House Prices dropping

ailz95

I own a house, with my husband, in Oldham, Greater Manchester. We had it valued in 2010 for some work the council were carrying out under their disability improvements scheme and it was valued - after the work carried out at £147,000. We had an independent surveyor in at the beginning of August '14 as we are going to sell it and he valued it at £90,000.

Our next door neighbour whose house has been taken back to bare brick and re-done and whose house is immaculate had hers valued and was told £120,000. She bought hers for £95,000 ten years ago and has spent £70,000 on it. Like she says she can't afford to move.

The houses are made up of 2 living rooms, large dining kitchen, 3 bedrooms (2 double and one large single), small front garden and a back yard with a small garden.

We were disappointed when we were told how much, so I started checking. A 6 bedroom, 5 receptions and coach house flat, with 1/4 acre of garden across the road from us sold for £250,000. I wish we could pick the house up and move it 'down south' - even just as far as Cheshire.

Ailz

in_my_bumble_opinion

Do you want to move from Oldham?

In_For_A_Penny_2

ailz95 wrote: »

I own a house, with my husband, in Oldham, Greater Manchester. We had it valued in 2010 for some work the council were carrying out under their disability improvements scheme and it was valued - after the work carried out at £147,000. We had an independent surveyor in at the beginning of August '14 as we are going to sell it and he valued it at £90,000.

Houses prices change. They can go up or down. The only questions that matter are:

(1) How have other properties that you are interested in changed in relation to your property?

(2) How much (if anything) do you owe on your mortgage?

ailz95

We are spending most of our time in Kent with my 93 year old mother-in-law and have decided that we'd like to live by the sea when this time finishes. In a way we're lucky in that we won't be buying another house for a while - m-i-l could live to be 100 or die tomorrow, she's reasonably fit, just uses a zimmer to get around, doesn't drive anymore and her memory is poor, so here we are.

Houses are the one thing that we expect to get more for than we paid for them. Everything else devalues as it gets older, but not houses. I don't think we'll bother buying another one, we'll probably rent. We'll net about £28,000 from the sale of this one and don't want any more to do with mortgages.

That is of course if my wonderful m-i-l doesn't outlive us all . She is absolutely amazing.

Jack_Johnson_the_acorn

ailz95 wrote: »

We are spending most of our time in Kent with my 93 year old mother-in-law and have decided that we'd like to live by the sea when this time finishes. In a way we're lucky in that we won't be buying another house for a while - m-i-l could live to be 100 or die tomorrow, she's reasonably fit, just uses a zimmer to get around, doesn't drive anymore and her memory is poor, so here we are.

Houses are the one thing that we expect to get more for than we paid for them. Everything else devalues as it gets older, but not houses. I don't think we'll bother buying another one, we'll probably rent. We'll net about £28,000 from the sale of this one and don't want any more to do with mortgages.

That is of course if my wonderful m-i-l doesn't outlive us all . She is absolutely amazing.

I think you where given an inaccurate valuation in 2010. Prices haven't dropped by 40%anywhere in the UK and certainly not since 2010.

ukcarper

Jack_Johnson_the_acorn wrote: »

I think you where given an inaccurate valuation in 2010. Prices haven't dropped by 40%anywhere in the UK and certainly not since 2010.

According to land registry prices in Oldham are about 10% less than they were in 2010.

In_For_A_Penny_2

Best of luck. Thoroughly recommend living by the sea!

As other posters have pointed out, there is probably an undervaluation on one of those occasions.

ailz95 wrote: »

Houses are the one thing that we expect to get more for than we paid for them.

Everything else devalues as it gets older, but not houses.

Not sure I agree with that particular point - The housing market may have behaved like that for long periods but who knows what the future holds. . . (at least in the short term)

[Deleted User]

A house is worth what someone else is prepared to pay for it,if you want to live by the sea look at southern ireland for real bargains

Crashy_Time

woodbine wrote: »

A house is worth what someone else is prepared to pay for it,if you want to live by the sea look at southern ireland for real bargains

Or what someone is prepared/able to borrow.

Percy1983

ailz95 wrote: »

Houses are the one thing that we expect to get more for than we paid for them. Everything else devalues as it gets older, but not houses. I don't think we'll bother buying another one, we'll probably rent. We'll net about £28,000 from the sale of this one and don't want any more to do with mortgages.

Firstly how much did you actually buy the house for?

Secondly how much would rent have cost per month for a similar house?

Just want to figure if you have actually lost anything?

As others have said there doesn't appear to have been such sharp drops in the area but I do appreicate some areas are classed as better/worse than others.

shortchanged_2

I hope renomans not reading this thread.