Wednesday, September 15, 2010

One for Tyrell Corporation…

SW house prices fall for the second month in a row

HOUSE prices dropped for the second consecutive month in the South West but are leading to a rise in sales expectations, according to a new report. The Royal Institution of Chartered Surveyors (RICS) said 26 per cent more West Country chartered surveyors reported prices falling during August, compared to 32 per cent nationally — the biggest negative reading since May 2009. The RICS UK Housing Market survey said the downward trend in prices continued to be driven by a combination of increased supply and a moderation in demand from buyers...

Posted by mark wadsworth @ 12:43 PM (1657 views)
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12 thoughts on “One for Tyrell Corporation…

  • There are no jobs in the SW to support it’s bloated local services and all the old people drawing pension. All the holidays homes are trying to be offloaded. Not going to be pretty.

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  • It’s really unfair that 2nd (3rd, 4th, etc.) homeowners, largely from London, have ruined the fabric of local society in these places.

    You know what? It’s places like Devon and Cornwall for whom I feel most sympathetic to the priced-out locals’ plight. They reall deserve corrective action on prices.

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  • tyrellcorporation says:

    I fully agree with this article (that house prices are falling) but the area in Exeter I’m going to buy is immune IMO because properties are almost without exception bought by downsizing Londoners with young kids. With about 15 houses a year coming to market (between £250k-£400k) in this area, the price pressures are huge.

    I’ve seen it with my own eyes and although all the indicators are flashing red (nationally), we’ve decided to buy.

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  • tyrellcorporation – it strikes me that you have very much done your homework and are making an informed choice buying in what you perceive to be a niche area – as I said on the other thread best of luck and do keep posting.

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  • tyrellcorporation says:

    Will do Jack and thanks for your comments. TC

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  • @TC
    I live in a ‘niche’ area too – in outer London. I was looking to move house locally but I got fed up trying to compete with people paying silly money just because houses in my area look cheap compared with a rabbit hutch in central London. But I think you might be a bit optimistic if you think there is anywhere that is immune from the housing market generally (whether it goes up or down), although clearly some places are more likely to be affected than others. Good luck anyway.

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  • TC. I know your plight. Got the same problem in the Cotswolds. There’s been less London blowback this year, but the EAs are crafty; they
    know not a lot of decent 4 bed family homes come up very often, so they have been putting asking prices close to, and in
    some cases above, the Nov07 peaks [to win business]. Crazy stuff. These places just hang on the market for 3/4 months until the EA
    persuades the vendor to knock down to the top of their sell window, usually the top of this window is typically 12% [20% if Smutt & Scarper]
    below the original asking price.

    Thing is, the London money/buyers have all but dried up, so reality will have to bite over the Winter. A lot of sellers are giving up & taking places off the market, expecting a fresh return in early Spring will magically persuade people to pay the same stupid asking prices they had
    it on for 4/6 months earlier; the fools.

    Worth hanging this one out, but if you find the place you want, good luck.

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  • Tyrell

    Good luck with it, I take you’ve found a place.

    Do keep in touch with us though – even if it is to gloat when it leaps up 20% next year !

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  • tyrellcorporation says:

    The real git for this area is that properties are routinely marketed in London estate agencies too and as such are regarded as absolute bargains for people earning City money. I can’t see this trend changing anytime soon. I read a scary statistic recently that at any one time there are in excess of 30,000 London households actively looking to move to the SW. With each family packing suitcases of monopoly money, locals are finished. I have an opportunity to buy a place just down my road. I don’t really want to but that’s my dilemma. Ho-hum.

    Thanks for your good wishes folks and believe it or not I will still be rooting for a correction as that’s the only way I’ll be able to afford to trade up in the years to come.

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  • tyrellcorporation says:

    Doomwatch. A house near me sold last year for £260k. It’s had one of those ghastly makeovers and has just been marketed at £379k. You see what I’m up against, lol! Still plenty of shamateur developers round these parts!

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  • @mick rupert,

    It’s not just Devon & Cornwall folk who are priced out of their local area. Most people born and brought up in London will also be finding it tough to buy a half-decent house in their “local community”. They too can blame the flood of outsiders – Russians, Saudis, and the rest.

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  • Strange, a HPC’er buying a property is making an informed choice whereas everyone else who is apparently keeping the market up is bonkers…

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