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In the meantime thought I would post up some Chichester hilarity

How about this 3 bed, (or 2.5 depending on your view of the size of smallest bedroom), yours for £399,950.

http://www.rightmove.co.uk/property-for-sa...D3%26index%3D10

The property has been on for ages and with various agents having been £425k until recently having been asking that money for ages over a year ago.ing Another typical example of an overpriced property and the lack of sale backs this up.

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Good Morning................What do you want to know about it ?

A fair question! I used to own a flat there as a second home but sold out some time ago and was just curious as to a view on the place. It was a lovely place for a weekend retreat apart from the road noise and a few issues with the building suffering from a lack of money spent to maintain it over the years. I notice that a few of the flats have changed hands over time, but not that many, and I still know someone there that rents their place. So I was just being curious if there were any opinions on the place.

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A fair question! I used to own a flat there as a second home but sold out some time ago and was just curious as to a view on the place. It was a lovely place for a weekend retreat apart from the road noise and a few issues with the building suffering from a lack of money spent to maintain it over the years. I notice that a few of the flats have changed hands over time, but not that many, and I still know someone there that rents their place. So I was just being curious if there were any opinions on the place.

No prob's & thanks for clarifying your interest.

A colleageue of mine used to live there & I always felt it was a lovely set up. I assume the flats /apartments are leasehold though to be fair have only ever bought houses. I wasnt aware of disrepair but amd mindful that rthere can often be issues where residents pay estste management fees. To my knowledge the shared developments that seem to get the maximum v.f.m. from their fees usually achieve this by having an effective residetrs assocation - that said the voice only as good as the ears that listen !

Good location for a walk to the pub though and wouldnt disregard as simlar set up myself for a semi retirement home, or maybe a uk lock up and leave crash pad if living abroad & able to fund same.

Cant comment on prices though as tbh I havent been following this sector. I would watch this secor more keenly if there was a higher proportion of BTL flats in the area & subsequent forced sales forcing Land Registry prices down & causing the city & surrounds to adjust itself downwards & relative to expectaions of realistic future buyers in the area.

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No prob's & thanks for clarifying your interest.

A colleageue of mine used to live there & I always felt it was a lovely set up. I assume the flats /apartments are leasehold though to be fair have only ever bought houses. I wasnt aware of disrepair but amd mindful that rthere can often be issues where residents pay estste management fees. To my knowledge the shared developments that seem to get the maximum v.f.m. from their fees usually achieve this by having an effective residetrs assocation - that said the voice only as good as the ears that listen !

Good location for a walk to the pub though and wouldnt disregard as simlar set up myself for a semi retirement home, or maybe a uk lock up and leave crash pad if living abroad & able to fund same.

Cant comment on prices though as tbh I havent been following this sector. I would watch this secor more keenly if there was a higher proportion of BTL flats in the area & subsequent forced sales forcing Land Registry prices down & causing the city & surrounds to adjust itself downwards & relative to expectaions of realistic future buyers in the area.

Thanks for your comments. I would add: although it is leasehold the residents assoc owns the freehold so effectively you own the freehold; the road noise is annoying outside and the grounds are a field; the management co. they appointed sacked them because the residents were a bit ott; it's a great place for a BTL; there is asbestos in the roof that needs to be removed but they have put off doing it; the place is susceptible to dry and wet rot. You can drive to the pub at the end of the drive, park the car and drive back up the drive at the end of the night if you like... :rolleyes:

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  • 2 months later...

Cubbit & West a couple of weeks had "Green Shoots" graphics on all their adverts............

This week the adverts in Window say " From Green Shoots to Full Bloom"

Some will understand why they have an interest in such marketing but some could argue such marketing is ridiculous.

Some could argue greed is at play here & would offer little sympathy to those that lose out in the longer term whether they be stretched buyers, greedy sellers or agents.

Edited by CHICHESTER WAITING ROOM
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I had hoped when I started this thread that it would be a basis for a bit more discussion.

In reality this thread seems to have more resemblence to a blog. :rolleyes:

Ummm... well there's not much going on round these parts is there? Prices seem pretty much the same; more properties for rent and not so much to buy. A marked increase in w**kers at work bragging about how much extra money they're not spending on their tracker mortgages thanks to the low interest rates.

Chichester - where smug is the name of the game.

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  • 2 weeks later...
I appreciate not much going on - just wondered what othwrs views were in light of the current up best talk from EA's.

Thoughts as to whether this is recovery as suggested by EA's or a local & seasonal blip ?

The market certainly is recovering and I am rushed off my feet (thank God, my job is safe for the moment). I am getting a handful of new instructions every week whereas I was down to a couple a month.

How long it will actually last is another thing and Im not seeing prices rise at all. I know professionals in the area who still cant afford to buy. Only people with a decent deposit can get a mortgage and there can be many left of them around. New jobs are hard to come by in the area and the local shopping centres are looking pathetic. No one I know has received a pay rise this year but the cost of every day living is through the roof.

There is a lot of movement in the market but a lot of good deals to be had. I have clients who would actually accept 25% off their asking price, you just need to make the right offer on the right house.

If you are serious about buying make friends with the decent agents (stay clear of anyone who recommends solicitors based in Cardiff).

Oh and if you do choose to buy I know a good conveyancer!

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  • 4 weeks later...

Thanks for taking the time to respond - I had all but given up on this thread- hence my prior comments & delay in replying.

It may be the cae that many are making cheeky offers it just seems that the vendors &/or agentas selling properties we express interest in don;t seem reponsive to what i consider reasonable offers.

An example of this is a 3 bed property marketed circa 330k which we offered 6 % below asking after 1s week on market. Agent said they would consider same but vendor wanted to see how things went as other viewings booked. 2 other offers on table one at full asking from non proceedable buyer with house to sell another 10% below asking and supposedly proceedable with cash ! Despite our offer being best to date and proceddable immediately, (subject to conveyancing), the Agent then takes lower offering cash buyer around again and asks him to make a higher offer. Buyer then matches my offer and 4 days ago agent calls me and asks if I want to increase. I say I am not playing games and offer remains the same but have heard nothing since.

This makes me feel it isn't a buyers market & my view on this is someone else can have my money.

Incidentally house needs tens of thousands spending on it and hant been improved since built except a downstairs reception added.

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Update - well after about 2 weeks since offer made agent calls to say vendor has decided to take offer from the other person who matched my 315k and many days after I made initial once only but sensible offer. Buyer has stated he doesnt need mortgage and happy to buy without survey ao my three figure equity and being in 1 moth notice rental means nothing.

My offer 6% below asking was 15k stronger than anyone else proceedable until agent took the other proceedable buyer around for second viewing and pushed him from 300k to match my 315k offer prior to coming back to me and asking if I wanted to increase mine....glad I declined despite losing the house.

Classic strategy to play one buyer against another.................Challenged agent politely and stated I felt I had been treated badly as had made clear deliberate decisons & offer only to be used to play bid war. EA didnt recieve this well & said delay as vendor wanted to chew over offers whilst on holiday...............lovely - so pleased for them.

Note to self - all future offers will be made on premise they are on table for 24hrs from being made, ( not counting sundays).................after that any proce negotiation on my terms. Being civil and patient gets me nowhere.

Buyers market my **** !

Edited by CHICHESTER WAITING ROOM
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Chichester confuses me. No local industry to speak of, but lots of (apparent) money being wafted around.

I think the 3 main employers in Chichester are in the public sector: NHS St. Richads Hospital, County Council, and the District Council. Besides, there is lots of wealthy retired middle class people around Chichester, and people living off Family Trusts. (Have you noticed the number of famous accounting firms there?...)

The market price would be �205k then, you idiot.

Brilliant. A gem.

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I think the 3 main employers in Chichester are in the public sector: NHS St. Richads Hospital, County Council, and the District Council. Besides, there is lots of wealthy retired middle class people around Chichester, and people living off Family Trusts. (Have you noticed the number of famous accounting firms there?...)

Well the County Council looks set to cut a few hundred jobs over the next two years, so the public sector here could be in trouble. Maybe Chichester is just going to be a rich person's haven, divorced from the real economy?

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Well the County Council looks set to cut a few hundred jobs over the next two years, so the public sector here could be in trouble. Maybe Chichester is just going to be a rich person's haven, divorced from the real economy?

Chichester prices will fall, for sure, with the rest of the country - eventually. But Brown is trying to support the market, pupping billions (175) in the economy ("Quantitative Easing"), and this is keeping the public sector spending, and the interest rates low. Hence the current mini-recovery of houses prices.

But Brown is running a deficit of 200 billion this year, and will run out of credit soon. It will not be possible for him to keep the bubble high forever. The correction will come, eventually. In my opinion it will have to go down by at least 30% more, or some 50% from the peak. The question is when.

I guess that some correction should happen in the next 3 years, pushed down by unemployment affecting BTLs.

A bigger correction will happen when interest rates come back up. But that will depend on inflation, which will depend on the prices of oil and other commodities - in... 3 years? When the other countries recover? Not possible to be sure, as oil is also politically set, by OPEP.

I am renting also, and "Tired of Waiting", but we can't buy now, and get into negative equity.

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Well the County Council looks set to cut a few hundred jobs over the next two years, so the public sector here could be in trouble. Maybe Chichester is just going to be a rich person's haven, divorced from the real economy?

Chichester has always been a rich person's haven divorced from the real economy - I've known public-sector employees (teachers, NHS staff etc.) turn-down job offers there because it would mean a fall in living standards.

Chichester, like Salisbury, is a retirement area for the wealthy.

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  • 2 weeks later...
Chichester, like Salisbury, is a retirement area for the wealthy.

Sure there is an element of settled wealth but there are areas where many folk setttled in the 70's with young families & whose kids flew the nest years ago. Subsequently their staying put has restricted the turnover supply of family homes. Managing okay in a neglected family homes isn't wealth albeit many have accumulated equity by stealth.

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about 2 weeks since offer made agent calls to say vendor has decided to take offer from the other person

You were lucky. Don't buy yet. Prices will crash badly on the next few years. As will sterling as well. Invest your money in some Euros savings account, and in a few years you will buy a similar property for 20% less, and your Euros will be worth 20% more pounds. Just rent for now, and watch the crashes. Good luck.

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You were lucky. Don't buy yet. Prices will crash badly on the next few years. As will sterling as well. Invest your money in some Euros savings account, and in a few years you will buy a similar property for 20% less, and your Euros will be worth 20% more pounds. Just rent for now, and watch the crashes. Good luck.

Thanks for the kind words, however, wife getting fed up being in rented and would be nice to get house prior to eldest leaving for Uni in 2011. The common sense part of me tells me all done to date is only delaying the inevitable house price crash and true credit crunch from unpaid loans & personal borrowing etc. Perhaps we will see an adjustment after Christmas.

Hear what you say re euro's but unlike some on here I don't claim to know everything. I am first to admit I hadn't considered euro savings account as an investment vehicle.........may have to look into this - thanks.

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Thanks for the kind words

You are welcomed.

<< fed up being in rented >>

We too! Tell ME about it! But how much do we have left per year, after taxes, and after livings expenses? How much is our DISPOSIBLE incme? Ours is surprisingly small. Little mistakes in properties mean the disposible incomes of many years!

The government is pumping billions in the economy, is managing only to stop the fall, and won't afford to do it anymore. The correction, back down to a normal level, will continue in a few months.

<<eldest leaving for Uni in 2011>>

Get your buying timing right, and when he leaves Uni in 2015 you will have positive equity enough to help him with a deposit. He will prefer that. If you buy now, when he leaves Uni you will be in negative equity. Properties will never, in real terms (compensated by inflation), go back up to that 2007 peak. That was not NORMAL. That was a bubble.

<<euro savings account>>

That was a summary. Savings are always safer if diversified. The Euro is easy and safe, but we shouldn't put all eggs in the same basket. We should put in a group of currencies from countries not/less affected by the properties bubble, and in good macro-economic position ( = government finances). Up to now my list includes Switzerland, Canada, Australia, and Noway. But I don't know yet the practicalities of investing there, and the security, or legal/government protection. I have to do more homework on it.

Commodities may be good too, as they are naturally protected against inflation, since they are products, and not currencies. Gold is over-bought already. Perhaps future contract of commodities (Rice? Popular in Asia). I have to research more as well.

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  • 2 months later...

Chichester has always been a rich person's haven divorced from the real economy - I've known public-sector employees (teachers, NHS staff etc.) turn-down job offers there because it would mean a fall in living standards.

Chichester, like Salisbury, is a retirement area for the wealthy.

I'm not so sure about this. Granted there are some nice parts, but if you look around there are an awful lot of scrubby (ex-LA?) areas were you wouldn't be in a rush to live. Just south of the tracks seems to be one of them.

Unfortunately my wife rather likes Chichester and, as she's partial sighted, easy pedestrian access is important to her. (We lived in Chandlers Ford for a bit and it was a disaster).

I'm pessimistic about getting any significant price falls now. I'm thinking of buying a cheap flat there early next year as a hedge -- my job means I'm unlikely to be able to get a mortgage -- and carry on saving for a couple more years for something decent.

i

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I'm not so sure about this. Granted there are some nice parts, but if you look around there are an awful lot of scrubby (ex-LA?) areas were you wouldn't be in a rush to live. Just south of the tracks seems to be one of them.

Unfortunately my wife rather likes Chichester and, as she's partial sighted, easy pedestrian access is important to her. (We lived in Chandlers Ford for a bit and it was a disaster).

I'm pessimistic about getting any significant price falls now. I'm thinking of buying a cheap flat there early next year as a hedge -- my job means I'm unlikely to be able to get a mortgage -- and carry on saving for a couple more years for something decent.

Property prices will fall substantially soon. Labour is supporting the economy until, and because of, the General Election. But this support is costing a fortune, and the next government will not be able to afford it for 5 years more - until the following General Election.

Therefore, the next government's political logic will be completely different: They will prefer to have a correction in the first 1 or 2 years, to be able to still blame Labour for it, then hope for a recovery before the following General Election.

Do yourselves a BIG favour, and wait at least until the General Election, and Osborne's Emergency Budget (a few weeks later).

If you do want to hedge yourself, the cheapest way is via the Futures market on property prices. Virtually no transaction costs, and virtually immediate liquidity.

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Property prices will fall substantially soon. Labour is supporting the economy until, and because of, the General Election. But this support is costing a fortune, and the next government will not be able to afford it for 5 years more - until the following General Election.

Therefore, the next government's political logic will be completely different: They will prefer to have a correction in the first 1 or 2 years, to be able to still blame Labour for it, then hope for a recovery before the following General Election.

Do yourselves a BIG favour, and wait at least until the General Election, and Osborne's Emergency Budget (a few weeks later).

If you do want to hedge yourself, the cheapest way is via the Futures market on property prices. Virtually no transaction costs, and virtually immediate liquidity.

Agree with almost everything you've written here. Labour or Tory, I expect to see the shit hit the fan early in their term. What I'm concerned about is the form that shit will take. If it's going to be recovery by rampant inflation then we won't see significant falls in the price tags of property, just its adjusted value, which will wipe out my savings and my income isn't going to rise to adjust for it.

How does the property futures market work?

i

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Agree with almost everything you've written here. Labour or Tory, I expect to see the shit hit the fan early in their term. What I'm concerned about is the form that shit will take. If it's going to be recovery by rampant inflation then we won't see significant falls in the price tags of property, just its adjusted value, which will wipe out my savings and my income isn't going to rise to adjust for it.

How does the property futures market work?

i

If we are sure that real prices will fall, we can protect ourselves. We don't know if we will have more recession, and nominal prices will fall too, or if we will have inflation, where nominal prices will be stable or even higher. But we don't need to know that. We can protect our savings by putting it in other currencies. As the safest way is not to put all eggs in one basket, I opened 4 saving accounts at CitiBank, in Euros, Dollars, Yens and Swiss Francs. I am now putting half of my savings there.

Unfortunately 100% of my income is in Sterling, and I can't do anything about it. So, it will be hit.

About the property futures market, I don't know yet the practicalities of it - brokers, etc.. I have to research it. But the idea is that you buy a future position, betting that prices will fall. If they fall, you win. If they go up, you lose.

Or, if you wish, the other way round.

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