Debate House Prices
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Property prices fall to 2004 levels
Comments
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There are lots of them at it I think. There is a property near me that went on the market maybe 6 months ago for £450k, now been heavilly reduced to £360k - but guess what, they paid £250k for it in 2006 - someone is haveing a laugh.
In a few cases though, its worth rememberong significant things may have happened: extentions/conversions/structural issues put right etc etc. I'm not thrlled with the idea of paying for others interior tastes (or plastic windows) but real structural/size improvments are fair consideration.
Alternatively, something that sold recently, and I have refered to elsewhere, sold for 100K less than 2006 price....15% down...but it likely to be in a considerably worse state inside. So not that huge a fall when you consider things that will have to be put right additional to that price.0 -
There are lots of them at it I think. There is a property near me that went on the market maybe 6 months ago for £450k, now been heavilly reduced to £360k - but guess what, they paid £250k for it in 2006 - someone is haveing a laugh.
I guess it makes it essential that buyers use tools like Property Bee and the Land Registry figures to compare advertised prices against the current view (e.g. 2004 prices)
I know it's crazy. Even if they put in a brand new kitchen/bathroom and did the place up it still would not justify a 100k mark up let alone a 200k. I'm also pretty sure that anyone who has 450k to spend on a property is going to do a bit of research of historical house prices first.0 -
Funny thing is, when I first started reading this forum (a couple of years now I think, didn't sign up until later), anyone who even dared mention prices might drop was shot down in the flames.
Funny how markets turnaround, Take note'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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the_ash_and_the_oak wrote: »you feeling a rapid turnaround when it hits bottom (maybe here already?)
Simply an observation following on from from the posters point.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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The house opposite me sold in April this year for the same price it last went for in mid 2006.
In July my house was valued by a surveyor acting for First Direct. The valuation was 5% off the price we paid for it in Sept 2007, which although not a sale price, backs up the 2006 level argument (as far as my immediate area goes anyway)
At this rate my gaff will be worth the same as/slightly more than I paid for it by Xmas! (would be nice..)Go round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger0
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