What’s wrong with this property

Herzlos

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

jimbog

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

RSP will bang on about rates going up causing problems, whilst in the real world rates have just dropped again. Since I bought my mortgage rates have varied between 5.7% and 1.9%.The jump for 1.9% to 5.5% (now) hurt, but it's not the end of the world unless you're overextended. Still a better long term bet than renting and waiting. 

Buying any property is going to involve some risk, and you don't want to overpay, but you need to be rational about it. Automatically assuming against all evidence that everything is overpaid, rates are going to fly up and the markets going to crash is just going to leave you renting a teiny bedsit whilst the rest of the country gets on with their life.

You don't want to overextend yourself though, so whilst a 2 bed may be a better long term option a 1 bed may be more affordable, but it all depends on the flat. You could easily find a 1  bed that's bigger than a 2 bed , etc. So the best thing to do is go and view a few and see if there's any that you feel you could happily live in. 

How much do you think the 400k flat cost in 2008?

When looking to sell, or to put in an offer, it’s always best to look at recent transactions 

ReadySteadyPop

jimbog said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

RSP will bang on about rates going up causing problems, whilst in the real world rates have just dropped again. Since I bought my mortgage rates have varied between 5.7% and 1.9%.The jump for 1.9% to 5.5% (now) hurt, but it's not the end of the world unless you're overextended. Still a better long term bet than renting and waiting. 

Buying any property is going to involve some risk, and you don't want to overpay, but you need to be rational about it. Automatically assuming against all evidence that everything is overpaid, rates are going to fly up and the markets going to crash is just going to leave you renting a teiny bedsit whilst the rest of the country gets on with their life.

You don't want to overextend yourself though, so whilst a 2 bed may be a better long term option a 1 bed may be more affordable, but it all depends on the flat. You could easily find a 1  bed that's bigger than a 2 bed , etc. So the best thing to do is go and view a few and see if there's any that you feel you could happily live in. 

How much do you think the 400k flat cost in 2008?

When looking to sell, or to put in an offer, it’s always best to look at recent transactions 

The point was about monthly debt maintenance payments.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

 Looks like the current seller also bought at the wrong time?

Ybe

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

RSP will bang on about rates going up causing problems, whilst in the real world rates have just dropped again. Since I bought my mortgage rates have varied between 5.7% and 1.9%.The jump for 1.9% to 5.5% (now) hurt, but it's not the end of the world unless you're overextended. Still a better long term bet than renting and waiting. 

Buying any property is going to involve some risk, and you don't want to overpay, but you need to be rational about it. Automatically assuming against all evidence that everything is overpaid, rates are going to fly up and the markets going to crash is just going to leave you renting a teiny bedsit whilst the rest of the country gets on with their life.

You don't want to overextend yourself though, so whilst a 2 bed may be a better long term option a 1 bed may be more affordable, but it all depends on the flat. You could easily find a 1  bed that's bigger than a 2 bed , etc. So the best thing to do is go and view a few and see if there's any that you feel you could happily live in. 

How much do you think the 400k flat cost in 2008?

It’s been 17 years since 2008. There’s been inflation since then. 

Ybe

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

 Looks like the current seller also bought at the wrong time?

Surely no one can time the market though.  If you buy to live somewhere, you’re saving money vs renting. The ultimate question I can’t work out is 1 bed or stretch for a 2 bed. 

Emmia

Ybe said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

 Looks like the current seller also bought at the wrong time?

Surely no one can time the market though.  If you buy to live somewhere, you’re saving money vs renting. The ultimate question I can’t work out is 1 bed or stretch for a 2 bed. 

Stretch for the two bed. 

Herzlos

Ybe said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

 Looks like the current seller also bought at the wrong time?

Surely no one can time the market though.  If you buy to live somewhere, you’re saving money vs renting. The ultimate question I can’t work out is 1 bed or stretch for a 2 bed. 

Bingo. You're never going to be able to predict the future in enough granularity to know whether to buy now or wait.  It should be more about whether you can afford to buy x or y and want to live there. 

If you're stretching to get to the 2 bed and that's going to cause you problems, go for a 1 bed. If you can comfortably afford the difference I'd go for the 2 bed. 

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

It depends when they sell it. It could be worth £800k in another 20 years. 

Maybe the current seller bought at the wrong time, or overpaid for whatever reason. It doesn't matter. How does it compare to what else is available?

Ybe

Herzlos said:

Ybe said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

How much do you think the 400k flat cost in 2008?

Somewhere about £250k. Someone will have made a tidy profit on it after holding it for 17 years. 

Assuming you mean 5 Inkwell close, which was the first link I found in here to a 400k flat, we can see the price history:

https://www.rightmove.co.uk/house-prices/details/d8ae29fe-8eb9-4059-8799-fe0bd097fa67

It was first sold for £138k in 1999, then for £405k in 2018. It failed to sell in 2023 and I don't see an asking price for it. 

Why it sold for £405k in 2018 and is now for sale for £400k in 2025 I don't know. Maybe it was wildly overpriced back then, maybe it's a market correction. 

What do you reckon it'll be worth in 2050? More or less than £400k?

Not someone buying now though?

 Looks like the current seller also bought at the wrong time?

Surely no one can time the market though.  If you buy to live somewhere, you’re saving money vs renting. The ultimate question I can’t work out is 1 bed or stretch for a 2 bed. 

Bingo. You're never going to be able to predict the future in enough granularity to know whether to buy now or wait.  It should be more about whether you can afford to buy x or y and want to live there. 

If you're stretching to get to the 2 bed and that's going to cause you problems, go for a 1 bed. If you can comfortably afford the difference I'd go for the 2 bed. 

The other difference is the 2 bed I’ve looked at is under 10 minutes walk from the tube. The 1 bed is 15 minutes but has a balcony.