North West England

Jimmy_31

The house hasn't 'lost' £20k of value in a year, the seller has reduced the asking price by £20k because no one is willing or able to buy at the higher price.

That doesnt change the fact that the house is now 20% cheaper than it was originally priced at so in my tiny mind ive saved myself a few quid by waiting.

You know exactly what i meant but you have to pick up on the slightest error.

So to keep mr picky happy................Asking prices in my area have seen 20% drops in the last 12 months and most are still not selling.

Cleaver

Jimmy_31 wrote: »

A basic back to back pavement terrace that needs modernisation can be had for 35 to 40k.

Yeah, I guess in the rougher parts of places like Blackburn, Burnley, Wigan, Preston, Liverpool etc. you could just about pick up a run-down, small terrace for that type of money. Like this one:

http://www.rightmove.co.uk/property-for-sale/property-28139881.html

Where abouts in the NW you looking Jimmy?

Jimmy_31

Cleaver wrote: »

Yeah, I guess in the rougher parts of places like Blackburn, Burnley, Wigan, Preston, Liverpool etc. you could just about pick up a run-down, small terrace for that type of money. Like this one:

http://www.rightmove.co.uk/property-for-sale/property-28139881.html

Where abouts in the NW you looking Jimmy?

The rough parts.

Jimmy_31

Well i say rough parts, i live in a very rough area now but im hoping to move to an area a few miles away from where i live now which i think is quite a decent area, most people probably wouldnt agree that its a decent area but i will be happy enough to buy my first home there and hopefully progress to better areas as i get older and save up more money

Cleaver

Jimmy_31 wrote: »

The house hasn't 'lost' £20k of value in a year, the seller has reduced the asking price by £20k because no one is willing or able to buy at the higher price.

That doesnt change the fact that the house is now 20% cheaper than it was originally priced at so in my tiny mind ive saved myself a few quid by waiting.

I'm not entirely sure I follow your logic by using asking prices as a guide as to how much you got off the house.

For example, the house we ended up buying went on the market in early 2009 for £220,000. By the summer it was reduced to £200,000 and it was on the market for £185,000 when we looked round it in the Autumn. We debated on price with the owners and got it for £174,000. Obviously a price that both we and the seller were happy with.

So did we make a financial saving of £46,000? Did we get a house that for 21% under its value? Under your logic we did, but I'm not so sure. The market price for the house was £174,000, because that's the price we paid for it. The value of our house when we bought it in Autumn 2009 was £174,000, because that's the price it sold for. It doesn't matter that the house was on for £220,000, as it wasn't worth that much money. If it was, someone else would have bought it for that much.

We did 'save' any money buy not buying this house when it came to market at £220,000. We just bought the house at a price we were happy with and could afford.

Jimmy_31 wrote: »

So to keep mr picky happy................Asking prices in my area have seen 20% drops in the last 12 months and most are still not selling.

Have sale prices in your area also reduced by 20%?

Cleaver

Jimmy_31 wrote: »

Well i say rough parts, i live in a very rough area now but im hoping to move to an area a few miles away from where i live now which i think is quite a decent area, most people probably wouldnt agree that its a decent area but i will be happy enough to buy my first home there and hopefully progress to better areas as i get older and save up more money

Sounds sensible to me.

I didn't mean do you live in a rough / nice part, I meant where abouts in the NW? Lancashire? Manchester? Liverpool? Cumbria? Cheshire?

Jimmy_31

Cleaver wrote: »

I'm not entirely sure I follow your logic by using asking prices as a guide as to how much you got off the house.

For example, the house we ended up buying went on the market in early 2009 for £220,000. By the summer it was reduced to £200,000 and it was on the market for £185,000 when we looked round it in the Autumn. We debated on price with the owners and got it for £174,000. Obviously a price that both we and the seller were happy with.

So did we make a financial saving of £46,000? Did we get a house that for 21% under its value? Under your logic we did, but I'm not so sure. The market price for the house was £174,000, because that's the price we paid for it. The value of our house when we bought it in Autumn 2009 was £174,000, because that's the price it sold for. It doesn't matter that the house was on for £220,000, as it wasn't worth that much money. If it was, someone else would have bought it for that much.

We did 'save' any money buy not buying this house when it came to market at £220,000. We just bought the house at a price we were happy with and could afford.



Have sale prices in your area also reduced by 20%?

You dont have to explain the difference between asking prices and sold prices to me.

Okay i have not got a clue how much i have saved by not buying a house last year.

I will just be happy in the fact that asking prices are now a lot lower than they were last year.

blueboy43

HAMISH_MCTAVISH wrote: »

Here's a thread for jimmy31 to discuss house prices in the North West of England. Rather than trying to repeat the same tedious lies in every thread he can in the house buying and debate house prices boards.

..

Mr Pot, please meet my friend Mr Kettle.

ess0two

Jimmy_31 wrote: »

A basic back to back pavement terrace that needs modernisation can be had for 35 to 40k.

I think these houses will be cheaper in 6 months time.

Builders generally buy these types of houses and with me being in the construction industry i know most of the builders in my area. None of them are buying propertys to do up and sell anymore because they dont want the risk of not being able to sell it due to the fact that there are still houses on the market from early last year that have been bought to be done up and sold at a profit.

I know plenty of people who want to buy their first home but cannot do so because they dont have anywhere near enough deposit to gain a mortgage.

The few FTBs that i know who do have a good enough deposit to get a mortgage are not buying yet because they think that prices will drop further.

Dream on........35 - 40k,perhaps you wanna live in street where the other houses are boarded up.
Pay another 20k on top and you can probably live in a neighbourhood of some sort.

Jimmy_31

Needs Modernisation.................thats the bit you need to think about.