Debate House Prices


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Property prices fall to 2004 levels

245

Comments

  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    TD5 wrote: »
    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.
  • drc
    drc Posts: 2,057 Forumite
    TD5 wrote: »
    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.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Chris2685 wrote: »
    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 icon7.gif
    '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 Thatcher
  • StevieJ wrote: »
    Funny how markets turnaround, Take note icon7.gif

    you feeling a rapid turnaround when it hits bottom? (maybe more or less here already?)
    Prefer girls to money
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    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 Thatcher
  • StevieJ wrote: »
    Simply an observation following on from from the posters point.

    Just curious - not really into the idea of a market that relies on leverage turning quickly at the bottom

    dont really think it turned that quick at top tbh (esp looking at FT index imo)
    Prefer girls to money
  • TD5
    TD5 Posts: 57 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    StevieJ wrote: »
    Funny how markets turnaround, Take note icon7.gif

    With today's Nationwide news, I was wondering what month/year are we back to now?

    Thanks Peter
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    TD5 wrote: »
    With today's Nationwide news, I was wondering what month/year are we back to now?

    Thanks Peter

    they're now at Feb/March 2006
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    TD5 wrote: »
    With today's Nationwide news, I was wondering what month/year are we back to now?

    Thanks Peter

    An identical house across the road from me sold last week after only being on the market for 2 days. Got full asking price at 2006 value.
  • Pete111
    Pete111 Posts: 5,333 Forumite
    Mortgage-free Glee!
    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 badger
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