2003 house prices

cat-h33

Hi there,

Brand new to this forum. I have spent the last few days trawlling the threads and have learnt a lot of valuable information. Thank you.

Myself and my husband have been looking to relocate to my husbands home town. It's a sleepy seaside village and we love the lifestyle it offers. We have been spending a lot of time there recently staying with his family so seeing the area and community at lots of different times throughout the day. We have spent the last year on and off researching the area and looking at different properties. We have viewed 10+ and found a house we love.

The house is a reposession and has been on the market for 5+ months and has had the asking price reduced from 190k to 180k. We put in an offer which was rejected and were told if we up this to 170k they will accept our offer. The last sale of this house was in 2003 for 168k.

What do you think about this price? We are willing to pay 170k for it and think this is really well priced. It does need a fair bit of work but we are willing to undertake that and it is a lot more house than we had hoped for.

Just interested to know what people's thoughts are on paying pretty much the 2003 price for a house as we don't know much about the up's and down's of the market apart from the prices in 2007 were high.

Thanks in advance.

cat-h33

Any thoughts from anyone on how 2003 contrast to todays prices?

googler

Leaving aside all issues of 2003 prices vs present day, I think you've hit the nail on the head with

"We are willing to pay 170k for it "

.. which is happily co-incident with the fact that they'll accept £170k.

Buy it, live in it.

cat-h33

Thanks googler. Guess every house is worth what your willing to pay for it. And we're happy to pay 170k for it but guess its always a worry when relocating that i won't like it and will want to head home and then purchase price and possible sale price become important. Guess i'll deal with that if and when that happens.

Thanks again

partlydave

Sounds like a good deal to me to get a house today at virtually 2003 prices.

surreybased

Hi,

Seems fair enough price - what are the other properties locally selling for?

poppysarah

Never mind the actual price... can you afford the mortgage? Is it big enough to not have to move again in 6 months? Is it a long term home or are you planning on playing property investor?

You shouldn't worry about it if you can *genuinely* afford it, have a secure job, and love the area.

cat-h33

Thanks for your replies everyone.

We have secure jobs, teacher and armed forces. We can afford it and have spent considerable time doing all the appropriate calculations and are left with a large amount (to us) of disposable income. We do love the area and the location of this property is spot on.

Just asking for advise as conscious even tho we can afford it and area is perfect we are getting a good deal and just people's opinions really.