Moving Home - Zoopla Hurts!

carefullycautious

Bit confused by your post as you say you are the only owner occupier in the block but then go on to talk about your neighbours paying 80k for their flats (do you mean neighbouring blocks?)

However, why havent you approached the bulk buyers/housing association about buying yours. THey may pay a little more to get absolute control over the building. Just a thought

Just want to say do feel for you. I have noticed a new build area close to me where everyone is trying to sell, our job situation is zilch at present and there is no way these young people can service a part buy part own debt. One by one they are being repossessed.

We are not too far away from you so know the areas problems.

HJS86

carefullycautious wrote: »

Bit confused by your post as you say you are the only owner occupier in the block but then go on to talk about your neighbours paying 80k for their flats (do you mean neighbouring blocks?)

However, why havent you approached the bulk buyers/housing association about buying yours. THey may pay a little more to get absolute control over the building. Just a thought

Just want to say do feel for you. I have noticed a new build area close to me where everyone is trying to sell, our job situation is zilch at present and there is no way these young people can service a part buy part own debt. One by one they are being repossessed.

We are not too far away from you so know the areas problems.

Hi there,
Thank you for your post.
You are correct when I mention neighbours, I'm referring to those in neighbouring blocks which are all the same design approximately. Out of the 6 apartments in our particular block we are the only ones who brought privately.

That is a fantastic idea - I will call them now and see what they say!

Thank you

HJS86

brit1234 wrote: »

It doesn't matter its the sales price for the majority and the most recent. House prices aren't going to go up in the block when anyone sees that £51k price, the tenants are majority HA tenants and house prices continue to fall.

You are best buying to sell now and perhaps targeting a gullible buy to let land lord. 2012 you have next to no hope of £70K.

I thought another user mentioned that the prices in the West Midlands were on the increase not decrease?

Thanks

HJS86

Bromford have took my details and are calling me back later today )

Fingers crossed.

GDB2222

HJS86 wrote: »

I thought another user mentioned that the prices in the West Midlands were on the increase not decrease?

Thanks

That was me. According to Nationwide, that area has gone up a few % since 2008. I don't know what's happening currently.

Caveat_Mortgagor

HJS86 wrote: »

I thought another user mentioned that the prices in the West Midlands were on the increase not decrease?

Thanks

According to Land registry the average price of all properties sold in Walsall in May 2010 was £116,991. In May 2011 that figure was down to £104,852!

YoY thats a fall of more than 10%. I'm sorry but whoever told you prices are rising is a fantasist!

Sorry if this sounds harsh, but I seriously think you need to acknowledge the severity of the situation and I think yours is a situation that would get a lot of media interest because of the scheme that was used to get you into the property.

If that scheme had not existed - you would not be in !!!!!! street. However, the scheme is supposed to help first time buyers.

I urge you to contact the people I mentioned before in a previous post as well as write to your mp and explain that you have been hoodwinked explaining that the housebuilder and bank have a sale and secure lending, the only risks taken have been by the taxpayer and the net result is massive negative equity for you.

HJS86

Its a no from Bromford

Not sure I want to go to the media. Ultimately nothing will change even if we do, other than our apparent bad decision been public knowledge. Though I can understand the rationale behind what you're saying.

Anyone know if its possible to buy a property whilst having negative equity nowadays or is it a def no?

GDB2222

HJS86 wrote: »

Anyone know if its possible to buy a property whilst having negative equity nowadays or is it a def no?

I think it's a no at the moment. However, during the 90's when people were in neg equity then, it was possible. So, maybe that scheme will return?

brit1234

HJS86 wrote: »

I thought another user mentioned that the prices in the West Midlands were on the increase not decrease?

Thanks

No in general al house prices are now falling with the exception of Prime London due to foreign investors. They have been for about a year after the end of the dead cat bounce prices have been steadily falling with a few monthly slight blips.


The chart above shows a typical bubble. We have had the biggest housing bubble in history. The stage we are at is past return to normal going into the fear stage. Hence just after the dead cat bounce where vested interests were prematurely saying things were ok and trapping a lot of people again.


Its down hill all the way from now on for house prices, so if you need to sell do it now.

GDB2222

Brit, is that good news for the OP if she wants to trade up?