Manchester Flats... when/where to buy!?

howler_2

Bungarm2001 wrote: »

Yeah be careful of what these places will be like in years to come...next generation slums if you ask me.

The builders and BTL owners are desparate at the mo to fill these city centre properties with anyone just to get some money coming in, so desparate that many of the builders have approached the Uni's this year directly and offered many flats at greatly reduced rents to the students. You might be ex-students yourselves, but belive me, a lot of people don't want to share a building with students, or put up with the noise, mess etc etc. I think the builders/owners will think twice next year...

Are you adamant about being in the city centre? I think Manchesters public transport system is fantastic and some of the outer areas are really quite desirable, including Didsbury.

Which builders have approached the Uni's?

tr3mor

benbfc wrote: »

Commuting in and out of thr city centre is a bit of a nightmare by the sounds of it. Roads clogged at peak hours and the trains/metro's only go to ccertain places. Now the Congestion charge is just around the corner and the council are pouring millions of pounds into better transport including a number of new metro lines to be working by 2013. Now these will have to go through road junctions and I think the disruption to the existing routes over the next 5 years will be awful but at the end the transport links will be much better.

I love walking to work, being home quickly, having a pint in the evening, going to the cinema on a whim. This may change in 5 years, I might want a garden etc then.

Salford is a bit of a walk into town. I am looking at Castlefield, Northern Quarter etc. It will be interesting to see how the green quarter goes over the next few years. Still building, so many must be empty!

I really would avoid any new builds. The Green Quarter will end up just a crap as the rest of them.

Dithering_Dad

If I were thinking of buying in Manchester, I'd stay well away from the Northern Quarter (or Ancoats as it used to be called). It contains lots of poor quality new builds that are standing empty. I'd be looking at some of the apartments that were converted from the old warehouses and mill buildings - well built industrial sized spaces with a lot of history and some original features.

I'd look around the original areas such as Castlefields or across the road in Whitworth Street.

Quidco-ette

Hi, my boyfriend and I have just purchased an apartment in Castlefield - due for completion in spring 09 - we managed to get a great deal on it too :-)

milliebear00001

If you're set on the city centre, then make sure it IS the city centre - that means not even half a mile outside. There are some REALLY dodgy areas full of new-build flats that just won't cut it. Look at Castlefield/Whitworth St/UMIST (but be wary of red-light district!) Deansgate/GMEX. Salford - similarly dodgy in most parts - avoid. uburbs south of the city tend to be nicer - esp Chorlton and Didsbury - these are likely to hold value better as well.

JLN_3

If you've got that much money to spend. And to be honest £150k is a lot to spend on flat in Manchester. Look very very carefully. Salford is a HUGE borough. I live in Salford and not all of it is crap and unsafe...I live in the suburbs of Salford and its actually very nice. I can understand wanting to to be right in the city centre. If you go for a new build you've got a paper thin walls, not very high ceilings, parking for 1 car only probably, no visitor parking, tiny tiny box of a second bedroom, mickey mouse balcony and probably view of another flat from the main window. Over price service charge and excessive ground rent. You mentioned, you wanted mentioned the perfect flat. The perfect flat is what you make it. Sometimes it might need a bit of tweaking before its perfect. Why not find a flat a bit older that you can put your own stamp on it? That might mean, new paint, carpert wallpaper, tiles, kitchen etc and its a lot cheaper to change these than to take someone elses idea of perfect... Basically I'm saying, have a look at the Didsbury's and Chorlton's but also have a look at Ellesemere Park, Monton, Worsley or have a look at 2 bed house that are going for a song in certain areas... House unlike flats in Manchester will hold their value a lot more. In five years time I can imagine young couples and or proffessionals wanting a 'well done up' starter home with a well kept garden and two decent size bedrooms and a bath upstairs and parking a lot more than some new build flat with no parking.

To conclude go for it but just have a good look. There is a lot out there :-)

howler_2

Quidco-ette wrote: »

Hi, my boyfriend and I have just purchased an apartment in Castlefield - due for completion in spring 09 - we managed to get a great deal on it too :-)

Whereabouts?

When you say "good deal" I hope you got 50% - 60% + off the list price. Flats are selling for this much less than they were bought for a few years ago.

And everyone agrees this price crash has got alot further to go......

howler_2

Quidco-ette wrote: »

Hi, my boyfriend and I have just purchased an apartment in Castlefield - due for completion in spring 09 - we managed to get a great deal on it too :-)

Perhaps you should check out this thread -http://forums.moneysavingexpert.com/showthread.html?t=1195513

and this article it relates to - http://www.thisislondon.co.uk/standard-business/article-23562855-details/It%C2%92s+grim+up+north%2C+and+it%C2%92s+coming+to+a+street+near+you/article.do

And this paragraph -
"This last is what passes for good news in the residential property market today; only 32,000 mortgages were approved last month, but frustrated buyers will be grateful, in due course, for being prevented from buying an asset which is falling in value, and still has a long way to go."

How far through the buying process are you? Can you still back out and limit your losses?

Dithering_Dad

howler wrote: »

How far through the buying process are you? Can you still back out and limit your losses?

While I understand where you're coming from with this, we don't really know enough about Quidco-ette's background, finances or purchase details to simply state that she is making a mistake and should back out of the deal.

Factors other than purchase price play their part. It might be that the OP has negotiated a good price, has a good deposit and the mortgage will be less than she would be paying in rent on a similar property. She could be fed up with renting (especially if she has had amateur BTL landlords who don't maintain the property or keep selling up from under her).

I understand the mentality of people who have spent the last 3 to 4 years refusing to buy due to high prices, and who are willing to wait a further 3 years in order to get a bargain, but they must understand that not all people are like them and some don't want to put their lives on hold due to purely financial reasons, especially when they are happy with the purchase price and can easily afford the mortgage level.

I know this may be speaking heresy on this particular board, but putting your life on hold for years in order to squeeze the last penny out of the housing market is just as extreme as rushing in and buying at the peak of the market because 'house prices only go up'.

It's unlikely that people will stay in their FTB starter homes their entire lives, so a few thousand saved on your initial purchase will be lost when you move to your next house and have to buy in a rising market. When I bought my 2 bed bungalow in the last downturn, it cost me £40k when I bought my next house for my growing family it cost me £180k. You gain on the swings and you lose on the roundabouts.

Negotiate a deal that you're comfortable with, and at a mortgage level that you can afford and then get on with living your life - that's my advice!

p.s. I guess what I'm trying to say is that if you wait 3 yrs for your next place, then spend 5 years in it before you move up. It's more likely that you'll get a bargain on your first home, but the market will have recoveerd more by the time you buy your second. Someone who buys now will pay more for their starter home but in 5 years time will pay less for their second home.

GDB2222

p.s. I guess what I'm trying to say is that if you wait 3 yrs for your next place, then spend 5 years in it before you move up. It's more likely that you'll get a bargain on your first home, but the market will have recoveerd more by the time you buy your second. Someone who buys now will pay more for their starter home but in 5 years time will pay less for their second home.

Or buy now and be in negative equity in 5 years time, so unable to move then and watch the next (hopefully much smaller!) boom pass you by?