Property prices should not really matter

Austin_Allegro

neverdespairgirl wrote: »

There is a lot of mention of "better properties" and "good properties" on this board. What does it actually mean, though?

I think on this board it usually translates as:

'better properties/good properties = my property that I'm trying to sell and desperately hoping I can get an overinflated 2007 price for, and

'other properties' = that b*stard next door with exactly the same kind of house as me who's just dropped his price 20% below mine!

lynzpower

SingleSue wrote: »

Yep it is my favourite too and the one I have earmarked as one I would buy if I was ever lucky enough to win the lottery..recession or no recession!

Just imagine the discount off that price you would get if paying "cash" and could complete within 2-3 weeks :beer:

David_Aston

Well Dopester. I do hope that for the last few years, mortgage providers have been telling mortgage applicants, "You do realise you are asking for a "crazy, high mortgage" for this property don't you?"
Or to put it another way, who says, "OK, I can afford that!"

Dithering_Dad

dopester wrote: »

OK.. I'll have a quick look-see (but keep in mind I only viewed these properties as research, not with any intention to ever buy anything within this range even after the crash).

Property 1: -£500,000 reduction, but from perhaps a start point which was absolute peak and then some. (right around the corner.. well a few minutes from where I live), and seemingly belonging to an EA. (assuming you have property-bee installed)

Actually... it is more hundreds of thousands here for the most "desirable properties" around here - and not millions (although I think I saw that when monitoring W1... try searching Rightmove with PB to confirm on W1).

Search my general local area on Rightmove with PB, (Hale, Alderley Edge, Prestbury, Wilmslow = all Cheshire) at the top to middle end, and it will confirm these desirable areas are seeing houses reduced by hundreds of thousands, and many tens of thousands. And the same really for houses at the bottom end seeing lots of instances of being reduced by tens of thousands.

That house (property 1) is Sold STC, just shows that there are still some folk with cash at the mo!

I didn't realise you were a Northerner, Dopester. By your description, am I to believe you live in Altrincham? Sale is also a few minutes away from Hale, i suppose, though only if you drive fast.

I was looking to move to both of those places now (Altrincham & Sale, NOT Hale!!!) that prices are becoming reasonable but Mrs D but the mockers on that because she doesn't want the kids to have to change school. Looks like my next move will be to my 'retirement' home in Knutsford, a place where I have long admired but thought out of my reach (and it certainly is for a family home).

napoleon

MrSafeGaz wrote: »

What you are basically saying is, for the most financially challenging purchase in most peoples livee, that people should generally let their heart rule their head and buy anyway. .

He must be Phil Spender posting in cognito. Buy now and at any price before it's too late (especially as I'll get a commision out of it).

Dithering_Dad

napoleon wrote: »

He must be Phil Spender posting in cognito. Buy now and at any price before it's too late (especially as I'll get a commision out of it).

What's this 'cognito'? Is it a new sub board? I googled it and found this:

Cognito is a leading international mobile data network operator for business. We are experienced in implementing and managing the mobile data communication

Is Phil posting into this company, and if so, why do we need to know about it?

lynzpower

That house (property 1) is Sold STC, just shows that there are still some folk with cash at the mo!

I didn't realise you were a Northerner, Dopester. By your description, am I to believe you live in Altrincham? Sale is also a few minutes away from Hale, i suppose, though only if you drive fast.

I was looking to move to both of those places now (Altrincham & Sale, NOT Hale!!!) that prices are becoming reasonable but Mrs D but the mockers on that because she doesn't want the kids to have to change school. Looks like my next move will be to my 'retirement' home in Knutsford, a place where I have long admired but thought out of my reach (and it certainly is for a family home).

tis my part of the world too ( originally)

Lovely up there innit. Altrincham does seem to have gone ever-so slightly downmarket tho with all that drinking going on and arguments in the taxi queue - wonder if its overspill from Drinkers Didsbury.??

I do like hale tho, but public transport stinks out that way in my experience Migfht have a look on RM now, havent looked at that for a while

mr.broderick

MrSafeGaz wrote: »

I have always maintained that I believe that this is a financially dangerous point of view. What you are basically saying is, for the most financially challenging purchase in most peoples livee, that people should generally let their heart rule their head and buy anyway. People have gotten lucky with this approach over the past 10 years but only because the house price increase has cushioned any potential problems.

Yes, a home is a home but 6 months down the line a home could be a home in addition to £20,000 less borrowed. We are talking significant amounts of money here.

So to conclude, if someone is really, desperately unhappy with their current arrangements and buying a house is the silver bullet to all their problems, then by all means buy, I can completely understand the decision. But for those that are relatively comfortable, why on earth would you buy now rather than wait 6 months when it is quite obvious that the least likely scenario possible is that house prices rise again.

Anyone buying a house at the moment must be bonkers. I feel sorry for the people who want to buy but houses are just too high for the average joe at the moment. I bought my 1st house some years ago and it was just a little terraced which was 30k ish, it was a huge amount of money to committ to at the time but i did it, i have bought 5 houses and continued to trade up to better and bigger houses. I now have a house with around 50% equity which is amazing really for a guy of my age. I just feel that ftb'ers are setting their sights too high and need to realise that houses are expensive animals to buy and run in any climate.

GDB2222

Dithering_Dad wrote: »

I was looking to move to both of those places now (Altrincham & Sale, NOT Hale!!!)

What's wrong with Hale, or just too expensive?

penguine

mr.broderick wrote: »

Anyone buying a house at the moment must be bonkers. I feel sorry for the people who want to buy but houses are just too high for the average joe at the moment. I bought my 1st house some years ago and it was just a little terraced which was 30k ish, it was a huge amount of money to committ to at the time but i did it, i have bought 5 houses and continued to trade up to better and bigger houses. I now have a house with around 50% equity which is amazing really for a guy of my age. I just feel that ftb'ers are setting their sights too high and need to realise that houses are expensive animals to buy and run in any climate.

My OH bought our 2-bed flat in 1998, at the 1995 bottom-of-the-last-hpc price as it was not in great condition. It was a real stretch to buy it even though it was extremely cheap by today's standards. By the time our daughter was born and we were looking to move up to a house in 2004 we were pretty much priced out of the market for 3-bed houses in our area. The few decent properties in our price range were quickly snapped up -- while most houses we saw were selling for 5x the price we'd paid on our flat but were positively tiny. So trading up became virtually impossible for us -- or at the very least nonsensical, why mortgage ourselves to the hilt to get tinier bedrooms than we have in our flat and a postage-stamp garden?

I have a lot of sympathy for FTBers with their "sights set too high" -- anyone looking to pay ridiculous prices for property over the past few years had the right to expect to actually get something decent for that amount of money. But they're hardly to blame for HPI.