Massive 50% falls in Flats spreading fast across Britain

brit1234

Yet again even more evidence of 50% falls in price. Only a few days I highlighted the first flat at 50% off in my area of London and I have heard similar stories across the UK. Today the BBC highlight 50% falls in Northern Ireland in the video below.:eek:


http://news.bbc.co.uk/1/hi/business/7689967.stm


There is some great quotes in this video.:j


For all you first time buyers out there, hang on prices are falling fast and keep saving those deposits. Don't fall for shared ownership or shared equity when you can buy a property outright. It is only a matter of time before the developers break and 50% falls massively increase accross the country.

50% Falls Fast Comming Now!!!

:j:D:j

dopester

She has massively overpaid imo, although done better than others who paid twice that.

People are too easily led by the masses in to what is value. 1 bed flat. All she can think of is "50% off"... "saved £78,000."

They shouldn't be any more than £18K x 3 = £54,000

And now even less with deflation and unemployment about to spread through the economy.

StevieJ

Inner city flats were 50% down 12 months ago, overpriced and overbuilt, now if you want a proper house.

brit1234

StevieJ wrote: »

Inner city flats were 50% down 12 months ago, overpriced and overbuilt, now if you want a proper house.

Watch this space. I'm sure that flats are going to fall as much as 70% but in time houses will fall 50% as well. You can't have one segment of the market collapsing whilst having a huge jump to houses. Its all about the chains.

dopester

The "apartments" in the BBC iplayer report being the "Laharna building" - main street, Larne.

Apartments + commercial / retail units / shops at ground level .

http://www.briantodd.co.uk/pages/developments/laharna

http://www.huntercampbell.co.uk/index.cfm/page/viewProperty/category/1/propertyID/46680CF3-D62A-73AE-86C43A1CF0326F13

So it seems she paid £78,000 or thereabouts for a new-build 1 bedroom apartment (probably £78,475.00 and maybe extra £500 booking fee)

She could have gotten a 2-bedroom terrace for near £14,000 cheaper just around the corner (with a bit left over for modernising) @ £64,950.00

Or maybe a better value 2-bedroom mid-terrace which seems fairly modernised from the description (new bathroom and modern sounding kitchen and stuff), and is located in the town centre (can't link to EA's listing directly) with offers around £68,000. http://www.hampsonestates.co.uk/



That said I don't know anything about Larne except for it being in Northern Ireland.

Larne's rising tide of debt
Published Date:
22 October 2008

THE rising number of people seeking help for debt-related problems is pushing Larne Citizens Advice Bureau to its limits, it was revealed this week.

With a greater number of people coming forward for assistance following redundancy or bankruptcy, the CAB is in turn experiencing pressure in being being able to cope with the soaring demand.

"It is sad to have to deal with the rise in bankrupts and redundancies in the area. People, such as those with young children who find themselves losing the roof over their heads, to say nothing of their pride and dignity.

"There are those who feel that people should not have got themselves into situations of debt. This can come about through no fault of their own.

"Clients can find themselves in this predicament through negative equity in their homes or job loss etc.

"It is a disturbing fact that any of us can be as little as three wage packs away from such situations.

"It is sadder for us, though, not to have the resources to deal with the rising demand of debt clients in the borough," said Julie Cassidy.

brit1234

The sooner we get back down to lending at 3.5 times salary the better. Down in Devon lending was 10 times average salary and now they have double the national average in repossesions. Video from yesterday below.

http://news.bbc.co.uk/1/hi/business/7688559.stm

lynzpower

thinking about this last night

Wouldnt it be a good idea if a few of us monitored a few blocks around where we live, to see specifically whats going on "out there"

Im personally quite concerned about this little number
http://www.barratthomes.co.uk/Find-a-Home/New-Developments/H2578-Viridian/?search=true&loc=&postcode=sw8&bed_min=0&bed_max=0&price_min=0&price_max=0&showMap=True&mode=new

From 317. With views over the old power station. Nice.

hethmar

But wasnt N>Ireland a really exceptional case of bubble? Didnt they treble prices or something - hence a bigger drop available?

confused31_2

it was a big drop on the flat, but it was well over priced in the first place, as someone said earlier the place where the flat was being sold people are really in a mess financially.

lets hope it catches on , but i still only believe you will get big drops in certain areas,especially now, aybe in a years time they may come down, but theres no sign of 50% drops by me, especially at the lower end of the market.

confused

confused31_2

Quote:
Originally Posted by confused31
Nothing like a good old whinge, im just surprised that with all the posting and the news about house prices dropping, that nothing is happening by me.

I'm sure prices are falling very fast around you, just give us the first three letters of your postcode and we will do a rightmove search using property bee.


Absolutly everyone who has said prices weren't fallen in their area has been proved wrong via Property Bee or Property Snake.

BY

2009

House Price Crash Betting Agency Odds
Increase in prices =:rotfl:....0-30% falls = 10-1
30-40% falls = 7-1 ........40-50% falls = 4-1:think:
50-55% fall = 2-1:j ......55%+ = 3-1:santa2:

Thomas A. Edison: Restlessness and discontent are the first necessities of progress.











you still havent responded Brit i gave you the postcode b76

confused

adr0ck

flats

enough said