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Debate House Prices
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70% club get it right again
Comments
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Those terraced houses in [insert name of Northern Hell Hole] that used to sell for a few hundred quid must have fallen in price by way more than 70% I reckon.
Tokyo house prices are (I think) down 80% from their peak.
Still didn't realise the Tokyo market and the terraced houses in Northern Ireland affected the average enough.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
70% Club invent penicillin0
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70% club fail Exams (not now obviously 40% will get you a pass
) 0 -
Those terraced houses in [insert name of Northern Hell Hole] that used to sell for a few hundred quid must have fallen in price by way more than 70% I reckon.
I remember this mantra from last year and/or the year before. There is no evidence of this.
I saw one house that had sold for £90K in February 2007. I almost bought it for £46K earlier this year but a last minute gazumper came in and bought it for £50K.
As a percentage that seems quite a large drop but it is still only £40K. I think it was sold for too much in 2007 (a daft Southener bought it) and I think it should have been between £75K to £80K. It needed more than £20K of improvements (windows, kitchen, some roof work) and refurnishing (carpets, bliinds, curtains etc..). All in all, £50K earlier this year was a fair price IMHO but I think that there will be better bargains later this year.
In summary, nethouseprices will show a 44% drop on this particular property but that only tells half of the story. It is still only £40K and while it is the same house, it is not in the same condition. When put right, it would sell for £70K - £75K quite easily.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
It's easy to join the 70% losses club though. Buy house for 100k with 5k deposit. Sell house for 95k. 100% of money wiped out. Of course that is a glass half empty viewpoint. You could buy for 100k and sell for 105k. But that was in 2007.0
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It's easy to join the 70% losses club though. Buy house for 100k with 5k deposit. Sell house for 95k. 100% of money wiped out. Of course that is a glass half empty viewpoint. You could buy for 100k and sell for 105k. But that was in 2007.
£106,300 would be the price today now if you bought in July 2009 based on the Halifax figures out yesterday.
Just a few months now and you can buy it for £38,421.
I'm going to buy 10 when they get to that price.0 -
A nice little earner. Doubling your 5k wodge, less costs of course. My point was not so much about the moves up or down, but about geared borrowing and the potential dangers in using that as an investment strategy. Could make a fortune or could be wiped out.Blacklight wrote: ȣ106,300 would be the price today now if you bought in July 2009 based on the Halifax figures out yesterday.
ps. Try and keep up rewired, you're missing a few of my posts.0 -
yes, you're very good at that - a sort of visionary in an ironic way... it was Dec 2008 even though you were trying to be clever you got it spot on :TNo harm in warning others about the dangers of geared borrowing. It is part of what the forum is for surely?
http://forums.moneysavingexpert.com/showpost.html?p=16931313&postcount=262009. Good Xmas first, then look forward to Spring, longer days and good weather. In January Obama gets in properly, stock markets rocket and the good companies start to get their act together. Turns out, amazingly, that Darling was right about second half recovery - and we end 2009 mostly with a sigh of relief, finances in better shape and hope for the future.
You can quote me in twelve months if I'm wrong - if that's the case I shall be past caring.0
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