How much have you lost on your property ?

Benefits_Blagger

seven-day-weekend wrote: »

Hello there Benefits Blagger

We bought our UK house for three thousand pounds (I put it in words so you know you'd read it right) in 1976, so if we were to sell it today, I think we'd get a bit more than we paid for it.

We bought our Spanish property in 2003 for a total (after all renovations) of £48k, it is a now a three-bedroom traditional village house in the mountains and I'm pretty sure we could at least double our money were we to sell it.

It would not bother me if house prices fell as we have £100% equity and I think they are a ridiculous price and it would be good for first-time buyers/single people who are trying to buy their first home. I would like people to be able to buy a modest family home on one modest income as we were able to do, but I suppose that is cloud cuckoo land.

I think a lot people are misuderstanding my thread, I'm not asking how much you have made on your property since you have bought it, but how much you have lost recently.

for years i have heard people saying they have made £xx thousands in the last year on their property, i want to hear about how many £x or £xx thousands you have lost since the market has started going tits up!:j

wolvoman

Benefits_Blagger wrote: »

I think a lot people are misuderstanding my thread, I'm not asking how much you have made on your property since you have bought it, but how much you have lost recently.

for years i have heard people saying they have made £xx thousands in the last year on their property, i want to hear about how many £x or £xx thousands you have lost since the market has started going tits up!:j

Maybe the fact that you aren't getting many replies is saying something....?

Benefits_Blagger

wolvoman wrote: »

Maybe the fact that you aren't getting many replies is saying something....?

that people dont brag when they lose money ? you're probably right :beer:

Davesnave

Originally Posted by Benefits Blagger
I think a lot people are misuderstanding my thread, I'm not asking how much you have made on your property since you have bought it, but how much you have lost recently.

Some people have been very candid & have said what they've lost. Others bought some time ago, so can't report any loss. People who are keeping their houses have neither made nor lost. You only make or lose when you sell, so yes, people in the pub who say how much they've 'made' are talking in a very hypothetical way.

On the other hand, it is reassuring for people to know that they have a certain amount of equity in their home which could be released. This has nothing necessarily to do with greed and much more to do with building a buffer against the things life throws at you. To give a practical example my Dad had the good fortune to live till he was 95 (though he didn't see it that way!) Having equity in his house meant that when he needed a care home, he didn't have to accept one with crappy little rooms, food like school dinners and an all pervasive smell of pee everywhere.

But I'd take issue with the idea that the market is tits-up everywhere. It isn't where I am, but like everyone else I only see part of the picture. In the area where I'm seeking to buy, I do see reductions of 5-10%. While I agree with the basic premise that the market will fall, previous experience shows that individual areas will be hit at different times, and within areas various kinds of houses will fall at different rates.

Whatever happens, you won't have that many people coming on here saying 'I've lost £25k and I'm sick as a parrot.' After all, you'd not be that sympathetic, would you, so what would be the incentive?

seven-day-weekend

Benefits_Blagger wrote: »

I think a lot people are misuderstanding my thread, I'm not asking how much you have made on your property since you have bought it, but how much you have lost recently.

for years i have heard people saying they have made £xx thousands in the last year on their property, i want to hear about how many £x or £xx thousands you have lost since the market has started going tits up!:j

But I think you can only answer that question if you go by the original purchaseprice, because that is a 'concrete' price and so is the selling price. Any other figure in between is just someone's opinion. Your property is not 'worth' anything other than what someone will pay you for it.

So in answer to your question, I've lost nothing as I haven't sold and on the house I bought in 1976 I would not lose anything if I sold it unless I had to sell it for under £3k.

I suppose you could go by what you had actually paid for it mortgage-wise if you calculate all the interest you've paid. I personally haven't got a clue how much this figure is on my £3k house, but we've never had a mortgage on the Spanish one, so unless we sold it for less than the £48k we paid for it would not lose anything.

nelly_2

pickles110564 wrote: »

Bump Bump Nelly you have gone quiet

Quite about what?

Some mong said I was bitter cos I was skint and I showed I was far from skint! did you see my post?

should I re post it?

poppy10_2

wolvoman wrote: »

Maybe.
I bought my flat 6 months ago too (well completed anyway) for full asking price of £470K. The next door flat (near identical has gone on the market for £499K). This is south London btw.

Yawn. Asking prices are still rising, as the message hasn't actually got through to a lot of greedy vendors that banks aren't throwing money at anyone with a pulse any more. Let us know when it actually sells, and for how much.

funky-footprints

We bought our home for £180k in May 2003. on checking recent sales of neighbours homes all in the last 12 - 18 months, homes our size all sold in excess of £300k, the last house to put on market before christmas for £350k didnt sell and after 3 months was rented out. it is going back on the market this summer, and to be honest we all thought he was being greedy putting it on for that price, we dont anticipate selling for another 3-5 years so are not too concerned at the moment. we cant afford to move at the minute, but can afford to easily stay here.

for information we have just sold some rental properites, bought in 2002 & 2003, for sums ranging from £9,000 - £14,500 (they are flats and maisonettes on same street) they sold for between £30,000 - £32,5000 each. we are very pleased. the same buyer offered us highest price of £27k last year and we refused.
x

Benefits_Blagger

WOO_HOOOOOOOOOOOOOOOOO!!!!!!!!!!!

http://news.bbc.co.uk/1/hi/business/7317303.stm

feel free to post your latest losses,

thanking you, BB :-)

chappers

I don't really care how much my house has risen or fallen in value as it's all irrelevant .
If I want to move and say moved a year ago with my house worth £x it matters not that the market has fallen and my house is now worth less as any corresponding house that i then buy will have fallen in value too. In fact i may actually be better off due to the fall in the market.
For example I sell my house at the peak and walk away with a £50K deposit to buy a £250K house leaving me with a £200k mortgage at 80% LTV
Now say the market falls and I walk away with 20% less equity i.e £40K the corresponding fall in the market now values the house I want to buy at 20% less ie.£200K less my £40K deposit now leaves me with the same 80% LTV mortgage but this time it is only £160K, so providing my income has stayed the same I am actually better off then I was before.

It's all irrelevant until the point you need to liquidise your asset.
I am still optomistic that this "crash" will not be anywhere near as severe as the last one.
Someone right at the beginning said that unemployment is caused by dropping house prices and not the other way round, that is total rubbish. house price falls are fueled by oversupply and sentiment, the fire can then be further fanned by unemployment as people bail out to cut their losses or are forced to sell through repossesion or in order to avoid reposseion.
This what happened in the last crash, interest rates were high and people were still queing up to buy houses, the problem really started to hit as unemployment grew and people couldn't afford their mortgages and a glut of cheap houses flooded the market.
I don't see us heading into anywhere near such a deep recession as last time. and while the market may stagnate due to a lesser availability of cheap mortgages caused by people sataying put, we won't see a wholesale flood of cheap properties coming onto the market out of necessity.