Stagnant Property Market - Yeah Right

[developer]

So I turned up at a single property auction today - you know the type, one at the premises.

Matching Range Rover Sports


X5


Cayenne and E Coupe


Maserati




All for this

 

[Mr. B]

Do you know what price it went for ?

Is it fire damaged ?

 

[Dieselman]

Did it sell and how much?

 

[Faceliftw211]

And of course a rather fine S211 no doubt!

 

[developer]

Yes.

A bit of background first.

It was totally sh*gged - even worse than the last one I did.
The floor joists were gone downstairs, the staircase had separated from the solid hall floor, which had sunk, the drains had collapsed leaving brickwork subsiding, and cracks in walls, then all the usual no heating/old wiring, shot windows etc.

The guide was £55 to £65K.

I'd been round it a couple of weeks ago and decided it was worth £50K to me, and no more.

At the start of the auction the guy struggled to get it underway at £40K, but then it passed £50K, passed £60K.

As it passed £70K people started shaking their head.

As it passed £80K there were laughs.

As it passed £90K there was disbelief.

At £93K the gavel went down.

For a good condition house on the same road you might expect £115K, fully refurbished, perhaps £125K.

The general view was that whoever bought it would make a loss.

 

[developer]

And of course a rather fine S211 no doubt!

Parked right up the road - I couldn't get near the house.

 

[developer]

I should add - look at the chimney - on this side of the shared stack, at the back, it's just holding on.

 

[Dieselman]

A novice punter.


I few months ago, I went to see a house that had subsidence, the front wall falling out and cracks up every supporting wall.
It's in a decent village, but the wrong side of the main road and on a very mixed street, with no off road parking or front garden.

It had been reduced to £195,000.
I offered £120,000 as a land only value and laughed when the agent said they had two interested parties at the listed price.

 

[A210AMG]

£125k all done?

where was it, looks an ok street the one next door looks recently done.

What sort of work? rewire, plumbing? damp, windows?

What's the rental worth on that? If it stands the buyer at £115k say that's a cheap 3 bed semi surely?

 

[developer]

£125k all done?

where was it, looks an ok street the one next door looks recently done.

What sort of work? rewire, plumbing? damp, windows?

What's the rental worth on that? If it stands the buyer at £115k say that's a cheap 3 bed semi surely?

It's Longbridge, close to the old Rover works.

It has structural problems, as detailed above.

There's no money in this one.

 

[developer]

A novice punter.

They are known as HUTH punters round here - been watching too much daytime telly.

 

[G.P]

Its not stagnant in Worcestershire either with first time buyer property's, many not even been listed on website's and been SSTC within a couple of days..

 

[WDB124066]

Auckland property market is very active, the Government is stepping in to slow it down.

Bus loads of people from overseas are driven around; and snap stuff up, biggest gain I heard, NZD$800 000 in 8 months on a $1 600 000 house!

 

[nigel cross]

Wow, you may say that it was expensive, but you can't buy a 1 bedroom flat for £150,000 round this way

 

[Sp!ke]

£50k will buy you a single lockup garage with no electric on the rough side of town round here.

 

[renault12ts]

Auckland property market is very active, the Government is stepping in to slow it down.

Bus loads of people from overseas are driven around; and snap stuff up, biggest gain I heard, NZD$800 000 in 8 months on a $1 600 000 house!

Oops...it'll burst as sure as the sun will rise tomorrow morning.

 

[developer]

Wow, you may say that it was expensive, but you can't buy a 1 bedroom flat for £150,000 round this way

£50k will buy you a single lockup garage with no electric on the rough side of town round here.

Granted, but it's about margin, not value, which is area relative.

 

[WDB124066]

Oops...it'll burst as sure as the sun will rise tomorrow morning.

That's what everyone has been saying for years - it just has not happened. It slowed, then took off again.

Seems too many people want to live in New Zealand & there is just not enough houses, without even mentioning Christchurch...

 

[G.P]

Wow, you may say that it was expensive, but you can't buy a 1 bedroom flat for £150,000 round this way

£50k will buy you a single lockup garage with no electric on the rough side of town round here.

South Wales, 2 bed terraced around £15-20 and generally need 6/7k spending on them, I've seen them go for less...

 

[Deleted member 37751]

A very good friend of mine has been living with his girlfriend in the smoke for a couple of year now and he's finally given up the ghost in looking for a 'good' house because the prices are inflated to such an extent that its simply not worth living there as opposed to what you get up here (or anywhere else outside the M25 bubble for that matter).

When I've been and visited him I find it absolutely hilarious how their friends down there waffle on about how much their houses are worth, they actually brag about paying £3000 a month *a month* mortgages while having to scrimp for everything else because their housing costs are such a high proportion of their wages.

My friend is now house hunting up here where the value for money is a lot greater (he works all over the country so his home location isn't that important)