First Time Buyers Stuck In Unsuitable Flats

PasturesNew

RenovationMan wrote: »

I'm going to sit on the forum all day and night if I have to until you post these links because I want to be here when Hamish gives a grovelling apology!

I spotted a place earlier today that's just been reduced and, as I remembered it, I looked it up.

8 Sep 2006: Sold for £150k
22 Jun 2011: Sold for £59,000. It'd been rented out and I think I remember it going as virtually a repo, it needed twigs and magnolia.
22 Aug 2011: Came onto Rightmove at £99,950
6 Sep 2011: Reduced to £94,950
6 Jan 2012: Reduced to £89,950
27 Feb 2012: Reduced to £84,950

Does that count?

PL24 2NH

PasturesNew

vivatifosi wrote: »

Negative equity happens at a point in the cycle and will do so again. It doesn't mean people have to be stuck forever. Bradley Stoke anyone?
http://www.ft.com/cms/s/0/f3288ea8-131a-11dd-8d91-0000779fd2ac.html#axzz1nVISotOY

He who stays in with the lights out can do what I did when I was in negative equity in a SO studio ..... come the day I wanted out, 7 years after I bought it, in NE .... I wrote a cheque out for what was still 5% of the original price.

Sibley

Can I ask you why u are not on HPC posting this now?

Kicked out?

PaulF81

Pimperne1 wrote: »

Then you have the advantage over the majority of posters on here by having lived in pretty well subsidised accommodation for what seems to be a relatively long period. I doubt that many on here are other than renters or owners (but renting from profiteering landlords rather than the more caring MoD).

Doesnt stop the man babies on here living with their parents under cheaper arrangements.

RenovationMan

PasturesNew wrote: »

I spotted a place earlier today that's just been reduced and, as I remembered it, I looked it up.

8 Sep 2006: Sold for £150k
22 Jun 2011: Sold for £59,000. It'd been rented out and I think I remember it going as virtually a repo, it needed twigs and magnolia.
22 Aug 2011: Came onto Rightmove at £99,950
6 Sep 2011: Reduced to £94,950
6 Jan 2012: Reduced to £89,950
27 Feb 2012: Reduced to £84,950

Does that count?

PL24 2NH

Well it's not me you need to convince, it's those doubters led by Hamish. I believe everything everyone tells me on the internet. However, I suspect the doubters will suggest that a house in Cornwall for £84k is not the same as a 5 bed house with an acre of land near Cheltenham. They would probably question your sanity at even trying to make the comparison. As I say though, I'm nowt to do with all this, I'm a believer and I think your example is perfectly valid.

However, it seems like the proof is not going to be forthcoming so you could provide an example of a 5 bed house with 1 acre of land 20 mins from Cheltenham reduced by 30% and then further reduced by 30% as it's more akin to the real house purchase made.

Just a suggestion. Makes no odds to me, I'm a disinterested bystander.

IveSeenTheLight

brit1234 wrote: »

Hamish why are you rewriting history, you know they fell in 2011. I also think they fell a bit in 2010.

Brit,
When are you going to update your signature?

We know why your reluctant, hoping that the next months figures reflect better than the current ones.

JonnyBravo

I'm sure there is an example of an individual property which fits the description and sold 30% down.
As chewy has said it's just amazing that everyone on here bags one or it's equivalent.
Bit like, no-one owns a dog which is vicious and bites little children. It's always someone elses.


So to break the cycle and in all honesty I'd just like to say that I paid £5k over the asking price for the house I currently live in. I definitely didn't get a bargain.
Ah well.

RenovationMan

JonnyBravo wrote: »

I paid £5k over the asking price for the house I currently live in.

Bollox, you did. You liar!

Houses at +£5k aren't available. You have to go search around like mad to even find houses at 20% discount, what with so many 30% discount houses available.

You have gone down in my estimation JB with these fabrications.

FTBFun

https://forums.moneysavingexpert.com/discussion/comment/49838071#Comment_49838071

Post 290

40% equity = £100k flat = £250,000 property

Just happened to fall under the FTB stamp duty exemption as well. How fortunate.

Pimperne1

PaulF81 wrote: »

Well Im alright jack. They should have worked harder at school and not have been led like a little sheep when people were paying 5X salary for a shoe box with the promise of riches.

As for FTBFun, you can search for my old posts on HPC if you really want to be a nibby so and so.

What was your username on HPC?