I just don't BELEEEEEEVE it!!

margaretclare

I thought that house prices were coming down. Our neighbours have had their bungalow on the market since before Christmas, it hasn't even been looked at, and they've gone to a different agent. Have a look at this:

http://www.vebra.com/home/solex/results.asp?list=false&fid=11109&bid=0&dbt=1&p=2&cur=GBP&vtourlist=false

These are 1930s bungalows and, OK, they've all had to be modernised and refurbished. I bought this one for £58K in 1990. The neighbour's is the white one with the red door and the tree in front of one of the windows - you can just see our bathroom window at the side. We've even had a new roof (original was 70-year old asbestos tiles) and ours is all modernised as well. I just do not BELIEVE that if we chose to sell and move, we could be asking over £200K for this little place. The other side of our semi went for £140K just 2 years ago, it was badly-neglected, the bloke was a lazy s*d, it's now beautiful because the people who bought it are really 'grafters' and have done a lot, gutted the place in fact.

The only thing that needs doing on ours is the driveway needs either re-concreting or paving. Everything else has been done, including new boiler a year ago. I am amazed. I really am. No wonder FTBs can't get into the market-place.

Margaret

Doozergirl

It won't let me see. Were you signed in to that website when you posted the link?

margaretclare

No, it won't let me do it. Basically, it's a 2-bed bungalow, was completely re-done by the previous owner (the present owner's bro-in-law). Here's what it says: An attractive two bedroom semi-detached bungalow, which has been well maintained by the current vendor(s) to include a newly fitted kitchen/diner, a re-fitted bathroom suite, lounge, double glazing and an attractive rear garden with decking. The property further benefits an independent driveway providing off-road parking for approximately 2/3 vehicles and is conveniently situated to local amenities

They're asking £219,995.

It's on Dedman Property Services website, Rochford/Ashingdon. http://www.dedman.net/residential/

It looks very nice on the photo, but the roof is gonna need replacing at some time before too long - the asbestos tiles are held in place by nails, which corrode and then the tiles slip. Asbestos tiles can't be repaired or replaced because they're not allowed now. So whoever buys it is gonna have to replace the roof and that will be £3- £4K.

Margaret

Poppycat

I get this on both urls

Error - Either your browser doesn't accept cookies
or you have left your browser on the previous page for more than 30 minutes.

macaque_2

Margaret

I congratulate you on your windfall but you need to keep your feet on the ground. In the past few months mortgage approvals have collapsed. Prices remain unusually high but there are almost no buyers at these levels.

We are teetering on the edge of a property bear market. How far prices unwind no one can tell. One recent prediction was for a 35% fall. This means that a £200K propety may be worth £130K in 5 or 10 years time.

All we can do is crystal ball gaze at the moment but if the value of your home is important to you, you might consider taking a profit sooner rather than later.

Poppycat

LOL they have a laugh

http://212.50.188.106/cgi-win/vebra.cgi?details1?src=agent&PropertyCode=1109006/BEACH/14933/6

Doozergirl

http://www.rightmove.co.uk/viewdetails-19191995.rsp?pa_n=1&tr_t=buy

That one? Took me ages to find it!

Poppycat

That's a lot of money for a 2 bedroom bungalow they fetch about 150k where I am in 2007

pinkkaz

That's the same amount as my 2 bedroom flat in London! Where is Rochford? I won't be moving there when I move out of the big smoke if prices are like that!

Woby_Tide

cheapest 2 bed bungalow in this town is £175k (bar the £105k park home), current highest price is £600k for one with potential to redevelop land

so much for downsizing to save money round here

margaretclare

pinkkaz wrote: »

That's the same amount as my 2 bedroom flat in London! Where is Rochford? I won't be moving there when I move out of the big smoke if prices are like that!

It's near Southend-on-Sea, in fact Rochford is the original market town with history going back to the Romans when Southend-on-Sea was a few fishing villages on the estuary.

I personally think our neighbours haven't got a hope in hell of selling it for that price. Macaque, I thought we were already IN the property bear-market? No, I don't regard it as a 'windfall' for us - it would only be a windfall if we sold it and moved somewhere else, and then, we'd need to live somewhere, wouldn't we? It may be a 'windfall' for our heirs and inheritors but we've no plans to die just yet!!! We're very comfortable here, but these little houses are quite unpretentious, not fancy at all. Single-skin brick walls, built by speculative builders in the 1930s, cheap construction hence the asbestos roofs. However, they do have quite large back gardens, which is nice. Ours is a wildlife garden with a pond, shrubs, trees etc to encourage the birds, bees and butterflies.

I still cannot get over that price, and I don't wonder that the previous agent didn't manage to sell it for them.

Margaret