House prices....

mark206000

pgilc1 wrote: »

Only 'to you'.

The seller may not be prepared to sell it for what you can afford to pay.

What someone can afford to pay is not the point. Why should anyone be mortgaged up to the max they can afford ?

Various mortgage calculators (not entirely accurate I know) tell me I can 'afford' to have a £230k mortgage or there abouts.

So I can well 'afford' to buy your overpriced £200k house, however I will only pay £150k for it and so will the rest of the country. So what's it worth now ?

Irish-John_2

Can anyone doubt that it's cheaper renting?

tara747

It's certainly much more sensible to rent while houses are dropping in value.

AlwaysWorking

cathy2702 wrote: »

Any re-val on a property, must be done in writing by appeal to the District valuer, I doubt any valuer would have reduced your CV over the phone. If you did your the only person to do so, and I would love to know the member of staff's name.

Cate

I've only just come across this thread again and had to comment on your post Cate as I feel genuinely insulted by your insinuation that I lied. What possible reason would I have for doing that?!

As someone who was formerly a valuer with the VLA (now LPS), I am well aware of how the appeals process works, but thank you for reminding me! When I received my valuation, there was simply a sheet to be returned if you felt it was incorrect....so a letter was not necessary, although I did state in my post that I had 'put in an application' to have my valuation amended. Of course I didn't just ring up, because how would I know who to speak to, and there wouldn't be a case against my property! After a number of months my case had not been dealt with, so I chased it up, only to be told it had been closed with no change made and without consulting or informing me. I asked the valuer to phone me, which she did that day, and my valuation was changed after I explained my reasoning. I am in no way the only person whose case was discussed over the phone. Whilst working in 'client services' at the time, I overheard a number of my colleagues having such discussions.

Perhaps if you have such an interest and would like to verify the valuer as you say, you could pm me your name and office and when I have verified your identity with my former colleagues, I will send you my address so you can look it up.

In future you might check your facts before basically accusing someone of lying in an open forum....or is it simply sour grapes because your valuation wasn't amended?

Irish-John_2

tara747 wrote: »

It's certainly much more sensible to rent while houses are dropping in value.

And no need for a 20k or whatever lump sum

tara747

Irish-John wrote: »

And no need for a 20k or whatever lump sum

And someone else pays the rates and any repair bills!!! :T

wifeforlife

Always working, I've pm'd you as I don't want to hijack the house prices thread, there was no interest in you as a person, only interest of obvious double standards within the valuation office, edited to add my facts regards to the valuation and appeal process are correct. Feel free to contact LPS to verify that information, or indeed check the website www.lpsni.gov.uk

Anyway will chat through pm

motorguy

x12yhp wrote: »

Raise the interest rates and a lot of sellers will transition from want to need. So unless you have a crystal ball telling you about interest rates... I find it unwise to be too bullish on sellers and their pricing!

Oh i think you're quite right. However i think only a small percentage of sellers *need* to sell, and only a small percentage of the base of people who *could* buy can buy due to the strict mortgage terms in place. I dont think its as cut and dried as 'all sellers are asking too much' and 'every buyer is canny enough to not give near asking price' - i think a lot of buyers have no choice as they simply couldnt raise the funds via a mortgage at the moment.

Of course this is an internet forum where everybody has already got £100K in the bank as a deposit and noone ever has credit card debt or takes out a loan.

motorguy

mark206000 wrote: »

What someone can afford to pay is not the point. Why should anyone be mortgaged up to the max they can afford ?

Various mortgage calculators (not entirely accurate I know) tell me I can 'afford' to have a £230k mortgage or there abouts.

So I can well 'afford' to buy your overpriced £200k house, however I will only pay £150k for it and so will the rest of the country. So what's it worth now ?

Yes, and because you read it on the internet that you can 'afford' a £230K mortgage, then obviously every mortgage company will lend you that. And of course any who will will be looking a minimum of 20% deposit, so £45K.

I think the reality is for most people that are looking at that £200K house on the market and whenever they try to get a mortage they get a response like 'we will lend you £150K with a £30K deposit' and thats the problem. They then reconcile that by saying 'oh the house is only worth £150K'. We built a house there recently for which we got a bank valuation (as opposed to an estate agents) of £300K on it. There were still banks that were declining us a £140K mortgage against that because 'computer says no'. Now that didnt make the house worth £140K did it?

Therefore we have this stalemate situation whereby sellers wont take the massive drop that is required to allow the bulk of sellers to buy, and the bulk of sellers cant raise the cash over and above what little the mortgage company will lend them with an already huge deposit.

Now you personally may well be in the position that you can easily raise £200K to buy your dream home, but are choosing not to (and it is an internet forum after all) but the kick in the nuts for most private buyers is the LTV rates that are demanding a minimum of £40K deposit.

Irish-John_2

Renting is cheaper