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does house value rise?

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  • martindow
    martindow Posts: 10,218 Forumite
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    JP1978 wrote: »
    Get a new Mrs, will be cheaper than changing house :-)
    Changing a Mrs can be very expensive. I'd get a house that she liked for an easier life.

    Why are you assuming that a retail park will increase the value of houses? I would think that it as likely to decrease values with increased traffic and lorries delivering at all hours.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    obay wrote: »
    we brought our house for £178k back in november, and we're currently sitting at a £148k mortgage, my wife doesn't like the house much for obvious reasons, we've had to do a lot of stuff we didn't want to do.

    the house had a broken roof(water leaking in the bedroom), 25 year old boiler, damp and mould issues, no insulation, dodgy electric that got condemned a few months ago, and genuinely not a great property to be in.

    we've now repaired and replaced everything in this house and brought it up to a good standard, IE we have gone around, removed all damp issues and mould replaced boiler, etc.

    There is a retail park opening up about 3 minutes down the road, the other end of town, the estate agent reckoned that within the next year or so, the house pricing will go up to over £250k...

    the house features the biggest garden on the street, new windows and doors also (new 'k-glass' windows)

    do you think we've retained value or has it reduced? do you think the house will be good for FTB? as that what I was hoping for because we got 'doped' into buying it as FTB.... and we are regretting this purchase now.


    I would take everything the EA says with a pinch of salt, if interest rates start rising house prices will start falling.
  • vw100
    vw100 Posts: 306 Forumite
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    I would be worried about the traffic and the pollution that comes along being a near retail park especially around busy shopping times like xmas.
  • dave2
    dave2 Posts: 264 Forumite
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    MobileSaver wrote: »
    I don't quite understand why it is "obvious" your wife doesn't like the house much since it is presumably now (with all the improvements you have made) quite a nice house to live in?
    He says it was unexpected; sometimes people get a run of bad news on something and lose faith in it, associate it with bad memories. I imagine she is waiting on something else to go wrong.
  • AlexMac
    AlexMac Posts: 2,989 Forumite
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    Returning to the original Q...

    while no-one here seems to rate Zoopla, I'm quite impressed by the "value data and graphs" on the "house prices" tabs, which accurately reflect the way the market has moved in recent years in the areas I know best...

    which is, that after several years of steady recovery and price-rises since the falls in 2008 from a peak in 2007, increasess have flattened out in the past 12 months, and in a couple of areas, lost a tiny %.

    But your home isn't an investment like the FTSE... so as regards your response...
    obay wrote: »
    ...I love and thank everyone for the replies, it's great to see so much feedback on this.

    I am hoping my wife changes her mind! :)
    ...I'd not be looking to spend another £10k to move again after only 6 months.
    In fact, look on the bright side. You've just come through the most miserable part of the year, during which time you were living in a building site. Or at least part of the time with cold and damp, a dodgy boiler and holes in the roof?

    As George Harrison sang "It's been a long, cold, lonely winter"...
    but
    ..."Here comes the sun"!
  • lincroft1710
    lincroft1710 Posts: 17,643 Forumite
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    We have a retail park about 2 miles, probably similar acreage, the vast majority of which is car parking and access road. Parking is vast but still difficult to find space at weekends and traffic to and from causes congestion problems. Apart from managers and the few stores which have salespersons on wage plus commission, most employees will be on National Minimum Wage or just above and many will be part time.

    If the proposed development goes ahead I cannot see hordes of people wanting (or able) to buy close to it.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Davesnave
    Davesnave Posts: 34,741 Forumite
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    lincroft1710 wrote: »
    Apart from managers and the few stores which have salespersons on wage plus commission, most employees will be on National Minimum Wage or just above and many will be part time.

    The people with the better paid jobs may not want to live 'over the shop.'

    My daughter manages an outlet store in a not-so-great town's retail park, but she lives 35 miles away in Bristol. Although she's in that store now, it might be a different one next year, so it makes no sense to re-locate there.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    cashbackproblems wrote: »
    The economy is more important to house price values not a lick of paint. And its unlikely the next 2-5 years being anything spectacular with interest raise rises, brexit, inflation, landlords selling due to tax changes etc. So you could get a fall quite likely


    Yes, people are looking at size, location and probably their own shrinking budget.
  • westernpromise
    westernpromise Posts: 4,833 Forumite
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    obay wrote: »
    we brought our house

    Where did you bring it from? That sounds expensive.
    back in november, and...my wife doesn't like the house much for obvious reasons

    What were the reasons that were not obvious in November 2016 but are obvious now? In what way has the house changed since you fetched it away?
    the house had a broken roof(water leaking in the bedroom), 25 year old boiler, damp and mould issues, no insulation, dodgy electric that got condemned a few months ago, and genuinely not a great property to be in.

    Neither you nor your surveyor noticed any of this?
    do you think we've retained value or has it reduced?

    Your horizon of 4 months to look for inflationary gains is ridiculously short.

    What you have done has probably made it possible to sell it at all. In the condition it was apparently in when you bought it should have gone for a substantial discount.
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