Jump to content
House Price Crash Forum

Unsustainable Price Of Flats In Plymouth


bricor mortis
 Share

Recommended Posts

Been looking on rightmove at flats. I know plymouth and its economy well. So I cant believe my eyes :blink: at asking prices commonly 100k for a 1bed tatty conversion. How or what can possibly sustain this and for how much longer ? Ive just been reading masked tulips report of 35% off asking prices in swansea on the main forum and suspect Plymouth must crack in a big way sooner or later.

Im interested in info from Plymouth.

( sorry, I meant this to go in the existing Plymouth thread, and not start a new one. )

Edited by bricor mortis
Link to comment
Share on other sites

Been looking on rightmove at flats. I know plymouth and its economy well. So I cant believe my eyes :blink: at asking prices commonly 100k for a 1bed tatty conversion. How or what can possibly sustain this and for how much longer ? Ive just been reading masked tulips report of 35% off asking prices in swansea on the main forum and suspect Plymouth must crack in a big way sooner or later.

Im interested in info from Plymouth.

( sorry, I meant this to go in the existing Plymouth thread, and not start a new one. )

Plymouth is Chav city,set in the middle of a beautiful area in all directions.

As I recall local earnings are poor, my ex trebled her salary when we moved to the South-East, and I doubled mine.

So yes, 100k sounds a lot for a 1-bed flat - how many have sold recently? :rolleyes:

Rightmove suggests you're overstating the prices a bit, but not much. I reckon they'll be down to <50k within a year.

Link to comment
Share on other sites

Central Plymouth. Noticed the ZONE 2 development. Delightlfully situated twixt Englands second largest pub and Millbay Docks red light quarter, and a mere beer bottles throw from Union St, one of Britains most leery and violent addresses.

For sale 1 and 2 bed apartments from 169000 This is the development where the developer hit the headlines when he threatened to sue the contracted buyers who have pulled out in large numbers. :lol::lol::lol: You couldent make it up.

Link to comment
Share on other sites

Central Plymouth. Noticed the ZONE 2 development. Delightlfully situated twixt Englands second largest pub and Millbay Docks red light quarter, and a mere beer bottles throw from Union St, one of Britains most leery and violent addresses.

For sale 1 and 2 bed apartments from 169000 This is the development where the developer hit the headlines when he threatened to sue the contracted buyers who have pulled out in large numbers. :lol::lol::lol: You couldent make it up.

hi BM

IB from plymouth - this development made me laugh when I saw the prices advertised on them - a lot have sold though - the buyers are toast. I see falls of 20-30% over the next year - flats maybe 40%. My observation is down 10% in the last 6 months and speeding up - have you got a link to the developer sueing story??

IB

East Chavsville (plymstock)

Link to comment
Share on other sites

hi BM

IB from plymouth - this development made me laugh when I saw the prices advertised on them - a lot have sold though - the buyers are toast. I see falls of 20-30% over the next year - flats maybe 40%. My observation is down 10% in the last 6 months and speeding up - have you got a link to the developer sueing story??

IB

East Chavsville (plymstock)

Hi IB. sorry I cant oblige with a linky as I dont remember the source, The Herald would have covered this and it was mentioned on the HPC home page at the time as well as low down on national tv news. Also I dont know how to do linky.

I so think Plymouth is toast as wages are not up to par with most places, and if the dockyard downsizes further demoralisation will spread. Any idea of Langage providing 2000 jobs seems fancifull also.

Link to comment
Share on other sites

Hi IB. sorry I cant oblige with a linky as I dont remember the source, The Herald would have covered this and it was mentioned on the HPC home page at the time as well as low down on national tv news. Also I dont know how to do linky.

I so think Plymouth is toast as wages are not up to par with most places, and if the dockyard downsizes further demoralisation will spread. Any idea of Langage providing 2000 jobs seems fancifull also.

http://www.housepricecrash.co.uk/forum/ind...showtopic=84865

Link to comment
Share on other sites

:lol: 2 Indications of major price drops occurring as regards flats.

1. BM auction results. 10 Honiton close ( probably a cluster home or 1 bed flat.) 67k sold.

2. North Rd West / rightmove asking 65 k for 1 bed conversion.

These would have been circa 100k askers not so long ago i believe.

By the way the B. Marcus auction results on the main forum somewhere for August are a stunning must read. Back to 2002 prices nationally, and the partys only started.

Edited by bricor mortis
Link to comment
Share on other sites

  • 3 months later...

FWIW, I checked out Land Registry prices for Explorer Court, as a bellweather of the Plymouth market, *before* HPC (or even Northern Rock) hit the headlines. It's a development of new two-bed flats, and looks more appealing than most new-build (which isn't saying much). They first sold in the summer of 2005.

So, original sale prices for all the flats are available, and some have resold since. The first couple of resales (to spring 2006) made a profit. Every subsequent resale (from mid-2006) made a loss.

Perhaps HPC really has been going on longer than they tell us, and is the cause (not effect) of credit to Northern Rock et al drying up.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.