...two years ago I had my house valued and was surprised at £155/£160k as I paid £117k for it in 2003. The house I wanted at the time was £190k (it was £180k, but the builders increased it shortly after I first looked at it). I wanted to part-ex but they only valued mine at £140k and wouldn't give me anything in the new house, so I jibbed that idea. The ex and mine also looked at other new estates being built in Abergele, Bodelwyddan and Kinmel Bay.
Abergele was £20k more expensive than Bodelwyddan (for the same house), who in turn was £10k more than Kinmel Bay. The house in Kinmel Bay was the showhouse and they wanted £190k for it. Last week I decided to move house as I wanted a bigger place and I moved job back in April, getting a 10% rise in the process so I can afford a bigger gaff.
I went back to Kinmel Bay and the showhouse is still available, but get this, they now want £200k for it. Their argument?
"We didn't put our houses up that much when the boom was on two years ago". Which is rubbish.
I asked whether they had plans to reduce it due to the lack of mortgages brought about by the credit crunch, worries about the economy going into recession and the fall in the value of houses. The answer was no.
I had mine valued by three estate agents in the last week. The lowest was £125k whilst the highest was £135k, a loss of £20k in two years. At the same time the showhouse on the estate I was looking at has gone up by £10k!
I can't believe that they won't be reducing their prices on new houses as privately-owned ones have come crashing down. I also can't believe that if I sold mine (say for £125k), borrowed a further £60k and walked in offering £180/185k they'd turn it down. They have stopped building on a number of sites as I work with people who live on different estates being built by the same builder and laid people off.
I think this period of falling house prices is with us until the end of next year. I just wonder has economic reality started to bite some companies out there.
I'm going to stay put as I don't need to sell, but I would like to move when I can get a fair price for not only mine but for the house I want to move to.
I bet there are people out there who'd love to swap houses with you Col, people finding things a bit tight and needing to downsize a bit to either reduce their mortgage payments or get some equity. Not everyone's going to be feeling the pinch now.
If you could only find them without an estate agent getting about five grand out of it!
__________________ "I won't come on tv and speak or write about anything and say words only half the people listening understand. In our language there's a similarity, words that are spelt differently but mean the same thing. Words that mean the same thing and the big men use these words, knowing full well that maybe only 10% of the people listening will understand. Well we don't. We speak the language that everybody understands. Instead of me saying somebody was avaricious, I'd say he was bloody greedy."
we have regular updates on the economy in work and how it's effecting property in real estate and commercial. The bottom line is no one really knows how deep it's going to go. BUT stability has to be found. Thing is and don't take this the wrong way house prices have increased by over 180% in the last 5 or so years. Just because over the last few months they've dropped 10-15 % people perceive it's a nightmare scenario. For people on 100% mortgages and in over valued property yep it is.
As inflation increase, interest rates go up and the value of the property is coming down the market is stretching in opposite direction, going north and south. thus people are finding themselves in the shit. This is why your seeing loads of reposessions at the mo.
Deals are getting done but they are slow and it's a cash buyers market at the mo. It sounds like your man isn't desperate for the sale. if he was he would of dropped the price.
The recession at the mo is more in tune with the 1970's rather than 1990's. This is because unemployment levels aren't at 1990 levels yet. If we see a dramatic rise in that then we could enter a similar pattern.
I used to work with this fella. he talks a lot of sense
Bide your time mate and wave the cash.
My house cost next to fuck all and we paid the mortgage off in 3 years
(with significant penalties) I am waiting for the 300k houses to take a big hit then we move.
Where I am 300k buys you a mansion.
Look at this Caithness Properties
Last edited by Anny Road; 25th October 2008 at 08:24 PM.
We've been looking around the Bromborough area for 6 months or so , in fact our offer fell through on Wednesday and we have started the search again. We have noticed that a few vendors who have moved agents have also raised the asking price a few grand.
I'd highly recommend not buying new build right now - for one, lenders are currently scared shitless of them.
Quite honestly, I'd get in a position of cash - sell yours (which may be no mean feat), then go hunting for bargains (of which there are many).
Best of luck! :)
Cheers. I've got a feeling Interest Rates will go as low as 3% next year (some analysts think they may go down to 2!) so it might be better to put my house on the market when rates are really low.
Cheers. I've got a feeling Interest Rates will go as low as 3% next year (some analysts think they may go down to 2!) so it might be better to put my house on the market when rates are really low.
Good call, who would have thought a cut of 1.5% today? This cut and last months combined have saved me £100 a month off my current mortgage.
Although I have just had a gas bill for £450 from April to the end of September!
Good call, who would have thought a cut of 1.5% today? This cut and last months combined have saved me £100 a month off my current mortgage.
Although I have just had a gas bill for £450 from April to the end of September!
Just been round to see my little boy. Even though she's on a fixed price contract for gas & electricity they've raised her direct debits to over £120 a month!
