Advice - negative equity

silvercar

Keep_pedalling wrote: »

I can't believe that there has been such a price reduction in Herts. According to the link average prices in the county had risen over 9% in your first year of ownership. Are you seriously suggesting that you missed out on that and have lost a further 10% since Feb?

http://www.hertfordshiremercury.co.uk/house-prices-in-hertfordshire-among-fastest-rising-in-britain/story-30219516-detail/story.html

I also live in Hertfordshire and would be surprised if OP's house has genuinely fallen that much in value.

Anyway, all a sale will do is turn a paper loss into a real one. Live in your home and enjoy it.

ThePants999

Hi. I bought in Hertfordshire in March 2016, so in theory I must be in the same situation. However, I'm happy as Larry because I'm just enjoying living in my house, rather than keenly watching out for fluctuations in its value. I'll worry about house prices again if and when I next move.

sulphate

Is the house still suitable for your needs?

Can you afford the repayments now?

Could you afford the repayments if the rates went up?

If yes then you don’t need to worry. Negative equity is only bad if you want to sell and can’t afford to, or if you can’t afford your mortgage anymore.

I’m amazed you had the cheek to tell your neighbour that his house price wasn’t doing you any favours!! Bet he enjoyed relating that story to his mates :rotfl:

Pixie5740

Your MIL has just got rid of you, does she really want you back?

This is one of the most nonsensical threads we've had for a while.

Marvel1

I'm shocked.

First asking neighbours not to have their asking price so low.

Second seeking legal advice on a price you were happy with and the economy is a random thing prices can up or down.

leslieknope

so basically you're not happy with the price you paid because you've now realised you overstretched yourself, and you want compensation for buying a house that won't potentially make you a lot more money? good luck.

robatwork

1) Stop reading the Daily Mail.

2) Generally, high inflation is a "bad thing". If your house price is falling, so is your next house.

3) Just get on with living.....

Mickygg

Sorry OP but you read as being very naive here.

A fact of life, things go up and down in value. If house prices were guaranteed to keep rising then everyone would be piling in every bit of cash available, even the troll crashy!

You weren't ready to spend half a million quid. You buy your main house as a home.

I find it hard to believe you have lost 10% as well. In fact I find your whole post hard to believe.

Missus_Hyde

Actually I can’t believe that you’re contemplating going through all the hassle of selling your house (which presumably you’re happy with, in every other respect) just on the off chance that you won’t get a good price for it further down the line, should you decide to sell in the future.

Of course, if you possessed a crystal ball or had second sight and could predict the future, that would be a different matter!

ViolaLass

You should probably hassle your neighbours a bit more - you never know, with more pressure, they might give in and raise their price. And they'd be so grateful when they couldn't sell and move on with their lives...