Future used boat prices.

[2068]

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It’s quite possible that the owner could have spent hundreds of thousands renovating that property over the more than twenty years

It was a "do it upper" - the owner runs a plumbing and gas fitting business, so I'd guess that he either did a lot of the work himself or got others to help at mates rates.
But even so, on the South Coast there are still plenty of houses with a similar price trajectory, admittedly most starting from a slightly higher baseline.
 

NickG1

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Just on the property front, here in Cornwall it is ridiculous. I saw a stat the other day along the lines that there are currently more property transactions in Cornwall than in London. Cornwall half a million population, London around 9 million. The same is happening with residential rentals. With home working people are looking to rent and live and work from here. It is pricing youngsters out of all the property market.
Wages are below average down here but rentals and house prices way up. Youngsters down here stand no chance. We have had decades of second home buying pushing up prices but it's mad now. My nephew in his mid thirties left the Coventry area for a good job down here, one of the few, and sold his 3 bed village house; corner plot, big gardens front and back and overlooking fields. All he could afford down here is a scruffy two bed house in the centre of Redruth - a town which a surveyor friend described as a shithole. A bit harsh but you get the picture. It was around £200K
Rant over.
Meamwhile I am just so glad that both my daughters are on the property ladder - bank of Mum and Dad providing the deposits.

I dont wish to be contrary but I have little sympathy with your views for 3 reasons

First, youre only experiencing a little bit of what young people have been experiencing in London and other hotspot areas for decades. I was born and brought up in London and I knew from a very early age that there was no way I would be able to afford to buy any kind of property in London until I had saved a lot of money. When I did buy my first property with my then wife, we both had well paid jobs in London but could only afford a pokey flat well to the south of London which left us both with a 2hr commute to work every day. We didnt complain, just tried to save more money to be able to afford a property closer to our work which we did a few years later

Second, who is selling these properties to incoming second home properties in Cornwall? The answer of course is that it is mostly locals and it is mostly locals who are making the fat profits in the rising market. So dont blame the incomers, blame your neighbours for cashing in

Third, part of the answer is to build more houses but what would be the reaction of locals to that? Of course the local nimbies would be out on the streets protesting about the character of their neighbourhoods being ruined (when the real reason is that they want to protect the value of their properties)
 

Farmer Piles

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I work in bath and live between bath and Bristol. We rent a small 2 bed for £950 a month - to buy it would be £250k. For £150k we would struggle to find a 1 bed flat in Hartcliffe (also a sh1thole) but I won’t commute from Yeovil (35m maybe, but an hour and a half commute - (did exactly that commute for 5 months, took 91m door to door leaving at 6:30am, used to get home between 7:30 and 8pm every night....
Rentals have gone mad here too. I know a guy who was in the process of buying a one bedroom flat, again in Redruth and the vendor pulled out as he had been contacted by somebody from London who is now able to work from home and fancies the Cornish lifestyle. They offered £800/month, six months upfront - one bed in a grotty town. I suggested to Mike that it might turn out to be a cannabis farm!
Also, everyone is letting everything on Airbnb. The way it is down here currently you could probably let out a coal shed as long as you gave it a sweep out,
 

TheCoach

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We have been looking seriously for about 18 months now, but the purchase is dependant on other stuff like house moves and moorings.

Our interest has been 9-12m £50-£150k trawler yacht, scandi or MF type. I would say since summer last year there has been about a £20k "covid" premium on boats in this price range. Pure supply and demand, and often easy to spot as you can find a lot of previous listings by trawling the web!

I don't see prices softening this season TBH as for those who bought last year this will be the first chance to use and find out if it is for them, and those buying this year are in the same "boat" :LOL:

I suspect prices will soften over the winter as part of the normal seasonal adjustment and as some realise boating isn't for them or the economic realities set in. I don't think this will be a big change though as supply is still restricted for all the reasons documented earlier (including lack of European buying options).

So I reckon strong prices will be around for at least another 12 months then a slight softening but no real collapse.

We have seen the same in our house search. Their is a definite 10-15% Covid premium on houses at the moment compared to 12 months ago - although this is perhaps more evident on houses that fit a certain "desirability" parameter which may be location, size, proximity to water! We have seen houses sell within 24 hours of listing, before listing and one of my colleagues in Thames Valley was outbid by £200k on a £1m house before it even got to market after he went £100k over asking price!

Basically, it seems that for those that have funds (or access to them by whatever means) there is a very strong drive to buy now - and that combined with lack of supply is causing upwards price pressure. It is, however, a very different story for those without funds or needing funds:rolleyes:

@Tony W that's tough and I sympathise from a similar situation a few years back, but as you say you just have to roll with it sometimes - I don't have a view on the higher price bracket boats but it does surprise me - always seems to be the way though when you need to sell!

Cheers,

TC
 

Farmer Piles

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I dont wish to be contrary but I have little sympathy with your views for 3 reasons

First, youre only experiencing a little bit of what young people have been experiencing in London and other hotspot areas for decades. I was born and brought up in London and I knew from a very early age that there was no way I would be able to afford to buy any kind of property in London until I had saved a lot of money. When I did buy my first property with my then wife, we both had well paid jobs in London but could only afford a pokey flat well to the south of London which left us both with a 2hr commute to work every day. We didnt complain, just tried to save more money to be able to afford a property closer to our work which we did a few years later

Second, who is selling these properties to incoming second home properties in Cornwall? The answer of course is that it is mostly locals and it is mostly locals who are making the fat profits in the rising market. So dont blame the incomers, blame your neighbours for cashing in

Third, part of the answer is to build more houses but what would be the reaction of locals to that? Of course the local nimbies would be out on the streets protesting about the character of their neighbourhoods being ruined (when the real reason is that they want to protect the value of their properties)
I broadly agree but the main issue here is that locals are trying to buy and rent houses with incomes that are well below the national average. Meanwhile the houses are being bought with London money and those with well paid jobs. There are jobs in Cornwall, most not well paid. What there are not many of, are careers whereby you can progress up the ladder and increase that income.
Market forces will always dictate and as you say, for every second home owner there is a local who took top dollar when they sold it. Just making the point that it is particularly tough for young people down here currently. House price inflation is vastly greater than their ability to save, high rents not helping. They are building down here at an incredible rate but the infrastructure is already inadequate - partly due to the Barnet formula where rural councils get less funding per head of population.
Anyhow, all very off topic, and on a personal note, I hope that the S/H boat market does calm down as I m hoping to upgrade. We shall see.
 
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