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  • FIRST POST
    • Chanes
    • By Chanes 9th Oct 16, 10:47 PM
    • 604Posts
    • 345Thanks
    Chanes
    2005 to 2007
    • #1
    • 9th Oct 16, 10:47 PM
    2005 to 2007 9th Oct 16 at 10:47 PM
    Were these years the worst years to buy property (outside London)?
Page 1
    • Kynthia
    • By Kynthia 10th Oct 16, 1:18 AM
    • 4,701 Posts
    • 6,715 Thanks
    Kynthia
    • #2
    • 10th Oct 16, 1:18 AM
    • #2
    • 10th Oct 16, 1:18 AM
    In what way specifically? Compared to renting or compared to buying during a different year? If you've sold or of you still own that property?
    Don't listen to me, I'm no expert!
    • Rain Shadow
    • By Rain Shadow 10th Oct 16, 8:43 AM
    • 1,419 Posts
    • 2,578 Thanks
    Rain Shadow
    • #3
    • 10th Oct 16, 8:43 AM
    • #3
    • 10th Oct 16, 8:43 AM
    I would say 1988 was probably worse from my experience.
    • ellie27
    • By ellie27 10th Oct 16, 9:50 AM
    • 959 Posts
    • 649 Thanks
    ellie27
    • #4
    • 10th Oct 16, 9:50 AM
    • #4
    • 10th Oct 16, 9:50 AM
    Yes, I bought in Scotland 2007, sold for 13% less than I paid for it. (£23k less)

    I also bought in Dublin in 2005...... I try to forget about that one although I still have it! Bought for EUR288k, cannot even sell it now for EUR 190k!
    • Malmo
    • By Malmo 10th Oct 16, 10:19 AM
    • 695 Posts
    • 514 Thanks
    Malmo
    • #5
    • 10th Oct 16, 10:19 AM
    • #5
    • 10th Oct 16, 10:19 AM
    There is no generic answer to this question. For example, I bought in Summer 2007 at the height of the market pre-crash, rode through a double recession and still managed to sell for 5% more in 2015, in the East Midlands. However, this does not reflect everybody's experience.
    • Grenage
    • By Grenage 10th Oct 16, 10:27 AM
    • 879 Posts
    • 822 Thanks
    Grenage
    • #6
    • 10th Oct 16, 10:27 AM
    • #6
    • 10th Oct 16, 10:27 AM
    It wasn't awesome; the previous owners bought our old house for 160 in 07, and sold for 142k in 2012.
    • Rain Shadow
    • By Rain Shadow 10th Oct 16, 10:33 AM
    • 1,419 Posts
    • 2,578 Thanks
    Rain Shadow
    • #7
    • 10th Oct 16, 10:33 AM
    • #7
    • 10th Oct 16, 10:33 AM
    I bought in the New Forest for £346k in 2006 and it never really lost value against that as far as I could see. In the condition I bought it in it would probably go for just over £400k now.


    I bought new in Wilmslow in 1985 for £57k. By 1988 identical houses (there were about 12 of them together on an estate) were going for £165k. A year later they were going for £130k.
    • Chanes
    • By Chanes 10th Oct 16, 5:35 PM
    • 604 Posts
    • 345 Thanks
    Chanes
    • #8
    • 10th Oct 16, 5:35 PM
    • #8
    • 10th Oct 16, 5:35 PM
    It really was a bad time to buy, it seems many have taken a loss on re-sale after those years and to this year too.
    • cjdavies
    • By cjdavies 10th Oct 16, 6:24 PM
    • 1,727 Posts
    • 1,409 Thanks
    cjdavies
    • #9
    • 10th Oct 16, 6:24 PM
    • #9
    • 10th Oct 16, 6:24 PM
    November 2007 for me, still here, but if selling would be less.

    Bought for £68,500
    Last edited by cjdavies; 10-10-2016 at 6:26 PM.
    • kilby_007
    • By kilby_007 10th Oct 16, 6:28 PM
    • 445 Posts
    • 237 Thanks
    kilby_007
    Now is also a bad time to buy in my opinion. Supply is low, prices high and there's a lot of flag-flying. We've been looking (and constantly disappointed) in East Yorkshire for a year. Last month we saw a 4 bed semi for 365K which is beyond ridiculous in this area. They're asking £120K more than it was worth a couple of years ago. This weekend we saw the first property that we both liked and thought was good value for money so we've offered the asking price, but given the low supply of decent houses it seems like everyone else probably wants it too. We have decided that we won't increase our offer should we be gazumped (currently they're delaying whilst other people view). We do like the property but I won't contribute to the madness, would sooner wait until the market sorts itself out, even if it takes us until next summer some time.
    • knightstyle
    • By knightstyle 10th Oct 16, 7:24 PM
    • 4,026 Posts
    • 1,474 Thanks
    knightstyle
    1988 was the worst in recent times, we bought for £130k, they tried to get £5k more at the last minute but we said no, three months later it was worth £95k.
    Plus the mortgage rate went up and up we were paying 14% it broke many families up, we struggled with 5 kids from previous marriages with us, full time jobs, cleaning pubs in the evening and running a curtain business.
    • phoebe1989seb
    • By phoebe1989seb 10th Oct 16, 7:31 PM
    • 2,924 Posts
    • 6,079 Thanks
    phoebe1989seb
    We sold - in Hampshire - in Nov 2007 for £585k. Our buyers sold it on in 2012 for £630k, having done nothing except have an Aga fitted. Think it's probably worth £850-900k now

    Otoh, the house we bought in Nov 2007 - in Essex - we made a significant 'loss' on when we sold in 2011.......
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Davesnave
    • By Davesnave 10th Oct 16, 7:58 PM
    • 20,821 Posts
    • 83,721 Thanks
    Davesnave
    The house we didn't quite sell in December 2007 for £375k (thanks Northern Wreck) was only worth about £275k by May 2009, although we baled-out before then.

    However, the one next door, which was a tip, sold for £379k in December 2012, so things didn't stay depressed too long in our part of Bath & N E Somerset.

    5 years was way too long for me to sit and wait for the reurrection though.
    Last edited by Davesnave; 10-10-2016 at 8:26 PM.
    'Only the mediocre are always at their best.' Jean Giraudoux
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