Owner's negative equity horror

phil_b_2

It is surely these shoeboxes which are crashing 50% from REDICULOUS prices (and rightly so) which are majorly skewing the extent of drops accross the whole country?

Prices have barely budged around here and many other parts of the north. Prices are already pretty realistic IMO. £160k will buy you a nice 3-bed semi in a nice part of Leeds.

The prices of the tiny box studios in some of the posts above are truly shocking and I never knew about them before. What a joke. Anyone buying into those are complete mugs. The sooner they go bust and just leave us folk who buy sensibly, the better.

carolt

Aaah, but is 160K for a 3 bed semi in Leeds reasonable? Many would disagree with you. If the average UK household income is a shade over 32K, according to lengthy recent discussion on another thread, then one would assume in Leeds it's probably a bit less, being up north and all. So let's say 30K. Which would make a price around 100K or maybe just over in line with historic income multiples.

Think Leeds semis have some way to go yet!

tradetime

PasturesNew wrote: »

I had a quick look at studio in Pimlico after reading this thread ... and I was tempted

A couple seemed quite spacious, in a cramped kind of way. But they cost £250k

I think the question is whether one would rather have a studio in a posher part or a 1-bed in a less posh part... and it seems London has many really dodgy not so posh parts.

Having lived in a studio for a few years, I wouldn't recommend the experience, it's a nuissance when your sleeping space is your living space / entertaining space.

pickles110564

neverdespairgirl wrote: »

If I were going to be spending £250k on a small flat just for me in London, it wouldn't be a cupboard in Chelsea. I'd look at somewhere near Blackheath, for example, such as:

I would bring your money to loverly Suffolk and pick up somewhere nice.

tradetime

turbobob wrote: »

Something I found interesting is the comments from (presumably) the Daily Mail readers on their web site, which are pretty much the same as what we'd see from the bears here.

What I always find quite amusing is the public's ability to disconnect themselves from any responsibility in the overall situation. Society as whole has gone through a shift in reasoning, where I am never responsible in any way for anything undesirable that happens to me, it's always someone elses fault.
The banks made borrowing too easy
The banks lent too much money.
The government didn't oversee / regulate the banks properly.
The property developers are greedy
The media ramped up prices.

Whilst all these things are true, the ultimate responsibility is mine, the buck stops with me, I sign the dotted line, I make the decision.

It's like saying, I'm a drunk, and it's the pub's fault, if they didn't sell beer at a price I could afford I wouldn't be drunk. I burnt myself, messing about with a bonfire, it's the fault of the idiot who invented fire. I shot someone in an arguement, it's the fault of the gunmakers, they shouldn't make guns.
People are always screaming to be given more responsibility, less supervision, less regulation, but then like spoilt children they are not big enough and mature enough to stand fast and take the consequences.
If you can't afford it, don't buy it! If it's too expensive, don't pay the price. Buyers make prices. A seller will sell anything at a price that will give him a reasonable profit, beyond that it is buyers who decide how ridiculous that profit gets.

neverdespairgirl

Lovely though Suffolk is, it's not terribly handy for my Chambers (WC1) the Asylum & Immigration Tribunal Tier 2 (WC2) or the Royal Courts of Justice (WC2).

PasturesNew

That's the thing isn't it, you live mostly where you've managed to get a job. You then rent/buy the best thing you can afford that is commutable (bearing in mind time/cost/risk of getting the sack if it's unachievable).

Once you've plonked yourself down, you've then limited your next job.

You can't just pick where you want to live because the jobs might not be there. Even the Queen can't

GracieP

PasturesNew wrote: »

I had a quick look at studio in Pimlico after reading this thread ... and I was tempted

A couple seemed quite spacious, in a cramped kind of way. But they cost £250k

I think the question is whether one would rather have a studio in a posher part or a 1-bed in a less posh part... and it seems London has many really dodgy not so posh parts.

Pimlico isn't all that nice an area though. I worked there for a few months and I found it really grim. It's not that nice, there is no real community and the amenities are a bit limited and spread out. It's a central location, and it isn't terribly dodgy, but it isn't exactly a desirable location either.

PasturesNew

I don't know one end of London from another.
It's all "London" to me. Right out to the M25 (and beyond).

I doubt I'd be able to even find the Queen's House.