If I bought a house in June 2007 at the peak...

ruggedtoast

I think it depends on the area. I dont think the area of London I rent in has gone down much, if at all. Whereas theres a large ex-la / council estate nearby mostly made of prefabs that were going for £260k plus in 2007. Theyre down to around £190 now and still look very overvalued imo.

damanpunk

carolt wrote: »

In my area, 2 houses I might have bought in 2007 if the prices hadn't been so loopy, sold for 325K and 302K. Equivalent houses in sae roads now selling for 238-240K.

So quite a way to go yet.

Dare I ask why you haven't bought? That is a collossal discount!

surreybased

Hi,

Think it really depends on what he paid - how much of a deal did he get in 2007, how much improvements? I think prices are down from 2007, even EA's will state this but prices have improved in last 6 months so it could be marginal.

Only way is for him to test the market - get it valued, see what interest there is. A buyer might be willing to pay the 2007 price but of course it depends on what neighbouring properties have sold for.

FungusFighter

carolt wrote: »

In my area, 2 houses I might have bought in 2007 if the prices hadn't been so loopy, sold for 325K and 302K. Equivalent houses in sae roads now selling for 238-240K.

So quite a way to go yet.

Great bit of enecdotal, cheers gorgeos;)

Looks more like 20% down in real terms cos 2007 prices were mental and everyone paid over the odds:D

treliac

FungusFighter wrote: »

and sold it in the spring next year could I expect to get my money back?

Fungus........ hope you've got a proper house good, ready and waiting to carry your bride-to-be over the threshold of.