Housing situation opinions

ka7e

It seems to me that local Shared Ownership properties are sold at a premium - if you double the price of a 50/50 split house it is overvalued by about 15-20%. Historically, buyers have been in negative equity straight away!

If a new build is what you want, it is often possible to negotiate a discount or added extras. But an older house or even a house a couple of years old will be a much more reasonable price.

We have lots of new development locally, and luxury 5-bed houses that were advertised for £360k brand-new are 2 years later being re-sold for under £300k. Run of the mill 3-beds have flooded the market and prices are dropping weekly!

cottonhead

Thanks everyone for your replies. I have just got back ( felt very implusive ! ) from viewing the shared ownership place. The house inside was nice although not amazing but Im unsure about the area. Some houses are occupied already and I heard various shouting and dogs barking and a house with towels for curtains etc... I know that might sound snobbish but I am wondering if some of the people (who have been placed by the council cheaply or free) care about the place as much as they would where I currently live.
I think I have made up my mind. I like the area I currently live in and in the whole scheme of things 18 months isnt much. I also agree about the potential for the house to lose value. On the nearby estate that went a bit wrong many people there cant shift their houses plus this place is massive - would be living on a building site for many years to come. Thanks everyone. I think good old fashioned saving and hard work will win the day !

Fire_Fox

Run a search on the relevant board
http://forums.moneysavingexpert.com/forumdisplay.php?f=16

cottonhead

Thanks fire fox I did post on there too. I was looking for info on the practical and financial side but also the emotional side as to how it might impact our lives as a family hence why I came here.
Thanks everyone for your views.