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The homes in Cornwall with prices that have 'fallen faster than Bitcoin'


Frank Hovis

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That's really not a title I expected to see in local papers that have spent twenty years ramping the property market.

It's like the glory days of propertysnake.

The article links to a study: http://www.anyvan.com/blog/property/bitcoin-property/ which has selected a dozen homes to make its point; here's the table:

0_Screen-Shot-2019-01-27-at-92432-PM.png

There are two in Cornwall:

Gunnislake - three bed bungalow down from £235k to £145k

0_gunbung.jpg

 

And, amazingly, a 16 bed bungalow in Camelford, £375 to £225k.  That's about £10k a room.  DOSBODS summer retreat?

0_cambung.jpg

The sprawling Camleford property, a Grade II Listed property described as needing "full restoration", has seen a huge £150,000 knocked of  its asking price, which has dropped to £225,000 from £375,000, since being listed in the  in June 2018. 

The property boasts an outdoor pool, and agents say: "This extremely versatile property retains a wealth of character features and is already loosely arranged as apartments and former offices, offers tremendous potential subject to any requisite consents for the creation of further units of accommodation utilising the existing access points, a bed and breakfast type venture, or for reinstatement into a truly enviable family home."

 

https://www.plymouthherald.co.uk/news/local-news/homes-cornwall-prices-fallen-faster-2482745

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1 minute ago, Democorruptcy said:

The "in Cornwall" needs taking out of the thread title. It's widespread joy?

Yes.

Though it's not my being parochial it's the Herald story headline.

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1 hour ago, Frank Hovis said:

 

And, amazingly, a 16 bed bungalow in Camelford, £375 to £225k.  That's about £10k a room.  DOSBODS summer retreat?

The sprawling Camleford property, a Grade II Listed property described as needing "full restoration", has seen a huge £150,000 knocked of  its asking price, which has dropped to £225,000 from £375,000, since being listed in the  in June 2018. 


it's going to cost someone an arm and a leg

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1 minute ago, sarahbell said:


it's going to cost someone an arm and a leg

It's a lovely location though - quiet road backing onto a golf course.

If you actually have a use for such a property then it's an absolute steal IMO.

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Just now, Frank Hovis said:

It's a lovely location though - quiet road backing onto a golf course.

If you actually have a use for such a property then it's an absolute steal IMO.

What are the people who deal with changes to listed buildings like down there? 

I've seen some ruined houses - and can only assume that either they don't care or they don't know.

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1 hour ago, Frank Hovis said:

That's really not a title I expected to see in local papers that have spent twenty years ramping the property market.

It's like the glory days of propertysnake.

The article links to a study: http://www.anyvan.com/blog/property/bitcoin-property/ which has selected a dozen homes to make its point; here's the table:

0_Screen-Shot-2019-01-27-at-92432-PM.png

There are two in Cornwall:

Gunnislake - three bed bungalow down from £235k to £145k

0_gunbung.jpg

 

And, amazingly, a 16 bed bungalow in Camelford, £375 to £225k.  That's about £10k a room.  DOSBODS summer retreat?

0_cambung.jpg

The sprawling Camleford property, a Grade II Listed property described as needing "full restoration", has seen a huge £150,000 knocked of  its asking price, which has dropped to £225,000 from £375,000, since being listed in the  in June 2018. 

The property boasts an outdoor pool, and agents say: "This extremely versatile property retains a wealth of character features and is already loosely arranged as apartments and former offices, offers tremendous potential subject to any requisite consents for the creation of further units of accommodation utilising the existing access points, a bed and breakfast type venture, or for reinstatement into a truly enviable family home."

 

https://www.plymouthherald.co.uk/news/local-news/homes-cornwall-prices-fallen-faster-2482745

I like the idea of a dosbods summer retreat but isn’t the water a bit dodgy in camelford?  

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Just now, sarahbell said:

What are the people who deal with changes to listed buildings like down there? 

I've seen some ruined houses - and can only assume that either they don't care or they don't know.

No worse nor better than anywhere else.

Do you mean ruined as in decayed?  As that's the gaping hole in what they do as they can't make you keep it in a good state.

If nobody reports it then they don't know.

There was this one last year - Drake's birthplace, Grade II listed, trustees and everything, falling down:

0_SWNS_DRAKE_BIRTHPLACE_010.jpg

https://www.devonlive.com/news/devon-news/sir-francis-drake-birthplace-ruins-2045898

4 minutes ago, One percent said:

I like the idea of a dosbods summer retreat but isn’t the water a bit dodgy in camelford?  

Well, it was for a few weeks in 1988!

https://en.wikipedia.org/wiki/Camelford_water_pollution_incident

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5 minutes ago, One percent said:

I like the idea of a dosbods summer retreat but isn’t the water a bit dodgy in camelford?  

It is in the middle of a holiday village -- hardly a retreat.

[that's the reason it is cheap -- who would want to put the investment in?]

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9 minutes ago, dgul said:

It is in the middle of a holiday village -- hardly a retreat.

[that's the reason it is cheap -- who would want to put the investment in?]

I think it's the middle house in the run of seven ending in the hotel and gold club in the middle of the map.

It looks a lovely location tbh but all I'd want to do with it is knock it down and build soemthing smaller; and it's listed.

 

https://www.google.com/maps/place/Camelford/@50.612981,-4.6975435,729m/data=!3m1!1e3!4m5!3m4!1s0x486b80914c41f2bb:0x29d409871046455!8m2!3d50.622055!4d-4.682364

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22 minutes ago, Frank Hovis said:

It's a lovely location though - quiet road backing onto a golf course.

If you actually have a use for such a property then it's an absolute steal IMO.

What does the greenhouse look like?

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1 hour ago, Frank Hovis said:

I think it's the middle house in the run of seven ending in the hotel and gold club in the middle of the map.

It looks a lovely location tbh but all I'd want to do with it is knock it down and build soemthing smaller; and it's listed.

 

https://www.google.com/maps/place/Camelford/@50.612981,-4.6975435,729m/data=!3m1!1e3!4m5!3m4!1s0x486b80914c41f2bb:0x29d409871046455!8m2!3d50.622055!4d-4.682364

No.  In the map you linked it's the one labelled 'Juliots Well holiday park' with a little green triangle.

(if you don't have that label, it is  about 250m due north from the house you identified it as.  In the middle of the holiday park)

(here: https://www.google.com/maps/uv?hl=en&pb=!1s0x486b82380c404ded:0x3cf441aa97fb563a!2m22!2m2!1i80!2i80!3m1!2i20!16m16!1b1!2m2!1m1!1e1!2m2!1m1!1e3!2m2!1m1!1e5!2m2!1m1!1e4!2m2!1m1!1e6!3m1!7e115!4shttps://lh5.googleusercontent.com/p/AF1QipNg4Qe29pYVshf9-wGkqkLRYVECSGIipxkWHA5g%3Dw260-h175-n-k-no!5sJuliots+Well+Holiday+Park+-+Google+Search&imagekey=!1e10!2sAF1QipNg4Qe29pYVshf9-wGkqkLRYVECSGIipxkWHA5g)

(I imagine the park company is in a bit of difficulty and is getting rid of assets.  I'll bet that the buyer will also have the hassle of having a bankrupt holiday park around their 'retreat' in a few years' time.)

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3 minutes ago, dgul said:

No.  In the map you linked it's the one labelled 'Juliots Well holiday park' with a little green triangle.

(if you don't have that label, it is  about 250m due north from the house you identified it as.  In the middle of the holiday park)

Ah ok.  So an old clubhouse or holiday block.  Plus listed.

Maybe not then!

I assume the listing is why the holiday park hasn't just knocked it down and built another four lodges,

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sleepwello'nights
3 hours ago, Frank Hovis said:

That's really not a title I expected to see in local papers that have spent twenty years ramping the property market.

It's like the glory days of propertysnake.

The article links to a study: http://www.anyvan.com/blog/property/bitcoin-property/ which has selected a dozen homes to make its point; here's the table:

0_Screen-Shot-2019-01-27-at-92432-PM.png

There are two in Cornwall:

Gunnislake - three bed bungalow down from £235k to £145k

And, amazingly, a 16 bed bungalow in Camelford, £375 to £225k.  That's about £10k a room.  DOSBODS summer retreat?

The sprawling Camleford property, a Grade II Listed property described as needing "full restoration", has seen a huge £150,000 knocked of  its asking price, which has dropped to £225,000 from £375,000, since being listed in the  in June 2018. 

Somewhat misleading as it reflects a change in the sellers opinion of the asking price. The change in the price of the bungalow in Cornwall more than likely reflects a realistic appraisal of the work needed to bring it into good condition, as I suspect does the Bungalow in Plymouth.

I'm still looking at properties listed in the West Country and although there are some reductions in asking prices and some properties remaining advertised for extended periods a lot of houses that appeal to us seem to be selling. 

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I am totally lost with property prices. IIRC, back in the normal days of yore, a house would rent for about 10% of its value, which is a part of the reason that old folk think renting is dead money.

But I have just agreed to rent a place for £900pcm. Part of the deal is that they can continue to market it for sale with one viewing day per month. I have a six month initial lease so I can live with that. It is also a bit tired but nothing a week or so and a couple of hundred £ won't fix.

So given those two factors, as a normal rental it would probably be about £1,200 per month. So in olden times, its value would be about £140k.

It is for sale for nearly 4 times that. I have a feeling we might be renting it for a long time. It just won't sell unless they knock 30% off. Which most people can't contemplate. They will just think they can keep it until the market recovers. 

 

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8 hours ago, Wight Flight said:

I am totally lost with property prices. IIRC, back in the normal days of yore, a house would rent for about 10% of its value, which is a part of the reason that old folk think renting is dead money.

But I have just agreed to rent a place for £900pcm. Part of the deal is that they can continue to market it for sale with one viewing day per month. I have a six month initial lease so I can live with that. It is also a bit tired but nothing a week or so and a couple of hundred £ won't fix.

So given those two factors, as a normal rental it would probably be about £1,200 per month. So in olden times, its value would be about £140k.

It is for sale for nearly 4 times that. I have a feeling we might be renting it for a long time. It just won't sell unless they knock 30% off. Which most people can't contemplate. They will just think they can keep it until the market recovers. 

 

Agreed; the old learned maxims were correct in a normal property market where you had no opportunity to build up other investments.

Now you can rent a £300k house for roughly 3% - £10k - and put £10k a year in tax free investments.

After twenty years of renting, with reasonable investment growth, you then buy the house outright.  Who needs a mortgage?

In your prospective landlord's case if they are stubborn enough to hold out for their perceived price then, as long as there is no HPC,  ten years' general inflation at close to 3% will close their nominal gap and they can pat themselves on the back at how right they were not to sell at an "undervalue".

Having foregone a decent investment return for those ten years and still lost money in real terms.

Still, you apparently "can't lose" with bricks and mortar.

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19 hours ago, One percent said:

I like the idea of a dosbods summer retreat but isn’t the water a bit dodgy in camelford?  

No, the mutations are not due to the water but due to the inbreeding! :-) 

 

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20 hours ago, Frank Hovis said:

 

0_SWNS_DRAKE_BIRTHPLACE_010.jpg

 

I would love to buy something similar down that way but just not a listed building and spend all my time there restoring it

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4 minutes ago, DoINeedOne said:

I would love to buy something similar down that way but just not a listed building and spend all my time there restoring it

Maybe!  It certainly ends up being more than just the restoration!  Quite a ride!

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22 minutes ago, DoINeedOne said:

I would love to buy something similar down that way but just not a listed building and spend all my time there restoring it

An ex-colleague did just this on retiring, more for interest than anything although he intended to sell and make a profit as we all would.

It wasn't listed but still turned out to be a disaster through planning disputes; he had a good and very interesting year doing stuff and getting applications in before it all went wrong so on balance it was a decent life experience; he didn't have all his finances at risk so he is able to just walk away. 

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1 hour ago, Harley said:

Maybe!  It certainly ends up being more than just the restoration!  Quite a ride!

 

55 minutes ago, Frank Hovis said:

An ex-colleague did just this on retiring, more for interest than anything although he intended to sell and make a profit as we all would.

It wasn't listed but still turned out to be a disaster through planning disputes; he had a good and very interesting year doing stuff and getting applications in before it all went wrong so on balance it was a decent life experience; he didn't have all his finances at risk so he is able to just walk away. 

Yeah that's the pain actually worked on a barn restoration in France for my old boss that was a long project that never seemed to end but what was done was amazing but think he had lots of issues with unforeseen costs 

 

I was a Carpenter for 14+ years quit during 2008-2009 to work on another business i just think its part of me that still misses construction

 

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6 minutes ago, DoINeedOne said:

 

Yeah that's the pain actually worked on a barn restoration in France for my old boss that was a long project that never seemed to end but what was done was amazing but think he had lots of issues with unforeseen costs 

 

I was a Carpenter for 14+ years quit during 2008-2009 to work on another business i just think its part of me that still misses construction

 

I know two people who have left maintenance trades in the last two years; the first one was fairly senior and was made redundant below 50 and the second more junior and retired at 65.

The first has gone into buying, restoring and selling houses and is genuinely enjoying it; he didn't like the office politics so loves being his own boss.

The second intends to build a new house or retsore a wreck and sell it in order to give himself a cash lump sum; he just wants to do one as that will be enough.  He's looking forward to it.

It doesn't appeal to me but never say never.

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Democorruptcy
16 hours ago, Wight Flight said:

I am totally lost with property prices. IIRC, back in the normal days of yore, a house would rent for about 10% of its value, which is a part of the reason that old folk think renting is dead money.

But I have just agreed to rent a place for £900pcm. Part of the deal is that they can continue to market it for sale with one viewing day per month. I have a six month initial lease so I can live with that. It is also a bit tired but nothing a week or so and a couple of hundred £ won't fix.

So given those two factors, as a normal rental it would probably be about £1,200 per month. So in olden times, its value would be about £140k.

It is for sale for nearly 4 times that. I have a feeling we might be renting it for a long time. It just won't sell unless they knock 30% off. Which most people can't contemplate. They will just think they can keep it until the market recovers. 

 

My landlord is going to sell but not given me notice yet. He's just had it valued and the rental yield at the price is 3.6% I've been here a few years and not had a rent rise. Last sold in street was 3 years ago works out at 3.7% to my rent. I think the price he secures will boost the rental yield figure.

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8 hours ago, Frank Hovis said:

Agreed; the old learned maxims were correct in a normal property market where you had no opportunity to build up other investments.

Now you can rent a £300k house for roughly 3% - £10k - and put £10k a year in tax free investments.

After twenty years of renting, with reasonable investment growth, you then buy the house outright.  Who needs a mortgage?

In your prospective landlord's case if they are stubborn enough to hold out for their perceived price then, as long as there is no HPC,  ten years' general inflation at close to 3% will close their nominal gap and they can pat themselves on the back at how right they were not to sell at an "undervalue".

Having foregone a decent investment return for those ten years and still lost money in real terms.

Still, you apparently "can't lose" with bricks and mortar.

Absolutely.me and the good lady are working a similar strategy to effectively rent at 3% and then build the retirement fund to give us enough to rent and live anywhere in the world.

With liquid assets you aren't necessarily tied to any one area.

Obviously,if house prices halve the maths changes to a degree.We might have to revisit buying but most places in Leicester aren't places you'd want to live in ten years.

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