New Builds fall 50%

MRSTITTLEMOUSE

We bought a new build in 2000.
To be honest I'll never know why.
We sold it mid 2006 and got three times what we paid for it and bought an 1800s house for much less and renovated it to a high standard with the profits.It's four times the size,has character and as solid as a rock.
I still can't believe that in not quite six years a house could triple in price but there you go.I even dropped the price a couple of thousand from what the estate agent quoted and got a buyer within a couple of weeks.
I hated that new build from the day I moved in and still don't know why I bought it.It was complete and utter tat compared to the solid old house I live in now.
Round here there are so many new build appartments that some have been up over two years and not one buyer.
I've noticed in the weekly paper that the new builds are being offered at a much lower price than the older houses but then there are so many of them available it's not surprizing.

Jonbvn

StevieJ wrote: »

Is 'new build' a euphemism for new flat?

As far as I can tell - yes! Sounds so much better than the equivalent dysphemism - "Cheap pigeon coops akin to the cells in Alcatraz, you couldn't swing a cat in, you wouldn't house your dog in halve in price!"

Squish_21

The new build prices in Somerset (near Bath) dont appear to have been affected by the recession infact they keep rising prices by the odd £1-2k, some idots must be buying them. I've been to view a couple show homes out of curiosity and you can get 3 bed older houses for half the price, in the same area, and they are the same size (if not bigger, especially the gardens).

carolt

Cheery read...for some:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5796477/Price-of-new-build-properties-have-fallen-50pc-not-9pc.html

We were told that house prices started to fall officially in late 2007, but the reality for people who bought new builds is altogether different. Their house price crash began as long ago as early 2006.



A property based in East Anglia, which was valued at £246,995 in April 2006 would be worth around £225,000 today, a fall of 9pc, according to the Nationwide House Price Index calculator on its website. But the house price index does not differentiate between a new-build property or one that is, say, 150 years old. In reality that property could be worth just £120,000.


I say reality because that is the case with flat number 7 Henry Laver Court, Colchester, which was bought for a princely sum of £246,995 in the Spring of 2006 only to be sold for £120,000 less than that three years later. It is not the only flat in the three-year old development that has fallen in value by as good as 50pc.

carolt

Oops - just posted this too.

Well done, OP!

socrates

carolt wrote: »

Cheery read...for some:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5796477/Price-of-new-build-properties-have-fallen-50pc-not-9pc.html

We were told that house prices started to fall officially in late 2007, but the reality for people who bought new builds is altogether different. Their house price crash began as long ago as early 2006.



A property based in East Anglia, which was valued at £246,995 in April 2006 would be worth around £225,000 today, a fall of 9pc, according to the Nationwide House Price Index calculator on its website. But the house price index does not differentiate between a new-build property or one that is, say, 150 years old. In reality that property could be worth just £120,000.


I say reality because that is the case with flat number 7 Henry Laver Court, Colchester, which was bought for a princely sum of £246,995 in the Spring of 2006 only to be sold for £120,000 less than that three years later. It is not the only flat in the three-year old development that has fallen in value by as good as 50pc.

Do you not think its possible that - they were part of some 'creative valuations scam' - with subsequent cashbacks - followed by repossession.

This kind of thing happened in Thamesmead and various other places.

Another non story .....

mewbie_2

socrates wrote: »

Do you not think its possible that - they were part of some 'creative valuations scam' - with subsequent cashbacks - followed by repossession.

This kind of thing happened in Thamesmead and various other places.

Another non story .....

How on earth can losing 120,000 be a non story? On MSE, the home of saving a few pence with a Tesco voucher?

mdhelp

mewbie wrote: »

How on earth can losing 120,000 be a non story? On MSE, the home of saving a few pence with a Tesco voucher?

hahaha :rotfl:

Like it!

shakerbaby

mewbie wrote: »

How on earth can losing 120,000 be a non story? On MSE, the home of saving a few pence with a Tesco voucher?

Truly inspired quote. :beer:

1984ReturnsForReal_2

Maybe it was "sold" to avoid tax.