***House prices up 1.2% in May***

pickles110564

Vinegartits wrote: »

By omission, yes - the house in question last changed hands in 2002 for £385k and was advertised by the bank late last year with a guide price of £419k. Considering it would probably have sold at the peak for somewhere between £700k and £800k (prices doubled here between 2002 and 2007) this is hardly a sign of "green shoots". On the contrary, this house is very attractive, on a huge plot and something of a landmark locally yet it failed to attract a buyer for at least sixth months and when it finally sold (on the back fo the last few months of activity in the market) it only sold for a couple of percent over the guide price.

Felixstowe has few real character houses of this kind and the agent tells me there was initially a great deal of interest in it but no one was prepared to pay the price the banks wanted. The current owner will have to spend some money on it to render it habitable and will not see a profit for many years which is perhaps as it should be.

The real story here is Pickles' vested interest; owning a much less attractive and less desireable house in the same road, he seeks to reassure himself he still stands a chance of selling. However, if a far superior property failed to attract a buyer for 6 months at what was effectively half-price, it would seem he is sunk regardless of his efforts to talk up the Felixstowe market although it is interesting to note the part vested interest plays in biased posting.

At last you agree with this post.

pickles110564 wrote: »

In 2002 it sold for £385k and it just sold for £425k (For Sale price was £419k).

mewbie_2

Vinegartits wrote: »

The real story here is Pickles' vested interest; owning a much less attractive and less desireable house in the same road, he seeks to reassure himself he still stands a chance of selling. However, if a far superior property failed to attract a buyer for 6 months at what was effectively half-price, it would seem he is sunk regardless of his efforts to talk up the Felixstowe market although it is interesting to note the part vested interest plays in biased posting.

I think Pickles volume is up though.

pickles110564

Vinegartits wrote: »

Considering it would probably have sold at the peak for somewhere between £700k and £800k (prices doubled here between 2002 and 2007) this is hardly a sign of "green shoots".
The real story here is Pickles' vested interest; owning a much less attractive and less desireable house in the same road, he seeks to reassure himself he still stands a chance of selling.

To use your own figures if it would have attained £700k to £800k and still needed £125k of work doing, how much would the cheapest house in the road attain? Bearing in mind that they are all detached properties.

Vinegartits

pickles110564 wrote: »

To use your own figures if it would have attained £700k to £800k and still needed £125k of work doing, how much would the cheapest house in the road attain? Bearing in mind that they are all detached properties.

If you mean (by the cheapest house in the road) your house, then looking at past sales and those ( like the one on the corner and the one opposite) that have failed to sell, regardless of what you have done to it I would be surprised to see it fetch more than £400k in the current market.

Number 11 is special; I think you overestimate what needs doing to it as it is structually sound and all improvements required are purely cosmetic. I understand your situation but you cannot fail to make a huge loss on your current project and I think the sooner you come to terms with that the better.

The only houses selling in Felixstowe at the moment are sub £200k and they are selling at 20% - 25% down; even your wildest estimates of what yours would have been worth at the peak could not have exceeded £500k so work it out for yourself. In the meantime I suggest you stop trying to misrepresent the market in Felixstowe on this forum for your own ends as it only succeeds in making you look stupid.

pickles110564

Vinegartits wrote: »

Number 11 is special; I think you overestimate what needs doing to it as it is structually sound and all improvements required are purely cosmetic.
The only houses selling in Felixstowe at the moment are sub £200k and they are selling at 20% - 25% down; even your wildest estimates of what yours would have been worth at the peak could not have exceeded £500k so work it out for yourself. In the meantime I suggest you stop trying to misrepresent the market in Felixstowe on this forum for your own ends as it only succeeds in making you look stupid.

Dear Vinergartits,
Just a couple of small points, a local builder who I know very well was the first to have a bid accepted at he was the one who quoted how much needed spending to bring it up to the correct size for the plot.
As you know it has the largest plot in the road but is one of the smallest in area size. It has damp throughout and needs all the render coming off the house and then having metalwork fitting and re rendering. You find anyone that will undertake that for less than £10k and then you have the repainting, this is just external cosmetic work.
The garden needs completly landscaping as at the moment the back looks just like a field with no planting at all.
Also please tell me any other houses in the road that have 5 bedrooms.

mr.broderick

Dr_DiNg_DoNg wrote: »

nationwide.

have a nice day

I'm going to get slated for this but positive vibes are returning, we are booming in work, admittedly the scrappage scheme has really helped new car sales which have been struggling lately. I think if i was in the market for a home i'd really consider buying at the moment, if you have a good deposit you can take advantage of the low interest rates and now could be a good time to jump in. (Of course houses could drop a further 20% and all i have said here could be quoted by ad in 12 months time and he may ask me to explain this statement but i just have a good feeling at the moment )

mewbie_2

mr.broderick wrote: »

i just have a good feeling at the moment

I think a lot of people do. It's start of summer, the world hasn't ended, looks like the financial systems will cope. So some houses and cars being sold. From the depths of despair to possible survival, a feeling of great relief.

However, although we may be relieved, I don't think it's over yet by a long way. There's a lot of financial stuff which I don't understand, but debt might be the best way to describe it, which needs to come out of the system. The UK has been maxing out on credit for a long time, and has some paying back to do.

chucky

mewbie wrote: »

There's a lot of financial stuff which I don't understand

if you don't understand how would you know? is it like flipping a coin.

mewbie_2

chucky wrote: »

if you don't understand how would you know? is it like flipping a coin.

I was being modest Chucky. I suspect my understanding is at least equal to yours, but I present it in a considerably less boring manner. I am not afraid to speak my mind on here, rather than offer mealy mouthed statements like "it might do this, or it might do that - who knows". All it seems you contribute is a constant undermining of other posters with whose views you disagree.

chucky

mewbie wrote: »

I was being modest Chucky. I suspect my understanding is at least equal to yours, but I present it in a considerably less boring manner. I am not afraid to speak my mind on here, rather than offer mealy mouthed statements like "it might do this, or it might do that - who knows". All it seems you contribute is a constant undermining of other posters with whose views you disagree.

actually it isn't the case because i contribute my view across threads if you cared to look but i guess that chip on your shoulder was blocking you view of this.

my posts look at different view points and this seems to be your problem which you now call undermining.
i like the way you've said that disagreeing with somebodies post is undermining?
whatever next - the UK comes out of recession and it's not fair on those who wanted it to stay in recession...

you really need to put your handbag away.