Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: PhilRich on 07 December 2010, 20:36:22
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We've just put our house back on the market after taking it off when I became ill nearly 3 years ago ( doesn't time fly!)
Since then it's market value has dropped £25k :o
It is a modest 3 bed pre-war semi with a conservatory & loft conversion in a decent part of town but by no means 'upmarket'. It was £175k, now £149,950 and likely to be forced down even further before we get a buyer!
How are you guys & gals faring in your part of the world? :-?
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doing very well in se london my house is now worth 15k more than 6 months ago :y
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People are still wanting the same money as the prices were 2 years ago and nothing is shifting.
Feel sorry for 1st time buyers as the there is nothing cheap any more.
The other problem is for people renting, rental prices have shot up.
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
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Fell off the property ladder just before the boom. Can never get back on it. :'(
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Looks like we are holding our own, but as I have no intention of selling I can still only make money in the long term.....
http://www.mypropertyspy.co.uk/house-prices/dl179bb/1
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People are still wanting the same money as the prices were 2 years ago and nothing is shifting.
Feel sorry for 1st time buyers as the there is nothing cheap any more.
The other problem is for people renting, rental prices have shot up.
usually takes a few months for reality to kick in for sellers and prices come down :(
speaking to an estate agent and she was saying sellers are still being unrealistic :o
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
:o
It amazes me that people are prepared to kiss goodbye to that much cash just for a roof over their head. Fair enough if it's going to pay off your mortgage, but when it's paying off someone else's...
Kevin
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Fortunately prices around me are getting close to what they were 3 years ago... Not that I have any intention of selling ;)
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
:o
It amazes me that people are prepared to kiss goodbye to that much cash just for a roof over their head. Fair enough if it's going to pay off your mortgage, but when it's paying off someone else's...
Kevin
Imigrants under pin rental prices. Can't get a mortgage mostly, along with many others. Plus there are a good many that don't want a mortgage, out of some paranoia or other more legitimate reasons.
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
:o
It amazes me that people are prepared to kiss goodbye to that much cash just for a roof over their head. Fair enough if it's going to pay off your mortgage, but when it's paying off someone else's...
Kevin
Imigrants under pin rental prices. Can't get a mortgage mostly, along with many others. Plus there are a good many that don't want a mortgage, out of some paranoia or other more legitimate reasons.
Have also played a significant part in the general housing boom in the last decade. Simple supply and demand. If there are far more people looking for homes than there are homes available, then prices will (and did) go up.
Who gains from the inflated house prices apart from estate agents, who take their fees when they sell them ?
If your house is now worth ten times what you paid for it, its just a notional figure, unless you go and live in a tent in the middle of a field somewhere. :-?
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Plus beware valuations by Estate agents they talk utter shite 200% of the time to achieve their own ends. They will happily wipe 30k off your asking price to make a sale before Xmas or during a quiet period, knowing full well the market is always quiet this time of year, and will pick up steadily until summer holidays iirc.
It's always the same, activity rises in summer, drops in winter. Anything else is BS. Media fall for it, papers fall for it. Seasonal, very seasonal. IMO.
There are year on year and average variations of course, but now is not the time to sell. Sit tight if you can, until March at the earliest. Allow 3 months ish for a sale to go through so if it's not sold August Sept the market drops off because everyone wants to be in by Xmas/winter.
Ime anyway.
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Take your pick.
http://www.google.co.uk/search?q=seasonal+housing+market&ie=UTF-8&oe=UTF-8&hl=en&client=safari
Hopefully not teaching egg sucking here.
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
:o
It amazes me that people are prepared to kiss goodbye to that much cash just for a roof over their head. Fair enough if it's going to pay off your mortgage, but when it's paying off someone else's...
Kevin
Imigrants under pin rental prices. Can't get a mortgage mostly, along with many others. Plus there are a good many that don't want a mortgage, out of some paranoia or other more legitimate reasons.
Have also played a significant part in the general housing boom in the last decade. Simple supply and demand. If there are far more people looking for homes than there are homes available, then prices will (and did) go up.
Who gains from the inflated house prices apart from estate agents, who take their fees when they sell them ?
If your house is now worth ten times what you paid for it, its just a notional figure, unless you go and live in a tent in the middle of a field somewhere. :-?
Hence the increase in the number of Landlords, not helped by the collapse in pensions. Re mortgage your own, buy another or 2, or however many fit, then sell when you retire, there's your pension or lump sum to pay your own mortgage off or whatever you want to do.
For a while, and possibly still is, the only real long term form of investment from what I gather. :-?
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Stock market can be a good medium/ long term investment, but its not for the faint hearted. ;)
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Stock market can be a good medium/ long term investment, but its not for the faint hearted. ;)
Not for the hard of understanding either :-? Like me. :(
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Not much shifting down around me, either - my neighbours put theirs on for £335k (possibly a little optimistic but it's a 4 bed detached with garage and 100' garden) and had zero interest.
Put it up for rent at £1200 a month and it was rented out within days..
:o
It amazes me that people are prepared to kiss goodbye to that much cash just for a roof over their head. Fair enough if it's going to pay off your mortgage, but when it's paying off someone else's...
Kevin
I'd never pay that much in rent (it was bad enough paying £450 a month in my first flat!) .. but I do pay significantly more on my mortgage (over 50% of my take-home at the moment :( ) :-/
Now if I could just find a rich woman to pay half.. or hell, just one with a job would be a good start.
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Depends where you live. Renting private in London, £1200pcm doesnt get you much.
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Depends where you live. Renting private in London, £1200pcm doesnt get you much.
It would actually get you a 1 or 2 bed flat here in Acton, in a 'posh' area like Chiswick it will barely get you a studio flat!
I got 15k off the asking price of my flat, my aim is to wait until Crossrail is completed (due 2016 (assuming it does not get canceled!)) As Station right outside my flat will take you to Tottenham Court Road and then onto Canary Wharf, so expecting prices here to rise.
I paid 200k for my 1 Bed flat 4 months ago, which as London prices go quite reasonable, I could have got a lot more property for my money outside London, but this way it costs me nothing to get to work, and i could rent it out for damn near what the mortgage costs. Two big plus points!
Interestingly when I was looking 6 months ago, a flat opposite, was on for £190k, now an identical one just came on the market at £230k :o
Optimistic i think, but I am watching it with interest :)
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In trendy Shoreditch £1200 pcm gets you a reasonable sized 1 bedroom flat in not very nice condition above a shop in an old victorian building. ::) ::)
In Bromley by Bow (about 2 miles away) it gets you a nice new 2 bedroom flat on the ground floor opposite the tube station, with your own private parking space.But its a crap area and not very trendy. It is however very close to the Olympic site, so in a couple of years time it would be worth moving out for a couple of months and sub letting for a tidy profit.
My daughter ignored all these facts and moved from the new 2 bed flat to the little dingy flat above the shop, because its in trendy Shoreditch - youth, its wasted on the young. ::) ;D
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In trendy Shoreditch £1200 pcm gets you a reasonable sized 1 bedroom flat in not very nice condition above a shop in an old victorian building. ::) ::)
In Bromley by Bow (about 2 miles away) it gets you a nice new 2 bedroom flat on the ground floor opposite the tube station, with your own private parking space.But its a crap area and not very trendy. It is however very close to the Olympic site, so in a couple of years time it would be worth moving out for a couple of months and sub letting for a tidy profit.
My daughter ignored all these facts and moved from the new 2 bed flat to the little dingy flat above the shop, because its in trendy Shoreditch - youth, its wasted on the young. ::) ;D
Funnily enough mate I go snowboarding with who is a Designer lives in Shoreditch, he works in Battersea but won't move closer ::)
He pays £800/m for a studio flat :o - When I had my flat warming we both agreed his entire flat is about the same size as my bedroom! ;D
More people would buy if they could, first week I was in my flat there was a piece on the news saying young folk in London will not get on to the property ladder until mid 40's! - So I am quite chuffed to be on it at 26 :)
I sacrificed being 'trendy' by living at home for 3 years to save up
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I find Shoreditch - Hoxton square in particular - hilarious rather than trendy. People wearing the latest style of glasses with no lenses etc. I saw a band playing in a pub in Hoxton in August. They were all wearing ski masks ( to look like well ard bank robbers ?) but because it was so hot, they were all at the point of collapsing and had to take them off. ;D ;D
And it is positively uncool to be hetrosexual. I think some of the young blokes who walk around there holding hands are probably straight as an arrow but are ashamed to admit it in case they are persecuted. ::) ;D ;D
Pretentiousness rules. ::) ::)........but then I am old ;D
I think as a long term plan, you have done the right thing Tunnie.Unless of course the whole western economy collapses, but you cant worry too much about things like that, or you would never do anything. ;)
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I bought my house 24 years and 10 months ago. If it all hadnt gone tits up about 10 years ago I would be just about to become mortage free, rather than paying rent until my last breath. I dont like to think about it too much, its too depressing. :(
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im renting just now. £460 pcm plus council tax and bills. 3 bed flat. thought that was a bit steep but not after reading tghis thread! :y
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I am in a private rented 3 bed house and my rent is £575 and thats with out my bills and i am not in a posh part of cardiff just in a scum part but it's ok as i keep my self to my self so to speak.
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I bought 3 properties about 5 years ago as a pension, all are let out but the best is the student place in Liverpool and I get almost a 10% return on that every year so i'm happy :)
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To be honest i bought mine 4 years ago and its only worth what I paid still, Others here have mentioned how difficult it is to get on the ladder/ move up it. I have seriously considered getting shut and renting in a nicer area actually I want to live in. To move i will need a deposit of around 30-40,000 which in this day and age is not going to happen!
Tough times for some :( Not too bad for others more fortunate :y
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mine's not too bad, its worth £27,000 more than i paid 2 years ago
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I am in a private rented 3 bed house and my rent is £575 and thats with out my bills and i am not in a posh part of cardiff just in a scum part but it's ok as i keep my self to my self so to speak.
That does not sound good ...Maria... :-? :-? :-* :-*
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In general here in the south west prices are at 2005 levels. £180k will get a nice-ish 3 bed semi. in a nice area. £140k will get the same in a not so nice area.
Asking prices are still about 10% above the actual selling prices, so sellers are still on the optimistic side, but generally willing to drop if no suckers buyers pay the asking price ::)
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I am in a private rented 3 bed house and my rent is £575 and thats with out my bills and i am not in a posh part of cardiff just in a scum part but it's ok as i keep my self to my self so to speak.
That does not sound good ...Maria... :-? :-? :-* :-*
It don't but i have put with it for the past five years
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I am in a private rented 3 bed house and my rent is £575 and thats with out my bills and i am not in a posh part of cardiff just in a scum part but it's ok as i keep my self to my self so to speak.
That does not sound good ...Maria... :-? :-? :-* :-*
It don't but i have put with it for the past five years
Is it possible to "house swap" by mutual agreement with someone else Maria?.......I know this is an option with certain council accommodation.. :y
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I am in a private rented 3 bed house and my rent is £575 and thats with out my bills and i am not in a posh part of cardiff just in a scum part but it's ok as i keep my self to my self so to speak.
That does not sound good ...Maria... :-? :-? :-* :-*
It don't but i have put with it for the past five years
s it possible to "house swap" by mutual agreement with someone else Maria?.......I know this is an option with certain council accommodation.. :y
I can't have a house swap as i am in a private rented accommodation and not on the council list so i am stuck and my landlord is well you know as can't say on here but its ok and I don't mind it where i am as i said i keep my self to my self .
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I bought 3 properties about 5 years ago as a pension, all are let out but the best is the student place in Liverpool and I get almost a 10% return on that every year so i'm happy :)
There ya go. Thats the way imo.
Given the average increase in property prices over the years, why sell a house? We havent sold a house 8 years. Buy, sell, rent the old one and so on, or what ever. Then come retirement, sell the others to pay off your own residential mortgage at the time. Mortgage cleared, job done.
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I bought 3 properties about 5 years ago as a pension, all are let out but the best is the student place in Liverpool and I get almost a 10% return on that every year so i'm happy :)
There ya go. Thats the way imo.
Given the average increase in property prices over the years, why sell a house? We havent sold a house 8 years. Buy, sell, rent the old one and so on, or what ever. Then come retirement, sell the others to pay off your own residential mortgage at the time. Mortgage cleared, job done.
Because if you don't sell, you need to have £30-40k lying around as a deposit.. not a lot of people have that kind of liquid capital (I know I didn't)