2005 to 2007

Chanes

Were these years the worst years to buy property (outside London)?

Kynthia

In what way specifically? Compared to renting or compared to buying during a different year? If you've sold or of you still own that property?

Rain_Shadow

I would say 1988 was probably worse from my experience.

ellie27

Yes, I bought in Scotland 2007, sold for 13% less than I paid for it. (£23k less)

I also bought in Dublin in 2005...... I try to forget about that one although I still have it! Bought for EUR288k, cannot even sell it now for EUR 190k!

Malmo

There is no generic answer to this question. For example, I bought in Summer 2007 at the height of the market pre-crash, rode through a double recession and still managed to sell for 5% more in 2015, in the East Midlands. However, this does not reflect everybody's experience.

Grenage

It wasn't awesome; the previous owners bought our old house for 160 in 07, and sold for 142k in 2012.

Rain_Shadow

I bought in the New Forest for £346k in 2006 and it never really lost value against that as far as I could see. In the condition I bought it in it would probably go for just over £400k now.


I bought new in Wilmslow in 1985 for £57k. By 1988 identical houses (there were about 12 of them together on an estate) were going for £165k. A year later they were going for £130k.

Chanes

It really was a bad time to buy, it seems many have taken a loss on re-sale after those years and to this year too.

Marvel1

November 2007 for me, still here, but if selling would be less.

Bought for £68,500

kilby_007

Now is also a bad time to buy in my opinion. Supply is low, prices high and there's a lot of flag-flying. We've been looking (and constantly disappointed) in East Yorkshire for a year. Last month we saw a 4 bed semi for 365K which is beyond ridiculous in this area. They're asking £120K more than it was worth a couple of years ago. This weekend we saw the first property that we both liked and thought was good value for money so we've offered the asking price, but given the low supply of decent houses it seems like everyone else probably wants it too. We have decided that we won't increase our offer should we be gazumped (currently they're delaying whilst other people view). We do like the property but I won't contribute to the madness, would sooner wait until the market sorts itself out, even if it takes us until next summer some time.

knightstyle

1988 was the worst in recent times, we bought for £130k, they tried to get £5k more at the last minute but we said no, three months later it was worth £95k.
Plus the mortgage rate went up and up we were paying 14% it broke many families up, we struggled with 5 kids from previous marriages with us, full time jobs, cleaning pubs in the evening and running a curtain business.