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House Price Crash Forum


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About lemonsorbet

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  1. I got the impression that a lot of houses in Oxford were bought a long time ago, and thus are being rented out rather than re-sold, as the rent more than covers the mortgage. This means there are less houses available to buy (as people seem to want to rent them rather than sell), so the ones that do come available (death, divorce, debt) can ask a high price. As interest rates drop, buying becomes more tempting as rent is much more than interest on a mortgage for many properties, and would cover most the repayment too.
  2. Don't really wanna say where I live, coz I'm not too sure about these forum things, but it's not Jericho!! I now realise I'm being VERY picky with the parking thing, but we have two cars, and lots of friends that visit, and sometimes I finish work real late, so don't want to fight for parking space on street. SO annoying. Hence we have a limited choice!! I like Cowley, but again its the parking thing!! And I like living nearer ring road for access to A34 for work. I have seen a few houses sit on property bee for months, but unfortunately I consider them too expensive for what I actualy need. For some reason small properties seem to have quite a lot of demand!!! I DO like where I live tho, and LL seems nice, so hopefully we can stay here. Such a bad experience from a converted flat, as we could hear EVERYTHING!!
  3. I do have property bee, and am thinking perhaps I'm being too picky with rental properties, as the ones I like are being rented out quickly, and I haven't seen any drops. I'm not looking at big properties, just 2 bed stuff, and it has to have offroad parking, and some street parking too, and I don't want to live in a converted flat as I did that baefore and it was too noisy. I'll keep looking
  4. Oxford is in no way immune from a price crash, but saying that, last time there was a crash, interest rates were certainly not this low, and I'm not convinced the government would ever allow them to get as high as last time either!! I don't think prices are going to rise for a while, but I'm still not convinced prices are going to drop much either. It seems to be a stale mate situation in many areas, where rents are high (I've only seen falling rents in areas outside the ringroad, and somewhat grotty properties, or those with no parking!), and mortgages are low thanks to interest rates, so people will hang onto a property rather than sell it. Also, after a long period of very few sales, I'm seeing "SOLD" signs everywhere! I've even seen an EA bragging about how many properties they've sold in March, so are people buying again? Perhaps people have saved a 25% deposit so are taking advantage of good mortgage deals?
  5. 25% drop, but still £850k for THREE bedrooms!!! THREE!! Rents still appear to be rather high within the ringroad, although I have noticed rent drops further out. Perhaps people won't drop prices as they can cover the mortgage with rent?
  6. £500k for THREE bedrooms?? If I had a spare £500k to splash out, I'd want at least 4 bedrooms along with a HUGE garden, in a much more remote location! Instead they're a 3 bed house with a tiny garden, which looks like you could cut the grass with nail scissors, and crammed in on an estate!
  7. They announced on Fox FM the other day that the average female salary in Oxfordshire is £27k, and the average male salary is £37k, so working on averages, then the average couple could potentially earn £64k, so at 3.5x joint salary is £224k, and a 15% deposit, so £33k, so average (3 bed) houses should be around the £260 mark?? There have been some big house price drops in SOME areas, like Blackbird Leys, Barton, some bits of Cowley and Headington, and also some drops in very expensive properties of over £400k, but I still see very few drops in what I'd consider nice streets. I spotted a couple of repos though, on Wilkinson Road (converted flats), and a detached house on Cowley Rd (Littlemore). Now interest rates are dropping, hopefully rents will stay stable and not rise, but then on the other hand, this will mean that landlords will more likely to be making a profit as they'll be paying less for their mortgage, so perhaps less likely to sell, and thus less houses for sale. The % price drops across britain seem big, but statisticians will tell you that although they SEEM big, they're only based on a TINY amount of sales, alot of which are reposessions, so it's not really an accurate representation of prices. Oxford prices may be dropping, but it only seems to be in less desirable areas, and prices that were very expensive.
  8. It may have had a 20% reduction, but it's STILL £400k for a 2 doubles and a box room!! I guess it would fetch about £1500 in rent, so I doubt someone would pay £400k for it?? The only reductions I keep seeing are expensive houses going from stupidly overpriced to still overpriced. Are rents in Oxford ever going to drop, or do people see them increasing?
  9. 1 bed houses were selling for £250k??? It would rent for around £700 I guess, and the mortgage would be about £675 for the interest part (assuming a deposit is put down! - very sensible these days!), so £160k doesn't seem a bad price actually! Shame it doesn't have private parking!! Will deffo keep an eye on this one! edit - that £395k has to be a mistake! Otherwise something dodgy was going on, probably why they got reposessed!!
  10. There's a surplus of rental in some areas, particularly outside the ringroad, but a friend of mine moving from London to Oxford on a limited budget wanted to live in east oxford, and yet struggled to find anything to rent!! £700/month doesn't get you a lot within the ringroad! To be honest, any house I've ever rented, the landlords seem to have owned it for a LONG time, so they're certainly not putting rent up because they're struggling with rent. Probably pure greed because the credit crunch is making it so hard for people to buy, they HAVE to rent, so they feel they can bump the rent up! Ironically, this now makes the interest on the mortgage cheaper than renting in many areas of oxford!! Sadly the rents will now be eating into deposits or making it harder to save. i've also just found out that a flat I used to rent in a horrible area of oxford has sold for £190k, and one just down the road has sold for £200k!! I'm guessing the owners bought them a couple of years ago, and then found out it was a horrible area, so sold up!
  11. Hurrah maybe, but I installed propertybee, have been keeping an eye open, and the only places that are seeing reductions are in areas like Greater Leys, which is a big no no area for me, and much larger properties that I couldn't afford in the first place, even if they did drop 20%! And what is happening with rents?? YIKES! Lots of my friends have had really sharp hikes when renewing, but then discovered all other places for rent were the same, so it wasn't worth moving out in protest! Anyone else had their rent increased a fair bit??
  12. Well I've cycled through a few times (trying to keep fit!), and have spotted some lovely streets, and some "reasonable" prices. Agree about the manky bits though! The OTHER side of Rose hill road (If you face the ringroad roundabout, the area on your right) doesn't look great, and would be a big no no in my eyes!! I used to live on the Cowley/Headington boarder area (I think it was Brasenose driftway or something), and hated it with a passion (crime, excessive chavs, more crime etc...), but there's also some nice areas round there too (but not so good parking).
  13. I was going to send you a private message, but it won't let me! There's quite a few streets around the Temple Cowley/Florence park area, particularly behind Rose Hill/Oxford Road and going towards the shopping centre. Some are very council housey, and others have lots of lovely semis all with driveways. They're quite hidden, but I cycled through and some of them looked lovely! I'm not giving away any other secret locations!! Shhhhhhhhhhhh! But it depends if you like that area of Oxford or not. I love it, as it's lively with good shops, but I guess it's not to everyone's taste!
  14. lol well believe it or not, there's quite a few streets where nearly all the houses have offroad parking for a couple of cars, leaving plenty of space on the street inbetween the driveways! We did consider moving elsewhere, but Oxford is halfway between our two jobs, and I love Oxford! We do have our eye on a place though, which we spotted the other day, and it seems to be quite reasonably priced and as far as I can see will meet most my picky criteria! We've saved enough for a 15% deposit, and the interest on the mortgage will be less than what it would cost to rent it, so in my eyes that's a good deal. We shall see!
  15. I find propertysnake a bit misleading too though. It makes you think there's some good reductions going on, but in reality, it's mainly properties that have gone on the market at an obscene unrealistic price, and they slowly drop it towards something sensible. Like the link in a previous post to the OX1 postcode with the reductions. The 46% reduction wasn't even in Oxford, and the second one, oh, just clicked the link, and that's not in Oxford either (Portsmouth??). In fact, about 1/3 in the first page don't even seem to be in Oxford!! There was also someone who initially asked £0.5M for a 4 bed bungalow! http://www.connells.co.uk/detail.asp?type=...mp;id=COW303065 I still don't think anyone will pay £435k for it, when you can get a much bigger 4 bed semi in a nicer residential street not far away, for about £375k! This is why propertysnake annoys me, as it's not really exciting price drops, it's just those people taking the p*ss are now dropping prices to something slightly more realistic!
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