Average House will loose 26k in 2008 !!!

space_rider

amcluesent wrote: »

HPC now back to 2004 levels. How soon before we're partying 'like it's 1999'? I bought in 1988, so I don't suppose we'll get there...or will we!

Flipping hope not! I bought Dec 06 Still if it does it`s ok. I have 18 years left to pay off my mortgage, hopefully the house will be worth something by then!

dervish

vigesimal wrote: »

Or b1tch1ng about the people on this board, on another board.;) I saw ya.

pleaase dont use foul language. :mad:

also stop trying to get around teh swear filter.

lynzpower

2 bed ex LA garden flat/maisionettes in the area ( london) Ive been looking at have dropped from 275 at peak to 175 now. Thats a big loss IMO.

I sold my SO flat in this area in Jan 07 and someone has a worse one with no garden on a not-quite-as good road selling for 150 at 50%..... ie the same as what I sold for....

chucky

lynzpower wrote: »

2 bed ex LA garden flat/maisionettes in the area ( london) Ive been looking at have dropped from 275 at peak to 175 now. Thats a big loss IMO.

ex LA properties will be the slowest to sell in this market, hence the massive price drop to attract a buyer.

buyers currently have too much choice and with respect to LA property owners they would probably not be the first choice for any potential buyer.

besonders1

chucky wrote: »

ex LA properties will be the slowest to sell in this market, hence the massive price drop to attract a buyer.

buyers currently have too much choice and with respect to LA property owners they would probably not be the first choice for any potential buyer.

There seems to be a trend over the past 5 years that sellers offering ex LA properties think their home is worth the same as those in more desirable areas if they paint the walls magnolia and put in a silver kitchen and cooker hood. Looks like they are going to be disappointed.

whathavewedone

Yep. When I bought my first flat in 2002 I wouldn't even look at ex LA. People have bought them over the last few years because they were relatively affordable and anything nice sold in a day but now that there is so much choice and prices are falling/deals to be done no one will be even looking at ex local unless they give it away

chucky

whathavewedone wrote: »

Yep. When I bought my first flat in 2002 I wouldn't even look at ex LA. People have bought them over the last few years because they were relatively affordable and anything nice sold in a day but now that there is so much choice and prices are falling/deals to be done no one will be even looking at ex local unless they give it away

as we all know it's about affordability. you buy at the level you can afford. even now or a years time when prices bottom out there will be people who will have no choice but to go for an ex-LA property due to afforability. nothing at all wrong it's just the market the way it is.

this goes back to the old argument that "nice places don't fall in value" - i don't really think they do (please don't beat me for this NDG ), they may fall less but these amounts are nominal compared to price drops in other "lesser" properties. in whatever market you're in they are the more desirable properties will be the more popular and people will always pay a premium.

space_rider

Where I live you can get a 3 bedroom 3 storey 3/4 year old semi for the same price that the ex la ones are selling. They are repossessions. I moved from a council estate because of the problems with kids hanging around. Only thing stopping people really is the big deposit needed.

lynzpower

I really do think it depends where you are with ex-la, in london in some parts most of them are soold off on RTB anyway so your neighbours are generally BTL.

the estates im looking at are small ( 3x blocks of 40 flats surrounded by conservation area) and I lived there before so I know the area v well.

in some areas ex-la can be chav hell, here in london, it can be really mixed, so I dont jump to conclusions.

Ex la properties are massive compared to some poxy conversion ( I really dont like conversions) with good size rooms and well built. I have no snobbery about it as long as the school is in a good ish catchment and isnt in line for being flooded in the future.

whathavewedone

In London there are some period ex LAs as well - my oh's parents sold a 4 bed Victorian house in 2006 in South London for enough money to buy a 5 bed in Kent practically mortgage free.

They'd bought it under the RTB back in the 80s so there was a lot of equity. It was still pretty cheap for a 4 bed house in London mainly due to the area - v high crime rate and poor schools which meant no families were looking at the house - sold to a single person in the end.

Not all estates are bad either.

I just think that with prices falling more people will have the choice to buy non ex LA housing which means that if people want to sell their ex LA houses they will have to price them extra cheaply in order to attract interest. As Chucky says, there will still be people who will buy them.