Good price drops - post here please!

SingleSue

The area I am talking about is not in London or even the surrounding area although at a push, I suppose you could commute but it wouldn't really be ideal.

The sorry fact is that around here right now with the banks tightening up their lending practices, it is extremely unlikely to get on the ladder without family help...even one bed rabbit hutches are over 100k!

HammersFan

Might it have been that houses were under-valued in the past? If you want to buy then sometimes you have to look to different areas - not neccessarily bad ones. I think if you simply keep wanting to live in the same area and wait for prices to fall to historical levels, it just won't happen - but I guess then you will always have an excuse as to why you didnt buy. And London has changed so much over the years, comparisons with a generation ago no longer make sense. I grew up in East London, and around 25 years ago it was still outside loos and no hot water (icicles on the inside of the windows).

HammersFan

carolt wrote: »

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.

The interest on a 120k mortgage would cost around about £500 per month on a decent deal and with a 10% deposit. Then pay off the rest at whatever pace. Unaffordable? Nope.

carolt

HammersFan wrote: »

Might it have been that houses were under-valued in the past? If you want to buy then sometimes you have to look to different areas - not neccessarily bad ones. I think if you simply keep wanting to live in the same area and wait for prices to fall to historical levels, it just won't happen - but I guess then you will always have an excuse as to why you didnt buy. And London has changed so much over the years, comparisons with a generation ago no longer make sense. I grew up in East London, and around 25 years ago it was still outside loos and no hot water (icicles on the inside of the windows).

Well, if you want to believe that houses in all the past bar the last few years were 'undervalued', and that now we are living in a 'new paradigm', then I think you have some learning to do.

Is it just, just possible, that all economic commentators (bar yourself) were right, and houses in the UK were grotesquely overvalued? I belive 'bubble' is the term usually used - I take it you've not heard of that, then? :rotfl:

drc

Here's one;

http://www.rightmove.co.uk/viewdetails-20431916.rsp?pa_n=4&tr_t=buy&mam_disp=true

5 bed semi-detached house near to Highgate Wood in London.

Put on the market on 30th March 2008 at £1,395,000.

After subsequent drops, it is now at 'offers in excess of' £799,999.

Approximately a 43% drop in 7 months and still not sold.

MissMoneypenny

46% drop. Started off at £129,950 in January and now on at £69,950
http://www.propertytoday.co.uk/Details.aspx?Town=&PropertyType=2&Page=1109&Bedrooms=2&Position=11&propertyhash=30b8db56cf2fd0f748de5dcc0a2b8874

MissMoneypenny

Property Bee showing the asking price for this one was £1,750,000 in January and now the asking price is £1,100,000.
http://www.rightmove.co.uk/viewdetails-17264465.rsp?pa_n=2&tr_t=buy

hethmar

LOL, yes, its a silly argument isnt it. I want my three times average salarly to pay for that place in Highgate please, deal?

carolt

It's not silly at all - why if you earn the average salary in Highgate - you do, I take it? - then why shouldn't you be able to afford an average property?

Not saying this property is 'average' BTW, just that the idea that everyone 'ought' to be priced out of their own areas is ludicrous.

If you can afford to rent somewhere, you should be able to buy there. Renting shouldn't be wayyyy cheaper than buying - historically, it hasn't been.

As for Highgate, I'd guess the average salary there is well above average - but not by that much. :rolleyes:

This thread was about 'price drops' not whether house prices had ever been affordable, anyway (I should know - I started it. )

So cheers for all who've posted nice big drops.

Anyone more big price reductions, anyone?

MissMoneypenny

From £119.950 to an asking price From £60k
http://www.rightmove.co.uk/viewdetails-18432439.rsp?pa_n=10&tr_t=buy