Surveyors and over-valuing

RichardJohn_2

House Price In 'falling' Shocker: Misinformed Generation In Panic

Bubble_Pricker

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.

Yes, if nooners-princess had surfed to that said website three years ago, instead of listening to Kirsty Allsopp on Locationx3 urging everybody to buy now or miss out forever, then she might have learned about the sharp practices in the new-built sales sector and the dangers associated with buying new-built inner city flats in secondary British cities. She also might have taken an interest in Land Registry figures, which have shown consistently for several years now a fall in prices of new-built flats across Britain. Of course that never gets mentioned when the BBC reports the latest surge in house prices.

ollyshaw

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.

Spot on, something that is sometimes forgotten when comparing rent with mortgage, interest! Oh and don't forget the cost of any repairs carried out.

Olly

Tiger_greeneyes

Bubble pricker, unfortunately people get caught out all the time - and when it happens to you, it can be very distressing. I think the tone of your posts towards the OP are a bit on the harsh side, and make uncomfortable reading.

surfcat

Tiger_greeneyes wrote: »

Bubble pricker, unfortunately people get caught out all the time - and when it happens to you, it can be very distressing. I think the tone of your posts towards the OP are a bit on the harsh side, and make uncomfortable reading.

I think the tone of the OP is one of "this is someone else's fault, who can I sue?", which I find rather more uncomfortable reading.

Bubble_Pricker

Dear Tiger_greeneyes, when I get caught out, I sit down and ask myself, "how did I allow that to happen - why did I not pay more attention or did more research at the time?". I can assure you, facing your own failures is much more distressing than posting on a forum asking who else I could blame for my own mistakes.

I fear that the OP's post is an early example of what we will hear many more times in the next couple of years when this housing bubble finally unravels. People will start blaming everyone including the government, the Bank of England, the mortgate lenders, estate agents, surveyors, the economy, and probably also housepricecrash.co.uk for starting it all. The truth is of course, they, like the OP, only have themselves to blame.

In the end, the taxpayer will have to sort out the mess, and people like myself, who have declined to participate in the pyramid scheme called the UK housing market, and as a result have no debt and lots of savings, will have those savings taxed away to pay for the mess. Anyway, I digress.

Tiger_greeneyes

surfcat wrote: »

I think the tone of the OP is one of "this is someone else's fault, who can I sue?", which I find rather more uncomfortable reading.

I quite agree surfcat, but the OP is distressed, she's had a shock. Of course she's angry. I'm sure most of us can take that fact into consideration, though.

tenroom

Don't pay any attention to Bubble Pricker. He's one of the "bears" on HPC which means he's very bitter about hte fact that while he's been taking advice from his fellow bears on HPC.co.uk for years now, the rest of the nation has been merrily buying property and, for the most part, making lots of money.

He's deeply jealous that he missed out on the housing boom and so he vents his vitriol on people like the OP who must be one of the few to lose money on property.

stillill_2

tenroom wrote: »

the rest of the nation has been merrily buying property and, for the most part, making lots of money.

He's deeply jealous that he missed out on the housing boom and so he vents his vitriol on people like the OP who must be one of the few to lose money on property.

I agree it's a bad time for the OP and it hopefully won't bankrupt her, the advice to drop the price to drum up more interest then hope the offers over make up for it seems pretty reasonable.

Perhaps you could consider yourself lucky to have only lost 8k? At least try not to 'chase the market down'. Why not put it on at an attractive price to get out without further loss, or stay put until the next upturn in the property cycle?

Would be surprised if there's not something in the survey that relieves the surveyor of any responsibility for the price, as it's only his opinion. You could try the surveyor's professional body and ask them for advice.


However, tenroom, this "rest of the nation, for the most part, making lots of money" thing. That's total nonsense. A small proportion of landlords, property flippers (like the seller of the OPs flat) and most of the banks and estate agents have made money.

Home owners haven't made any profits they can put in the bank have they? Unless they've cashed out and gone into renting, or down sized.

All they have is a house that's gone up in asking-price. Then the next house they want to move up to has gone up in asking-price too. So they're not in any way better off. Are they? Or did I miss something? Oh, what's that, they MEWd? That's free money! Erm...no, it's just putting more debt on your mortgage to buy a plasma. More debt = "making lots of money"?

It's misinformed economically !!!!!! posters like yourself that the OP should be wary of.

Any bitterness in bubblepricker I would suggest is caused by the growing knowledge that the prudent in the UK are going to have to bail out all the muppets who did no research and believed EAs and sellers (and the media) when they cry foul (as the OP is doing).

The value of your investment can go down as well as up.

tenroom

stillill wrote: »

However, tenroom, this "rest of the nation, for the most part, making lots of money" thing. That's total nonsense.

Well of course. Any profit is notional unless you actually sell up and rent or downsize.

Perhaps a re-phrase . . . Bubble is jealous because he isn;t in the envious position of being able to liquidate his notional equity wealth to downsize, rent or buy an Aston Martin DB9 cash . . . :rotfl: