House Prices

mumoffour77

I posted quite early on in this thread.....saying i would happily take a hit.....And honestly I would!!
The developer where I live cannot get the rest of his newly built houses sold and so has Rented them out.....
Im sorry and i know this doesnt apply to all private renters....but....when you own your own home you respect it you keep it well, you keep your kids in line to respect your neighbours and their property......
The people who rent out a house sometimes do not give a damn.....their kids run riot(several of my neighbours have had their fences damaged....go to the door and its my jimmy didnt do that he has been in all day....)....the gardens are awful....overgrown full of rubbish etc....
Developer doesnt give a hoot....HE are paying the rent....he isnt losing money!!
I have bought my house I pay my mortgage....I worked bloomin well hard to pay it off early so that My children and i could have a better life (IYKWIM) To be faced with a young society today that doesnt give a damn about respecting others...have very little moral values and whos parents encourage it by sticking up for them when the know rightly that it was them......

My folks would have killed me stone dead had anyone have come to the door to complain about my sisters or I.....I would be and have been exceptionally angry if someone came to my door telling me that my childern were being we imps!! I can assure you that if it happened once it wouldnt happen again!! But sometimes i think whats the point??? why should I punish my kids when the other parents dont


IM OFF MY SOAPBOX NOW
sorry for the rant!!

MOF77 xx

mypie

MOF77 I couldn't agree more. We live and rent in a newish development and I would say 70% is rented. Ourselves and a young european family (who also rent) next door seem to be the only ones that has an respect for anyone at all. Thankfully only a few more months and we are out of here woo woo.

mumoffour77

Do landlords have to answer to anyone?
Except the inland revenue?????

credit_crunch

Old_Git wrote: »

I think house prices at the moment are at 2005 level .Time will tell how far they will fall .

i agree completely! i work in an estate agents, and this is exactly the trend we have noticed over the last lot of months.

tara - you hit the nail on the head! they are the most difficult clients we come across - those who knew what their property was worth in peak times are nearly impossible to get through to at times!:mad:

it is not agents or buyers who are dictating prices - it is the surveyors! we have put a few properties on recently that have went sale agreed quite quickly (for realistic values) yet its the surveyors who then down value repeatedly!

also those properties that were originally registered near the end of the 'peak prices era' are the ones who are still way over priced, but some people just refuse point blank to reduce - even though 9 times out of 10 we can give at least 3 other comparable properties that have sold in the area!

warmhands.coldheart

credit_crunch wrote: »

i agree completely! i work in an estate agents, and this is exactly the trend we have noticed over the last lot of months.

tara - you hit the nail on the head! they are the most difficult clients we come across - those who knew what their property was worth in peak times are nearly impossible to get through to at times!:mad:

it is not agents or buyers who are dictating prices - it is the surveyors! we have put a few properties on recently that have went sale agreed quite quickly (for realistic values) yet its the surveyors who then down value repeatedly!

also those properties that were originally registered near the end of the 'peak prices era' are the ones who are still way over priced, but some people just refuse point blank to reduce - even though 9 times out of 10 we can give at least 3 other comparable properties that have sold in the area!

Nice to hear it from the Horse mouth!!
( Even though we all hate you estate Agents !! :rotfl: )

tara747

pgilc1 wrote: »

Well £500 a month is a VERY nice amount - unless its peanuts to you. Also if we do get the £20K lift, then thats £20K we will knock off our new mortgage, which, as you know, would otherwise cost us around £40K to pay back over the term.

Well worthwhile methinks.

Aren't you forgetting to subtract the mortgage (albeit small as you say), rates, possible water rates, insurance etc you will have to pay on this house over the 3 years? How much would that little lot add up to?

In any case, I very much doubt that your house will be worth £20k more in 3 years, if anything it'll be worth £20k less imho. Look around you. Taxes will be going up. Unemployment will be going up. Interest rates will likely have to go up - maybe sharply. Public sector pay will be going down. Does this sound like a recipe for house price increases to you? It doesn't to me.

warmhands.coldheart wrote: »

The sooner people see house as a HOME and not some sort of investment/money making opportunity... the better

+1

mumoffour77 wrote: »

Im sorry and i know this doesnt apply to all private renters....but....when you own your own home you respect it you keep it well, you keep your kids in line to respect your neighbours and their property......
The people who rent out a house sometimes do not give a damn.....their kids run riot(several of my neighbours have had their fences damaged....go to the door and its my jimmy didnt do that he has been in all day....)....the gardens are awful....overgrown full of rubbish etc....
Developer doesnt give a hoot....HE are paying the rent....he isnt losing money!!
I have bought my house I pay my mortgage....I worked bloomin well hard to pay it off early so that My children and i could have a better life (IYKWIM) To be faced with a young society today that doesnt give a damn about respecting others...have very little moral values and whos parents encourage it by sticking up for them when the know rightly that it was them......

My folks would have killed me stone dead had anyone have come to the door to complain about my sisters or I.....I would be and have been exceptionally angry if someone came to my door telling me that my childern were being we imps!! I can assure you that if it happened once it wouldnt happen again!! But sometimes i think whats the point??? why should I punish my kids when the other parents dont


IM OFF MY SOAPBOX NOW
sorry for the rant!!

MOF77 xx

Goodness, you and mypie must be livid. Where do you live, just out of interest? Where I live (South Belfast), there are quite a few renters but it is very nice. Then again, there aren't any 'chavs' around, maybe that's why? I'm not a snob but I'm *very* fussy about where I live. I'd rather live in a bedsit in a nice area than a 5-bed house in a bad area. Location is the #1 priority for me.

I must say that not all renters are like your neighbours, we take very good care of our home (for that is what it is to us) and our LL in return is good to us - putting up shelves, hooks etc anytime we ask, very quick to do repairs and everything about the house is top notch. Lucky us - and lucky him. It's all about give and take.

x12yhp

pgilc1 wrote: »

Loss is something that happens when you sell and profit / loss = sale price - outstanding mortgage. If we dont sell, then we dont make a loss.

I think we will aim to hold onto it indefinitely until the market recovers a bit. Our mortgage is nowhere near what even the current value of the house is, so i'm not unduely concerned. We could also convert to a repayment only mortgage for a couple of years to get the payments down further, if needs be.

The biggest issue at the moment - and this came from several mortgage advisors and estate agents - is that first time buyers cant get mortgages without a large deposit. That grip on the market seems to be releasing slowly though - there seems to be some movement in town houses / semis, yes, but not enough yet to kick start the market further up.

A couple of things though - i dont see a mass exodus from the market of those property owners who rent out long term (and i'm not talking about the amateurs who maybe bought one house a couple of years ago after watching too much Property Ladder), therefore there must be a thinking from them of if you're in, stay in. Secondly, there is movement in the lower market in our area - semis and town houses seem to be selling albeit not 'flying off the shelves', therefore that would imply the market has bottomed out and we are seeing a little of the recover the property articles are talking about. Once confidence increases, we may well see an increase further up the chain.

Time will tell i guess, but as i've said previously, but i dont *have* to sell it to finance our new build, therefore i wont.

You will, of course, have made careful note that my previous post did not refer to you.

People are not trying to 'get out' now because they haven't changed. Most of the smart ones got out a few years ago. If they are still there now, they missed the boat because they knew better! They now know better and we all know that property is bound to go up!

The point I was making was aimed at the majority out there. Last time, people gambled and they mostly lost. They were not people like you, they were people who couldnt afford to. However, their ideas came from somewhere...

raymond

pgilc1 wrote: »

Yup, thats exactly it.

With us, once we'd talked to a couple of estate agents we got a clear picture of what we would need to price it at to 'get it away'.

We simply didnt put it on the market rather than stick it on at maybe £145 to have some wannabe investor offer '£120K for it mate because its a buyers market'.

We'll sit tight. If we sell it in say three years time for £165K, then thats £20K less we'll have to pay off on the mortgage on the new one. Well worth the wait methinks. If it isnt worth that, we'll shuffle our finances around to keep it on as a rental.

Are you hoping that your house will rise by £20k but the "new" one won't ???

mypie

raymond wrote: »

Are you hoping that your house will rise by £20k but the "new" one won't ???

Yeah this is a good point. Surely if you buy and sell in the same time period it should even itsself out????

gibbyni

mypie wrote: »

Yeah this is a good point. Surely if you buy and sell in the same time period it should even itsself out????

From what I picked up pgilc1 has already bought the second house so yes if the price of the rented one goes up by 20K before they sell it then yes it will be an extra 20k to pay off the current mortgage.

Am i missing something here?