cheap property in a poor area, which would have been a very poor investment. Lenders would not lend, unless you had a large deposit. If you were interested in buying an old property, then forget it, they just didn't want to know.

Luckily, I now live in a so called 'desireable and quite expensive' area, so I intend selling up as soon as possible to take advantage of these high inflated prices and buy in the south east, that's if I can find a naive buyer (from up country, of course)!

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I think prices will remain fairly static here in Cornwall. The clifftop homes will always remain a premium, although the small terraced cottages and middle of the market type properties are dropping quite significantly. However, these are mainly in the poor areas, where the buyer is local.

As for values in relation to wages - even back in the 80s, when I was earning £4,500, buying a property was extremely difficult. I certainly could not afford to live where I grew up and could only (Just about with a scratch and scrape) afford to buy a cheap property in a poor area, which would have been a very poor investment. Lenders would not lend, unless you had a large deposit. If you were interested in buying an old property, then forget it, they just didn't want to know.

Luckily, I now live in a so called 'desireable and quite expensive' area, so I intend selling up as soon as possible to take advantage of these high inflated prices and buy in the south east, that's if I can find a naive buyer (from up country, of course)!

Hmm, well hindsight is always best of course, but you may have missed the boat.

Prices are dropping fast now in the South East, so you're alright there, but I see no reason why they won't follow in Cornwall. The only reasons I can think of for them not falling much so far are :

1. The richer people from "upcountry" who own 2nd homes aren't yet affected by the crunch. Well they will be, soon. This is going to hurt nearly everyone except the super-rich.

2. Some of them will take the opportunity to move permanently to Cornwall, shutting their businesses or retiring, selling up their primary home in London.

I guess the lettable holiday homes may have higher occupancy over the next few years as people holiday in the cheaper UK, spending devalued pounds, but they're still not worth stupid money.

Crack on with your plan fast and take advantage, I think Cornwall will fall as fast and far as anywhere, except the clifftop mansions as you say.

In 1997 I could have bought a nice 2-bed terrace near Truro town centre for 57k, it was just out of reach of the senior nurse who was renting it. Now that same house would have an asking price of about 139-145k, down from about 150k last year. I'd be astonished if it didn't go down to about 85k before this is over.

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Hmm, well hindsight is always best of course, but you may have missed the boat.

Prices are dropping fast now in the South East, so you're alright there, but I see no reason why they won't follow in Cornwall. The only reasons I can think of for them not falling much so far are :

1. The richer people from "upcountry" who own 2nd homes aren't yet affected by the crunch. Well they will be, soon. This is going to hurt nearly everyone except the super-rich.

2. Some of them will take the opportunity to move permanently to Cornwall, shutting their businesses or retiring, selling up their primary home in London.

I guess the lettable holiday homes may have higher occupancy over the next few years as people holiday in the cheaper UK, spending devalued pounds, but they're still not worth stupid money.

Crack on with your plan fast and take advantage, I think Cornwall will fall as fast and far as anywhere, except the clifftop mansions as you say.

In 1997 I could have bought a nice 2-bed terrace near Truro town centre for 57k, it was just out of reach of the senior nurse who was renting it. Now that same house would have an asking price of about 139-145k, down from about 150k last year. I'd be astonished if it didn't go down to about 85k before this is over.

I guess, at the end of the day, it is all relative. If you can afford to sell at a decent price and buy what you want at a decent price, then there is no problem, but in Cornwall there is still a lack of 'quality' property (unless you love bungalows - there's tons of them). I am forced to move from my chosen area because the type of property I want doesn't exist or is not for sale. If it does exist, it is far more than I can afford. We are back to the demand and lack of property thing again, which keeps prices high. That is why the south east is more affordable because there is much more choice.

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Cornwall is also unusual in that there are very, very few flats. This must make it harder for first time buyers surely.

Do local buyers actually want flats? Over the last few years, quite a lot of flats have been built, are still being built and quite a few large houses being converted, which I think is blasphemous personally. What is the point in building them when they will still be unaffordable to locals. These so called 'luxury' apartments have been targeted towards upcountry folk, who also don't appear to be interested. As a consequence many have either been left empty or been rented out and developments abandoned. Look at Newquay. How many cars have they sold as incentives? Are these developments still going ahead?

Edited by tplatt
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Do local buyers actually want flats? Over the last few years, quite a lot of flats have been built, are still being built and quite a few large houses being converted, which I think is blasphemous personally. What is the point in building them when they will still be unaffordable to locals. These so called 'luxury' apartments have been targeted towards upcountry folk, who also don't appear to be interested. As a consequence many have either been left empty or been rented out and developments abandoned. Look at Newquay. How many cars have they sold as incentives? Are these developments still going ahead?

I am thinking of towns that locals live in rather than Newquay. The average person living in one of the clay villages has little choice for a first time purchase than a two bed terrace. Surely there are single people and young couples out there who would want to live in a flat, some people do. Also if there is a shortage of housing, having single people living in one bedroom properties instead of two bed terraces can only help the housing situation. I am not saying that it should be like the rest of the country where hardly any decent houses are being built as developers are only interested in "luxury apartments" but a few more dotted around the areas that locals live in surely couldnt hurt affordability.

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I am thinking of towns that locals live in rather than Newquay. The average person living in one of the clay villages has little choice for a first time purchase than a two bed terrace. Surely there are single people and young couples out there who would want to live in a flat, some people do. Also if there is a shortage of housing, having single people living in one bedroom properties instead of two bed terraces can only help the housing situation. I am not saying that it should be like the rest of the country where hardly any decent houses are being built as developers are only interested in "luxury apartments" but a few more dotted around the areas that locals live in surely couldnt hurt affordability.

Aren't there locals living in Newquay? I totally agree that single people living in single occupancy houses would help the housing shortage, but, that is not realistic. Are these flats going to be an investment for the future? I have been told that flats do not sell well, nor do small cottages. There are plenty of flats in Penryn, Falmouth and Truro areas, but, as I said before, they are not realistically priced and locals can't afford them. Take one 3-bed flat or apartment, call it what you will, in Falmouth, on the seafront. Asking price nearly £600k. That's more than a 5 bed detached house in Truro! I realise they are probably geared up for retirement, but they do set a precedent. The cheapest 1-bed flats in Truro are £130k. That's 9 x average Cornish salary.

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Aren't there locals living in Newquay? I totally agree that single people living in single occupancy houses would help the housing shortage, but, that is not realistic. Are these flats going to be an investment for the future? I have been told that flats do not sell well, nor do small cottages. There are plenty of flats in Penryn, Falmouth and Truro areas, but, as I said before, they are not realistically priced and locals can't afford them. Take one 3-bed flat or apartment, call it what you will, in Falmouth, on the seafront. Asking price nearly £600k. That's more than a 5 bed detached house in Truro! I realise they are probably geared up for retirement, but they do set a precedent. The cheapest 1-bed flats in Truro are £130k. That's 9 x average Cornish salary.

This will not be true for very long. 50-60k by 2010 IMO.

Even now they're obviously all wrong.

Who in their right mind would buy this :

http://www.rightmove.co.uk/viewdetails-228...p;mam_disp=true

when they could have this for asking price of 10k more.

http://www.rightmove.co.uk/viewdetails-181...p;mam_disp=true

Both are miles overpriced like everything else in the town, but the flat is just bonkers.

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This will not be true for very long. 50-60k by 2010 IMO.

Even now they're obviously all wrong.

Who in their right mind would buy this :

http://www.rightmove.co.uk/viewdetails-228...p;mam_disp=true

when they could have this for asking price of 10k more.

http://www.rightmove.co.uk/viewdetails-181...p;mam_disp=true

Both are miles overpriced like everything else in the town, but the flat is just bonkers.

The developer has obviously squeezed in two flats, when there is really only room for one. The rooms are tiny. The kitchen is 8 x 4! I reckon you could put in a very low offer and the seller would accept as I think they are all getting pretty desperate now. I don't think they will go down as far as £50k - maybe 85k. At least the flat has parking. The house is situated in a bad area and has no parking. Again, worth 95k?

Edited by tplatt
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The developer has obviously squeezed in two flats, when there is really only room for one. The rooms are tiny. The kitchen is 8 x 4! I reckon you could put in a very low offer and the seller would accept as I think they are all getting pretty desperate now. I don't think they will go down as far as £50k - maybe 85k. At least the flat has parking. The house is situated in a bad area and has no parking. Again, worth 95k?

If you say so, you may well be more in touch with the madness down there.

I say over the long term a two-bed terrace with no parking can't be worth 6.6 times what you say the average Cornish salary is(taken from earlier post where 130k is 9 times salary ie 14.4k). Unless it's on a clifftop.

Longterm average is about 3.5 times salary for a house like that I think, let's add another multiple to bring it to 4.5 times, we'll call it the Cornwall factor.

4.5 x 14.5K = 65K. About right I think. Even if you add another multiple to 5.5 times it's still only 79k!

If your salary figure is correct, then houses have a long way to fall down there, possibly further than anywhere else.

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I think prices will remain fairly static here in Cornwall. The clifftop homes will always remain a premium, although the small terraced cottages and middle of the market type properties are dropping quite significantly. However, these are mainly in the poor areas, where the buyer is local.

As for values in relation to wages - even back in the 80s, when I was earning £4,500, buying a property was extremely difficult. I certainly could not afford to live where I grew up and could only (Just about with a scratch and scrape) afford to buy a cheap property in a poor area, which would have been a very poor investment. Lenders would not lend, unless you had a large deposit. If you were interested in buying an old property, then forget it, they just didn't want to know.

Luckily, I now live in a so called 'desireable and quite expensive' area, so I intend selling up as soon as possible to take advantage of these high inflated prices and buy in the south east, that's if I can find a naive buyer (from up country, of course)!

House prices in Cornwall will be hammered as much if not more so than the rest of the UK. The local wage is one of the lowest in the UK and recessions have never been kind to Cornwall.

Take it from the horse's mouth - as someone selling a house (at 15% below market value) there is absolutely zero interest after almost a year. And that bodes pretty badly for the market I'd guess.

In the 80s properties were dirt cheap - if not explain how my mother managed to buy a 4 bedroom house in Penzance as a single parent? Have a look at the records, Cornwall was always well below the national average until very recently.

As for moving to the SE, that isn't an option for those of us down here with a soul!

Maybe it's time for a reality check - I can't beleive anyone is still labelling themselves as 'neither' in the current economic climate. And let us know how you get on with selling your house - it might take a little longer than you imagine!

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House prices in Cornwall will be hammered as much if not more so than the rest of the UK. The local wage is one of the lowest in the UK and recessions have never been kind to Cornwall.

Take it from the horse's mouth - as someone selling a house (at 15% below market value) there is absolutely zero interest after almost a year. And that bodes pretty badly for the market I'd guess.

In the 80s properties were dirt cheap - if not explain how my mother managed to buy a 4 bedroom house in Penzance as a single parent? Have a look at the records, Cornwall was always well below the national average until very recently.

As for moving to the SE, that isn't an option for those of us down here with a soul!

Maybe it's time for a reality check - I can't beleive anyone is still labelling themselves as 'neither' in the current economic climate. And let us know how you get on with selling your house - it might take a little longer than you imagine!

Reality check - spot on. Here are the sold prices for St Dominic Street in Truro going back to 1995/6.

Trough to peak, approx 350 - 400% rise, more in the case of the poor eejit who bought no. 5 in December last year at 170k. Where did all the money come from? They weren't bought by upcountry tourists. If it goes back to 2000 prices it'll still be 100% up from 1996! So I revise my target for that kind of house in Truro downwards to 50-55k.

http://www.ourproperty.co.uk/showroad.html...6order%3Ddateup

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Usually when you search Rightmove for Newquay there are a max of 1-2 homes to rent, that are quite pricey.

I looked about 2 days ago and there were LOADS!!!

Looking at them, Start & Co are now using Rightmove - they used to rely on their own website and PrimeLocation only. So that's a sudden change.

I also noticed that the places for rent were more affordable and there were about 40 for rent.

I was looking to rent one for 2 weeks over Xmas/New Year, but just for myself so it's a whim really. I would have liked to have hosted Xmas Dinner for my elderly parents with a bit of space. Apart from that one day I'd just be using it to sleep in really, so I might hit the closest one to theirs with a low price 2 days before Xmas :) .... especially since one flat is just 2 doors down from them!

Edited by ScaredEitherWay
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The property pages in the Cornish Guardian are getting thinner and featuring properties in increasingly far flung places.

Cornwall Watchers may be interested in this

item in this week's pages

Is anybody really interested at what goes on in Newquay???!! It's not really a place to take seriously.

Edited by tplatt
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i can't say that Newquay 'town' is a particular favourite of mine but Fistral & the Pentire area are definitely on my wish list (apart from the summer holidays, of course).

Newquay could really change for the better, but while enough money is still being made from the stag/hen/weekend brigade, i don't think things will change...

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