Will anyone buy semi's these days?

Angela_D_3

roswell wrote:

Corrrection, you didnt have a 30 K deposit, you borrowed the best part of 30 K and used it as a deposit.

Exactly, normal people do not have that luxury and so have 100% mortgage which is exactly my point. The property ladder is at a standstill and the next movement will be down.
I personally cannot wait to see who's all fur coat and no knickers :rotfl:

Bluelad_2

Angela D, You do really have a strange way of posting on the forum.

Anyway my thoughts.

We are moving into a 3 bed semi on Monday. Our mortgage will be no more than the standard 3 x income. The remainder being made up by equity from the house we are selling ( this was bought 7 years ago).

Surely the most difficult position is the FTB who has to pay the extortionate price for my house. This is where the income multiplier falls down.

As I see it,when you go further up the ladder, it is the equity that is paying for it and that is what's presently fuelling the higher prices. It is also this equity and a fixed rate mortgage that lessens my concerns of price crash and negative equity. Ultimately houses can be priced at any figure, but it's what it sells for is what counts.

ginger_nuts

Angela D ,where can I buy a semi for £60,000 .
If you can find me one in good condition in a good area I WILL buy it .

In the meantime I will live in the real world .

Poppycat

Angela stated in 2001 you could get a semi for 60k, although that looks a little to low in 2001 where I live and it isnt an expensive area just poor wages.

I had my 2nd view of a semi today, its for 149,950k, owners are gooing to Australia. what do you think I should get off at a starting point. I wasnt thinking of the asking price.

Angela_D_3

Poppycat wrote:

Angela stated in 2001 you could get a semi for 60k, although that looks a little to low in 2001 where I live and it isnt an expensive area just poor wages.

I had my 2nd view of a semi today, its for 149,950k, owners are gooing to Australia. what do you think I should get off at a starting point. I wasnt thinking of the asking price.

Well £60k would be fair but i've tried at 20% less than asking price, not had much luck but i am waiting to see what happens with interest rates before going any higher.

Poppycat

Thanks Angela I was thinking of saying 145K maybe slightly less. I still have my hosue to sell its on the market on Tuesday and have been told it should sell easy as its bottom of the market but has modern feature and decent size bedrooms/kitchen and bathroom unlike some on my street.

I can get a morgage for 160k including large equity. I dont really want to borrow that much as my morgage is also based on my outgoings too.

Angela_D_3

I would wait until you've sold your own house, offers are meaningless until you can proceed anyway.
Good luck.

vindalooloo

Whits wrote:

I know what you mean about commuting, I work in Castleford and spend about £40 a week on petrol. I'd liked to have moved closer but my OH works in Hudds and loves her job too much to move to a different location within her firm.

God, I wish you lot would shut up about Wakey and Castleford ... you're making me terribly homesick!!!!!

We moved over to Brid three years ago and our house has been up for sale for going on 5 months now. A massive 4 double bed Edwardian terrace. Up for £119,950. Can we GIVE it away? Not a chance!

We've had families, couples and a young FTB couple look at it (along with about another 5 sets of viewers) but no one's put in an offer. It's modern, ready to move into ..... but obviously no one's interested / can't afford it.

We're so frustrated because ex authority houses on Westhill and other Council estates round here are now going up for between £115 - 125 grand! :eek: Surely if we can't get 120, three beds on Council estates cannot acheive these prices???

Can't understand what's going on unless it's like the previous poster Angela stated, that wages just don't stretch to this amount (let's face it, if WE were buying it from scratch at this price, we wouldn't have a cat in hells chance of affording it - it's mostly National Minimum Wage round here!)

vindalooloo

Originally Posted by Angela D
Your house is worth about £60k maxim (three times the average wakefield salary) and if you can find some idiot to pay you any more for it consider yourself very, very lucky.

Dan29 wrote:

How ridiculous, and unhelpful. Why do you assume that only first time buyers would be looking at this house? Surely it's likely to be people moving from a flat or terraced house, who may well have seen their property rise in value by a similar percentage to Pauper Princess's.

Sorry Dan, but Angela D does have a very valid point here. We watch these programs on telly like 'Location Location' with these 12 year olds who have £450 grand to spend, but the AVERAGE Joe in the street does NOT earn a hundred thousand pounds a year - especially not in Yorkshire.


We're selling at the mo for £120 grand (or bleeping trying to) but if we didn't have 50 grand equity in this house we wouldn't have a hope of buying now with prices as they are today. On paper we can't even now afford our own house ... if you see what I mean - WE certainly couldn't afford to buy this now. Hubby works full time and I have TWO jobs, but because this is a sort of run down (if not deprived) area wages are very VERY low. That's it.


We bought for £90 grand three years ago when we came over from Wakefield, (that's when we had proper jobs and plenty of money coming in) but having had to take a massive drop in wages round here, which we hadn't really bargained for, we probably couldn't even afford to run to that now either.


I think Angela's just being realistic Folks.

Bluelad_2

vindalooloo wrote:

We're selling at the mo for £120 grand (or bleeping trying to) but if we didn't have 50 grand equity in this house we wouldn't have a hope of buying now with prices as they are today. On paper we can't even now afford our own house ... if you see what I mean - WE certainly couldn't afford to buy this now. Hubby works full time and I have TWO jobs, but because this is a sort of run down (if not deprived) area wages are very VERY low. That's it.

You've just confirmed yourself why house prices are high. Like yourself, I also have a large sum of equity in the house I've just sold. It is this equity that is pushing up the prices. If houses at the bottom end weren't so ridiculously priced, then prices further up will be far more realistic.

As I said earlier the chances are the second buyers (eg) myself are using 3 x income + equity, whereas its the FTB who has to get crazy income multipliers or save for huge deposits