HouseDog

Northampton

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Well, the sale went ahead. After Brexit I was nervous it would fall through, but it didn't. I think the buyer was Eastern European (Polish, perhaps) so I don't know if Brexit was worrying for her, or if the fall in the pound meant she ending up paying less.

For those curious, this it - we got £135,000 having paid £84,100 about 5 years ago:

http://www.rightmove.co.uk/property-for-sale/property-29848331.html

We refurbed it and added solar panels, but it's still gone up more than we ever expected.

£135,000 for a terraced property in Thorplands? I've seen it all now. Well played, you sold at the top of the top of the top. You could buy two detached properties in Abington Vale 20 years ago for that money. 20 years sounds like a long time, but honestly - wages would have had to have quadrupled (perhaps quintupled) in that time to keep up with house prices. In fact, they've barely doubled.

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You could buty a 5 bed house for 50K less than that at the peak of the 2007 bubble.

This is just insane. Properly insane.

Yes and no. We're a nation who buys on monthly price. Everybody I know who lives in Wooton etc... has at least one member of the household making £80k+ and can currently afford this stupidity, based on the monthly cost - and the myopia required to submit to a belief in HPI and low interest rates forever.

Don't underestimate the widening income gap between the top 10% and the bottom 90%. Prices in parts of East Northampton are yet to break through 2006-7 ceilings and don't appear about to either.

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£135,000 for a terraced property in Thorplands? I've seen it all now. Well played, you sold at the top of the top of the top. You could buy two detached properties in Abington Vale 20 years ago for that money. 20 years sounds like a long time, but honestly - wages would have had to have quadrupled (perhaps quintupled) in that time to keep up with house prices. In fact, they've barely doubled.

Thanks, I think - I can't help feeling a bit guilty at such silly money. And I'll likely feel worse if there really is a crash and it goes back to being worth <£100k. Then again I'm hoping for a crash so that the kind of property I want (somewhere to hunker down with enough land to go at least partially self-sufficient) becomes affordable. We live in 'interesting' times.

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That link says

 

3 bedroom house for sale

Nicholls Court, Northampton NN3

Sold STC £79,950

1 sold 2014 for sill one.

1 sold for about that in 2015

1 sold in 2016 for really silly money.

Has to be an "investor"....and by investor i mean, desperate f**k wit matching promised rental income versus mothly I/O mortgage repayments.

 

Regarding the "80K" income for people living in wootton.  They're making that up.  Everyone I know in wootton is rich, till it comes to buying anything.

 

 

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On Wednesday, September 28, 2016 at 6:24 PM, TheCountOfNowhere said:

Regarding the "80K" income for people living in wootton.  They're making that up.

 

I know 5 people who live there, all are contractors whose day rates are in the region of mine or higher. 2 currently working in London, 1 in Cambridge, 2 locally. 

I currently bill 10 grand every 4 weeks. I will work about 44 weeks this year. Take ten grand off in expenses I pay out through my company, and I will still earn 100k.

I'm not saying the people I know who live in Wooton are representative of the average resident, I'm just saying that's the ones I know. 

I know a lot of people who earn a lot less who live in other parts of the town.

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14 minutes ago, pablopatito said:

My house of the week

http://www.rightmove.co.uk/property-for-sale/property-57007537.html

Far Cotton terraces have finally broken through the 200k mark. It only seems like yesterday when they broke through 100k. It's insane.

 

It amazes me that someone will lay down a £25,000 to £50,000 deposit, then take out a mortgage of £150,000 to £175,000 for a terraced property in Northampton.

£175K at 2% lending rate is about £750 a month.....for 25 years......for a terraced property, and with a deposit locked into it to.

 

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5 hours ago, Hecto said:

Those Far Cotton terraces are also close to the river Nene which flooded very badly in 1998. Crazy.

In 2007 at 100K they were 50% over priced.  In 2016 at £200k, they'd 70% over priced.

No one other than a foreign "investor" is going to buy that. 

 

Edited by TheCountOfNowhere

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http://www.rightmove.co.uk/property-for-sale/property-57828655.html

Here's an intruiging one... A 2 bed detached cottage, with views to farmland, in a village...

Artfully shot EA pictures make it look rather nice... internal dimensions are impressive for a 2 bed when you count in the mezzanine floors, and I rather like the design, which has been developed from an old substation. It's all a bit like what you might see on a token 'real life' episode of grand designs about two happily married teachers - if such programmes existed.

Then, view it on street view.

It is quite literally 20 feet from the A45, crammed in next to a barn, on a postage stamp of land without a garage or mains sewage.

For 280 grand.

For reference, that's almost 14 times the take home pay of somebody earning  £25,000 a year.

Scrape together a 10% deposit of a paltry £28,000 (don't forget you'll need a few grand in stamp duty too) and the best 25 year deal MoneySupermarket can find is £1043 a month fixed for 2 years.

After that you're at the mercy of the SVR, which is currently 4.74% giving repayments of £1398 a month. You can take the mortgage somewhere else after the fix, however around £1800 of fees are built into the total so you got bent over there to the tune of £75 a month + the compound interest.

In a back to reality base rate universe paying, let's say 8% interest on the mortgage, that's £1945 a month and the house is now drawing more than a whole average salary worker from Northants takes home, with council tax & bills to throw on too.

For further reference, that 4.74% SVR currently buys a £380k house over 25 years 10% down at an almost identical monthly repayment as a £280k house on 8% IR with 10% down. 380 > 280 is a 26.3% drop, domestic banking stress tests are @30% drop.

Oh come all ye rate rises...

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