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Debate House Prices
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What have I done wrong! Oh go on one last thread! :)
justpurchased
Posts: 581 Forumite
Thanks for all the lovely comments I can see I was sorely missed.:rotfl:
I just want to go over something to wonder what a lot of people on here think I have done wrong.
I have just had the valuation back from our new mortgage provider (when I purchased the new house I just did the additional on SVR as I needed to act fast and I still had my old mortgage running until the end of this month 5.08% £1.5K redemption, so obviously did not want the redemption).
I over stated how much I wanted to borrow as I wanted to see what the valuation would come back at, just to see if we did get a good deal. (Its market price as a new build was original £340K purchased £250K)
It came back at £306K! £56K more than I purchased for! (I know this is paper money and I would never sell as we love the house, it really is our forever house)(Also I am not going to MEW it!)
Going on that, we could afford for prices to drop back a further 43% before we hit negative equity the same as if we had stayed in our old house.
So what have I done wrong other than take on more debt (that I can afford)?
Other than have a family home we are very, very happy with1
Also feel free to take the P**S for posting again, I did slightly loose my rag the other day.
I just want to go over something to wonder what a lot of people on here think I have done wrong.
I have just had the valuation back from our new mortgage provider (when I purchased the new house I just did the additional on SVR as I needed to act fast and I still had my old mortgage running until the end of this month 5.08% £1.5K redemption, so obviously did not want the redemption).
I over stated how much I wanted to borrow as I wanted to see what the valuation would come back at, just to see if we did get a good deal. (Its market price as a new build was original £340K purchased £250K)
It came back at £306K! £56K more than I purchased for! (I know this is paper money and I would never sell as we love the house, it really is our forever house)(Also I am not going to MEW it!)
Going on that, we could afford for prices to drop back a further 43% before we hit negative equity the same as if we had stayed in our old house.
So what have I done wrong other than take on more debt (that I can afford)?
Other than have a family home we are very, very happy with1
Also feel free to take the P**S for posting again, I did slightly loose my rag the other day.
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Comments
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Ah, so you came back to gloat.
Good for you!
Are you off now?0 -
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justpurchased wrote: »
It came back at £306K! £56K more than I purchased for! (I know this is paper money and I would never sell as we love the house, it really is our forever house)(Also I am not going to MEW it!)
What is the postcode?0 -
Sorry i will not give out personal details on the web.0
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justpurchased wrote: »(Its market price as a new build was original £340K purchased £250K)
It came back at £306K! £56K more than I purchased for!
Well the developer was obviously happy to kiss goodbye to £90,000 at the start.
So much for that valuation of the time eh?
Problem is we're entering a period of severe pricing adjustment.
You may well have got a new valuation that you're happy with, yet that current valuation is seriously open to much downgrading in the months and years to come.0 -
Well the developer was obviously happy to kiss goodbye to £90,000 at the start.
So much for that valuation of the time eh?
Problem is we're entering a period of severe pricing adjustment.
You may well have got a new valuation that you're happy with, yet that current valuation is seriously open to much downgrading in the months and years to come.
I agree, but surley that would have been the same in my previous house! dont get me worng the day we had the offer on our old house we were ready to take it off the market as we were fed up of cleaning and no offers.
Lets put it this way it was one who had recently posted a large loss. (my offer was accepted before they managed to sort there selves out) I think you can guess who they are from that.0 -
I don't think you've done anything wrong, other than criticise people for discussing "doom and gloom" when perhaps they (we) may feel it's more about realism. But that's just a matter of perspective.
If you're in a house you love and can comfortably afford then good for you. From the sound of it you had a house before so from an investment point of view you'd have been losing equity either way (as am I in mine, big deal, it doesn't shrink in size as it becomes worth less money). Might as well be losing it in a house you're comfortable and happy in.
Don't see the problem myself, as I posted in your original thread, sounds like you've made a good choice for yourself and your family.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
You have done nothing wrong - at least you balance out some of the arguments/debates.0
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justpurchased wrote: »No i have just given my own opinions before but people took the pee for purchasing. Not here to gloat just to find out why so many people took a dim veiw and to find out what mistake they belive i have made!
No - that's extremely disingenious. People responded to your comments (a) trying to talk up the housing market, claiming, for example, that old chestnut that rising population meant prices had to keep rising too (despite somewhat disproved by current events!). And (b) claiming that falling house prices = doom and gloom, to which many responded kindly by explaining that to them it felt rather like winning the lottery on a monthly basis.
Of course you're here to gloat.
At what point are you off then? I'm rather tired of these posters who stage their own dramatic funerals, only to promptly return. Are you mr b in disguise?0 -
Thanks, I think the doom and gloom was taken out of context. I was just saying that some of the posting and argument over sensationalise things. (and are based on improving there owen situation EG put intrest rates up .5% as they have savings even if it would be a disaster for the economy).
As stated before i do not class house price defaltion as doom or gloom. Just saying the world is going to fall apart, i just don't buy in to that. but each to there own.0
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