Pub talk about expensive new houses in local town.

tomstickland

I went out mountaineous biking tonight with a load of people from work who live in the local town. It's a market town about 15 miles from Bristol, quite attractive, but a bit backwards. House prices have been going a bit mad there; tiny mid 90s 2 bed terrace houses down the road were on the market for £147K last year.
There's been quite a bit of building in the town too. Four smart looking modern stone cottage style terrace houses. I noticed some other new houses there tonight.

Well, down the pub the local guys were laughing about the prices - £240K for the terraced houses. They said that they'd been on the market for ages and now they were being let out. They seemed most amused that the rental income would not cover the mortgages. Then they wondered whether the builder was letting them out.

Funny thing was that they said they were really shoddily built.

One chap said that his brother was trying to buy in Cambridge, but cash buyers keep snapping up suitable properties.

Seems like a lot of gambling is going on. Could it end in tears? I expect a certain proportion of burnt fingers some time soon. How much longer though?

djohn2002uk

Where are we talking about Tom? Stroud aint 15 miles from Bristol.

tomstickland

Wu Tang under Edge.

djohn2002uk

tomstickland wrote:

Wu Tang under Edge.

I bet you have to be in bottom gear to ride out of there.
Too much thunder and lightening in that place for my liking.

Zammo

Wootons a desirable place to live. I'm not surprised prices are stupid. They probably have been for ages.

tomstickland

Aha, but too stupid for these houses to sell.
Personally I think the "backwards" element of the place would drive me mad if I lived there.

terrierlady

Big money in Wooton under edge Close to Bristol /Gloucester etc. no wonder people will need to buy in outer city places and villages, the main towns in the south west are selling strong for people around that area close by an old RAF site sold to a number of builders rapidly putting up 2.600 homes. Great many being sold off plan.
no shortage of buyers.

bobalicious

tomstickland wrote:

Well, down the pub the local guys were laughing about the prices - £240K for the terraced houses. They said that they'd been on the market for ages and now they were being let out.

Not a million miles from me, a developer who normally operates in the traditional mould, is undertaking a large Victorian warehouse conversion. A large number of 1/2/3 bed flats with some B1 (office) on the lower ground and part of the ground floor. Only they are so confident that there is significant capital growth potential that they are letting the whole of the residential on ASTs and the commercial on leases outside the '54 Act. They look on it as "buy and renovate to let". On a rather large scale!

Investors will often lease/let property if they are taking a bet on the capital value growing at a good rate in the short > short/medium term.

tomstickland

BTW it's called Wotton not Wooton.