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Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!
Comments
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MrDT is right about one thing, in Wales average houses have been selling for millions. That was before the crash anyway.
Also now we are not talking about 1 or 2 flats selling for about 30K its happening often. Look at that one in Pembroke Dock posted a few days ago -70K for 2 flats. I also was not a fully paid up member of the 70% club but now wish I was. I have always said 50% drops on average and I still say that looking at the big picture.0 -
I have spent a lot of time in South Wales and during the early 90's I went to the Merthyr area and looked at several houses one day. All of them were under 12K.
in the past 10 years the area has boomed and has been prosperous. I know this is the prosperous South but I think the areas that relied heavily on industry were the worst hit in the previous recession.
Now that the new failing industires are across the board from banking to steel works I feel the crash will be more even.
Despite the silly soundbites of a few EAs struggling to save their skins this vrash is only just beginning0 -
greenwheels007 wrote: »I have spent a lot of time in South Wales and during the early 90's I went to the Merthyr area and looked at several houses one day. All of them were under 12K.
in the past 10 years the area has boomed and has been prosperous. I know this is the prosperous South but I think the areas that relied heavily on industry were the worst hit in the previous recession.
Now that the new failing industires are across the board from banking to steel works I feel the crash will be more even.
Despite the silly soundbites of a few EAs struggling to save their skins this vrash is only just beginning
So what % drop club are you in?0 -
So what % drop club are you in?
If we are talking about S,Wales yes I am in the 70% club.
Late 90s prices were about 30K for an average teraced house (the highest they ever were). Then they shot up over the next 8 years by about 70%, this is unsustainable. If we now drop 70% that is about right considering earnings etc. If unemployment does go the way the doomongers are saying then maybe even more than 70% drops. The rest of the country I am staying in the 50% club. So maybe on average looking at all the UK together I want to start a 60% club.0 -
crazygaijin wrote: »If unemployment does go the way the doomongers are saying then maybe even more than 70% drops.
There is no if about it...
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5527138.ece
"The latest push came as bank shares slumped to lows not seen since the 1980s and as a warning was given by Capital Economics that UK banks would be forced to cut lending to householders and businesses by £400 billion in the next few years unless action was taken. A reduction of that size, equivalent to 30 per cent of total national output, would be cataclysmic. Vicky Redwood, of Capital Economics, said: “It would put us into Depression territory.”Fokking Fokk!0 -
Don't worry - Gordon will save us.0
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sabretoothtigger wrote: »
If Gordons all that flash then why are flats down to 30K in Wales?
By the way what percentage drop are we talking about on these places?0 -
crazygaijin wrote: »If we are talking about S,Wales yes I am in the 70% club.
Late 90s prices were about 30K for an average teraced house (the highest they ever were). Then they shot up over the next 8 years by about 70%, this is unsustainable. If we now drop 70% that is about right considering earnings etc. If unemployment does go the way the doomongers are saying then maybe even more than 70% drops. The rest of the country I am staying in the 50% club. So maybe on average looking at all the UK together I want to start a 60% club.
Don't forget that if prices go up 100%, then a 100% reduction does not get prices back to where they started; a 60% (approx) drop will get them back to where they started.0 -
novazombie wrote: »If Gordons all that flash then why are flats down to 30K in Wales?
By the way what percentage drop are we talking about on these places?
Similar properties in the same street:
nethouseprices.com:
8 Clarence Road,
Llandudno,
Conwy,
LL30 1TA £92,000
Flat
Leasehold
Not New Build 26-Jul-2007
Map (LL30 1TA)
8 Clarence Road,
Llandudno,
Conwy,
LL30 1TA £110,000
Flat
Leasehold
Not New Build 16-Jun-2006
Map (LL30 1TA)
84 Clarence Road,
Llandudno,
Conwy,
LL30 1TW £125,000 :eek::eek::eek:
Flat
Leasehold
Not New Build 31-Mar-2006
Map (LL30 1TW)
Harman Healy Auctioneers:
33 Clarence Road,
Llandudno,
£29,500
10-Dec-2008
Quite a substantial drop. I know the auctioned place needed tarting up, but it takes an awful lot of laminate flooring and magnolia paint to add near enough 100k of "value". Christ, double glazing and central heating would barely make a dent even.
It's interesting to note that silliest prices in the localised area were around 2006, by July 2007 (generally regarded as around about nationwide peak) the prices were a bit lower. The previous owners of number 8 must have felt sick losing 18k in one year. Wonder how the current owners feel?
I feel like a right saddo doing all this detective work on a place that I'm totally uninterested in lol... Still, it seems my estimate of peak prices being ~75k in the area was WAY out so well worth the effort.
Percentage drop from peak on a similar property (probably varying state of disrepair to consider here) - 76.4% : 125k - (125k*0.764) = 29.5k0
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