Surveyors and over-valuing

horace_2

The walls have ears........

http://www.housepricecrash.co.uk/forum/index.php?showtopic=44425

horace

mystic_trev

On average a newbuild bought 5 years ago would probably still only be sold (today) at its original purchase price, so the fact yours has droped by £8,000 is about right. You could always pop round to the EA's and give him a Glasgow kiss!

Massive_2

horace wrote: »

The walls have ears........

http://www.housepricecrash.co.uk/forum/index.php?showtopic=44425

horace

Nooners-princess,

I wouldn't bother following that link - it's a unique board with extremely negative sentiment, and nothing constructive to offer.

If you've already succumbed to curiosity, just shrug it off, and don't be tempted to reply.

The internet's an anonymous place, and it's easier to criticise than help.

Regards

Tiger_greeneyes

Massive wrote: »

Nooners-princess,

I wouldn't bother following that link - it's a unique board with extremely negative sentiment, and nothing constructive to offer.

If you've already succumbed to curiosity, just shrug it off, and don't be tempted to reply.

The internet's an anonymous place, and it's easier to criticise than help.

Regards

You're not wrong - I had a look and there's way too much ill feeling on there. Seems a bit cliquey too. Best to leave them to it.

tiny1

Hi,

There are not too many more constructive comments to add - apart from the obvious ....

The 8k drop in valuation is not the end of the world - advertise and accept the best market price you can get.

Swallow loss (if any) sell up, move on and do not repeat the experience.

There are many more out ther in a similar position - they just keep mum.

tiny1

SamC_4

Jim_B wrote: »

On the other hand, you've had a flat for three years at a cost of 8k; that's a bit over 220 pounds rent per month, which sounds pretty good.

Let's not forget mortgage payments of (say) 30k and depreciation due to inflation of about 9k. Works out at about 1300 per month including the 8k price reduction.

caveatvenditor

Sorry to hear your predictament - hope you sell it on soon. But I fear that with each week that passes you're going to find it harder to sell. Sentiment in the market is changing and house prices are now reversing. My advice is lower the price by about 9-10K and take the hit. Better to be caught for that than get into 30-40% negative equity - which will happen to most people over the next 5 years. Better to get caught now than waste the next 10 years waiting for the market price to come back up to 148K.

Failing that you could always stick with the 148K figure and pray someone who doesn't know what's happening in the market comes along and takes the hit themselves.

Good Luck

Jim_B_3

SamC wrote: »

Let's not forget mortgage payments of (say) 30k and depreciation due to inflation of about 9k. Works out at about 1300 per month including the 8k price reduction.

Oh, on a mortgage, is it? Well then, yes, not such a great deal.

RHemmings

Jim_B wrote: »

On the other hand, you've had a flat for three years at a cost of 8k; that's a bit over 220 pounds rent per month, which sounds pretty good.

That's inaccurate. If the OP had a mortgage, then the cost would be 220 pounds per month plus the mortgage interest payments. Since it's frequently the case that mortgage interest is more than typical rents, it could be a very expensive rent. If if the flat was bought for cash, the lost opportunity cost would be equally large.

Bubble_Pricker

Oh yes, I forgot. In case you thought property can only ever go up, I recommend this link http://flippersintrouble.blogspot.com/index.html for an illustration of things to come soon to a property near you in the UK.