OH MY GOODNESS - the house price crash hits home!

Bootski

FrankieBoyle wrote: »

LOL Indeed I hope you do:rotfl:

Boomerang has a tendancy to throw things out at'ya and come right back at him - just like a bit of crafted wood!!:T

new_home_owner_3

carolt wrote: »

As some of you who've been on here a while may know, back in the long distant mists of time, I first discovered the House Buying and Renting Board as it was then (this forum didn't exist) back at the end of 2006, when I was having hassles with a house we were trying to buy. Got lots of good advice, esp from Doozergirl.

To cut a long story short, we ended up not buying the house; it went to another buyer that the EA claimed was the 'original' buyer who'd pulled out and then changed his mind. Bought at peak of local market, in early 2007.

Well, today spotted the same house for sale, marked 'for cash buyers only'. I showed it to my OH, who pointed out it was actually the same one - I hadn't even noticed, as it was unrecognisable - completely bare and stripped of carpets, etc etc etc.

Clearly either a redevelopment gone wrong or a repo.

Either way, it's now ASKING - not getting, mind - been on a good few weeks now - about 35K less than they paid and we would have paid. Given recent local selling prices, on properties in good nick, I doubt they'll get more than 70% of what they paid, for a wreck requiring a cash buyer.

Ouch.

Sorry - can't help feeling smug.

Have spent the last 2 years feeling we had a lucky escape from that one - now confirmed.

Ah well... :rolleyes:

So to those who point out it's local prices that really matter - can't get much more close to home than the house you nearly bought...

My crash has happened - and is still happening.

I aint being funny but i belive this to be a load of baloany, why cant you post a link?

Because you live round the corner, what a load of flanel ive got a few carols who live round the corner from me, no one would know what carol you are, your just telling porkie pies to make you feel better.

Why dont you just get over it, and if your waiting for 2011 i reckon you might have to pay a extra 30,000 pound, if you ask me its just sour grapes.

Mr.Brown_4

new_home_owner wrote: »

I aint being funny but i belive this to be a load of baloany, why cant you post a link?

Because you live round the corner, what a load of flanel ive got a few carols who live round the corner from me, no one would know what carol you are, your just telling porkie pies to make you feel better.

Why dont you just get over it, and if your waiting for 2011 i reckon you might have to pay a extra 30,000 pound, if you ask me its just sour grapes.

30k will buy a lot of grapes though matey, sour or otherwise.

Batchy

wintersunshine wrote: »

So it's yet another piece of bogus evidence of house price drops from CarolT. Why did she not mention the other properties which have increased in price in her op?

If she had bought this house in 2007 she probably would have increased her capital, saved her self a pile of rent and been 3 years into a mortgage.

Priceless.

Wintersunshine... your missing the point...

even if she was 3 years into a mortgage... she would NOT BE ABLE TO MOVE in 2011 due to the erosion of DEPOSIT VALUE/EQUITY in the house.

So whats the point in being 3 or 5 years into a lifetime of debt if it affects your planned lifestyle to the point you forget the reason for living and can't do the things you wanted to do in the first place... LIFE IS FOR LIVING, ITS NOT JUST TO PAY OFF A MORTGAGE and OWN A HOUSE lol

Batchy

HAMISH_MCTAVISH wrote: »

No, it's not speculation.

Every year of rent is a straight addition to lifetime housing costs. It only pays off if house prices are falling by more than the costs of renting in the meantime. Year on year house price rises are absolutely terrible news for housing bears, as that rent could have been paying off the interest on a mortgage instead, and they could have locked in the lower house price and better mortgage rates of a year ago.

I actually thought you knew what you was talking about...
No offence to anyone on this board, but people really need to think for themselves. Times change

FIRST, based on your assumptions for housing bears, you assume non have money and might be in a position to buy a house for CASH... why do you assume that, are you being stereotypical by any chance.

If people were waiting for the right time to buy a house on the right road, it could very well be the fact that there have been no suitable houses for sale on that particular road at the price range they want to pay... SO THEY CONTINUE TO WAIT. for either the right property or right price...

with falling house price values... which they ARE, for the record... they bide their time with their cash and buy at a reduced value which interest which they obtained favourable rates over a year ago at 8% have steadily increased their funds.

In the meantime they have happily lived in a low RENT environment, ie LANDLORDS OF mom and dad for a few extra years... WHATS THE PROBLEM WITH THAT?

One glove does not fit all...

Many people who rent... are not the ones waiting to buy... they are the ones who CANT BUY.
MANY people who brought ... brought because it was their only chance... (with 100% deals) ... now they are having them taken off them... why did they even bother in the first place??? These are the ones who pushed the prices up for YOU and other home owners to also buy... DO YOU THANK these people with their failed capitalism, or give them more freebies... ie social housing ... so they are back to where they belong?

Sigh.... its so ironic, that on one hand the people the system failed are suffering the most while others BOAST... boast about how much they have made... or paid off their mortgage... wait until UK PLC goes bust, and they bring on a little communism... everyone equal... no one owns nothing... everyone has a little of everything... of course it wont happen, at least thats what they thought in other countries too

carolt

Bloody hell, I've not been on in 2 days and this is STILL near the top of page 1!!!

Apologies to all who found my anecdote fascinating and posted helpful/less helpful/totally unhelpful comments but I don't think I can quite face reading the whole thread.

So I take it I've not missed anything, then?

Batchy

HAMISH to justify my statement with facts. I took a postcode in the REDDITCH area of B98 xxx with a 1 mile radius of that STREET

My analysis shows...

14 new listings in the last 14 days... one sold... very underpriced HOUSE in a very respectably area, in the region of winyates green. listed at 104,995, this is unheard of in this area.

for example last sold on this street at
508/02/2008£132,500Ter.FNoMap6, Cheswick Close, Winyates Green, Redditch, Worcestershire, B98 0QG
http://www.rightmove.co.uk/property-for-sale/property-14258451.html?maxPrice=110000&radius=1.0&includeSSTC=true&_includeSSTC=on&pageNumber=5&backToListURL=%2Fproperty-for-sale%2FRedditch.html%3FmaxPrice%3D110000%26radius%3D1.0%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D40

of the other 154 properties... 28 are SSTC most of which are part of the 45 properties showing mostly significant price reductions of around 10% over the last 6 months ... so even the houses showing price reductions ... only around a half are sold... I would say MOST of these properties are cheap by my estimation & IMO probably down over 20% from peak. But yet... still not sold.

Would you please explain to me, in simple laymans terms how you think prices are still RISING? when they are continuing to come onto the market cheaper... and yet cheaper still.

Cheers

Batchy

carolt wrote: »

Bloody hell, I've not been on in 2 days and this is STILL near the top of page 1!!!

Apologies to all who found my anecdote fascinating and posted helpful/less helpful/totally unhelpful comments but I don't think I can quite face reading the whole thread.

So I take it I've not missed anything, then?

Hi i quite enjoyed this thread...

Im supprised no one commented the good old favourite...

"Property always goes up"... lol

HAMISH_MCTAVISH

Batchy wrote: »

Would you please explain to me, in simple laymans terms how you think prices are still RISING?

Hopefully my signature is simple enough for you.

HAMISH_MCTAVISH

carolt wrote: »

So I take it I've not missed anything, then?

No, not really.


Silvercar provided info as to your housing area, which painted a different picture altogether than the one you do.

Julieq offered to show you a simple spreadsheet explaining how you will have lost money by 2011 by renting versus buying.

Harry called you a fantasist.

I thanked his post.

Chucky dug up some old threads proving Harry's point.

I posted some blunt criticisms of your fantasyland ideas.

Lots of people realised a wrecked house doesn't prove a house price crash.

Lot's of bears had a right old moan about it regardless.

There was handbags at dawn from the usual suspects.

Then we all went to bed. (Though thankfully, not the same bed)


Same old same old, really.......