November 13, 2019

£15,000 for Pegasus Court leasehold retirement flat in Rochdale – which once sold for £85,000

Another disastrous retirement leasehold resale price, where neighbours have paid £165,000

A leasehold retirement flat at Pegasus Court, in Rochdale – built by Pegasus Retirement – is up for auction with a headline price of £15,000 later this month.

The property has been sold twice before: for £59,750 when new in 1997, and for £84,950 on resale in 2004. 

Fifteen years later the price has collapsed, unlike the local property marker.

Auction House Manchester is labelling 15 Pegasus Court at a guide price of £15,000 – suggesting it might go up to £25,000.

Whether either sum is reached, this is a calamitous result for some family even in the often appalling resale market in retirement properties.

Pegasus Court was the name invariably used by Pegasus for its developments.

The one at Rochdale is has 61 flats, bungalows and cottages. Its communal facilities are a lift, stair lift(s), lounge, laundry, guest facilities, garden, conservatory and library.

The website housingcare.org says “Access to site easy, but less so for less mobile people. Distances: bus stop 500 yards; shop 0.5 mile(s); post office 1 mile(s); town centre 0.5 mile(s); GP 0.5 mile(s)”.

The auctioneers don’t know the lease length, the service charges or the ground rent.

Pegasus Court resale transaction history on the Land Registry tells an inconsistent story.

Some properties have risen in prices achieved.

For example, 40 Pegasus Court sold for £167,500 in 2017 and cost £116,000 in 1996, which is healthy.

But 46 Pegasus Court sold for £39,000 in 2017, which is likely to be another one-bed flat.

The Land Registry data is not complete for this site, probably because of the over-50 qualifying criteria, which meant that it was hit-or-miss whether the data was made public or not.

This was inexplicable and to consumers’ detriment, but the Land Registry no longer restricts this data.


Red illustrates a downward slide to prices; blue upward

Pegasus Court, Rochdale, OL11 4EA
Transaction history

Number 1
2013-07-04 £118,000

Number 2 
2002-04-29 £110,000

Number 3 
2014-02-04 £138,700
2005-11-11 £170,000

Number 4 
2015-08-21 £143,000
2008-10-10 £180,000
1997-10-17 £81,500

Number 6
2015-03-31 £169,950

Number 7 
2001-05-11 £90,750
2000-05-26 £94,000

Number 8
2018-10-03 £147,500
2014-05-19 £140,000

Number 9 
2013-12-06 £122,000

Number 10
2017-12-15 £78,000
2008-06-19 £190,000

Number 11
2012-07-02 £139,950
2005-08-19 £99,950

Number 12
2017-06-23 £40,000

Number 14
2014-05-21 £132,500
2007-07-31 £159,000
1996-10-16 £75,000

Number 15
2004-06-07 £84,950
1997-06-04 £59,750

Number 16
2006-02-22 £127,000
1999-09-09 £80,000

Number 18
2015-03-13 £93,500

Number 19
2012-02-17 £135,000
2003-08-29 £116,500

Number 20
2007-11-14 £124,950

Number 21
2016-07-08 £74,500
2001-07-31 £42,950
1998-01-29 £66,000

Number 22
2011-10-21 £145,000

Number 23
2016-09-30 £70,000
2000-04-28 £54,000

Number 24
2018-03-09 £90,000
2000-04-14 £89,950

Number 25
2004-10-29 £172,000
2002-12-23 £71,900

Number 26
2002-03-19 £46,500

Number 28 
2007-03-30 £135,000

Number 29
2016-11-04 £112,000

Number 30
2016-04-26 £62,950
2001-08-15 £56,000

Number 31
1997-02-28 £53,000

Number 32
2006-05-12 £140,000

Number 33 
2002-04-10 £70,000

Number 34
2017-11-20 £48,000
2007-04-04 £98,500

Number 35
2010-02-26 £95,000
2005-08-19 £115,000
2003-04-11 £59,995
2001-07-27 £47,000

Number 36 
2018-07-13 £65,000
2008-06-27 £120,000
2007-04-24 £117,000
2002-10-04 £74,950

Number 38 
2005-07-29 £140,000

Number 40 
2017-01-27 £167,500
1996-08-27 £116,000

Number 41
2017-03-08 £99,950
2015-02-18 £40,000

Number 42 
2001-01-19 £51,500

Number 43 
2003-09-26 £74,950
2001-11-27 £54,000

Number 44
2015-09-17 £95,000
2010-07-06 £125,000
2003-04-04 £81,950
1999-09-10 £55,000

Number 46
2017-12-15 £39,000
2015-12-09 £37,250
2015-04-23 £35,000
1997-03-14 £50,950

Number 47 
2016-01-27 £38,500

Number 48
2017-03-17 £49,950

Number 49 
2012-03-23 £125,000
2006-04-28 £152,500
2004-05-25 £139,950
2002-06-10 £69,950

Number 50
2001-05-15 £90,000

Number 51
2005-09-16 £125,000

Number 52
2017-04-12 £49,000
2002-02-08 £50,000
2001-10-16 £43,700

Number 55
2005-04-29 £139,950

Number 56
1997-10-01 £75,000
1995-04-07 £77,000

Number 57
2003-12-22 £145,000

Number 58 
2017-03-23 £54,950
2002-04-11 £149,950
1995-06-09 £68,500

Number 59
2009-08-20 £136,500

Number 60 
2005-08-02 £165,000

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