Had to reduce price to 2003 level!!

3under3

ha ha donkeyman, I know we are in a steep decline but we're not at 1998 prices just yet...

wellandpower, so house prices to fall 50% and stay there for 25 years eh!! In that case I won't be worrying about that place as I'll be living in my mansion bought on 1 x salary multiple...along with everyone else!!

PasturesNew

Ideal for tall fitness freaks who can't afford a gym (not surprising if they're forking out £150k on a mortgage, costing £987/month).

It's probably more a boy toy style of place than a girl dream... but you'd need two salaries to pay that mortgage. So expect the missus of any couples to put the kybosh on it.

Out of (damned nosey) interest, how much did you pay for it?

What made you buy it/what feature did you think was the clincher?

ziknik

3under3

http://forums.moneysavingexpert.com/showthread.html?t=911669

In this thread you have said

The letting of our flat will cover the interest of the mortgage but we still have to find insurance/service charge.

Don’t forget that you also have to find the money to buy the flat yourself if the rent is only covering the interest.

And

twins came along instead of the planned single baby) meaning OH had to give up their job

Have you got 3 kids under the age of 3?

http://forums.moneysavingexpert.com/showthread.html?t=906761

And in the above thread, you have said.

borrowed equity from the first flat to use as a deposit on our bungalow


How many flats have you got? What is the loan to value ratio (on each of them)? Will you be able to get a good mortgage rate when your fixed rate (if you have one) ends? Will you be able to put in the extra money if your mortgage interest rate goes up 1%? What about 2,3,4,5%?

It’s not sounding like a good situation to me. Sounds like you are taking a big risk.

Without further information, I would say that you need to slash the price and get rid of the risk. Even if that means loosing £10/£20k (or more). You could loose a lot more money if the flat halves in price leaving you unable to re-mortgage.

I do think the prices will come back up one day, but that could be 10/20 years away. Can you hang on that long?

neverdespairgirl

PasturesNew wrote: »

I've seen LOADS of people on those who walk into a house and their first utterance is "No, that sofa's awful" or "oh yes, super table" ... it doesn't even occur to them that the people's stuff is going with them.

So, it does work. It's just nuts.

Couldn't agree with you more - why woul you care about the sofa / table, unless it was a hotel room or something, where you are stuck with it?

3under3

Hi PasturesNew, paid 125k in 2001, flat does have a wow factor when you walk in not that that would be obvious from pics... place is in a nice area, good links to London, there are very similar properties with families in so some of the women around must like them.. each to their own eh.

3under3

Hi Ziknik, wow you are thorough eh! yes 3 children under 3.. We just have this one flat which was mine before OH came along and the bungalow in joint names now. No need to worry about remortgage as both properties on lifetime baserate trackers. Fortunately we haven't overstretched ourselves and can cover the mortgages from my salary as we are doing now - but would still prefer not to!

poppy10_2

Original rightmove link is now dead, here's the new listing at £159,995:
http://www.rightmove.co.uk/viewdetails-21312872.rsp?pa_n=1&tr_t=buy

Strange that they removed it and re-listed it as a new sale, rather than just changing the price - maybe they were trying to avoid the property bee.

As a potential buyer, the rightmove link doesn't have enough information to interest me - it doesn't even give the street name. Plus it is butt-ugly.

ziknik

3under3 wrote: »

Hi Ziknik, wow you are thorough eh! yes 3 children under 3.. We just have this one flat which was mine before OH came along and the bungalow in joint names now. No need to worry about remortgage as both properties on lifetime baserate trackers. Fortunately we haven't overstretched ourselves and can cover the mortgages from my salary as we are doing now - but would still prefer not to!

So presumably, you could pay both mortgages a few months ago when base rates were 5.75% and could afford to do so if it went back up to 5.75%.

But what happens if they go further than 6%. Are you still OK?

My opinion is that base rates should have been going up recently, not down. Inflation is out of control.

I use the BBC mortgage calculator for my house affordability checks. I assume an interest rate of 8% and then check I can make the repayments at 12% interest.

It’s happened before and will probably happen again. If not higher

neas

You can buy a flat within 5 miles of your area for 100k....

Does the unique decision really make it worth 70% more? ....

Lets run through the facts:

1. House has been on sale for a LOOOOOONG time (running close to a year)
2. House has been reduced numerous times but still no sale
3. House isn't a house its a flat
4. Flat looks a bit cruddy from the outside... its not everyones taste
5. Who is the flat aimed at? FTBers would want more room to expand (i.e a little child one way etc)
6. You admit to being greedy.... Perhaps.. you were 10x greedy then... and you've reduced it so your now 5x greedy.... greedy is still being greedy.

Welcome to capitalism old chap .

m00m00

neas wrote: »

You can buy a flat within 5 miles of your area for 100k....

Does the unique decision really make it worth 70% more? ....

Lets run through the facts:

1. House has been on sale for a LOOOOOONG time (running close to a year)
2. House has been reduced numerous times but still no sale
3. House isn't a house its a flat
4. Flat looks a bit cruddy from the outside... its not everyones taste
5. Who is the flat aimed at? FTBers would want more room to expand (i.e a little child one way etc)
6. You admit to being greedy.... Perhaps.. you were 10x greedy then... and you've reduced it so your now 5x greedy.... greedy is still being greedy.

Welcome to capitalism old chap .

5 miles is a lot of distance if you don't know the area.

properties on my street and the surrounding streets sell for about 200k

about a mile away you could pick up a 3 bed semi/terrace for 65k quite easily (and I link from right move from time to time)

that 1 mile makes a hell of a lot of difference.