Sold for £170,000 in 2002 how much now?

chrisandanne

On the land registry, which is lagged, the two houses that sold here had a combined reduction of 22%, since then asking prices have fallen further.

To be honest if I was the op I would wait and let the reductions happen naturally, saves the hassle of getting a rejection. It's pretty generally agreed that in the present climate prices have further to fall and as a cash buyer he is in a fantastic position.

I spoke to an EA on Saturday, viewing a house with my daughter. He said they are getting offers but they go nowhere because the potential buyers can't sell their own. Perfect conditions for cash buyers to make cheeky offers.

Also when she gave the EA her budget they suggested she look at houses
20% more than she could afford because of the potential for reduction and this is on top of much reduced prices.

Ax

Balls_Of_Steel

PasturesNew wrote: »

Blimey ... that's a long house!

It's Lincolnshire...full of BIG fields.

ad9898_3

sympatex wrote: »

gawd it must be grim up north. We're looking at 200-220 price range in SE and we cant find anything but 3bed semi's in not fantastic areas. I'm sure the vendor in the current market would come down min 7.5% but i think if you start going beyond 15% they would laugh you off. It might not be wise of them to do so but you'll prbably find they would.

I think if they do laugh it will soon turn a face of desperation over the next 12 months, after hearing Darling and Browns pre budget report yesterday (are they on glue ?), I definitely see 2001 prices returning, it's all been speculation and you need confidence to speculate, with the debt bomb now underneath us I don't see it returning for some while.

moanymoany

We are now looking to rent for a year when we retire in the spring. It seems silly to give away a couple of thousand pounds a month - £25k over a year is a lot of cash in the retirement pot.

Seven years private health insurance payments!

Dithering_Dad

Offer £10 and work up from there. The housing market is shot, they'll be glad to even get that much.

We're facing 110% housing reductions in this crash, anyone who actually pays for their house is a mug IMHO. They'll be paying you to take them away in a couple of years, mark me sir. Mark me.

adr0ck

using nationwides calculator

http://www.nationwide.co.uk/hpi/

saying bought in 4th quarter 2002

gives a value of [FONT=Verdana, Arial, Helvetica, sans-serif]£242211

can't believe its that much myself but there you go
[/FONT]

adr0ck

if you say priced in an extra 20% off for future decreases

would give £193,768

say offer £185k moving upto maximum £190k (if you really like the house etc etc)

Heyman_2

Dithering_Dad wrote: »

Offer £10 and work up from there. The housing market is shot, they'll be glad to even get that much.

We're facing 110% housing reductions in this crash, anyone who actually pays for their house is a mug IMHO. They'll be paying you to take them away in a couple of years, mark me sir. Mark me.

This is the most sensible thing I've read on here so far, finally a bit of realism comes to the fore, and not before time!