80 per cent of homes bought since 2006 worth less than original price

Rochdale_Pioneers

Up here on Teesside prices have definitely fallen - well asking prices anyway. The development I live on was built 2005-2007, and the couple of houses that have been sold over the last year have been vacant repossession sold for a massive drop in price (£80k on the worst one).

As things stand there are two houses the same as mine up for sale and the asking price is £30-£40k below what they paid. But I have no idea if that is now the market value as noone is buying them.

I tried to sell my house last year after getting a job in Sheffield and pulled it off the market when it became clear from speaking to several estate agents and the sales office of another new development that the only houses selling are (a) massively discounted and (b) cash buyers. The market has quite literally died up here.

So on paper I'm sure I am in negative equity, and I'm certainly trapped. But as we've now revised our plans and will sit tight until 2015ish I'm not that bothered by silly asking prices that don't attract buyers. The economy will recover eventually and the demand for family housing remains high going off the thriving rental market.

Batchy

Rochdale_Pioneers wrote: »

Up here on Teesside prices have definitely fallen - well asking prices anyway. The development I live on was built 2005-2007, and the couple of houses that have been sold over the last year have been vacant repossession sold for a massive drop in price (£80k on the worst one).

As things stand there are two houses the same as mine up for sale and the asking price is £30-£40k below what they paid. But I have no idea if that is now the market value as noone is buying them.

I tried to sell my house last year after getting a job in Sheffield and pulled it off the market when it became clear from speaking to several estate agents and the sales office of another new development that the only houses selling are (a) massively discounted and (b) cash buyers. The market has quite literally died up here.

So on paper I'm sure I am in negative equity, and I'm certainly trapped. But as we've now revised our plans and will sit tight until 2015ish I'm not that bothered by silly asking prices that don't attract buyers. The economy will recover eventually and the demand for family housing remains high going off the thriving rental market.

Sorry to hear about your problem.

It reiterates my thoughts on buying for life. Buy the house you want to live in for the rest of your life, if you dont, you might regret it one day.

Its a shame as a house can mean everything to you until the wrong neighbours move in and pee you off!

geneer

RenovationMan wrote: »

I sometimes wonder if geneer is a sockie created by a property bull to undermine the argument and debate of the property bears. Geneer certainly spouts a lot of nonsense and gets very slippery when you try and pin him down to any detail. All he does is come across like a spoilt child who wants the world handed to him on a plate and is extremely jealous of those who have actually gone out and worked for what they have.

Nearly every one of his posts is dripping with resentment, envy and jealousy. It's really sad if geneer is a real person because he will never be happy in life and to be honest I find that a little depressing.

:rotfl::rotfl::rotfl: Oh dear. Someones a gwummpy bunny.
You might feel better once you finish that tin foil hat.

Your right of course. I might not be real. You could simply be mixing me up with one of the numerous voices in your head.

geneer

RenovationMan wrote: »

Now, should I believe this eel like slithering and wriggling to avoid the question, option A:



Or should I go with the more succinct and to the point, option B:



After due consideration I am going to have to go with option B. :rotfl:

Oh look. You've chosen to not go with the accurate deconstruction of your irrelevant pointless snark.

Who could have seen that one coming.

Rochdale_Pioneers

Batchy wrote: »

Sorry to hear about your problem.

It reiterates my thoughts on buying for life. Buy the house you want to live in for the rest of your life, if you dont, you might regret it one day

I'm happily married, we've just had child number three, I have a well paid fun job thats reasonably secure, a nice house and a huuuge Beemer coming in a few weeks. I don't have a problem!

Not that this is the house I want to die in - its the biggest we could afford at the time in a location that was the best compromise at the time. 5 years later we've added two more kids, about another 50 books and have both changed jobs. Sure, its in the wrong location for where I now work but the commute is tolerable, there are decent local schools and they have just finished the rebuild of our town centre half a mile walk up the road with loads of new shops.

Being stuck in these circumstances isn't all that bad....

abaxas

Percy1983 wrote: »

I do actually have a friend who is suffering due to this, he bought a 2 bed terrace in 2007 with a 100% mortgage and baby number 2 is on the way and he is trapped, by all means he is trying to save the difference so he can buy his 3 bed semi and he has took on more work to do so which no means he hardly sees baby number 1.

I did say at the time when he was buying why not save and buy bigger, he didn't want to know.

All of which has confirmed my plan of going straight to a 3 bed semi as a very good plan, no need to worry what happens afterwards.

Prefect strategy.

The issue being that everyone is thinking the same, so you'll find the price hasn't moved as much as stuff at the bottom/top.

Batchy

abaxas wrote: »

Prefect strategy.

The issue being that everyone is thinking the same, so you'll find the price hasn't moved as much as stuff at the bottom/top.

I had the Percy strategy too. I decided to jump a few rungs, as such and went for a 3/4 bed detached as a FTB.

Pre-requisite was 3 double bedrooms, and not 2 double bedrooms and box room, it was difficult finding a 3 bed like that, instead of a 4 bed with a box room, but it happened and got it bought.

plenty of garden space, In the right area, With a garage and a nice drive, or space to make it bigger at least. Downstairs loo. (utility or space for one). A bit of character was an after thought but we managed that too, in a nice safe cul de sac.

I only pay 450 in interest each month and 300 pays off the capital, a house like this would cost probably 800pm in rent, if you managed to actually find one.
Because its so close to work, my fuel bill is one tank per month and even that is mostly visiting family who live far away too. I could walk to work.

When its really right, its great, if it isnt then its the beginning of a nightmare!

edinburgher

Correct me if I'm wrong, but doesn't the Metro cull the bulk of its material from the Dail Mail? I saw this article about a week ago as OH had the Mail website open, I quote 'because it's funny'.

There would seem to be quite a few problems with it (as have already been pointed out). It assumes everybody wants to move house now; nobody could possible have overpaid their mortgage and that nobody has saved a penny since 2006.

Daft.

FTBFun

edinburgher wrote: »

Correct me if I'm wrong, but doesn't the Metro cull the bulk of its material from the Dail Mail? I saw this article about a week ago as OH had the Mail website open, I quote 'because it's funny'.

There would seem to be quite a few problems with it (as have already been pointed out). It assumes everybody wants to move house now; nobody could possible have overpaid their mortgage and that nobody has saved a penny since 2006.

Daft.

The Metro is an Associated Newspapers publication - copying and pasting is pretty much how journos work nowadays anyway (you can tell from those prank editing of wikipedia articles that pop up every now and then catching journos off-guard!).

ukcarper

abaxas wrote: »

Prefect strategy.

The issue being that everyone is thinking the same, so you'll find the price hasn't moved as much as stuff at the bottom/top.

Not sure that’s right according to Land Reg over last year
Detached down 0.8 %
Semi down 2.8%
Terrace down 3%
Flat down 2.3%

Still think that if you can, Percy’s is a good plan in present climate.