Daft Boy Posted November 4, 2007 Share Posted November 4, 2007 (edited) Just starting to look for a city centre one bed flat in Birmingham to use as a bolthole for a few days every couple of weeks to save on hotel bills when visiting friends and relatives. Because I am up there every couple of weeks I prefer to look after myself rather than regularly put on people. What is the true position up in Birmingham ? Am I being totally unrealistic with my price range of between £50-£60K ? I am not fussed as to the area or the present condition of the flat. A distressed sale would be ideal. What are they going at auction for ? does anyone know ? Edited November 4, 2007 by Daft Boy Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted November 5, 2007 Author Share Posted November 5, 2007 Any brummies on the site who are in the know regarding city centre one beds or studios ? Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted November 5, 2007 Share Posted November 5, 2007 Any brummies on the site who are in the know regarding city centre one beds or studios ? Check out this thread mate http://www.housepricecrash.co.uk/forum/ind...showtopic=59785 Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted December 12, 2007 Author Share Posted December 12, 2007 With the rapid recent turn of events in the property market particulary in city centre apartments I decided to bump this thread back up . A recent auction in london saw a prime birmingham city centre 2 bed flat go for £101K. It was sold in 2003 for £240K . Now thats more than a 60% drop over four years. How long do our readers think I have to wait before I am able to buy not a two bed but a one bed flat in Birmingham city centre for around £50k ? Would one year be a reasonable assumption ? Quote Link to comment Share on other sites More sharing options...
microbe Posted December 13, 2007 Share Posted December 13, 2007 With the rapid recent turn of events in the property market particulary in city centre apartments I decided to bump this thread back up . A recent auction in london saw a prime birmingham city centre 2 bed flat go for £101K. It was sold in 2003 for £240K . Now thats more than a 60% drop over four years. How long do our readers think I have to wait before I am able to buy not a two bed but a one bed flat in Birmingham city centre for around £50k ? Would one year be a reasonable assumption ? TBH, I don't think you are going to get the kind of firm answer you are looking for. As you know, making short term predictions of house prices is a good way to end up with egg on your face. I reckon there are several possibilities how this will play, one possibility is free fall. In other words, everyone cacks themselves and gets so scared they won't buy at any price. If that happens, come spring trot round to the cash dispenser on your way to the auction house and you may get lucky. More likely is the Government starts screwing with interest rates and silly 'schemes' to 'save' homeowners, which will only make things worse in the long run, but which in the short term keep the market staggering along. With all the other stuff happening, that won't work for more than a few months. Then you would get free fall x2. There is also the hyperinflation option, in which case, you may find that you can by a one bed flat for £1,000,000, i.e. about a week's wages. Good luck, I like Birmingham, and there are some genuinely nice flats in the centre. Quote Link to comment Share on other sites More sharing options...
DblEntry Posted December 13, 2007 Share Posted December 13, 2007 average wage in brum will be near £20k if you're lucky.it's only going one way from here I go to Birmingham quite regularly on business and in the last three years alone there appears to have been exponential growth in city centre apartments. I don't know who is buying these in Birmingham (in the same way I do not know who is spending all their money in Harvey Nichols and Gieves and Hawkes etc in the Mailbox). Birmingham will be hit hard in a recession - lots of speculation IMO. Quote Link to comment Share on other sites More sharing options...
frozen_out Posted December 13, 2007 Share Posted December 13, 2007 I go to Birmingham quite regularly on business and in the last three years alone there appears to have been exponential growth in city centre apartments.I don't know who is buying these in Birmingham (in the same way I do not know who is spending all their money in Harvey Nichols and Gieves and Hawkes etc in the Mailbox). Birmingham will be hit hard in a recession - lots of speculation IMO. I agree totally. There has been massive overinvestment in Birmingham. I too have no idea who is spending money in Harvey Nicks and the like. Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted December 13, 2007 Author Share Posted December 13, 2007 Thanks guys , I do appreciate your opinions. I visit Birmingham every couple of weeks and a cheap affordable bolthole would be great. I am also amazed at the rate of development in the city centre and wonder who on earth is buying. The flat that dropped by 60% is in the Mailbox so goodness knows what is happening to property around the back end of the jewellery quarter or down in Digbeth.. Quote Link to comment Share on other sites More sharing options...
Cogs Posted December 16, 2007 Share Posted December 16, 2007 (edited) For that money right now, in Edgbaston/Harborne there are a couple of odd 70s high rises incongruously plonked down in quite a nice leafy areas. I've seen a fair bit there priced sub 100k. I think I saw 80k in an EAs window recently. Worth considering I think because (1) you can come straight off the M5 (2) if things do sour a bit the area itself will hold up as being safe etc (old people + old money) which might not be the case with either one of the new builds or a flat over a chippy in Digbeth etc. I think the Council planners must have had a liquid lunch the afternoon they approved them. Just an idea anyway. Edit: Not that I should be encouraging you in your evil 2-home owning ways!!! Edited December 16, 2007 by Cogs Quote Link to comment Share on other sites More sharing options...
Ursus Helvetica Posted December 17, 2007 Share Posted December 17, 2007 I go to Birmingham quite regularly on business and in the last three years alone there appears to have been exponential growth in city centre apartments.I don't know who is buying these in Birmingham (in the same way I do not know who is spending all their money in Harvey Nichols and Gieves and Hawkes etc in the Mailbox). Perhaps the developers who got some mug to pay a quarter of a million pounds for a flat at the peak? Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted December 17, 2007 Share Posted December 17, 2007 Who's fuelling the market ? Every time I've been to Brum in the last 2 yrs on business, nearly every taxi driver that's picked me up from the airport or hotel has been telling me about their BTL empires they are building. Most seem to be Asians in the 25-30yr old age bracket. No doubt planning to retire from the taxi game pretty soon and be a property mogul by their 40th birthday. Time will tell........ Quote Link to comment Share on other sites More sharing options...
Rod Polisher Posted January 18, 2008 Share Posted January 18, 2008 I saw this ad on Gumtree that might be of interest. It ain't Birmingham but Coventry is 20-30 mins away. The price seems reasonable enough too. I dunno if you are gonna find anything in Birmingham or anywhere close by for much less. Not unless you wanna take your life into your own hands... http://coventry.gumtree.com/coventry/49/16342249.html Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted February 7, 2008 Author Share Posted February 7, 2008 With todays auction prices showing drops of up to 60% across the board at prime location birmingham city centre flats I estimate that I will pick up my brummie bolthole for about £50K in the next 18 months. I think I will also be spoiled for choice Quote Link to comment Share on other sites More sharing options...
deadly_doc Posted February 7, 2008 Share Posted February 7, 2008 With todays auction prices showing drops of up to 60% across the board at prime location birmingham city centre flats I estimate that I will pick up my brummie bolthole for about £50K in the next 18 months. I think I will also be spoiled for choice Is it not true that the 'cube' apartments near the mailbox have been sold for around £100 - 150k? is this development still under construction? Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted February 7, 2008 Author Share Posted February 7, 2008 Is it not true that the 'cube' apartments near the mailbox have been sold for around £100 - 150k? is this development still under construction? I believe so. The amount of construction going on at the moment is interesting. I do not know what the developers will do with all the empty flats. The cubes will be worthless for the forseeable future. Flats on the fringe of the centre in places like the jewellery quarter, digbeth and masshouse circus are the slums of the future. Aston university may snap them up for student accomodation perhaps. I hope no one has bought in the last couple of years because they will be trapped for life. Quote Link to comment Share on other sites More sharing options...
Paddles Posted February 7, 2008 Share Posted February 7, 2008 In answer to the original question; try the Barnard Marcus auctions, any price is possible there at the moment..... MUHAHAHAHAHAHA! Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted April 13, 2008 Author Share Posted April 13, 2008 Now looking to pay only £35K for a Birmingham luxury city centre flat O happy days Will revise offer down again next month. Might not want one if they drop lower than that Quote Link to comment Share on other sites More sharing options...
Dan In Bham City Posted April 15, 2008 Share Posted April 15, 2008 I believe so. The amount of construction going on at the moment is interesting. I do not know what the developers will do with all the empty flats. The cubes will be worthless for the forseeable future. Flats on the fringe of the centre in places like the jewellery quarter, digbeth and masshouse circus are the slums of the future. Aston university may snap them up for student accomodation perhaps. I hope no one has bought in the last couple of years because they will be trapped for life. I think you're quite wrong about the jewellery quarter. A lot more of the new flats in the jewellery quarter are larger (and cheaper per square foot). More of them have been bought by owner occupiers as shells and they have kitted them out themselves. I do agree with digbeth area. Also prices in the jewellery quarter have not been so over inflated. In the city core from a builder at the height of the boom (2004), £250,000 bought you about a 700-800 sqft 2 bedder, and people paid that. In the smarter streets in the Jewellery quarter that bought you a 1200sqft 2 or 3 bedder. I do have an interest to declare, I live in the jewellery quarter / financial district area, it is a nice place to live, and residents are very involved with building management, and the surrounding area has developed a strong sense of community. Quote Link to comment Share on other sites More sharing options...
The Ginger Winger Posted April 15, 2008 Share Posted April 15, 2008 Just starting to look for a city centre one bed flat in Birmingham to use as a bolthole for a few days every couple of weeks to save on hotel bills when visiting friends and relatives. Because I am up there every couple of weeks I prefer to look after myself rather than regularly put on people.What is the true position up in Birmingham ? Am I being totally unrealistic with my price range of between £50-£60K ? I am not fussed as to the area or the present condition of the flat. A distressed sale would be ideal. What are they going at auction for ? does anyone know ? To the auction houses you must go! Quote Link to comment Share on other sites More sharing options...
juvenal Posted April 19, 2008 Share Posted April 19, 2008 Now looking to pay only £35K for a Birmingham luxury city centre flat O happy daysWill revise offer down again next month. Might not want one if they drop lower than that Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted October 10, 2008 Author Share Posted October 10, 2008 With Birmingham City Centre Flat prices dropping faster than anywhere on the planet I might get my brummie bolt hole for £20K next year. And to think I might have paid £35K. Wot a mug. BTW the 17.3 % drop over the last year needs to be deducted from the 40% drop the previous year. Bring it on baby. http://news.bbc.co.uk/1/hi/business/7661303.stm Quote Link to comment Share on other sites More sharing options...
wealthy Posted May 25, 2009 Share Posted May 25, 2009 Not far off now http://www.rightmove.co.uk/property-for-sa...cending%3Dfalse Quote Link to comment Share on other sites More sharing options...
wealthy Posted May 25, 2009 Share Posted May 25, 2009 Got to mention, I feel a bit sorry for the wife and kid here. Looking to offload a studio flat at over 150K because of "wife and new kid".... erm should have thought about that one http://www.rightmove.co.uk/property-for-sa...cending%3Dfalse Quote Link to comment Share on other sites More sharing options...
Mrs Imp Posted May 26, 2009 Share Posted May 26, 2009 That's been for sale for ages. 'New baby' will be a toddler by now. Quote Link to comment Share on other sites More sharing options...
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