Crash Spreads To " Hizes" In The Country - Knight Frank

[Realistbear]

http://www.telegraph.co.uk/money/main.jhtm.../bcnhome115.xml

UK country hizes suffer steepest price fall in more than a decade

By Emma Thelwell

Last Updated: 11:32am BST 15/07/2008

Country homes have suffered their steepest fall in value in over a decade, according to the estate agent Knight Frank.

The group recorded a 3.9pc drop in across the 'prime' country house market, as the professional classes - that usually favour cottages and farmhouses - stand back from the property market amid the economic gloom.

Country cottages - typically defined as a three to four bedroom detached home with an acre of land - have been hit the worst, with average prices falling by 5.7pc in the three months to the end of June. Cottages across the UK now command an average of £525,900 - 6.5pc lower than a year ago, the estate agent said....

I seem to recall an article a few weeks ago where an EA suggested the country "hice" market was more or less immune to the crash as people, mostly Foreign, with large amounts of money were buying up homes in our prime villages and towns. Just goes to show that EAs are becoming frantic as they face loss of livlihood, their homes and, possibly, their careers in what is proving to be the mother crash of them all.

[Realistbear]

A collary to the above demize of the country hice:

http://www.telegraph.co.uk/money/main.jhtm...C-mostviewedbox

50 ways to profit from the economic gloom

...../

11 Now is a great time to buy used cars. A one-year-old Range Rover Sport 4.2 would have cost around £46,000 a year ago – today a one-year-old would cost nearer £42,000.

[hellsbells]

"Country cottages - typically defined as a three to four bedroom detached home with an acre of land"

Blimey - what's their definition of a rural 2 bed attached house with a normal size garden then?

[Guest Mr Parry]

A collary to the above demize of the country hice:

http://www.telegraph.co.uk/money/main.jhtm...C-mostviewedbox

50 ways to profit from the economic gloom

...../

11 Now is a great time to buy used cars. A one-year-old Range Rover Sport 4.2 would have cost around £46,000 a year ago – today a one-year-old would cost nearer £42,000.

Why, my Xantia Diesel with the velour trim (and broken wing mirror) fetched £800 5 years ago, now only £300 today, what!

This is where I admittedly do enjoy very much the schadenfreude.

May these same people feed from Waitrose's bins!

Edited July 16, 2008 by Mr Parry

[Prof]

A collary to the above demize of the country hice:

http://www.telegraph.co.uk/money/main.jhtm...C-mostviewedbox

50 ways to profit from the economic gloom

...../

11 Now is a great time to buy used cars. A one-year-old Range Rover Sport 4.2 would have cost around £46,000 a year ago – today a one-year-old would cost nearer £42,000.

That`s a saving of £4k !!!! (Enough to run it for a month or two).

Edited July 16, 2008 by Prof

[Dunroamin']

"Country cottages - typically defined as a three to four bedroom detached home with an acre of land"

Blimey - what's their definition of a rural 2 bed attached house with a normal size garden then?

the servants quarters....

[deflation]

A 1 year old Range Rover will also depreciate at about £200 per week!

Edited July 16, 2008 by Stourbridge Baggie

[mbga9pgf]

the servants quarters....

All good stuff this; hoping my first (and only) house purchase will be in 3-4 years time, in the countryside, long driveway to large 4 bed detatched with 2 acres of land in the vicinity.

Oh, hoping to have a 180K (approx 65%??) deposit by then as well.

Hopefully the bank will lend me the rest (at 1.7 single income).

Sweet.

[Guest Mr Parry]

All good stuff this; hoping my first (and only) house purchase will be in 3-4 years time, in the countryside, long driveway to large 4 bed detatched with 2 acres of land in the vicinity.

Oh, hoping to have a 180K (approx 65%??) deposit by then as well.

Hopefully the bank will lend me the rest (at 1.7 single income).

Sweet.

I've got almost exactly what you've just described. Paid 300k for it. With extension and bit and bobs will come in at aound 600k. Paid cash too, what.

[Saving For a Space Ship]

A collary to the above demize of the country hice:

http://www.telegraph.co.uk/money/main.jhtm...C-mostviewedbox

50 ways to profit from the economic gloom

...../

11 Now is a great time to buy used cars. A one-year-old Range Rover Sport 4.2 would have cost around £46,000 a year ago – today a one-year-old would cost nearer £42,000.

Next year the Telegraph will be saying' the Range Rover is the ideal heavy vehicle for upgrading with a food riot scoop to make those urban shopping trips smoother'

Edited July 16, 2008 by Saving For a Space Ship

[Nomadd]

All good stuff this; hoping my first (and only) house purchase will be in 3-4 years time, in the countryside, long driveway to large 4 bed detatched with 2 acres of land in the vicinity.

Oh, hoping to have a 180K (approx 65%??) deposit by then as well.

Hopefully the bank will lend me the rest (at 1.7 single income).

Sweet.

That's kind of mirroring my plan: buy once (in about 5 years) and then be done with it. Mind you, unless you've actually got a use for it, 2 acres is actually quite a lot of land, so I'm looking for about half that.

Cheers,

Nomadd

[Guest Mr Parry]

Next year the Telegraph will be saying' the Range Rover is the ideal heavy vehicle for upgrading with a food riot scoop to make those urban shopping trips smoother'

Thanks Spaceship, you just put me in a much better mood.

[Scunnered]

Cottages across the UK now command an average of £525,900

... and that's down 6.5% from last year.

Edited July 16, 2008 by Scunnered

[Mrs Bear]

"Country cottages - typically defined as a three to four bedroom detached home with an acre of land"

Blimey - what's their definition of a rural 2 bed attached house with a normal size garden then?

The place where "the most marvellous little man who does the garden" lives.

Edited July 16, 2008 by Mrs Bear

[Wad]

The upmarket agents in the country house market have been spinning the line for the last year or two. They have been saying that large country houses are in a separate category form the rest of the housing market. Well they are not.

I know of large country houses in Worcestershire/Gloucestershire that have been on the market for three years and not sold. The people in them - of course would not dream of lowering their price of course even though I know they are desperate for cash. Indeed, one or two of them insist that the agent vet the potential buyer first to see if they are the kind of people that they would want to allow to view or even offer to buy their house. Yes I am not joking. One house I went to see, I am convinced the agent followed us round to make sure we were not stealing anything.

However, country houses are not immune from being foreclosed on. Look at this one.

http://archive.worcesternews.co.uk/2008/4/17/519037.html

[Thucydides]

That's kind of mirroring my plan: buy once (in about 5 years) and then be done with it. Mind you, unless you've actually got a use for it, 2 acres is actually quite a lot of land, so I'm looking for about half that.

Cheers,

Nomadd

Quite - two acres is a lot really. More than any normal domestic use would require, unless you want a "Buffer Zone" between you and the scums, of course. This I understand. Having sold up in the UK at the height of the boom (actually, just as it started slipping) my plan is to buy a place in Australia after their crash. I have my eye on a couple of acres (the scums thing) up in the hills witha few gum trees here and there and a view out to the ocean. Here I will sit, by my pool, in the evening, and with not a little mirth think about my little terrace in Britain.

Generally, on the hice thing: good. All crash news is good news, and I see no reason why these types can't lose out like the rest of the population. They benefited from the rises after all, and lived like Lord Tom Noddy through the boom while driving their Range Rover arind the tine. Now they can suck up 30% reductions in the value of their land. I feel no sympathy at all, as to to me this is great news - the crash goes through all society from the lowliest chav-infested council swamps to the georgian tine hizes to country estates.

[eric pebble]

11 Now is a great time to buy used cars. A one-year-old Range Rover Sport 4.2 would have cost around £46,000 a year ago – today a one-year-old would cost nearer £42,000.[/indent]

F*CKING BIZARRE IN'IT?!?!?!?

[ginnie]

Sad story about friends of friends. About a month ago they got a valuation on their parents' country cottage - has to be sold to meet nursing home fees. Snooty agent said £400k at 1.5% commission. Friends said they would think about it but rang back last week to say "ok - we'll go with that deal". Snooty agent said - "sorry, now we'd only be prepared to put it on at £325k and we'd want much more commission (don't know exact %)".

[lets get it right]

"Country cottages - typically defined as a three to four bedroom detached home with an acre of land"

Blimey - what's their definition of a rural 2 bed attached house with a normal size garden then?

Servants' quarters.

[Thucydides]

Sad story about friends of friends. About a month ago they got a valuation on their parents' country cottage - has to be sold to meet nursing home fees. Snooty agent said £400k at 1.5% commission. Friends said they would think about it but rang back last week to say "ok - we'll go with that deal". Snooty agent said - "sorry, now we'd only be prepared to put it on at £325k and we'd want much more commission (don't know exact %)".

Just more proof that EAs are utter bastards whether the market is on the way or down. Having said that, it's the market that's the ******* of course, the EAs are just little minnows swimming in its wake.

[we the sheeple]

May these same people feed from Waitrose's bins!

Waitrose aren't Freegan friendly, they lock their bins

[Guest Mr Parry]

Waitrose aren't Freegan friendly, they lock their bins

Well, they sure ain't gonna be feedin' from mine. The feckers!

[ginnie]

The story gets worse - apparently said agent suggested to my friends that they put the property into one of said agents' auctions at a price circa £300k. My friends, appalled, said this was far too low. Snooty agent said something to effect that "if it's put on low that really gets the adrenaline going at the auction - far better than putting it on high".

You are right - they are absolute bastards. My friends are lovely people who must sell to meet horrendous fees.

[Thucydides]

The story gets worse - apparently said agent suggested to my friends that they put the property into one of said agents' auctions at a price circa £300k. My friends, appalled, said this was far too low. Snooty agent said something to effect that "if it's put on low that really gets the adrenaline going at the auction - far better than putting it on high".

You are right - they are absolute bastards. My friends are lovely people who must sell to meet horrendous fees.

Your friends are really unlucky to be forced to sell right now. EAs are just parasites, but the real culprit is the way the market works.

[Guest Mr Parry]

Your friends are really unlucky to be forced to sell right now. EAs are just parasites, but the real culprit is the way the market works.

Best 'fluff a pillow' and hang on to the thing.