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Title: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 11:22:12 AM Ok, the title may be a little misleading as I'm sure the Nottingham housing market is really no different from that of the national market. The reason for this thread is that having looked at a forthcoming property auction I thought I might consider buying a property in Nottingham as a bolt hole for dtd. So looking at the properties in the auction in Nottingham I see one the following:
a six bedroom @ a guide price of £ 75,000 http://www.countrywidepropertyauctions.co.uk/search-results.php?searchobj=property_search&dbtype= WTF, granted it's leasehold, not something I normally look at but thinking it must be a mistake I start to do some research. It appears this was part of a new development as a number of properties sold on the same date, all for the same price, on the same date 07/10/05, that price being £249,995. So in a matter of a couple of years these properties have dropped in £175,000. I've even found estate agents are trying to sell some of this development, freehold, for between £100,000 to £125,000. So what is it about this area that has seen it fall so dramatically???. Is there a nightly drive by shooting?. Has it become a drug den?. Are the neighbours all ladies of the night?. Then again with such a dramatic fall in value it's probably all of the above. So for those who think investing in property is easy money, think again. Just ask the people who are probably bankrupt as a result of investing in this development. Title: Re: Nottingham Price Crash ? Post by: Graham C on February 25, 2008, 11:30:00 AM Is it the Gadd St one? Give the reinforced steel front door covers and the heavy duty fencing next to the house, I'd say it was a pretty rough area tbh. There seems to be a few business located in the street too, perhaps it's a few houses on the end of an industrial estate? I'd go and have a look before bidding.
Also, it's only a guide price and if it sells, will sell for a bit more, they always do. Title: Re: Nottingham Price Crash ? Post by: The_nun on February 25, 2008, 11:49:32 AM Here, just incase you do decide to buy it I have found you a matching His n Her body armour set for when you return home in the early hours of the morning with your poker winnings.
Title: Re: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 12:02:03 PM Yes it is the Gadd Street property, lot 91.
Indeed the reinforced steel door did set the alarm bells ringing and give me some indiction as to the type of neighbourhood it is and do not fear for I am not considering bidding for it. I was just interested in seeing how such a property had dropped so much in value in such a short space of time. Even taking into account the typical practise of a developer over valuing it and then selling it to some naive investor with some cashback deal it is some dramatic drop. Just thought as we have so many Nottingham blonde members they may have some insight in this area. As for the guide price, in the current market I would be surprised if it went anything above 10% that guide price. I've actually brought at numerous auctions so am fairly familiar with the process. A guide is only a guide but more often than not they are fairly accurate. Not all auction properties go for loads more than the guide price contry to what you may see on homes under the hammer :) Title: Re: Nottingham Price Crash ? Post by: Longy on February 25, 2008, 01:18:44 PM I just had a look at google maps to see where it is Nottingham. It looks like its in Radford which is a rough area, there is some fact that you are 5 times more likely to be shot outside the KFC on the nearby Alfreton rd then any other kfc in the country.
Title: Re: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 01:34:24 PM Personally I think anyboody should be shot for going to a KFC ;snoopy'sguns;
Title: Re: Nottingham Price Crash ? Post by: Longy on February 25, 2008, 01:37:14 PM Personally I think anyboody should be shot for going to a KFC ;snoopy'sguns; Sounds like you should buy that place quickly then. Title: Re: Nottingham Price Crash ? Post by: doubleup on February 25, 2008, 01:44:47 PM I think that new developments will be the most affected by the downturn. There was a luxury flat up for auction in glasgow that sold new for 225k and didn't make its reserve at a guide price of 147k. Title: Re: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 02:12:48 PM I think that new developments will be the most affected by the downturn. There was a luxury flat up for auction in glasgow that sold new for 225k and didn't make its reserve at a guide price of 147k. I agree. It was this market that attracted many new buy-to-let landlords as they were seduced by the lovey, shiny, flash, luxury apartments and promised unrealistic rental returns. The problem is these new developments had no history in which to be compared against. lThis is similar to many overseas developments. As a end result this market drops faster than any other sector and many people lose a fortune. Personally I like to stick to traditional semi's for the young families who have yet to join the property ladder due to either finance or their need to remain flexible due to their work. Title: Re: Nottingham Price Crash ? Post by: AndrewT on February 25, 2008, 02:21:38 PM I think that new developments will be the most affected by the downturn. There was a luxury flat up for auction in glasgow that sold new for 225k and didn't make its reserve at a guide price of 147k. New developments are going to hit the toilet big time. Many of these are small, pokey, shoddily built pieces of crap that just happen to have been built at the right time. As many of them are buy-to-let there will come a tipping point where rental income becomes less than the mortgage payments. In a rising market this isn't a problem, as there is a gain in terms of house value. But in a falling market the landlords will dump these flats onto the market in an effort to cashin as they see their money disappear with every drop in prices. Title: Re: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 02:27:46 PM I think that new developments will be the most affected by the downturn. There was a luxury flat up for auction in glasgow that sold new for 225k and didn't make its reserve at a guide price of 147k. New developments are going to hit the toilet big time. Many of these are small, pokey, shoddily built pieces of crap that just happen to have been built at the right time. As many of them are buy-to-let there will come a tipping point where rental income becomes less than the mortgage payments. In a rising market this isn't a problem, as there is a gain in terms of house value. But in a falling market the landlords will dump these flats onto the market in an effort to cashin as they see their money disappear with every drop in prices. It's already happening, big time. I look forward to seeing many bargins at future auctions. Title: Re: Nottingham Price Crash ? Post by: Jon MW on February 25, 2008, 02:54:46 PM Regarding the original property mentioned:
This comes from the housepricecrash.co.uk forum Quote these were the flats that were shown on bbc's panorama. basically theyre student properties and are kitted out for student living. there was some kind of underhand dealing with the management company whereby they gave a cashback deal so that the buyer didnt need a deposit. as a result they ended up paying inflated prices for the properties and the management company did a runner. theyre all repossessed now and theres about 15 empty 6-bed houses all in the same complex. It is a bad area - but I think this primarily explains the price. Title: Re: Nottingham Price Crash ? Post by: thediceman on February 25, 2008, 03:20:54 PM Cheers for the info Jon. I watched that panorama and remember the highlighted London case and them talkig about Nottingham but didn't realise it was this area.
I'm sure it's a rough area but I'm sure it can't be any worse than Nottinghams Travelodge. Title: Re: Nottingham Price Crash ? Post by: Bongo on February 25, 2008, 03:48:47 PM Both the travelodge's seem to be in quite nice areas.
I always found Radford rather intimidating! Title: Re: Nottingham Price Crash ? Post by: redsimon on February 25, 2008, 08:15:58 PM Ok, the title may be a little misleading as I'm sure the Nottingham housing market is really no different from that of the national market. The reason for this thread is that having looked at a forthcoming property auction I thought I might consider buying a property in Nottingham as a bolt hole for dt (http://www.dtdpoker.com/aff/BlonditesDownload)d (http://www.dtdpoker.com/aff/BlonditesDownload). So looking at the properties in the auction in Nottingham I see one the following: a six bedroom @ a guide price of £ 75,000 http://www.countrywidepropertyauctions.co.uk/search-results.php?searchobj=property_search&dbtype= WTF, granted it's leasehold, not something I normally look at but thinking it must be a mistake I start to do some research. It appears this was part of a new development as a number of properties sold on the same date, all for the same price, on the same date 07/10/05, that price being £249,995. So in a matter of a couple of years these properties have dropped in £175,000. I've even found estate agents are trying to sell some of this development, freehold, for between £100,000 to £125,000. So what is it about this area that has seen it fall so dramatically???. Is there a nightly drive by shooting?. Has it become a drug den?. Are the neighbours all ladies of the night?. Then again with such a dramatic fall in value it's probably all of the above. So for those who think investing in property is easy money, think again. Just ask the people who are probably bankrupt as a result of investing in this development. lol @ anyone paying £249K for a property in Radford...having lived there for many years until 2000 those sales must have been fraudulent ? Title: Re: Nottingham Price Crash ? Post by: Woody502 on February 26, 2008, 05:37:47 AM Avoid like the plague if they are in Radford its probably in the worst 3 estates in Nottingham and a regular shooting gallery (along with the Meadows and St Annes). Not a place I would like to return to at 4am with a couple of grand in the back pocket if you get my drift.
Title: Re: Nottingham Price Crash ? Post by: thediceman on March 15, 2008, 01:05:36 PM Just checked the auction website to see what this property went for and see it sold at £5k more than the guide price, selling for £80k. Quite a drop from it's original developers sale price of £250k. Some poor investor certainly commited financial suicide with this purchase.
I also found another 6 bedroom house in the Basford area, which I understand is student terriority, that had a guide price of £80k which finally sold for £95k. These prices do suggest the importance of doing considerable research before buying in Nottingham as some places must be "rough as f***" with such low values. Then again I'm use to buying in East Anglia and the Ipswich area. I'm considering buying a crash pad in Nottingham as it would save me a fortune in hotel bills and somewhere central to stay, so the simply question is what are the areas to avoid? Also what is Basford and old Basford like as they had some decent lots or are these areas as bad as Radford? Title: Re: Nottingham Price Crash ? Post by: Karabiner on March 15, 2008, 02:31:51 PM I'd say that New basford which is just South of the Nottingham ring-road might suit you quite well. It is not at all one of the worst areas to live and there are quite a few nice streets with mostly terraced houses. It is also just ten minutes from DTD, if that.
Old Basford is on the other side of the ring-road and I am not as familiar with the neighbourhood, but as far as I know it is also not a notoriously bad area. Title: Re: Nottingham Price Crash ? Post by: redsimon on March 16, 2008, 02:10:35 PM I'd say that New basford which is just South of the Nottingham ring-road might suit you quite well. It is not at all one of the worst areas to live and there are quite a few nice streets with mostly terraced houses. It is also just ten minutes from DTD, if that. Old Basford is on the other side of the ring-road and I am not as familiar with the neighbourhood, but as far as I know it is also not a notoriously bad area. Living in OB myself its probably too far from DtD as a crash pad and prices went crazy high after tram line built but starting to drop to more realistic levels. With tram link its now attracting students too, which is not neccessarily a good thing! Title: Re: Nottingham Price Crash ? Post by: thediceman on March 17, 2008, 11:18:05 AM Cheers for the replies.
I did see a decent looking 3 bed terrace, cottage style property in Old Basford which ended up selling for less than £100k. How far is Old Basford from dtd and how much would it cost in a taxi???. I guess I would be more than willing to paying a few extra quid for a taxi to ensure a nicer area rather than a dodgy one like Radford. So the NO areas are: Radford, Meadows and St Annes. So what are the nice / up and coming areas in Nottingham. I know Nottingham has been voted the worst city twice out of the last 3 years but there has to be some decent areas. Title: Re: Nottingham Price Crash ? Post by: TheChipPrince on March 17, 2008, 03:15:20 PM He's buying a 100K house as a 'crash pad', and worried what the taxi fair may be!! ;)
Title: Re: Nottingham Price Crash ? Post by: Woody502 on March 18, 2008, 01:58:38 AM As you say avoid Radford, Meadows and St Annes.
A few of the areas that were OK (and close'ish to DTD) when I was living in Notts (my info is now 4 years out of date as thats when I moved to Brisbane) are Bramcote, West Bridgford (pricey) or Old Basford. The areas I am familiar with are Eastwood, Kimberley, Watnall, Hucknall and Nuthall they are all OK and you can reach DTD in approx 20/30 mins. Cheers for the replies. I did see a decent looking 3 bed terrace, cottage style property in Old Basford which ended up selling for less than £100k. How far is Old Basford from DT (http://www.dusktilldawnpoker.com/index.php?affiliate=blonde)D (http://www.dusktilldawnpoker.com/index.php?affiliate=blonde) and how much would it cost in a taxi???. I guess I would be more than willing to paying a few extra quid for a taxi to ensure a nicer area rather than a dodgy one like Radford. So the NO areas are: Radford, Meadows and St Annes. So what are the nice / up and coming areas in Nottingham. I know Nottingham has been voted the worst city twice out of the last 3 years but there has to be some decent areas. Title: Re: Nottingham Price Crash ? Post by: rex008 on March 18, 2008, 09:47:18 AM Wollaton and Bramcote are West of Nottingham (same side as DTD) and pretty nice (pricey). I'm from the other side, so don't know the west so well. I don't think there is really an acknowledged "up and coming" area at the moment with the house price uncertainty. Stick a pin in a map and hope to get lucky :).
You could probably stick DTD postcode (NG7 2UW) into rightmove.co.uk and select your price range and see what comes up close. Andrew Title: Re: Nottingham Price Crash ? Post by: Woodsey on March 18, 2008, 10:11:56 AM I live in West Bridgford which is pretty nice. Its expensive but I reckon you could pick up a flat for about £130k ish if your willing to stretch your finances. There are sooooooooo many flats on the market at the moment if your a good negotiator!
Title: Re: Nottingham Price Crash ? Post by: Azirapheal on March 20, 2008, 04:34:00 PM radford has its charms, if by charms you mean being able to see kids getting gunned down, faces appearing at your window (if you live on the ground floor) being accosted by the dirtiest and nastiest of hookerson your way home from work.
i was supposed to live here till the summer, im moving out next month to a different part of nottingham. and since i was lied to through the teeth by my landlady im still withholding the remainder of my rent ive seen 4 shootings and been either at work or fast asleep when other ones have occurred. if your looking for prop in nottingham there is loads avaliable, just avoid radford/hyson/st annes and bulwell like the plague. |