How far will house prices fall [volume 5]

[rufusgti]

hyphen said:

Anyone from Brighton about?

What the fk is going on

Also cheerfully announcing that they are expanding blocks of flats at the marina, 40% of these will be going to those on "waiting lists". Why would you risk fking up the attractiveness of the marina by filling it with council.

Very confused, are you Brighton in favour of all this??

Edited by hyphen on Saturday 25th August 22:30

Now here's a well rounded individual!

[hyphen]

rufusgti said:

Now here's a well rounded individual!

There are very few well rounded individuals on this site.

And there are very few well rounded individuals living in Brighton too

Off for a run along Brighton beach now

Edited by hyphen on Sunday 26th August 06:16

[kiethton]

hyphen said:

Anyone from Brighton about?

What the fk is going on??

Spending weekend there/here and so came across the huge development site on the core seafront. Assumed it would be something touristy, but nope. They are building several towers of flats on the seafront,right next to the pier. 520 flats iirc.

Apparently this will fund a new sports centre on site which makes no sense to me. It's a huge tourist town.

Also cheerfully announcing that they are expanding blocks of flats at the marina, 40% of these will be going to those on "waiting lists". Why would you risk fking up the attractiveness of the marina by filling it with council.

Further artists impressions of changing the parade area, making it look like a modern galzed shopping thing. Do they not understand Brighton's character.

Very confused, are you Brighton in favour of all this??

Edited by hyphen on Saturday 25th August 22:30

Knowing something about this marina development I wouldn’t worry....the social housing (a big net cost) doesn’t have to be developed concurrently with the private market units so can be held until the end, the land is owned in an SPV with no recourse....odds are that the private flats will be built and sell and the company will bust before the social can be built...

[loafer123]

That would be very surprising. I have been involved in substantial developments in Brighton, and the planners aren’t idiots.

[kiethton]

loafer123 said:

That would be very surprising. I have been involved in substantial developments in Brighton, and the planners aren’t idiots.

Indeed, from what I’ve heard they have been in this case..

[loafer123]

Looks like low affordable housing percentages due the cost of reclaiming the land and a very historic permission, but they are there from the start;

http://www.theargus.co.uk/news/14639556.New_Bright...

[hyphen]

loafer123 said:

That would be very surprising. I have been involved in substantial developments in Brighton, and the planners aren’t idiots.

Read this article last night:
http://www.theargus.co.uk/news/15488001.King_Alfre...

The seafront one, developers wanted millions more in handouts, and the whole thing is being done by a charity combining with a private developer.

Sounds a mess according to comments. And whilst planners may not be idiots, councillors often are!!!

[loafer123]

hyphen said:

loafer123 said:

That would be very surprising. I have been involved in substantial developments in Brighton, and the planners aren’t idiots.

Read this article last night:
http://www.theargus.co.uk/news/15488001.King_Alfre...

The seafront one, developers wanted millions more in handouts, and the whole thing is being done by a charity combining with a private developer.

Sounds a mess according to comments. And whilst planners may not be idiots, councillors often are!!!

Pretty standard for Brighton, and the comments on any article relating to planning in the Argus or Independent are always as vitriolic as you will find anywhere.

I once had an application follow a controversial one in a Brighton committee and I thought mine had no chance, given the vitriol in the room, and then it passed easily. Bizarre place to do business, but never boring.

[princeperch]

Looking at my old area of e3, some fairly decent properties being resold and showing at the land reg 5-10pc over their previous 2014 sales prices (and some of the houses have gone up quite a bit more)

I did note that some flats in less desirable developments (but still not st holes by any means) are reselling for less than their 2015 sales prices. Perhaps the landlord clearout is now starting to filter through.

[wisbech]

jdw100 said:

This will be of no interest to anyone else on this thread!

Hi. Yes we had a prenup because it’s my wife’s property (she is Indonesian) and if we got divorced there’s a risk the state could claim the house!

Prices here - all over the show. Property next door to us is 12 Are, 4 bedrooms, decent pool etc - been on market for 2 years. Over the Road is 20 Are (at least) and has been empty for 5 years. Priced far too high from what I’m told. No idea what our place is worth.

http://www.balivillasales.com/category/jimbaran/

Rental prices are great though. A mate of mine was renting a serviced split level top floor apartment in Umalas for £600 a month. Another friend just looking at a really nice two double bed place with nice pool for similar. Both on one year rentals with cleaning etc thrown in.

We were thinking we might rent somewhere up around Jataluwih for a year and rent our place out. I fancy waking up to a view over rice terraces for a while...

Edited by jdw100 on Saturday 18th August 03:07

Was in Jimbaran last week, staying at intercon.

Did find out that my wife and her sisters company is developing 30 or so houses in a city in East Java for (50/ 50 ownership, but my wife is very much sleeping partner). Paying 10% and 12% for bank loans, so obviously hoping the prices keep on going up... (but their cost of land is very low, an inherited plot). Sister in law needed things signing/ feedback on marketing.

54 and 45 sq m row houses on 112 m plots. They don’t have permit for low cost housing (under 250 jt which is apparently very easy to sell) so i am bit concerned about the cash flow. May see if we can inject some directors loans to reduce the 12% loan at least...

I’ve kept out of all family affairs so far. The other siblings are toxic - so much so that FIL gave everything away while he was alive, as the lawyers advice was that gifts couldn’t be challenged, but we all knew any will would be...

[malks222]

Integroo said:

Anyone have a view on Edinburgh house prices, which are forecast to increase 7% a year for next three years and already sell for 10-15% over home report value? Will this trend keep increasing despite it not being the case elsewhere?

I live in Edinburgh, bought in april last year and yes things seem to be ticking along quite nicely in property in Edinburgh.

the figures you quote are more estate agent chat than reality, ok this is a small sample size. but we were looking at flats/ houses, 2-3 beds, all within the city centre location, 250-400k price....... of the sample of 7 properties that we looked at/ had an interest in on average they sold for 9% over the 'home report value'. We were very lucky to get a city centre (5/10min walk to princes street) 2 + box room, main door flat for only 5% over the home report value. judging by what stuff have been advertised for close by, I would agree that the property has probably gone up in value by 5-10% in a year though. Also lots of property close by being advertised and sold within 2-3wks.

City centre property is always going to be attractive here because of big business, large university and now a huge increase in AirBnB properties. In some tenement blocks they are 50-80% used for short term holiday lets, which is causing a huge issue in some areas!

[Derek Chevalier]

http://www.dailymail.co.uk/news/article-6078213/Ca...

Tonker, surprised you haven't commented on this yet (or maybe I've missed it).

[dom9]

Derek Chevalier said:

http://www.dailymail.co.uk/news/article-6078213/Ca...

Tonker, surprised you haven't commented on this yet (or maybe I've missed it).

Every time I drive past there to get off at the Cobham junction, it's blinking scary! Tonker isn't online as he hasn't managed to get out of the car park after his morning double-mocha Frappa Latte!

[scenario8]

What a filthy underside to that car.

I see plans are already afoot to amend the site. Thankfully before the petrol station is added.

Some slipways can catch you out, can’t they?

[p1stonhead]

scenario8 said:

What a filthy underside to that car.

I see plans are already afoot to amend the site. Thankfully before the petrol station is added.

Some slipways can catch you out, can’t they?

I go past it every day. It’s a fking stupid place to have one. Straight into traffic getting up to 70mph on the sliproad for the A3.

[DurianIceCream]

Croutons said:

princeperch said:

https://www.rightmove.co.uk/property-for-sale/prop...


first time I've seen a landlord try and offload in bulk like this..

There are stloads of such sales all over the place, often hiding under the "commercial" tab on rightmove. A good half dozen in Cheltenham for example (I'm not going to link, I really can't be arsed), and those are the ones that haven't changed hands off market, which most do as Agents want to deal with prepared buyers, not Joe Public feeling his or her way through for the first time and fking up or freaking out at the last. This is not news. Unless people in motherwell are particularly fond of never selling, and this breaks new ground.

Wow. 2br for £25,000. I didn't know you could buy anything that cheap. Would it be private tenants or council tenants?

The problem (I'm assuming that needing to collect the rent with a baseball bat is not also one of the problems) is that with rents of only £200-£300/month, if it is vacant for any length of time, the council tax you have to pay will cancel out months of rent.

[joyless lobotomised parrot]

DurianIceCream said:

Croutons said:

princeperch said:

https://www.rightmove.co.uk/property-for-sale/prop...


first time I've seen a landlord try and offload in bulk like this..

There are stloads of such sales all over the place, often hiding under the "commercial" tab on rightmove. A good half dozen in Cheltenham for example (I'm not going to link, I really can't be arsed), and those are the ones that haven't changed hands off market, which most do as Agents want to deal with prepared buyers, not Joe Public feeling his or her way through for the first time and fking up or freaking out at the last. This is not news. Unless people in motherwell are particularly fond of never selling, and this breaks new ground.

Wow. 2br for £25,000. I didn't know you could buy anything that cheap. Would it be private tenants or council tenants?

The problem (I'm assuming that needing to collect the rent with a baseball bat is not also one of the problems) is that with rents of only £200-£300/month, if it is vacant for any length of time, the council tax you have to pay will cancel out months of rent.

Forgewood (which many of the properties are in - Columba Crescent/Dalriada Crescent etc) is an area in a bit of a state and now sits at the bottom of lower end letting. The asking prices are on the high side. And the rents are very low because that's the only way to get them occupied. Others in the portfolio are in better areas, but again the asking prices are high.

The 'real world' value of the portfolio is probably south of £500k. And there are very few agents who could make it work.

Having said that, properly managed the portfolio could gross close to £100kpa, so it'll end up doing ok for someone but not till they come out of the time wasting hands who've got them and pass into the BMV market where the prices will get adjusted back to reality.

[princeperch]

https://www.rightmove.co.uk/property-for-sale/prop...

some of these new developments in east london really are dross. who on earth wants to look out of their window and see the lives of hundred of other people stretched out before them? it reminds me of some sort of soviet village.

[devnull]

Pretty much representative of most apartment blocks these days.

£1300ish mortgage @ 90% LTV plus maintenance fees to live amongst other humans in a tiny box that you proudly call home.

Makes me squirm, especially because a) the brochures probably show some swanky renders and blab on about “modern, innovative living” and b) I did this myself for 8 years, albeit with a nice view. As soon as social housing bought one floor of the block, the values started teetering and the place became a dump.

[turbobloke]

https://www.rightmove.co.uk/property-for-sale/prop...

Blurb said:

Compromised of a private balcony, contemporary interior throughout, fully double glazed with high EPC rating, fitted open plan kitchen, huge bedroom featuring fitted wardrobes and a smart bathroom suite.
.

A lovely Freudian boob for £400k.