Allsops latest auction results

confused31_2

MrDT wrote: »

I've posted on the other thread, but a three bed terraced ex council house near me sold for 55k. That's 15k over guide price, 20k under the recent EA marketing price, and 30k under what I believe to be the initial asking price.

55k for a modest home sounds like a fantastic deal to me, but I'm very much aware that my parents huge four bed house with a 100ft garden etc in a better area only cost 48k 7 years ago - so I guess the place could still be considered overpriced.

Affordable, yes, but these 'cheap' houses still have further to fall. Sounds insane? A mate of mine bought a 2 bed house in the middle of town for 36k in 2002. Thirty-six thousand pounds. I wonder how close to those 2002 figures we'll get when recession really starts to hurt, repos go through the roof, credit cards are withdrawn etc.

If they do come down to 36000 pounds i wouldnt mind buying a couple, i reckon the rent of a 2 bed roomed house would easily cover a mortgage for 36000 pounds.

confused

MrDT

confused31 wrote: »

If they do come down to 36000 pounds i wouldnt mind buying a couple, i reckon the rent of a 2 bed roomed house would easily cover a mortgage for 36000 pounds.

confused

would the banks lend you the money?
are you certain that the rent would cover the mortgages?
are you sure there'd be enough demand to rent in the area?

Bear in mind I'm talking about a very localised area. Every area is different.

chucky

dopester wrote: »

Maybe I am one of those saddos to some extent, for reading unconventional views & opinion on forums, but one with savings and no debt.

i don't think that you are; the comment wasn't directed at you.

you seem more inteligent and know when to post and where to post - you also provide a balance with information to back it up. maybe i would interpret the info you give diferently but that's something else

dopester wrote: »

If all professional analysis was so much more reliable and accurate an outlook, then I'm sure many a bank and blue-chip company had access to the best analysis money could buy these past few years. That didn't stop many of them from making stupid and reckless decisions in a credit-fuelled boom that many believed was a new paradigm - with only the Government and BoE or Arab money to ward off their complete insolvency.

but these analysts have been doing their job - rather too well it seems. haven't you see that they have been making these banks huge amounts of profit over the last few years. haven't you seen all of the huge profits banks have been posting for years now.

it's the guys that manage audits and risk that you should be pointing the finger at in these bank and blue-chip company that you should be pointing the finger at.

these are the guys that should have been highlighting all of the potential future problems but didn't, if they did there were people that weren't listening and here is where the disconnect has occured. without a relationship between making money and risk, there are huge problems.

confused31_2

MrDT wrote: »

would the banks lend you the money?
are you certain that the rent would cover the mortgages?
are you sure there'd be enough demand to rent in the area?

Bear in mind I'm talking about a very localised area. Every area is different.

i could have had a aditional 100,000 pound last year, so i dont think it would be a problem getting the finance and i could secure it against my current home .

Looking at it by me if i could get 2 for 36000 pound each, i could probably pay the mortgages for both of them from the rent from one.

I think most houses will come down and even more next year, but renting anywhere you cant get anything really that much below 250 pound.

a mortgage for 36000 pound is less than 250 pound a month

confused

GDB2222

I don't quite see what this Allsops sale is supposed to prove or disprove?

It certainly proves that it is still possible to sell at auction, but I don't see why anyone thought that wasn't the case. The large auction houses have taken the view, quite rightly in my view, that they won't allow silly reserves. The auction houses with very low sales have shot themselves in the foot, really.

There seemed to be a view that auction prices were anticipating the coming falls in prices generally. I never thought that was right, because I could not see what mechanism would drive that. I always thought that auction prices reflected current market prices with a bit of a discount, and that seems to be exactly what's happening.

Trollfever

Predictions about new build city centre flats are coming true.

32 21/08/2003 £175,000 FlatLYesMapMagellan House, 37, Armouries Way, Leeds, West Yorkshire, LS10 1JE


Lot 524 Auction 30th October and 3rd November 2008Guide Price£80,000+Result£98,000

Leeds 37 Magellan House, Armouries Way, West Yorkshire LS10 1JE A Leasehold Self-Contained Purpose Built Fourth Floor Flat

BY ORDER OF mortgagees

.

GDB2222

Trollfever wrote: »

Predictions about new build city centre flats are coming true.

32 21/08/2003 £175,000 FlatLYesMapMagellan House, 37, Armouries Way, Leeds, West Yorkshire, LS10 1JE


Lot 524 Auction 30th October and 3rd November 2008Guide Price£80,000+Result£98,000

Leeds 37 Magellan House, Armouries Way, West Yorkshire LS10 1JE A Leasehold Self-Contained Purpose Built Fourth Floor Flat

I thought £175k -> £98k that's not such a terrible drop as I expected. And then I realised the £175k was a 2003 price. I expect the buyers had some incentives rolled up in that price, but even so that's a 40% drop from 2003 prices.

Those property sales seminars really have something to answer for here. I can't believe that there wasn't serious fraud going on.

confused31_2

GDB2222 wrote: »

I don't quite see what this Allsops sale is supposed to prove or disprove?

It certainly proves that it is still possible to sell at auction, but I don't see why anyone thought that wasn't the case. The large auction houses have taken the view, quite rightly in my view, that they won't allow silly reserves. The auction houses with very low sales have shot themselves in the foot, really.

There seemed to be a view that auction prices were anticipating the coming falls in prices generally. I never thought that was right, because I could not see what mechanism would drive that. I always thought that auction prices reflected current market prices with a bit of a discount, and that seems to be exactly what's happening.

I think what you will find a lot of people have been posting that properties are remaining unsold at auctions, but this shows that quite a lot of properties did sell at this auction and it was different to what other people had been saying.

Mind you i think personally a lot of the houses are repossessions at allsops and that they have no reserves, thats probably why the houses didnt sell at the other auctions as they where people selling their own house who were fed up of the lack of interest so they thought they they would try a auction, and putting a high reseerve on it as they are still in denial of house prices dropping.

I think with repossessions, the bank just want to get as much as they can back and set no reserve, i did say this earlier but there was no response.

confused

hethmar

GDB2222 wrote: »

I thought £175k -> £98k that's not such a terrible drop as I expected. And then I realised the £175k was a 2003 price. I expect the buyers had some incentives rolled up in that price, but even so that's a 40% drop from 2003 prices.

Those property sales seminars really have something to answer for here. I can't believe that there wasn't serious fraud going on.

See, GDB, you did find it of interest :T

Thats all it was meant for - not to prove anything - just as a balance to the other threads showing zilcho sales or proposed £10k flats which went for 4 times that. No deep hidden agenda - just for a bit of interest - which I think we have all had now.

neverdespairgirl

hethmar wrote: »

Oh, I got a bit excited about the Lot 70 NDP listed above but its not actually Blackheath, just a Blackheath post code and only 70 years lease

I think it is in Blackheath proper - Kidbrooke Park Road isn't Kidbrooke. It's very close to the Royal Standard, and only 600 yards or so to St Germans Place and the heath.

As a child, I used to go to St. James on Kidbrooke Park Road, and we walked there from our home in Blackheath (-: