Cheffins held a property auction in Cambridge yesterday (which i missed 
). This fine 3 bed semi in Lovell Road CB4 2QW was predicted, prior to the auction, to make £180K to £200K in fact it didn’t reach £118K . Oops it made £179,500
Only 8 of the 15 lots were sold at the auction. So it looks as though the property crash has finally hit Cambridge (again). I wonder if it will take 15 years to recover this time.
Update:
From the excellent Estate angels website I found some historic prices for Lovell Road:
Lovell Road House Prices 2000 - 2007
Yesterdays price of £118K £179,500 takes as back in time to 2000! Eight two years of Cambridge property inflation wiped out in one month or so…
Love this from the description: “Outside the property benefits from a lawned front garden”- -don’t they mean “green and brown scrubby thing?”
Very interesting Geoff…..my eldest son has a house just north of Newcastle, and was unable to sell it last year, so he rented it out..because he had to move down to near Swindon with RAF.
He got a phone call from agents to say they had a viewing, with a person who was looking to buy to rent out…..today he phoned me and said…that even the though the house is worth 137,000 they only offered 100,000…..the house is 3 years old….immaculate and with someone in there renting already….you can image what my son said!! He will continue renting it !!!
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The property crash will pick up very soon, it's a buyers market right now.