How far will house prices fall [volume 4]

[GlenMH]

Continued from here: http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[GlenMH]

martin84 said:

Personally I think it should be like cars and the house depreciates as it gets older.

I think you might want a trip to Japan to see what kind of property market that produces, along with the amount of building work that is required to continually replace housing stock that is literally unsellable because it is "too old".

[GlenMH]

Digga said:

If you build houses lke balsawodd gliders, they don;t take much demolishing.

Really? You might want to read the earthquake proofing standards that all new builds conform to before making remarks like that. I am horrified how little structural support goes in to new builds (commercial AND houses) in the UK compared with the equivalents in Japan. Despite that, new builds there are still only deemed to have a 30 year lifespan....

[GlenMH]

So does the Express give you 5p to take it home?

[GlenMH]

Torygraph reporting on the London market distortions v the rest of the UK here:
http://www.telegraph.co.uk/finance/economics/11205...

[GlenMH]

London money is certainly driving the period property market in Bristol.

House very close to me sold in 2010 for £370k, needing complete modernisation and refurb. £150k and 4 years later, went on the market in September @ £650k asking and sold within 2 weeks to a London buyer....

Lots of other anecdotal evidence from people I trust about cash offers being made from Londoners coming west.

[GlenMH]

DoubleSix said:

V6Alfisti said:

Croutons said:

Bristol is a tale of three parts:

2) Mid-market, which means in prime areas (BS6, 8, 9, no arguments please) 3-bed houses (often semi or terraces) now blowing over the top of 500k and up to 600, which is psychologically difficult for buyers in terms of stamp duty, both locally and those escaping their 1-bed hovel in Crouch End and expecting a Georgian mansion. These are priced high because of a) Agents competing but instructions falling so the BS factor creeps in, and b) sellers need the cash to move up so price things madly and expect. Examples http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... This level is also where a lot of prime flats now are, and many flats which are not prime, but the vendor won't hear otherwise, the market for which is limited. Naturally this filters out elsewhere, eg 4-beds in Bradley Stoke with prices north of 500 are difficult to shift, as people think "I'd rather have a better area".

It would not surprise me if your neighbours house was in the rather stuck middle...

Oddly this was in the affordable/cheaper stuff range. I think it was up for £300k ish

My sister has her flat in Cotham (BS6) and her neighbours flats (still under £300k, moved rather quickly!)

Anything that goes on the market here in North Bristol (Westbury-on-Trym, Henleaze, Sneyd Park) seems to fly of the shelf in no time.

Proximity to good schools is major factor I suspect.

You have missed a bit in the middle sector: Cotham, Redland, Bishopston and St Andrews are all Victorian neighbourhoods. Whole houses can be up to 6+ bedrooms but most are 3 or 4 beds but with lots of potential for extension. The vast majority of properties that I know of that have gone in BS6 have been sold to Londoners who have done a massive refurb before moving in. One flat on my street (3 bed, GF conversion of a Victorian place) fell through at £320k earlier this year to complete this month @ £365k. Lunacy. 2 houses over the back of my house have gone for ~£700k and then been fully refitted after completion but before move in date... Limited stock of houses, very very little on the market in the "best" streets means that things go mental when one does go on the market.

Anyone that doesn't need to change location but does already live here is doing an extension and/or loft conversion instead of moving....

[GlenMH]

z4RRSchris said:

meanwhile in somerset things have never really recovered.... 200k with inflation is closer to 300k now.

https://www.zoopla.co.uk/for-sale/details/46958912

First listed
£230,000 on 16th Mar 2018

Last sale
£202,500 on 30th Aug 2005

Not helped by the fact that it is the wrong side of town for easy access to the motorway/A38 and they have been throwing houses up along the A38 as fast as they can.