Good price drops - post here please!

Realy

carolt wrote: »

So you bought a new build in August 2008.

Interesting.

Thanks for the info.

Got to say on this but I have been putting a BOE tracker through.
Sureyer called today and double checked my aprioximate value.
i only said £250K as that was buy price, he thought they had pressed 2 instead of 3 on the keybaord (so £350K, he said off record he would have valued at £340k then taken off the 10% for being a new build).
But I would struggle to sell now but it is nice to now I have made some "hypothetical paper money" as it helps the LTV (I was worried they would value at £250K -10%)

Nevermind it will all be wiped away soon.:rotfl:

Sir_Humphrey

http://www.rightmove.co.uk/viewdetails-23664545.rsp?pa_n=1&tr_t=buy&mam_disp=true

Auction guide price £120000.

This caught my eye. This is on one of Streatham's best roads (relative I know) and is very near to Streatham Common station. This had been on sale earlier and IIRC "needed updating".

http://www.houseprices.co.uk/e.php?q=102+lewin+road+sw16

123/08/2006 £248,000 Flat 102, Lewin Road, Lambeth, London, Greater London, SW16 6JU

A drop of over 50%. Ouch! :eek: :T

Other flats on that road are nowhere near that level (yet at least).

mircea

carolt wrote: »

Know there was a thread on this, but just looked and can't locate it - so here we go again.

Any really good price drops you've seen in your neck of the woods:

To kick off, a 3-bed Victorian terrace 5mins from the station in St Albans - currently asking 199K. To compare, equivalent was asking 300K a year ago - when we looked at houses in St Albans in 2002, equivalent was 180K. So more or less back to 2002 prices already (discounting 10% to get from asking to selling price). According to ad in EA, came on at 250K originally - anyone with propertybee able to tell me when? (NB Although it calls itself a 3 bed, it's really a 2 bed, where they've put the bathroom downstairs. Still the first 2 bed city centre Victorian house asking below 200K I've spotted.)

http://www.connells.co.uk/properties.asp?br=-1&cs=26&type=0&b=STA&prop=100003&min=-1&max=200000&bed=3&Go.x=21&Go.y=11&Go=Go

More please!

Still looking for house price drops are you?And estate agents closing down, people being reposessed with the children in the street etc?You would have thought that the massive GDP drop announced today, the FTSE at 3700, the unemployment due to reach 3 million would stop people wishing on these kind of stuff; well, I suppose for some there is no hope.

carolt

Hi mircea, just seen your charming post after several days away due to terminal computer failure.

You seemed to miss my point - 'I suppose for some there is no hope.' - on the contrary, for a generation unable to afford their own homes, there is, despte the terrible economic news generally, at last some very real hope that they may be able to afford a home one day, and not see their children on the street, at the whim of some BTL landlord, who was in it for his own selfish gain only.

Why when you consider the 'poor children', do you forget that would-be FTB's have children too?

Or, as they're not homeowners, do they not count in some way, in your wonderful property-owning 'democracy'? :rolleyes:

HammersFan

What a load of rot about a generation not being able to afford their own homes. In a few parts of the country that may well be true. 3-bed semis around here around 120k-150k (east mids) and there is a very active BTL market. That sort of amount is clearable in 12-15 years with a degree of determination. London and surrounding will always be really pricey - always has been and will continue to be.

SingleSue

Well on an average salary around my way, even those at 120-150k are out of reach unless they are able to get a very generous earnings multiple for a mortgage (which is now impossible)

3 bed semis around here are in the region of 160k+ and I am not in London or the surrounding area (although still in the south of the country).

HammersFan

A joint income of £40k for a couple is not that unusual. 3.5x jt salary plus a decent deposit. There's a lot of hysteria about lack of affordability driven by people who live in / near london - elsewhere its possible to own a place in 10-15 years without too much pain.

carolt

Oh let's not get into that unfruitful territory again.

Suffice to say - BALLS to London property 'always having been unnaffordable'.

My parents bought their first 3-bed house in Finchley on 3 times one (average manual worker's) salary - ie around 75K in today's money. Price now - c.500K.

Average 2-bed flat in London zone 2-3, nice areas, in the early-mid 90's - 55-72K. Lots of examples already given on another thread. Easily within reach of single people, let alone a couple.

I could give countless other examples of other London properties and other years.

London is NOT uniquely unaffordable - that is a very, very recent development, and one that is highly unlikely to survive the culling of city jobs, implosion of Russian and other economies, general economic malaise, etc.

I'm not looking to buy in London, but my house has increased roughly 3.5 times it's value at the bottom of the last crash.

I don't expect it to shrink back to that level (although all things are possible .... who foresaw the full extent of the economic problems the world economy is now facing?), but the inflation-adsjusted equivalent seems highly likely.

And as for houses in the midlands costing 'only 120-150K being affordable? :rotfl:

Not long ago, if they fetched 50K, you were doing really, really well.

SingleSue

HammersFan wrote: »

A joint income of £40k for a couple is not that unusual. 3.5x jt salary plus a decent deposit. There's a lot of hysteria about lack of affordability driven by people who live in / near london - elsewhere its possible to own a place in 10-15 years without too much pain.

In my area, joint income for a couple is more like £32k and that is more the higher end.

There are a few jobs that pay more but the norm is around 14k- 16k.

chucky

HammersFan wrote: »

What a load of rot about a generation not being able to afford their own homes. In a few parts of the country that may well be true. 3-bed semis around here around 120k-150k (east mids) and there is a very active BTL market. That sort of amount is clearable in 12-15 years with a degree of determination. London and surrounding will always be really pricey - always has been and will continue to be.

Hammers Fan 100% agree with you.

People will be coming back to you and saying that they want to live in this road or this road and only want to pay 3x my salary to live. This will never happen - if they think it will they'll be still be renting in 20 years time.

You'll even have people telling you that London should be affordable because it always has been. That's rubbish - there is no point in comparing parts of London that were affordable before due to the fact that they weren't the nicest place to live.