Hi all,

I've lived in Bamber Bridge, Preston for a year now. We're renting at the moment but we had intended to buy after a 6 month trial period in the area. However, we've noticed prices dropping considerably since we moved here.

Some examples:

2 Bed Apartment (with Double Garage and Additional Room to Ground Floor)
Sold late 2005 by Barratt Homes - £192,000
Repossessed in summer 2006
On market for over 1 year at £159,950
Sold at Auction for £130,000, Sept 2007
Back on market now £195,000 down to £189,950 down to £159,950....still not sold!

3 Bed Detached with Integral Garage, Conservatory.
On market at £189,950 down to £179,950 down to £159,950 offers around.

3 Bed, 3 Storey Semi-detached
Sold by Barratt Homes for £210,000
Repossesed in summer 2007
Sold for £145,000 late 2007

The above highlights only a few cases but most houses in this and surrounding areas have been on the market for ages and are dropping in price.

The level of repossessions has been very high, particularly on our estate (Chestnut Gardens - built by Barratt Homes). We've witnessed 2 neighbours pack their bags and abandon their homes in March 2007, along with another 9 on the estate during the past 12 months.

All in all, this makes us very scared to buy. We're gonna stay put and ride this one out. We'll jump on housing market train when its going UP the hill, not down!

How have things been in your area?

Interesting observations, Starnett. I live in a block of flats in Fulwood, Preston. I've been waiting for prices to come down for so long that I've given up monitoring the Evening Post anymore. What I have noticed more so than usual is an increasing number of houses having more than one agent acting for the sale. Also the flats where I live are "professionals only" but there have been several units for rent that have been empty for awhile. They have tried selling some of the flats but to my knowledge there were no sales. They were asking for £195,000 for a 2 bed flat though

Any other Prestonians out there?

Just outside Preston, monitoring the Longridge/ Grimsargh area. Prices seem fairly static at the moment from the estate agents websites. However I've noticed the estate agents don't seem to be putting new properties on the market at increased prices, Simply comparable to Summer / Autumn 2007 prices.

I'm in Fulwood, Preston. Prices down by about 6% since July last year.

Eg this - http://www.rightmove.co.uk/viewdetails-161...=1&tr_t=buy started at £170,000 last July. 6% off - 60% to go........