House Valuation Q for Homeowners

JonnyBravo

It has risen in value/fallen by less than average.

Generali wrote: »

Prices for different houses will change at different rates at different times. I'm interested to see what people think about the value of their house versus the average change in value. I have an opinion about what the outcome of the poll is going to be. I want to see if I'm right (and I'd rather save that opinion for a couple of days).

I see what you're angling at. (I think.)

You're assuming that the majority of people will think their house has dropped less and it's other people's houses that are suffering most of all.
A natural human emotion etc.

What you don't take into account by doing a poll here is at least a couple of things though;
a) that (probably?) the majority of posters here are better informed than the national average
b) you have no account for geographical spread. ie if the majority of respondents were from areas which have suffered less (eg Aberdeen!) then what you might think is human error/bias might be actual fact.

Of course this is all immaterial compared to c) not enough people will respond for this to be anything other than anecdotal evidence of mild interest and for that reason I'm not putting much weight on whatever the outcome is.



I am taking part though.


Less than average. Due to large extension making this a desirable family house in a part of town which is sought after for a particular school.

System

As always, I don't care what it's worth, as long as my mortgage is cheaper than renting

ad9898_3

It has fallen in value by the same amount as the national average.

beecher wrote: »

That's interesting as I don't feel I've 'lost' anything through the value of my flat falling. It was never real money anyway.

Fair point, but if for instance you bought your flat with a 90% LTV in summer 2007, it is 'seen' as real money by the banks that lent you the money in the first place, as to secure one of their new deals when you come to remortgage it is highly likely you will have to stump up real money to bring the LTV in line.

Dan:_4

It has falled in value by more than the national average.

mitchaa is right. People will vote for what they 'want' in order to swing the results in their favour. Thats this forum all over tho.

chucky

beecher wrote: »

That's interesting as I don't feel I've 'lost' anything through the value of my flat falling. It was never real money anyway.

i didn't actually mean you've lost anything because you've not sold it and it's not a real value anyway.

my point is that no-one can price your value until it's sold - not even the owner.

i think the point that generali is trying to get at is that people think or imagine that their property has dropped by less than it actually has.

Dan:_4

It has falled in value by more than the national average.

ad9898 wrote: »

Fair point, but if for instance you bought your flat with a 90% LTV in summer 2007, it is 'seen' as real money by the banks that lent you the money in the first place, as to secure one of their new deals it is highly likely you will have to stump up real money to bring the LTV in line.

or just pay the SVR until you can secure a new deal

beecher

It has fallen in value by the same amount as the national average.

mitchaa wrote: »

Prime example of Beecher. He has voted for fallen by average 20%, but he lives in Glasgow where house prices have fallen by only 12%.

Prices peaked in his area at £176,608 in Q4 2007 and are now showing £154,989 in Q1 2009.

That is a drop of only 12.25% but yet he has voted for down by average amount purely because he has a bearish attitude and he wants to see the poll results reflect this.

I suspect he is not the only 1, but hey do not let me spoil the party:rolleyes:

I'm a she.

I'm going by house prices in my street, not in Glasgow which covers such a wide variety of housing 'averages' are meaningless.

Two years ago flats in my close went for £140,000 and now are going for £110,000. A fall of just over 20% which is why I voted the way I did. I thought the whole point in this was the value of my own property, not the average of the city I live in.

ad9898_3

It has fallen in value by the same amount as the national average.

Dan: wrote: »

or just pay the SVR until you can secure a new deal

Of course, that is another option, are the banks SVR's good at the moment ?, i can't say as I've looked.

Really2

It has risen in value/fallen by less than average.

ad9898 wrote: »

Of course, that is another option, are the banks SVR's good at the moment ?, i can't say as I've looked.

Some ar some are not. Most (if not all) are better than last years fixed rates though.

System

They are lower than whatever fixed rate people are dropping from. Mortgage owners are better off as a result of losing the imaginary wealth for the most part.